UltraTech Cement (ULTRACEMCO) Q1 25/26 earnings summary

Executive summary

• Consolidated revenues grew 13% year-over-year in Q1 FY26 to ₹21,040 crore, with 9.7% volume growth driven by acquisitions, organic expansion, and strong government CAPEX, especially in infrastructure.

• EBITDA increased 44% year-over-year to ₹4,591 crore, and PAT rose 49% to ₹2,226 crore, reflecting operational efficiencies, cost control, and improved realisations.

• Integration of The India Cements Limited and Kesoram Industries progressed, contributing to improved performance, capacity, and positive EBITDA turnaround.

• Green power mix reached 39.5%, and premium product mix rose 41% year-over-year, supporting sustainability and margin improvement.

• Mega infrastructure projects, urban housing rebound, and strong redevelopment markets in Mumbai and Pune are expected to drive future demand.

Financial highlights

• Grey cement domestic revenue grew 11.4% year-over-year to ₹17,856 crore; RMC revenue up 23% to ₹1,826 crore.

• Realization per ton for UltraTech brand increased 2.2% sequentially; domestic grey cement realisation improved 2.4% year-over-year.

• CAPEX during the quarter was around INR 2,000 crore, with a full-year plan of INR 10,000 crore.

• Net debt reduced to ₹13,711 crore (standalone) and ₹16,340 crore (consolidated) as of June 2025.

• Operating margin improved to 21% (consolidated) and 22% (standalone) from 16% year-over-year.

Outlook and guidance

• Double-digit volume growth targeted for FY26, supported by new capacity additions, integration of recent acquisitions, and organic expansion to 217.6 mtpa by FY27.

• Efficiency gains from India Cements capex to start reflecting from Q4 FY27, with EBITDA per ton targeted to exceed INR 1,000 by FY2028.

• Further brownfield and greenfield expansion plans are being prepared, with announcements expected before the end of the financial year.