UltraTech Cement
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UltraTech Cement (ULTRACEMCO) investor relations material

UltraTech Cement Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary24 Jan, 2026

Executive summary

  • Robust demand driven by government infrastructure projects and marquee investments across all regions, supporting strong cement demand outlook for the coming years.

  • Achieved 22.5% YoY growth in consolidated revenues for Q3 FY26, driven by strong volume growth and operational efficiencies.

  • Integration of recent acquisitions (Kesavaram/Kesoram and India Cement) is ahead of plan, with rapid brand conversion and cost improvement programs underway.

  • Capacity utilisation improved to 77%, with domestic grey cement volumes up 15.4% YoY and RMC business expanding rapidly.

  • EBITDA rose 29% YoY to ₹4,051 crore, with PAT up 32% YoY to ₹1,792 crore, reflecting improved margins and cost control.

Financial highlights

  • Q3FY26 consolidated revenue from operations: ₹21,829.68 crores, up 22.5% YoY; consolidated net profit: ₹1,729.44 crores; normalised PAT at ₹1,792 crores.

  • EBITDA for Q3FY26: ₹4,051 crores, up from ₹3,142 crores in Q3FY25; operating EBITDA/mt improved by ₹140 YoY to ₹1,051/mt.

  • Consolidated sales volumes reached 38.87 mtpa, up 15% YoY; UltraTech brand volumes grew 22.3%.

  • Premium product share at 36% for the quarter.

  • Net debt stood at ₹15,654 crore (standalone) and ₹17,929 crore (consolidated) as of Dec'25; net debt/EBITDA reduced to 1.08x.

Outlook and guidance

  • Expectation to operate at over 90% of installed capacity in the January-March quarter, reflecting robust demand.

  • Ongoing capacity expansion to reach 240.76 mtpa post current phase, with 22.8 mtpa under development.

  • Cement demand expected to remain strong, with 7-8% annual growth guidance for the next 4-5 years.

  • GDP expected to grow at ~7.4% for FY26, supporting domestic demand.

  • No numerical EBITDA per ton guidance, but management expects improvement in the next 15 months.

Southern India pricing stability outlook?
India Cements EBITDA per tonne target?
Quantify future efficiency program impact
Impact of new infra on cement product mix?
India Cement EBITDA/ton target feasibility?
FY26 efficiency program savings update?
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Next UltraTech Cement earnings date

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Q4 25/2627 Apr, 2026
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Frequently asked questions

UltraTech Cement Limited, manufactures and sells cement and cement related products in India. The company operates through Cement and Cement Related Products, UltraTech Building Solutions, and Other segments. It offers ordinary portland cement; blended hydraulic cements, such as pozzollana portland cement, slag portland cement, and super sulphate-resisting portland cement; white cement; white blended cements; concrete admixtures, such as super plasticizers and retarders; ready mix concretes; and bulk cements. UltraTech Cement Limited is a subsidiary of Grasim Industries Limited.

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