Adani stock: Down 18% in 2026, 5 brokers share target prices on this third-worst group performer

Ambuja Cements Ltd, whose shares have fallen 18 per cent in 2026 so far, making it the third-worst performer among Adani Group stocks, has received ‘Buy’ or ‘Add’ ratings from several brokerages after analysts visited the Sanghipuram plant in Kutch, Gujarat.

Analysts noted that Ambuja Cements capacity stands at 109 mtpa, which is expected to rise to 115mtpa by March end, with 10 mtpa likely to be commissioned over the next 3-4 months. The focus, they said, will be on improving utilisation to 80 per cent and subsequently to 85 per cent to enhance return on investment (RoI), after which the next phase of expansion will be evaluated. 

"If the current capacity base delivers the targeted volumes and market share, the company may adopt a more measured pace of further addition," MOFSL noted. 

The brokerage said FY26 marked a shift toward organic-led expansion, with multiple grinding units being commissioned. Additionally, the proposed “One Cement Platform” merger of ACC, Orient Cement, and Ambuja Cements into a single listed entity, if gets approvals, should improve scale, capacity mix, and profitability. MOFSL suggested 'Buy' with a target price of Rs 600. 

ICICI Securities said Ambuja Cements' priorities, learned during management discussions, to ramp up its existing assets’ utilisation as supposed to its earlier capacity addition plans appear convincing. It is with this confidence that the brokerage continued to value the stock at 15 times FY28 EV/Ebitda and maintain 'Add' on the stock with an unchanged target price of Rs 540. 

Emkay Global said it liked the steady turnaround of the Sanghipuram plant and Ambuja Cements' plan to further make it cost efficient. 

"However, we maintain our earnings estimates as we await ACEM’s margin superiority on consolidated basis in the ensuing quarters. At 12 times FY28 EV/Ebitda, ACEM appears attractive. However, we reiterate our recent stance of adopting a conservative approach toward cement stocks amid evolving geopolitical tensions," it said while suggesting a target price of Rs 575. 

JM Financial suggested a 'Buy' and a target of Rs 635.           

Nuvama said it liked Ambuja Cements due to its focus on cost efficiency improvement. However, recent geopolitical issues could potentially hurt demand and profitability, impelling it to cut FY27 and FY28 Ebitda estimates by 7 per cent each and EV/Ebitda multiple from 19 times to 16 times. It retained ‘Buy’ with a target price of Rs 554 from Rs 709 earlier.