UltraTech Cement (ULTRACEMCO) Investor presentation summary

Market leadership and growth trajectory

• Consistently outpaces industry in capacity and volume growth, with a 10-year CAGR of ~12% versus industry’s ~5%.

• Achieved ~28% share of India’s cement capacity in FY25, reflecting strong market positioning.

• Volume growth and capacity utilization rates have remained above industry averages over the past decade.

Financial performance and profitability

• Operating EBITDA and normalized PAT have grown at a 5-year CAGR of ~11%, outpacing listed peers.

• EBITDA and PAT grew by 76% and 66% respectively from FY15 to FY24, demonstrating robust profitability.

• Net debt/EBITDA expected to remain below 1x by FY28, supporting financial stability.

Expansion strategy and capacity plans

• Ongoing Phase IV expansion to add 22.8 mtpa by FY28, targeting a total capacity of 240.8 mtpa including overseas operations.

• Expansion includes both greenfield and brownfield projects across multiple regions, with major additions in North, West, and Central India.

• Capex of ₹10,063 crore to be funded by internal accruals, with an expected IRR above 20%.