UltraTech Cement (ULTRACEMCO) Q3 25/26 earnings summary

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.