Jefferies has maintained a ‘Buy’ call on Ambuja Cements, with a target price of ₹700, highlighting a strong medium-term outlook for both capacity expansion and pricing recovery.
According to the brokerage, management is confident of reaching 140 MTPA capacity by FY28, up from the current 100 MTPA, with major organic additions planned in FY26. This signals aggressive scaling and long-term confidence.
The company also discussed its progress on cost-efficiency targets, which will unfold over the next few years. In terms of industry dynamics, Ambuja expects cement demand to grow 7–8% in FY26, and recent pricing improvements in the market appear to be holding well. Jefferies sees this as an inflection point for further upward momentum in margins and profitability.