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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.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.
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Record underwriting profit, strong ROE, and over $700M returned to shareholders in 2025.
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