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There is no defensible “best” stock from capacity or revenue figures alone. UltraTech is the much larger disclosed manufacturing platform, while ACC and Ambuja are related companies within the Adani cement platform. A useful comparison requires matched periods, identical consolidation scopes, operating metrics, balance-sheet data and a common-date valuation. The figures below show how to build that comparison without treating unlike numbers as a ranking.
Start with the corporate structure
ACC and Ambuja are related exposures
ACC and Ambuja should not be treated as three unrelated cement companies. ACC’s FY26 annual report describes Ambuja as its parent and refers to a proposed amalgamation. Both companies sit within the same Adani cement platform, so owning or comparing ACC and Ambuja does not provide the same diversification as comparing either company with UltraTech.
The exact legal and exchange status of the amalgamation can change. Check the latest stock-exchange announcements, court filings and company reports before making a decision. Until the transaction is completed and the accounting treatment is clear, analyse each listed company’s own financial statements separately.
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Ambuja reported 109 MTPA of consolidated cement capacity for FY26, while ACC reported its own FY26 sales and financial results. Adding ACC’s operations to Ambuja’s consolidated figure without reading the consolidation notes could double-count assets or earnings. Treat the 109 MTPA figure as Ambuja’s reported consolidated scope, not as a total to which ACC can automatically be added.
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Build an apples-to-apples data set
The published figures available for these companies cover different periods and definitions. UltraTech has a recent quarter and a separate full-year release; Ambuja and ACC figures cited here are full-year FY26 disclosures. A comparison should label the period, organisation, metric and scope beside every number.
| Company and period | Capacity or sales volume | Revenue or net sales | Profitability data | Important scope note |
|---|---|---|---|---|
| UltraTech Cement, Q1 FY27 (quarter ended 30 June 2026; release dated 20 July 2026) | 200.1 MTPA installed capacity in India; 39.2 million tonnes domestic sales volume | ₹24,465 crore consolidated net sales | ₹5,146 crore PBIDT; ₹2,604 crore PAT; operating EBITDA ₹1,214 per tonne; 81% capacity utilisation | Quarterly, consolidated figures; capacity is installed capacity in India |
| UltraTech Cement, FY25 (year ended 31 March 2025; release dated 28 April 2025) | 135.83 million tonnes annual sales volume; 183.36 MTPA domestic grey cement capacity; 188.76 MTPA global capacity | ₹74,936 crore consolidated net sales | ₹13,302 crore PBIDT; ₹6,039 crore PAT | Full-year figures; the release attributed lower PAT in part to higher interest and depreciation |
| Ambuja Cements, FY26 | 109 MTPA consolidated cement capacity; 73.7 million tonnes sales volume | ₹40,656 crore revenue from operations | Premium cement was 35% of trade sales; premium volume rose 25% year over year | Full-year consolidated capacity and sales; premium statistics relate to trade sales |
| ACC, FY26 | 43.9 million tonnes cement sales volume | ₹25,962 crore revenue from operations | 13% EBITDA margin; premium cement was 44% of trade sales | Full-year ACC figures; acquired-assets utilisation was 54%, not overall ACC utilisation |
These are company-reported numbers, not an independent restatement. PBIDT, EBITDA and operating EBITDA may use different definitions, so do not rank their margins or per-tonne values until the notes to each report are reconciled.
Compare scale and footprint without mixing scopes
UltraTech: the largest stated platform in the data set
UltraTech’s Q1 FY27 release reported 200.1 MTPA of installed capacity in India. Its FY25 results release separately stated 183.36 MTPA of domestic grey cement capacity and 188.76 MTPA of global capacity. The apparent increase is not automatically a like-for-like year-on-year growth rate: the releases cover different dates, and the capacity descriptions are not identical.
UltraTech also sold 39.2 million tonnes domestically in Q1 FY27 and reported 135.83 million tonnes of annual sales volume in FY25. Use the quarterly figure for a current run-rate discussion and the annual figure for a full-year comparison; do not place them in one ranking column.
Ambuja: consolidated capacity and a growing premium mix
Ambuja’s FY26 annual report reported 109 MTPA of consolidated cement capacity and 73.7 million tonnes of sales volume. It also reported premium cement at 35% of trade sales, with premium cement volume up 25% from the prior year. Capacity is a physical platform measure; premium share is a product-mix and pricing measure. Neither by itself establishes superior returns.
ACC: analyse its own operating perimeter
ACC reported 43.9 million tonnes of cement sales volume and ₹25,962 crore of FY26 revenue from operations. Because ACC is related to Ambuja, its reported volume should be compared with UltraTech or Ambuja only after confirming whether each figure is consolidated, standalone, domestic or global. The numbers should not be combined with Ambuja’s 109 MTPA consolidated capacity.
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Regional reach and logistics
Capacity is only one part of scale. For each company, map plants, grinding units, limestone reserves, terminals, rail links and major consuming regions from the latest annual report. A tonne sold near a plant can have a different freight burden from a tonne moved across regions. Regional mix also affects exposure to local construction cycles, monsoon disruption and competitive pricing.
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Separate volume, revenue and profit
Why tonnes are not earnings
Sales volume measures physical demand and market share. Revenue adds price, product mix and geography. Profit adds fuel, power, freight, raw-material, employee, maintenance, depreciation, interest and tax costs. A company can sell more tonnes while earning less per tonne if prices fall or costs rise.
UltraTech’s Q1 FY27 figures illustrate the need for a complete income statement: ₹24,465 crore consolidated net sales, ₹5,146 crore PBIDT and ₹2,604 crore PAT. The same company’s FY25 release reported ₹74,936 crore net sales, ₹13,302 crore PBIDT and ₹6,039 crore PAT. Those periods should not be compared directly with Ambuja’s or ACC’s FY26 annual figures.
Use consistent margin definitions
ACC reported a 13% EBITDA margin for FY26, whereas UltraTech’s cited quarterly release gives operating EBITDA of ₹1,214 per tonne and PBIDT. Ambuja’s cited FY26 data emphasise revenue, capacity, volume and premium mix rather than an identically defined margin in the supplied figures. Before ranking profitability, calculate the same measure from each income statement, preferably consolidated EBITDA divided by consolidated revenue, and document adjustments.
Per-tonne economics
For each period, calculate:
- Realisation per tonne: revenue from operations divided by cement sales volume. State whether revenue includes clinker, ready-mix concrete or other businesses.
- EBITDA per tonne: consistently defined EBITDA divided by cement sales volume.
- PAT per tonne: consolidated PAT divided by cement sales volume, used cautiously because interest, depreciation and tax are not operating costs.
UltraTech’s ₹1,214 operating EBITDA per tonne is a company-reported Q1 FY27 measure. Do not compare it with ACC’s 13% FY26 EBITDA margin as though they were the same statistic.
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Read utilisation and product mix together
Utilisation indicates how much capacity is working
UltraTech reported 81% capacity utilisation in Q1 FY27. ACC reported 54% utilisation across acquired assets in FY26, up 16 percentage points from the previous year. ACC’s figure applies to acquired assets and is not an overall ACC utilisation rate. Ambuja’s 109 MTPA figure is capacity, not a statement that all plants operated at that level.
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When calculating utilisation, use the same denominator: average available capacity rather than year-end installed capacity where possible. Adjust for commissioning dates, maintenance shutdowns, clinker capacity and grinding capacity. Newly acquired or commissioned plants can depress group utilisation even while they create future growth potential.
Premium products can change economics
Ambuja’s premium cement represented 35% of trade sales in FY26, with volume 25% higher year over year. ACC reported a 44% premium-cement share of trade sales in FY26. These percentages use trade sales, not necessarily total sales, and should be read with each company’s definition of premium products. A higher premium share may support realisation, but the effect depends on discounts, channel incentives, manufacturing cost and regional demand.
Examine acquisitions, expansion and capital allocation
Capacity growth brings both opportunity and cost
Acquisitions and new kilns can increase geographic reach and lower logistics costs, but they also require purchase consideration, integration spending, commissioning time, maintenance capex and working capital. Capacity growth does not prove that returns on invested capital will exceed the cost of capital.
UltraTech’s FY25 earnings reminder
UltraTech’s FY25 release linked lower PAT versus the prior year in part to increased interest and depreciation. This is a useful warning for any expansion story: operating capacity can rise while shareholder earnings are temporarily pressured by financing and non-cash depreciation. Track the acquired or newly commissioned assets’ tonnes, margin, cash flow and utilisation separately from the mature business.
Questions to ask about every project
- What is the announced capacity, and when is commercial production expected?
- Is the project a kiln, grinding unit, terminal or acquisition, and what bottleneck does it remove?
- What is the stated capex, acquisition price and funding mix?
- How much incremental depreciation, interest and working capital will appear before full utilisation?
- Are management’s volume and synergy targets disclosed, and are they being met in subsequent filings?
Assess balance-sheet strength and cash generation
Debt-free claims need a defined perimeter
Ambuja’s FY26 annual report described the company as debt-free and reported CRISIL and CARE AAA (Stable) and A1+ ratings. “Debt-free” must be read in the company’s stated accounting perimeter and date. It does not automatically mean every group company, subsidiary or future acquisition will have the same profile.
Use cash-flow measures, not only PAT
For each company, collect operating cash flow, capital expenditure, free cash flow, net debt, lease liabilities, interest expense and cash interest cover. Reconcile PAT to cash because depreciation, provisions, inventory movements, receivables and payables can create large differences. During an expansion cycle, positive PAT can coexist with weak free cash flow if capex and working capital absorb cash.
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Working capital as an operating signal
ACC reported 45 days of working capital in FY26. Compare that figure with its own historical trend and with similarly calculated figures for UltraTech and Ambuja. Confirm whether the calculation includes inventories, trade receivables, trade payables and other current items. A lower number is not automatically better if it reflects delayed maintenance purchases or unsustainably tight supplier terms.
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Do valuation only with common-date market data
The operating figures above do not establish which security is cheap, expensive or the best value. A valid valuation comparison requires share prices from the same market close, shares outstanding, net debt and a matched earnings or EBITDA period. Current multiples were not verified in the figures used here, so no relative valuation conclusion should be drawn from capacity, revenue or annual profit alone.
Minimum valuation data set
- Record the closing share price for UltraTech, ACC and Ambuja on the same date.
- Use the latest diluted shares outstanding, including relevant employee or convertible instruments.
- Calculate market capitalisation as price multiplied by diluted shares.
- Add net debt and other debt-like obligations to derive enterprise value; define whether leases are included.
- Use the same trailing or forward period for earnings and EBITDA for all three companies.
- Reconcile exceptional items, discontinued operations and acquisition accounting before calculating multiples.
Useful measures and their limits
| Measure | Formula | What it helps answer | Main limitation |
|---|---|---|---|
| P/E | Market capitalisation ÷ consolidated PAT | What investors pay for a rupee of accounting earnings | Distorted by depreciation, interest, tax rates and one-off items |
| EV/EBITDA | Enterprise value ÷ consistently defined EBITDA | Compares operating value before financing and depreciation | Different EBITDA definitions and heavy future capex can mislead |
| EV per tonne of capacity | Enterprise value ÷ comparable cement capacity | Provides a rough asset-platform comparison | Capacity quality, location, age, utilisation and clinker balance differ substantially |
| Free-cash-flow yield | Free cash flow ÷ market capitalisation | Tests cash generation relative to price | Highly cyclical during expansion and acquisition years |
EV per tonne is especially easy to misuse. Use domestic grey capacity against domestic grey capacity, or global capacity against global capacity, and disclose whether acquired assets are fully operational. Never divide one company’s consolidated enterprise value by another company’s standalone capacity.
A repeatable comparison process
- Choose one reporting frame. Use FY26 annual results for all three, or use Q1 FY27 investor materials for all three. Do not mix UltraTech’s Q1 FY27 with Ambuja’s and ACC’s FY26 annual numbers in a single ranking.
- Fix the consolidation scope. Mark each item as consolidated or standalone, domestic or global, cement-only or including related businesses.
- Normalize operating data. Collect capacity, cement volume, clinker volume, utilisation, realisation per tonne and EBITDA per tonne using each company’s notes.
- Separate mature and acquired assets. Identify plants acquired or commissioned during the period and track their utilisation, margin and capex independently.
- Analyse costs. Compare fuel and power cost, freight, raw materials, employee costs and other operating expenses per tonne where disclosed.
- Test cash conversion. Compare EBITDA with operating cash flow and free cash flow after maintenance and growth capex.
- Map corporate exposure. Treat ACC and Ambuja as related platform companies and read merger documents before assuming diversification.
- Add valuation last. Use one market close, one share-count date and matched trailing or forward financial periods.
- Write an explicit uncertainty statement. Identify figures that are not directly comparable and state what additional filing or market data would resolve the issue.
Common mistakes that produce misleading conclusions
Ranking capacity without a date
UltraTech’s 200.1 MTPA India capacity in Q1 FY27, its 183.36 MTPA domestic grey capacity in FY25 and Ambuja’s 109 MTPA consolidated FY26 capacity are not measurements taken on the same date or necessarily on the same basis. Presenting them as a clean league table overstates precision.
Calling revenue “growth” across different years
UltraTech’s Q1 FY27 net sales are quarterly, while Ambuja’s and ACC’s cited revenues are FY26 annual figures. A larger annual number does not mean a higher growth rate, and a quarterly number cannot be compared with a full-year number without annualisation assumptions.
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PBIDT and EBITDA may differ in treatment of other income, exceptional items or specific expenses. PAT includes depreciation, interest and tax. Use reported definitions and reconcile them before calculating margins.
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Treating premium share as guaranteed pricing power
Premium-cement percentages are channel-specific disclosures. They do not show the premium realised per tonne, the cost of producing the product or the net effect after discounts and incentives.
Assuming acquired capacity is immediately productive
ACC’s 54% utilisation figure for acquired assets demonstrates why acquired capacity needs a separate ramp-up analysis. Integration, maintenance and logistics changes can delay the earnings contribution.
Using group relationships as diversification
ACC and Ambuja’s shared corporate platform means their cash flows, strategic decisions and transaction risks may be correlated. Holding both is not equivalent to holding two independent cement groups.
Inferring value without share prices
Operating scale cannot identify the cheaper stock. Market capitalisation, net debt, diluted shares and matched earnings are required for P/E, EV/EBITDA or free-cash-flow comparisons.
How to interpret management commentary
Management statements can explain strategy but are not independent performance assessments. In Ambuja’s Q1 FY26 media release dated 31 July 2025, Whole Time Director and CEO Vinod Bahety described the quarter as reflecting “speed, scale and sustainability.” Treat that as management’s framing and test it against subsequent volume, margin, cash-flow and project-delivery disclosures.
Give greater weight to reconciled financial statements, notes on capacity and utilisation, related-party disclosures, debt schedules and cash-flow statements. Use presentations and media releases to identify questions, not to replace the underlying filings.
What a defensible investor conclusion looks like
- Choose UltraTech for analysis when the thesis depends on national scale, a large installed platform and the ability to spread logistics or fixed costs across a broad network. Verify whether added capacity is translating into cash returns after interest and depreciation.
- Choose Ambuja for analysis when the thesis focuses on its reported consolidated platform, premiumisation and balance-sheet position. Confirm the scope of the debt-free statement and the economics of expansion.
- Choose ACC for analysis when the thesis rests on its own operating turnaround, acquired-asset ramp-up, premium mix or working-capital execution. Keep its financial statements separate from Ambuja’s consolidated numbers.
Those are investigation starting points, not buy or sell recommendations. A final ranking should wait until all three companies have matched-period operating data, current capital structures, merger-status information and common-date valuation multiples.
Bottom line
UltraTech appears larger on the stated manufacturing measures, but scale is not the same as shareholder return. Ambuja and ACC are related Adani-platform exposures, so their comparison involves corporate-structure risk as well as cement economics. The sound method is to align periods and scopes, calculate comparable per-tonne and cash-flow measures, separate acquired-asset ramp-up from mature operations, and add valuation only after collecting same-date market data. Until that work is done, the evidence supports a framework for comparison—not a “cheapest,” “best” or buy-call verdict.
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