Compare Ambuja Cements and UltraTech Cement on operating performance, financial resilience, growth investment and valuation—not on capacity or one quarter’s growth rate alone. Their latest figures here are for Q1 FY2026-27, ended 30 June 2026, but several measures have different reporting scopes. The available figures do not establish which stock is cheaper or a better buy.
Start with comparable periods and definitions
Use the same reporting period for both companies, and check what each reported figure includes before drawing a conclusion. UltraTech’s Q1 release gives domestic sales volume and domestic capacity alongside consolidated financial results. Ambuja’s Q1 presentation reports cement sales and identifies several EBITDA measures as including ready-mix concrete (RMX). These distinctions matter: a difference between two headline figures is not necessarily a difference in like-for-like performance.
The Q1 FY27 disclosures below are from Ambuja’s investor presentation, listed on 2 September 2026, and UltraTech’s results release dated 20 July 2026. Both cover the quarter ended 30 June 2026.
What the latest quarter shows—and what it does not
| Measure | Ambuja Cements | UltraTech Cement | How to read it |
|---|---|---|---|
| Q1 FY27 volume | 17.1 million tonnes of cement sales | 39.2 million tonnes of domestic sales volume, up 13.1% year on year | The reported scopes differ. Ambuja’s presentation shows its volume down 14% sequentially from Q4 FY26; UltraTech’s stated growth rate is year on year. Neither growth comparison can be substituted for the other. |
| Capacity at 30 June 2026 | 109 MTPA | 200.1 MTPA of domestic capacity | These are company-reported capacity figures with different stated scope. Capacity indicates potential scale, not sales, utilisation or returns on invested capital. |
| Q1 revenue and operating profit measure | Revenue of ₹9,500 crore; EBITDA of ₹1,589 crore, including RMX | Consolidated net sales of ₹24,465 crore; PBIDT of ₹5,146 crore | Revenue and profit labels, consolidation and RMX treatment are not presented on a reconciled basis here. Do not treat the difference as a clean margin or profit comparison. |
| Q1 profit per tonne | EBITDA of ₹931 per tonne, including RMX | Operating EBITDA of ₹1,214 per tonne | Ambuja explicitly includes RMX in this measure; the figures should not be ranked as if their definitions were identical. |
| Other Q1 profit figure | Not stated in the cited Q1 presentation as a measure directly comparable to UltraTech’s PAT | PAT of ₹2,604 crore | Do not infer a relative net-profit result from an unmatched figure. |
UltraTech also reported utilisation of 81% on its installed domestic capacity of 200.1 MTPA. Ambuja’s presentation attributes its sequential volume reduction to a focus on mix, low-margin volume rationalisation and blended cement. These are company-reported explanations, not independent assessments of the causes or quality of performance.
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Compare sales growth, mix and profitability
Keep growth baselines aligned
For each company, compare cement volumes with the same period a year earlier, then examine regional mix and utilisation where consistently disclosed. In the Q1 figures above, UltraTech reports year-on-year domestic volume growth, while Ambuja’s presentation highlights a sequential decline. Ambuja’s Q1 trade sales were 78%; premium cement was 34% of trade sales, and blended cement was 85%. These are useful mix indicators, but by themselves they do not prove stronger pricing or higher margins than a competitor.
Use a consistent profit measure
For a useful operating comparison, first reconcile each company’s definitions and scope for revenue, EBITDA or PBIDT, and EBITDA per tonne. Check whether RMX is included, whether the figure is consolidated, and whether the period and volume denominator match. If those details cannot be reconciled, present the figures separately rather than calculating a head-to-head margin or per-tonne advantage.
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Ambuja’s FY2025-26 results release reports 73.7 million tonnes of sales, ₹40,656 crore of revenue from operations, operating EBITDA of ₹6,539 crore (₹887 per tonne), and normalised PAT of ₹2,647 crore. For an EBITDA growth comparison, it gives normalised FY25 EBITDA of ₹5,006 crore against FY26’s ₹6,539 crore. The release says the FY25 comparison included ₹826 crore of one-time income and ₹138 crore of GST incentive; use the company’s normalised figures rather than mixing those items into a like-for-like comparison. The release reports normalised PAT separately, so do not compare that figure directly with another company’s reported PAT without reconciliation.
Assess balance-sheet resilience and capital allocation
A strong financial position can help a cement company absorb cost pressure and fund expansion, but it does not by itself show that its shares are attractively priced. Ambuja’s FY26 release describes the company as debt-free and reports net worth of ₹71,846 crore and cash and cash equivalents of ₹1,770 crore. UltraTech’s FY26 results disclosure reports ₹9,600 crore of capex. These figures offer different perspectives and are not a like-for-like balance-sheet or return comparison.
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- Compare net debt or net cash and liquidity using the same reporting date and consolidation scope.
- Review capex alongside operating cash generation, debt funding, acquisitions and integration spending.
- Check whether investment is translating into utilisation, unit economics and returns on capital over time.
- Look at dividends and other capital-allocation decisions in the context of funding needs, not in isolation.
Separate commissioned capacity from expansion plans
Capacity growth can support future sales, but it also requires investment and may take time to achieve productive utilisation. Treat completed additions as operating assets and announced targets as plans until commissioning is confirmed.
| Company | Disclosed capacity information | Investor takeaway |
|---|---|---|
| Ambuja Cements | 109 MTPA at 30 June 2026; its FY26 release outlines a plan to reach approximately 119 MTPA by FY27. | The stated 119 MTPA is a target, not evidence that all planned capacity was commissioned or earning returns. |
| UltraTech Cement | Its FY26 disclosure says it commissioned 8 MTPA during FY26 and a further 8.7 MTPA in April 2026, taking domestic grey cement capacity to 200.1 MTPA and global capacity, including international operations, to 205.5 MTPA. | These are reported completed additions; assess their contribution through utilisation, costs and returns rather than capacity alone. |
Account for cement-sector risks
Demand, weather, regional competition, utilisation, fuel and power costs, freight, logistics, packaging and currency can all affect results. Ambuja’s FY26 release specifically cites fuel, diesel, packaging constraints and rupee depreciation as cost pressures, and describes a soft FY27 demand outlook amid geopolitical issues and an early forecast of a below-normal monsoon. This is management’s view at the time of that release, not a guaranteed forecast or an independent sector outlook.
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When assessing either company, look for evidence of how operating costs, regional exposure and pricing affect margins over several periods. A single quarter may reflect seasonality, mix choices or temporary cost conditions; avoid assuming it predicts the full year.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Do the valuation comparison before deciding which stock fits
Operating scale and business performance do not answer whether a share is attractively priced. The cited company disclosures do not provide current share prices, market capitalisations or a matched set of valuation multiples. Without timestamped, comparable market data, there is no evidence here to call either stock cheaper or more attractive.
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- Record both share prices and the date and time of the comparison.
- Use a consistent share count and financial reporting basis to calculate market capitalisation and enterprise value.
- Compare the same valuation measures for both companies—for example, P/E on consistently defined earnings and EV/EBITDA on a consistent period and EBITDA definition.
- Check whether earnings are reported, adjusted or normalised, and reconcile one-off items before comparing multiples.
- Interpret the valuation alongside growth investment, utilisation, cash generation, balance-sheet risk and your investment horizon.
A lower multiple is not automatically a bargain: it can reflect different growth expectations, risks or earnings quality. A larger business or faster reported growth rate is not, by itself, a reason to prefer its stock.
Quick Recap
A practical comparison checklist
- Match periods, geographies, consolidation scope and metric definitions before comparing numbers.
- Separate year-on-year growth from sequential change, and distinguish reported results from normalised figures.
- Compare volumes and mix with profitability, utilisation and cost trends rather than treating any one metric as decisive.
- For expansion, distinguish commissioned capacity from targets and test whether investment earns adequate returns.
- Use current, same-date valuation data before reaching a stock-level conclusion.
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