Orient Cement Limited , a subsidiary of Ambuja Cements Limited, has reported strong quarterly performance with significant growth in various financial metrics. The company's latest financial results reveal a picture of growth and operational improvements.

Financial Highlights

Key Developments

• Brand Transition: The company achieved 97% of sales under Ambuja/ACC brands through MSA arrangement, with complete brand transition by quarter-end.
• Clinker Sales Synergies: Synergies with Ambuja/ACC resulted in 0.40 million tonnes of clinker sold and 0.13 million tonnes purchased.
• Green Power: The share of green power increased by 22 percentage points to 46%, contributing to fuel cost reductions.
• Depreciation Impact: Depreciation expenses rose by ₹63.00 crore due to reassessment of asset useful life to align with parent company Ambuja Cements' accounting policies.
• Trade Receivables: Increased by ₹311.00 crore related to cement supplies to parent company under MSA guidelines.

Operational Performance

• Capacity Utilization: Reached 65% compared to 50% in the previous year.
• Future Outlook: The company expects 75-80% capacity utilization for the remaining fiscal year.

Financial Analysis

Examining the company's recent financial data reveals some interesting trends:

• EBITDA Growth: The company's EBITDA for the quarter showed a substantial increase of 274% year-over-year, reaching ₹165.00 crore.
• Sales Volume: Cement sales volume grew by 29% to 1.40 million tonnes.
• Operational Efficiency: EBITDA per ton increased by 191% to ₹1,177.00, indicating improved operational efficiency.

While Orient Cement has shown strong growth in EBITDA and sales volume, the significant increase in depreciation expenses due to the reassessment of asset useful life has notably impacted the bottom line. However, the substantial improvements in operational metrics and the successful brand transition suggest that the company is navigating through a transformative phase, possibly influenced by its integration with Ambuja Cements Limited.

Investors and market watchers may keep a close eye on how Orient Cement capitalizes on its operational improvements and synergies with its parent company. The company's ability to maintain its growth trajectory and further improve capacity utilization could be crucial for its future performance.

Gautam S. Adani, Chairman of the Adani Group, has issued a letter to shareholders of Orient Cement , addressing the Hindenburg report from January 24, 2023, and the recent dismissal of allegations against the Adani Group by the Securities and Exchange Board of India (SEBI). The letter, dated September 24, 2025, highlights the group's resilience and financial performance during a challenging period.

SEBI's Verdict and Group's Resilience

Adani emphasized that SEBI's recent verdict unequivocally dismissed the allegations against the group. He stated, "With SEBI's clear and final word, truth has prevailed or like we had always said सत्यमेव जयते (truth alone will prevail)." The chairman viewed this as a validation of the company's transparency, governance, and purpose.

Financial Performance and Growth

Despite the challenges, the Adani Group reported significant financial growth:

The group's portfolio EBITDA showed a two-year CAGR of 25.00%, while the Gross Block expanded by nearly ₹2 lakh crore in just two years.

Key Infrastructure Developments

Adani highlighted several transformative projects completed during this period:

• Commissioning of India's first container transshipment port at Vizhinjam
• Addition of 6 GW of renewable capacity, including the Khavda project, described as the world's largest single-location renewable project
• Commissioning of the world's largest copper smelter and metallurgical complex
• Expansion of the energy network with 7,000 circuit kms of transmission lines and 4 GW of new thermal capacity across India and overseas

Future Commitments

Looking ahead, Adani outlined three key commitments:

1. Further strengthening governance standards to inspire confidence across markets and regulators
2. Accelerating innovation and sustainability, aiming to set global benchmarks
3. Doubling down on nation-building investments in infrastructure to power India's long-term growth

Gratitude and Closing Remarks

The chairman expressed profound gratitude to investors, lenders, suppliers, and partners for their support during the challenging period. He concluded with a quote from Shri Sohan Lal Dwivedi, emphasizing resilience and determination: "The boat that fears the waves can never reach the shore, But those who keep on trying will win forevermore...."