Cement Stocks: How Did Adani Group’s ACC, Ambuja and Orient Perform in Q3?

SYNOPSIS: Following merger approvals, Adani Group cement companies reported mixed Q3 FY26 results, with revenue growth at ACC, muted annual & sequential performance at Ambuja, and softer results at Orient Cement.

Ambuja Cements, ACC, and Orient Cement – Adani Group cement companies – are undergoing a merger to consolidate into a single “One Cement Platform” with over 107 MTPA capacity. 

The boards approved the schemes in December 2025, aiming to deliver operational synergistic benefits by optimising manufacturing and logistics networks, streamlining corporate structure, strengthening the balance sheet and facilitating efficient capital allocation to support growth and bolster market leadership.

The merger will simplify and rationalise the network, branding and sales promotion-related spends, along with optimising costs and improving margins by at least Rs. 100 PMT. As of late 2025, the mergers await shareholder approvals, NCLT sanction, and other regulatory clearances, with completion targeted within 12 months. Completion of the transaction is subject to requisite approvals and is expected over FY27.

ACC shareholders receive 328 Ambuja shares (face value Rs. 2 each) for every 100 ACC shares (Rs. 10 face value). Orient Cement holders get 33 Ambuja shares for every 100 Orient shares (Rs. 1 face value).

Along with these three companies, the Board also approved the merger of Sanghi Industries Limited and Penna Cement Industries Limited with Ambuja Cement Limited. Following are the three cement stocks, which are a part of the diversified Adani Portfolio, with their financial performance for Q3 FY26:

ACC Limited

With a market cap of Rs. 30,461.91 crores, the stock closed in the red at Rs. 1,622.15 on BSE, down by over 1 percent on Sunday. For the quarter, the company posted a record-high quarterly revenue from operations of Rs. 6,483 crores, reflecting a sequential growth of around 8 percent QoQ compared to Rs. 6,005 crores in Q2 FY26. Likewise, on a year-on-year basis, revenue grew nearly 9 percent from Rs. 5,972 crores recorded in Q3 FY25.

Net profit for the quarter stood at Rs. 404 crore, indicating a decrease of around 64 percent QoQ from Rs. 1,119 crores in Q2 FY26, as well as a fall on a year-on-year basis by nearly 63 percent from Rs. 1,092 crores reported in Q3 FY25. ACC operates 20 cement manufacturing sites, 117 ready-mix concrete plants, and a nationwide network of channel partners. 

Ambuja Cements Limited

With a market cap of Rs. 1,22,923.78 crores, the stock closed in the red at Rs. 497.30 on BSE, down by over 2 percent on Sunday. For the quarter, the company posted a revenue from operations of Rs. 10,277 crores, reflecting a sequential growth of around 12 percent QoQ compared to Rs. 9,174 crores in Q2 FY26. Likewise, on a year-on-year basis, revenue grew more than 9 percent from Rs. 9,411 crores recorded in Q3 FY25.

Net profit for the quarter stood at Rs. 367 crore, indicating a decrease of around 84 percent QoQ from Rs. 2,302 crores in Q2 FY26, as well as a decline on a year-on-year basis by over 86 percent from Rs. 2,663 crores reported in Q3 FY25.

Ambuja Cements Limited is the 9th largest building materials solutions company globally, with a cement capacity of 109 MTPA across 24 integrated manufacturing plants and 22 grinding units.

Orient Cements Limited

With a market cap of Rs. 3,166.14 crores, the stock closed in the red at Rs. 154.10 on BSE, down by over 2 percent on Sunday. For the quarter, the company posted a revenue from operations of Rs. 636 crores, reflecting a marginal decline of around 1 percent for both QoQ and YoY from Rs. 643 crores.

Net profit for the quarter stood at Rs. 28 crore, indicating a decrease of around 43 percent QoQ from Rs. 49 crores in Q2 FY26, but a significant rise on a year-on-year basis by nearly 180 percent from Rs. 10 crores reported in Q3 FY25.

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