Who are Ambuja Cements's main competitors?

Named competitors: UltraTech Cement (ULTRACEMCO.NS), Shree Cement (SHREECEM.NS), ACC Limited (ACC.NS). The cockpit's measured peer set (industry) also includes Shree Cement (SHREECEM.NS), Grasim Industries (GRASIM.NS), J.K. Cement (JKCEMENT.NS), Dalmia Bharat (DALBHARAT.NS), UltraTech Cement (ULTRACEMCO.NS).

Is Ambuja Cements expensive compared with its peers?

On forward p/e it trades at 44.1× against a peer median of 38.0×, 3rd most expensive of 6 in its peer set.

How has Ambuja Cements stock performed?

Over six months to 6 Nov 2026 the shares returned -13.3% against -1.9% for the median peer; over one year -31.2%.

← CockpitCompetitor Analysis › AMBUJACEM.NS Ambuja CementsOpen in the cockpit ↗

Ambuja CementsAMBUJACEM.NSCompetitor analysis, valuation and peers

India · INR·Construction & Infra›Construction Materials

Major Indian cement producer, part of the Adani Group, making cement for construction and infrastructure projects.

≈ India's Vulcan Materials/Martin Marietta for cementMomentum neutral 46

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$10.3B

US dollars, full cap

Free float

32%

of shares outstanding

$/day

$17.6M

20-day average traded

Fwd P/E

44.1×

forward earnings

ROIC−WACC

-13.5 pp

WACC 15.2%

Hurdle

n/a

no reverse DCF

Next earnings

89 days

3 Feb 2027

Close · INR₹390.60

1D+0.7%

1W+12.2%

1M+9.4%

3M-10.5%

6M-13.3%

YTD-29.8%

1Y-31.2%

ATR %3.3%

Beta1.55

52w lowhigh33.7% off high

What Ambuja Cements does

Major Indian cement producer, part of the Adani Group, making cement for construction and infrastructure projects.

Sells cement through dealers, with price per bag set by regional supply and demand, so profit rests on volume, transport costs and energy and fuel costs. In 2022 Adani Group bought Swiss cement group Holcim's stakes in Ambuja and its sister company ACC, and has since added several smaller cement companies to build capacity.

In one line: India's Vulcan Materials/Martin Marietta for cement.

Products and services

Ordinary Portland cement
Blended/PPC cement
Ready-mix concrete

Customers

Construction contractors
Infrastructure/government projects
Individual home builders

Where it sits in the supply chain

Materials
Construction materials
Cement - India

What could go right

India infrastructure/housing construction demand
Adani Group capacity expansion plans

What could go wrong

Cement price/demand cyclicality
Energy (coal/pet coke) cost volatility

Moat: narrow (scale, brand, distribution). A large plant network and established brand trust, now backed by the Adani Group's capital and logistics scale.

Headquarters: Ahmedabad, India · Founded: 1983 · Employees: 5,909

Named competitors

UltraTech Cement ULTRACEMCO.NS
Shree Cement SHREECEM.NS
ACC Limited ACC.NS

Ambuja Cements at a glance

Size Ambuja Cements (AMBUJACEM.NS) is an India Industrials company (Construction Materials) with a market value of $10.3B, the 123rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹390.60 on 6 Nov 2026.

Performance Over six months the shares fell 13.3%, against -1.9% for the median peer and 0.0% for the India market (cap-weighted) — 2nd lowest of 6 in its peer set.

Growth Revenue grew 5.6% over the last twelve months (peer median +17.3%); the operating margin is 4.2% (peer median 11.4%).

Valuation It trades at 44.1× forward earnings against a peer median of 38.0× (3rd most expensive of 6).

Capital Return on invested capital runs 13.5 points below its cost of capital (15.2% WACC).

Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Ambuja Cements against the median of its 5 peers (local-currency closes).

Ambuja Cements financials

Reported figures in INR; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	₹397B	₹404B	₹340B	₹327B	₹309B
Revenue growth	—	+19%	+4%	+6%	—
Gross profit	₹178B	₹151B	₹128B	₹122B	₹109B
EBITDA	₹54.1B	₹65.7B	₹47.3B	₹61.4B	₹40.5B
Net income	₹28.0B	₹47.3B	₹43.0B	₹35.7B	₹20.7B
Free cash flow	n/a	-₹8.02B	-₹56.3B	₹19.6B	-₹31.8B
Capital expenditure	n/a	₹63.4B	₹86.9B	₹44.8B	₹42.3B
Total debt	₹10.0B	₹8.66B	₹7.88B	₹6.99B	₹5.23B

Quarterly statements and history in the cockpit →

Ambuja Cements competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Ambuja Cements is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Ambuja Cements is the large dot.

Ambuja Cements competitors and peer comparison

Head to head with its named competitors (AMBUJACEM.NS vs ULTRACEMCO.NS vs SHREECEM.NS vs ACC.NS)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Ambuja Cements AMBUJACEM.NS	$10.3B	-13%	+6%	4%	44.1×	n/a
UltraTech Cement ULTRACEMCO.NS	$38.8B	+2%	+18%	14%	38.0×	35.8%
Shree Cement SHREECEM.NS	$9.63B	-2%	+14%	8%	51.4×	38.8%
ACC ACC.NS	$2.46B	-13%	+8%	4%	22.9×	n/a

How Ambuja Cements compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Ambuja Cements against its 5 peers (data as of 6 Nov 2026)
Measure	AMBUJACEM.NS	Peer median	Rank in peer set
1-month return	+9.4%	+10.5%	3rd lowest of 6
6-month return	-13.3%	-1.9%	2nd lowest of 6
Distance from 52-week high	-33.7%	-12.7%	2nd lowest of 6
Revenue growth (TTM)	+5.6%	+17.3%	lowest of 6
Operating margin	4.2%	11.4%	lowest of 6
Forward P/E	44.1×	38.0×	3rd most expensive of 6
ROIC minus cost of capital	-13.5 pp	-5.9 pp	lowest of 6
EV / EBITDA	20.3×	18.7×	2nd most expensive of 6
Net debt / EBITDA	0.1×	2.3×	2nd least indebted of 6

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Ambuja Cements AMBUJACEM.NS	India	$10.3B	-13%	+6%	4%	44.1×	n/a	n/a
Shree Cement SHREECEM.NS	India	$9.63B	-2%	+14%	8%	51.4×	38.8%	+9.4%
Grasim Industries GRASIM.NS	India	$23.3B	+9%	+20%	21%	65.8×	-3.9%	+18.1%
J.K. Cement JKCEMENT.NS	India	$4.28B	-7%	+17%	11%	37.7×	n/a	n/a
Dalmia Bharat DALBHARAT.NS	India	$2.92B	-26%	+6%	9%	31.2×	n/a	n/a
UltraTech Cement ULTRACEMCO.NS	India	$38.8B	+2%	+18%	14%	38.0×	35.8%	+14.6%

Questions

Who are Ambuja Cements's main competitors?: Named competitors: UltraTech Cement (ULTRACEMCO.NS), Shree Cement (SHREECEM.NS), ACC Limited (ACC.NS). The cockpit's measured peer set (industry) also includes Shree Cement (SHREECEM.NS), Grasim Industries (GRASIM.NS), J.K. Cement (JKCEMENT.NS), Dalmia Bharat (DALBHARAT.NS), UltraTech Cement (ULTRACEMCO.NS).
Is Ambuja Cements expensive compared with its peers?: On forward p/e it trades at 44.1× against a peer median of 38.0×, 3rd most expensive of 6 in its peer set.
How has Ambuja Cements stock performed?: Over six months to 6 Nov 2026 the shares returned -13.3% against -1.9% for the median peer; over one year -31.2%.