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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchTo compare Ambuja Cements and UltraTech Cement as investments, assess operating performance, balance-sheet resilience, growth spending and valuation on a consistent basis. The latest quarter covered in the company materials here is Q1 FY2026-27, ended 30 June 2026. Its reported figures show differences in scale and operating metrics, but they do not establish which share is cheaper or the better investment: current, comparable valuation data is needed for that.
What do the latest quarterly results show?
The Q1 FY27 figures offer a recent operating snapshot, but the companies do not report every measure on the same basis. UltraTech gives domestic sales volume and capacity alongside consolidated financial results. Ambuja reports cement sales and, for several financial measures, EBITDA that includes ready-mix concrete (RMX). Keep those scope differences in view rather than treating the figures as a like-for-like scorecard.
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| Q1 FY27 measure | Ambuja Cements | UltraTech Cement |
|---|---|---|
| Sales volume | 17.1 million tonnes of cement sales; the presentation reports a 14% sequential decline from Q4 FY26. | 39.2 million tonnes of domestic sales, up 13.1% year on year. |
| Capacity and utilisation | 109 MTPA capacity as at 30 June 2026. Utilisation: not stated in the Q1 FY27 Ambuja presentation cited here. | 200.1 MTPA installed domestic capacity and 81% utilisation. |
| Revenue and operating profit | ₹9,500 crore revenue; ₹1,589 crore EBITDA including RMX. | ₹24,465 crore consolidated net sales; ₹5,146 crore PBIDT. |
| Profit per tonne | ₹931 EBITDA per tonne, including RMX. | ₹1,214 operating EBITDA per tonne. |
| Profit after tax | Not stated in the Q1 FY27 presentation figures cited here. | ₹2,604 crore PAT. |
Sources: Ambuja Cements Q1 FY27 investor presentation and UltraTech Cement Q1 FY27 results release. The volume growth rates use different baselines: Ambuja’s cited comparison is sequential, while UltraTech’s is year on year. EBITDA including RMX, PBIDT and operating EBITDA per tonne also have different stated scopes or definitions, so the table is a record of company-reported figures, not a direct margin or efficiency ranking.
How should you compare scale and volume growth?
UltraTech’s 39.2 million tonnes of domestic Q1 sales and 200.1 MTPA of domestic capacity are larger reported figures than Ambuja’s 17.1 million tonnes of cement sales and 109 MTPA capacity. But the labels are not identical: UltraTech specifies domestic sales volume and domestic capacity, while Ambuja’s presentation labels cement sales and capacity. Treat the figures as evidence of reported scale, not as a precise head-to-head operating ratio.
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Growth comparisons need a common period and a shared definition. UltraTech reported Q1 domestic sales up 13.1% year on year. Ambuja reported a 14% sequential decline in Q1 cement sales volume versus Q4 FY26, while describing mix emphasis and rationalisation of low-margin volume. Those two percentages do not show which company grew faster: one compares with the same quarter a year earlier, the other with the immediately preceding quarter.
For a fuller scale assessment, compare several periods of sales volumes against capacity additions and utilisation. Capacity alone is not output, and a new plant creates value only if demand, logistics, cost and realised prices support acceptable returns.
What does Ambuja’s FY26 performance add to the comparison?
Ambuja reported FY26 cement sales of 73.7 million tonnes, revenue from operations of ₹40,656 crore and operating EBITDA of ₹6,539 crore, or ₹887 per tonne. It also reported normalised PAT of ₹2,647 crore. These are full-year figures, so compare them with UltraTech’s corresponding full-year measures only after aligning reporting definitions and consolidation scope.
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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsFor EBITDA growth, Ambuja’s stated normalised comparison is more informative than a simple reported-earnings comparison: normalised EBITDA rose from ₹5,006 crore in FY25 to ₹6,539 crore in FY26. Ambuja says the FY25 comparison base included ₹826 crore of one-time income and ₹138 crore of GST incentive. Its normalised PAT is a separate measure; do not compare it directly with another company’s reported PAT without reconciling how each is calculated.
How should you read product mix and profitability?
Ambuja’s Q1 FY27 presentation reports trade sales at 78%, premium cement at 34% of trade sales and blended cement at 85%. These are company-reported mix indicators. They may help investors track the company’s sales strategy over time, but they do not, on their own, demonstrate higher pricing or margins than UltraTech’s.
Profitability is best assessed with a consistent set of measures across companies and periods: revenue, operating profit, operating profit per tonne, margins and profit after tax. Check whether a figure includes RMX, whether it is consolidated, and whether it is reported or normalised. If those definitions cannot be reconciled, present the figures separately rather than calculating a direct ratio or declaring a winner.
What do balance sheets and investment spending tell you?
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 illustrate different aspects of financial resilience and reinvestment; they are not matching balance-sheet measures and do not by themselves establish which company is financially stronger or generates better returns.
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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →When comparing capital allocation, seek the same-date measures for both companies: net debt or cash, interest costs, operating cash flow, capital expenditure, returns on capital and shareholder distributions. Consider acquisition and integration spending where relevant, too. A company can fund expansion from a strong balance sheet and still earn inadequate returns if new capacity is underused or costs run above plan.
How much weight should capacity plans receive?
Capacity figures need a status and a date. Ambuja reported 109 MTPA at 30 June 2026 and outlined expansion toward approximately 119 MTPA by FY27. That 119 MTPA figure is a target, not capacity already in operation. UltraTech’s FY26 disclosure says it commissioned 8 MTPA during FY26 and another 8.7 MTPA in April 2026, bringing domestic grey cement capacity to 200.1 MTPA and global capacity, including international operations, to 205.5 MTPA.
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UltraTech also reported ₹9,600 crore of FY26 capex. The completed capacity additions and spending help describe its expansion programme; they do not prove that incremental capacity will earn an adequate return. Compare actual commissioning dates, utilisation, regional demand, logistics and unit economics with the capital invested. Do not treat a company’s announced target as equivalent to commissioned capacity.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Which risks belong in the comparison?
Cement earnings are exposed to operating costs and demand conditions, including fuel and power prices, freight and logistics, packaging availability, currency, weather, regional demand and utilisation. Ambuja’s FY26 release specifically cited fuel, diesel, packaging supply constraints and rupee depreciation as cost pressures, and said it expected pressures to continue into H1 FY27.
In that same FY26 release, Ambuja characterised its FY27 demand outlook as soft amid geopolitical issues and an early forecast of a below-normal monsoon. This is management’s outlook at the release date, not a guaranteed forecast or independent industry estimate. Investors should update the picture with subsequent company disclosures and current operating data.
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How can you decide whether either stock is attractively valued?
Operating scale and business growth do not answer whether a share is worth its current price. The company materials cited here do not establish current share prices, market capitalisations or comparable valuation multiples. Without those inputs, it is not possible to substantiate that either stock is cheaper or more attractive.
- Set a common valuation date. Obtain timestamped share prices and market capitalisations for both companies; align the dates and treatment of share counts.
- Use comparable measures. Calculate enterprise value and compare consistent earnings or cash-flow measures, such as EV/EBITDA or price-to-earnings, after reconciling reporting scope and one-off items.
- Test the assumptions. Consider how fuel, freight, utilisation, demand and capacity spending could affect forward earnings and cash generation. A multiple is only as useful as the underlying earnings and cash-flow assumptions.
- Match the valuation to your investment case. Decide whether your thesis rests on current earnings, expansion, operating resilience or another clearly stated driver, and assess the risks and time horizon that come with it.
Ambuja’s investor-download page lists its FY26 annual report and Q1 FY27 investor presentation; those primary company filings are useful starting points for checking definitions and extending a like-for-like comparison.
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What is a disciplined way to reach a view?
- Compare volume trends using the same year-on-year or sequential period and clearly labelled sales scopes.
- Separate reported from normalised earnings and reconcile RMX inclusion, consolidation and profit definitions before comparing profitability.
- Assess balance-sheet capacity, cash generation and capex together; do not infer investment returns from capacity growth alone.
- Distinguish operating capacity already commissioned from management targets.
- Use current, timestamped and comparable valuation data before deciding whether either share is attractively priced.
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