UltraTech Cement (ULTRACEMCO) Q2 25/26 earnings summary

Executive summary

• Consolidated revenue for Q2 FY26 reached ₹19,371 crore, up 21.3% YoY, with profit after tax at ₹2,226 crore, a 75% increase, and strong growth across core segments.

• Cement sales exceeded 31 million tons, with domestic grey cement volumes up 22.3% YoY, outpacing the industry average of 5%.

• Brand transition of acquired assets (India Cements and Kesoram) to UltraTech is progressing rapidly, with 31% and 55% conversion respectively by quarter end.

• Ready Mix Concrete (RMC) segment posted 30% YoY revenue growth and 26% volume growth, now accounting for 4% of cement volumes.

• Major acquisitions (India Cements and Kesoram) have been integrated, with rapid improvement in operational metrics.

Financial highlights

• Revenue from operations for Q2FY26 was ₹19,606.93 crore, with total income at ₹19,781.07 crore.

• EBITDA for the quarter was ₹3,268 crore, with operating EBITDA per ton at ₹966 for legacy assets, ₹386 for India Cements, and ₹755 for Kesoram.

• Net profit for the quarter was ₹1,237.98 crore, up from ₹707.96 crore in Q2FY25.

• Grey cement realisation improved 4.5% YoY to ₹5,088/ton.

• Logistics, fuel, and power costs decreased 6-8% YoY, while raw material costs rose 5% YoY.

Outlook and guidance

• Ongoing capacity expansion with 14.1 mtpa to be added in FY26 and 15.1 mtpa in FY27, targeting 240–245 million tons by FY29.

• Brand transition for acquired assets expected to complete by June 2026, with Kesoram and ICL EBITDA per ton targeted at INR 1,000+.

• Focus on green logistics and renewable energy to support sustainable growth, with green power mix to reach 65% by end of current growth phase.

• No significant inflation in fuel costs expected; spot purchases may fluctuate.