India, Sept. 10 -- Ambuja Cements is entering an interesting phase where the market is looking beyond the company's acquisition-led expansion and towards what it can actually extract from the assets it has assembled. The stock's return to the Rs 400 zone has brought the valuation debate back into focus, but the more important question is whether the business itself has changed materially since the last time the stock traded around these levels.

It has done so by leveraging the existing cement platform, which includes Orient, Sanghi and Penna Cement companies. While Sanghi and Penna have already merged with Ambuja Cement, the new One Cement Platform plan will see a consolidation with ACC and Orient Cement companies as well. In other wor...