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There is no defensible “best” stock from capacity or revenue figures alone. UltraTech is the larger disclosed manufacturing platform, while Ambuja and ACC are related companies on the same Adani cement platform. A sound comparison matches the same reporting period, accounting scope and metric definition, then adds a common-date valuation using market prices, shares, debt and cash.
The figures available here span UltraTech’s quarter ended 30 June 2026 and financial year ended 31 March 2025, versus Ambuja’s and ACC’s financial year ended 31 March 2026. Treat them as dated reference points, not as a single ranking. Before acting on a comparison, replace them with the latest three companies’ filings and market data.
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Start with the corporate relationship
UltraTech Cement is a separate listed company. ACC and Ambuja Cements are not independent industry exposures in the same way: ACC’s FY26 annual report describes Ambuja as its parent and refers to a proposed amalgamation. Both sit within the Adani cement platform, so buying both does not diversify a portfolio as much as pairing either one with UltraTech.
Why the relationship matters to a stock comparison
- Do not add their capacities or revenue automatically. Ambuja reports consolidated capacity and financials that may include operations related to ACC. ACC reports its own annual sales and financial metrics. Adding the two without reading consolidation notes can double-count the same operating assets.
- Use the latest legal status. A proposed amalgamation can change reporting lines, ownership and the way future results are presented. Check the most recent exchange announcements, court filings and annual reports immediately before making an investment decision.
- Separate operating comparison from exposure comparison. Comparing ACC with Ambuja can help you understand each listed company’s reported performance, but it is not the same as comparing two unrelated cement groups.
What the reported scale figures actually show
Capacity is a measure of potential output, not sales, profit or shareholder return. The dates and scopes below are different, so they should not be read as a same-day league table.
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| Company and period | Capacity figure | Scope and qualification |
|---|---|---|
| UltraTech, Q1 FY27 (quarter ended 30 June 2026) | 200.1 MTPA installed capacity in India | Company-reported installed capacity in India |
| UltraTech, FY25 (year ended 31 March 2025) | 183.36 MTPA domestic grey cement; 188.76 MTPA global capacity | Figures stated in the FY25 results release; domestic and global scopes differ |
| Ambuja, FY26 (year ended 31 March 2026) | 109 MTPA consolidated cement capacity | Consolidated figure reported by Ambuja |
UltraTech’s 200.1 MTPA figure is newer than its FY25 capacity figures, while Ambuja’s 109 MTPA number is consolidated and from FY26. A larger installed base can provide scale in procurement, logistics and market coverage, but it also creates more capital tied up in plants and equipment. The relevant follow-up questions are how much capacity is actually used, where it is located, what freight distance it serves and what return new capacity earns.
Utilisation needs the same scope
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 number applies only to acquired assets; it is not an overall ACC utilisation rate and cannot be compared directly with UltraTech’s company-wide quarterly figure.
Ambuja’s 109 MTPA capacity disclosure does not, by itself, establish a comparable utilisation percentage in the figures cited here. When building a spreadsheet, record the denominator (consolidated, domestic, acquired or another subset) beside every utilisation number.
Match period, volume and financial scope before ranking performance
Volume, revenue and profit answer different questions. Volume indicates tonnes sold, revenue includes price and mix, and profit reflects costs, depreciation, interest and tax. The following company-reported figures are useful anchors, but they cover different periods.
| Company and period | Sales volume | Revenue from operations or net sales | PBIDT or EBITDA | Profit after tax |
|---|---|---|---|---|
| UltraTech, Q1 FY27 | 39.2 million tonnes domestic sales | ₹24,465 crore consolidated net sales | ₹5,146 crore PBIDT | ₹2,604 crore PAT |
| UltraTech, FY25 | 135.83 million tonnes annual sales | ₹74,936 crore consolidated net sales | ₹13,302 crore PBIDT | ₹6,039 crore PAT |
| Ambuja, FY26 | 73.7 million tonnes sales | ₹40,656 crore revenue from operations | Not reported in the cited figure set | Not reported in the cited figure set |
| ACC, FY26 | 43.9 million tonnes cement sales | ₹25,962 crore revenue from operations | 13% EBITDA margin | Not reported in the cited figure set |
UltraTech’s Q1 FY27 sales and profit are a single quarter, whereas Ambuja’s and ACC’s figures are full-year FY26 totals. Dividing a quarterly number by four is not a substitute for a reported annual result because cement demand, prices and costs vary by quarter. Conversely, comparing UltraTech’s FY25 annual sales with Ambuja’s FY26 annual sales still leaves a one-year period mismatch and possible changes in consolidation.
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Premium products change the quality of revenue
Ambuja reported that premium cement represented 35% of trade sales in FY26, with premium volume up 25% year over year. ACC reported premium cement at 44% of trade sales in FY26. A higher premium mix can support realisations and margins, but the percentages use each company’s own definitions and trade-sales denominator. Confirm definitions before treating the two percentages as directly equivalent.
How to read profitability without mixing definitions
UltraTech’s Q1 FY27 release reported operating EBITDA of ₹1,214 per tonne. Its FY25 release reported PBIDT of ₹13,302 crore. ACC reported a 13% EBITDA margin for FY26. PBIDT and EBITDA are related operating measures, but company presentations can differ in adjustments, segment scope and treatment of exceptional items. Do not rank one company’s PBIDT against another’s EBITDA margin without reconciling the numerator and denominator.
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Use a per-tonne bridge
- Take the same period’s reported operating profit measure and divide by the matching sales volume.
- Confirm that both figures use the same scope: consolidated with consolidated, domestic with domestic, and cement-only with cement-only where possible.
- Record whether the company uses cement tonnes, grey-cement tonnes, or another volume definition.
- Investigate differences through fuel and power costs, freight, raw-material costs, plant utilisation and premium mix.
Per-tonne profitability is informative because it separates price and cost performance from sheer size. It is still not a complete return measure: depreciation, interest, taxes and capital employed determine what reaches shareholders.
Growth, acquisitions and the cost of getting bigger
Capacity expansion can increase future volume, but it can also raise depreciation, interest, integration costs and execution risk before the new assets earn their potential.
UltraTech’s expansion profile
UltraTech’s FY25 results release reported 183.36 MTPA of domestic grey cement capacity and 188.76 MTPA of global capacity. The same release attributed part of the lower FY25 PAT to increased interest and depreciation. This is a useful warning: operating scale can rise while reported earnings fall if newly acquired or commissioned assets add financing and depreciation faster than profit.
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UltraTech’s Q1 FY27 release subsequently stated 200.1 MTPA installed capacity in India. To assess whether that growth created value, track the commissioning date, purchase or construction cost, incremental tonnes, utilisation ramp-up, operating margin and cash flow for each major project or acquisition.
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Ambuja and ACC describe integration and expansion work across the Adani cement platform. ACC’s FY26 report shows 54% utilisation across acquired assets, 16 percentage points higher than the previous year. The improvement indicates progress in using those assets, but it does not prove that the acquisition has already generated an attractive return. Calculate return on the capital invested after including rehabilitation, integration, freight changes and incremental working capital.
Questions to ask about every acquisition
- What was the announced purchase price and the debt or equity funding source?
- When did the assets begin contributing tonnes and earnings?
- Were the assets operating below potential, and what utilisation target is realistic?
- How much additional depreciation and interest appears in the income statement?
- Does the acquired location improve logistics or increase the average freight distance?
- Are reported results comparable before and after consolidation, or was there a restatement?
Balance sheet, cash generation and financial resilience
Capacity and EBITDA do not show whether a company can fund expansion through operating cash flow. Review net debt, interest expense, operating cash flow, capital expenditure and capital employed for the same period.
Ambuja’s reported position
Ambuja described itself as debt-free in its FY26 annual report and reported CRISIL and CARE AAA (Stable) and A1+ ratings. “Debt-free” is a statement about the company and reporting date cited; it does not establish that every related group company, subsidiary or future period will have the same profile. Confirm the balance-sheet perimeter and cash restrictions in the notes.
ACC’s working-capital signal
ACC reported 45 days of working capital in FY26. Working-capital days can reveal how much cash is tied up in receivables, inventory and payables, but the figure needs a definition and a time-series comparison. A single year’s number should be read alongside operating cash flow and changes in sales volume.
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What to calculate
- Net debt: interest-bearing debt minus cash and cash equivalents, using the same consolidation scope.
- Net-debt-to-EBITDA: a leverage check that is sensitive to the EBITDA definition and to one-off acquisition effects.
- Operating-cash-flow conversion: operating cash flow divided by operating profit, interpreted with working-capital movements.
- Return on capital employed: operating profit after the relevant tax adjustment divided by capital employed; use an average balance when available.
Build a fair valuation comparison
The current relative attractiveness of UltraTech, ACC and Ambuja cannot be established from the operating figures above. A valuation comparison requires a common market close and matched financial data. The prices and multiples for all three were not verified in the cited material, so calling one “cheapest,” “expensive” or “best value” would be unsupported.
Inputs required on one date
- Record each closing share price on the same trading day and specify the exchange and currency.
- Use diluted shares outstanding from the latest filing to calculate market capitalisation.
- Add net debt, lease liabilities where material, and other adjustments consistently to calculate enterprise value.
- Select a common earnings period, such as the latest twelve months or the same forward estimate set, and label it clearly.
- Use consolidated figures for all three, or explain why a standalone comparison is necessary.
Useful measures and their limits
| Measure | Calculation | What it helps answer | Main limitation |
|---|---|---|---|
| P/E | Market capitalisation ÷ matched PAT | Price paid for a rupee of attributable earnings | Distorted by depreciation, interest, tax, exceptional items and cycle timing |
| EV/EBITDA | Enterprise value ÷ matched EBITDA | Value of operations before financing and depreciation | Depends on consistent EBITDA adjustments and ignores maintenance capital expenditure |
| EV per tonne of capacity | Enterprise value ÷ comparable cement capacity | Relative price of the installed platform | Capacity may be idle, newly acquired, geographically mismatched or reported on different scopes |
For a cyclical cement business, compare a range of years or a normalised earnings estimate rather than relying on one unusually strong or weak quarter. Keep the valuation date visible because prices, debt and share counts change.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.A step-by-step worksheet for investors
- Choose the frame. Decide whether the comparison is FY26 annual, Q1 FY27 interim or a trailing-twelve-month period. Do not combine frames in one ranking.
- Download primary filings. Use UltraTech’s Q1 FY27 and FY25 releases, Ambuja’s FY26 integrated report and investor materials, and ACC’s FY26 annual report and announcements. For a matched interim view, obtain the companies’ Q1 FY27 materials.
- Map the perimeter. Mark each number as standalone, consolidated, domestic, global, cement-only, acquired-assets-only or another defined subset.
- Enter physical data. Record installed capacity, tonnes sold, utilisation and premium mix, with the date and denominator in adjacent columns.
- Enter financial data. Capture revenue, operating profit, PAT, depreciation, interest, taxes, operating cash flow and capital expenditure. Preserve the company’s terminology until you reconcile definitions.
- Normalise units. Convert crore to the same currency unit, tonnes to million tonnes where needed, and quarterly figures to a clearly labelled annualised or trailing period only when the method is appropriate.
- Calculate operating ratios. Compute revenue per tonne, operating profit per tonne, margin, utilisation and cash conversion using matched numerators and denominators.
- Calculate valuation. On one market date, calculate market capitalisation, enterprise value, P/E, EV/EBITDA and, if useful, EV per tonne of comparable capacity.
- Stress-test the thesis. Ask what happens if demand, prices, utilisation, fuel and power costs, freight or the integration schedule disappoint.
- Write the conclusion as a trade-off. State which company has the advantage on each measured axis and what risk could reverse that advantage. Do not convert the framework into an automatic buy or sell signal.
How to interpret the three businesses by investor question
Which company has greater disclosed scale?
On the dated figures cited, UltraTech reports 200.1 MTPA installed capacity in India in Q1 FY27, versus Ambuja’s 109 MTPA consolidated capacity in FY26. The dates and scopes differ, and UltraTech’s FY25 release also distinguishes domestic grey capacity from global capacity. The safe conclusion is that UltraTech reports the larger manufacturing platform in the available disclosures, not that it necessarily offers the higher return.
Which company is growing through integration?
All three have expansion or integration considerations. UltraTech’s FY25 release links lower PAT partly to higher interest and depreciation, while ACC reports improving utilisation at acquired assets. Ambuja reports premium-volume growth and a large consolidated capacity base. Compare the cash cost and earnings contribution of that growth rather than capacity additions alone.
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UltraTech versus either Adani-platform company is a clearer corporate-exposure comparison than ACC versus Ambuja. Holding both ACC and Ambuja may leave an investor with overlapping strategic, governance and integration factors because of their parent relationship and proposed amalgamation.
Which stock is cheaper?
The available operating figures do not answer that question. A cheaper share price is not a cheaper company, and a lower P/E may reflect weaker earnings quality, higher capital needs or a different reporting scope. Wait for same-date prices and reconciled statements before drawing a valuation conclusion.
Risks that can overturn an operating lead
- Period mismatch: a strong quarter can look superior to a full year even when the underlying trend is not.
- Scope mismatch: consolidated capacity, domestic grey capacity and acquired-asset utilisation describe different populations.
- Integration execution: acquired plants may need time and capital before reaching target utilisation.
- Financing and depreciation: expansion can lift operating capacity while reducing PAT through higher interest and depreciation.
- Product mix: premium-sales percentages support better realisations only if the premium definition, volume and margin are consistent.
- Logistics: regional capacity can be strategically valuable, but freight and route density affect delivered cost.
- Corporate restructuring: the ACC–Ambuja amalgamation process can change ownership and reporting presentation.
- Valuation timing: market prices and net debt move daily, so an old multiple can become misleading quickly.
Sources and freshness checks
The dated operating anchors are UltraTech’s Q1 FY27 financial-results release for the quarter ended 30 June 2026, dated 20 July 2026, and its FY25 results release dated 28 April 2025. Ambuja’s capacity, volume, revenue and premium-mix figures come from its FY 2025–26 integrated report. ACC’s volume, revenue, margin, acquired-asset utilisation and working-capital figures come from its FY 2025–26 annual report. Ambuja’s FY26 report provides the debt-free statement and ratings. The companies’ investor-download and corporate-announcement pages list later interim materials that should be checked for a matched Q1 FY27 comparison and for the latest merger status.
Management commentary, such as Ambuja CEO Vinod Bahety’s description of Q1 FY26 as a transformation narrative based on “speed, scale and sustainability,” is promotional context rather than independent evidence. Give greater weight to reconciled financial statements, cash flow, capital employed and filings that define the scope of each number.
Bottom line for a disciplined comparison
Use UltraTech’s reported scale as one data point, not a verdict. Ambuja’s consolidated platform, premium mix and stated debt-free position, and ACC’s reported margin, acquired-asset utilisation and working-capital data each answer different questions. The decisive work is to align periods and scopes, avoid double-counting ACC and Ambuja, measure the cash returns from expansion, and calculate valuation from a common market date. Until that dataset is assembled, the evidence supports a comparison framework—not a “best stock” call.
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