30-Oct-2026 08:10:43
AMBUJACEMExpansion
INVESTEC ON AMBUJA CEMENTS ; BUY | TP ₹615
INVESTEC ON ACC ; HOLD | TP ₹1,683 • Investec maintains Buy rating on Ambuja Cements with target price of ₹615 and Hold rating on ACC with target price of ₹1,683. • Ambuja Cements announces expansion of 29.7 MTPA grinding capacity and 10.3 MTPA clinker capacity with planned capex of ₹15,400 crore. • Targets total cement capacity of 149 MTPA by FY29 and 155 MTPA by FY30. • Expects cement volume growth to outperform industry growth in H2 FY27, supported by capacity expansion. • Captive fly ash availability and fiscal incentives expected to provide cost advantages and support profitability. • Project execution and cost guidance remain key concerns amid aggressive capacity expansion plans.
AMBUJA CEMENTS LTD