Grey cement for structures; white cement and putty for finishing.
Adani group cement maker (with ACC, Sanghi, Penna and Orient Cement), number two in India
Note: Ambuja moved from a Jan-Dec to an Apr-Mar year: the FY22 column holds CY2021 and the FY23 column the 15 months Jan 2022-Mar 2023
Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Supplies the cement poured into foundations, frames and slabs - sold in bags through dealers to home builders, and in bulk to developers and contractors.
Housing (including individual home building) is the largest end-use of cement in India, so cement volumes are one of the clearest measures of construction activity.
Consolidating industry where the top two (UltraTech and Ambuja/Adani) hold a growing share. EBITDA per tonne swings between roughly ₹800 and 1,300 with regional prices and fuel costs; low-cost limestone, captive power and logistics set the leaders apart.