Comparing Cement Emissions: UltraTech, Ambuja and Dalmia

Before you read this: Sector map: cement, GHG accounting: Scopes 1, 2 and 3, India's Carbon Credit Trading Scheme

Intuition

Cement companies like to quote their carbon intensity, the kilograms of CO2 emitted per tonne of product, and some describe their figures as among the lowest in the world. With India's carbon market now setting targets for cement plants, these numbers matter for costs as well as reputation.

But comparing them is harder than it looks. Companies use different units (per tonne of cement or per tonne of cementitious material), different scopes (Scope 1 only, or Scope 1 and 2), gross or net figures, different boundaries (standalone or group, before or after acquisitions) and different levels of assurance. This piece sets out the latest figures each company has published and shows what must be checked before ranking them.

Mechanics

Reported figures

Other reported indicators

Five checks before comparing

1. Unit. Per tonne of cement or per tonne of cementitious material (cement plus clinker sold)? Dalmia's figure is per tonne of cement; the other two are per tonne of cementitious material. A company selling a lot of clinker will show different numbers on each basis.
2. Scope and gross or net. Scope 1 only, or Scope 1 and 2? Gross, or net of emissions from waste-derived fuels? UltraTech states gross Scope 1. Dalmia's release does not say.
3. Boundary. Ambuja's FY 2025-26 figure includes newly merged plants, and its intensity rose from 537 to 595. UltraTech has also acquired The India Cements and merged Kesoram's cement business; its FY 2025-26 report does not say clearly whether these are inside the reported boundary.
4. Year. The latest available Dalmia intensity in the sources is for FY 2024-25; the others are for FY 2025-26.
5. Assurance. Reasonable assurance gives more comfort than limited assurance, and a press release figure may not be assured at all.

Conclusions from the data

• UltraTech's Scope 1 intensity fell from 716 in FY 2016-17 to 578 in FY 2025-26, a cut of about 19%, with 21 kg still to go to its FY 2029-30 target of 557.
• Ambuja's Scope 1 intensity rose by about 11% in FY 2025-26 after its mergers, moving it further from its 2030 target of 440.
• Dalmia reports the lowest figure of the three, but on a different unit and for an earlier year, so a direct ranking is not possible from these sources alone.

Advanced details

CCTS uses its own definitions. India's carbon market sets plant-level targets on its own product definitions and baseline years. Company-level intensities in sustainability reports cannot be compared directly with CCTS targets. Plant data from the CCTS notifications is the right basis for estimating certificate costs or income.

Blended cement and clinker factor. A higher share of blended cement (which uses fly ash or slag in place of clinker) lowers intensity. Product mix, as well as kiln efficiency, drives the differences between companies.

Acquisitions as a theme. Indian cement has consolidated quickly, with older and less efficient plants changing hands. Expect intensity to rise for some acquirers before upgrades bring it down. Ask each company for plant-level plans for acquired capacity.

Same company, several numbers. One company can report gross and net figures, standalone and consolidated figures, and per-cement and per-cementitious figures in different documents. Always record the exact definition next to each number.

Common mistakes

• Ranking companies on headline numbers. Units, boundaries and scopes differ.
• Ignoring acquisitions. They can move intensity sharply in one year.
• Treating a press release figure like an assured one.
• Comparing company averages with plant-level CCTS targets.

Key terms

• Physical intensity
• Carbon intensity
• Scope 1 emissions
• CCTS (Carbon Credit Trading Scheme)
• GHG emission intensity (GEI) target
• Sustainability performance target (SPT)
• Reasonable assurance
• Limited assurance

Sources

• UltraTech Cement: SLB and SLL performance report FY 2025-26
• UltraTech Cement: SLB and SLL performance report FY 2024-25
• Ambuja Cements: BRSR FY 2025-26 (NSE filing, 30 May 2026)
• Ambuja Cements: ESG goals and targets, Integrated Report FY 2024-25
• Ambuja Cements: Natural capital, Integrated Report FY 2024-25
• Dalmia Bharat: Q4 and FY 2024-25 results press release (April 2025)
• Dalmia Bharat: FY 2025-26 results press release (April 2026)