UltraTech Cement (ULTRACEMCO) Q4 24/25 earnings summary

Executive summary

• Achieved significant capacity expansion to 184 million tons, mainly through acquisitions of India Cements and Kesoram, contributing to 57% of the industry's new capacity additions this year.

• Q4 FY25 consolidated revenues rose 14% year-over-year to ₹22,788 crore, with EBITDA up 11% to ₹4,721 crore and PAT up 10% to ₹2,482 crore.

• Full-year FY25 consolidated revenues increased to ₹74,936 crore, with EBITDA at ₹13,302 crore and PAT at ₹6,039 crore, impacted by higher interest and depreciation from capacity additions.

• Sales volume grew 17% year-over-year in Q4, including contributions from Kesoram and India Cements.

• Major acquisitions and capacity expansions, including Kesoram integration and new plant commissions, strengthened market position.

Financial highlights

• Net debt to EBITDA ended at 1.16x as of March 2025, with expectations for rapid deleveraging as performance improves.

• Organic CapEx for FY25 was INR 9,000 crore; FY26 CapEx guidance is INR 9,000–10,000 crore, with INR 7,000 crore for strategic investments and expansion.

• EBITDA per ton for organic operations was INR 1,270; consolidated with Kesoram, it was INR 1,238 per ton.

• Q4FY25 consolidated net sales were Rs. 22,788 crores, up from Rs. 20,069 crores in Q4FY24; PAT for Q4FY25 was Rs. 2,482 crores versus Rs. 2,258 crores YoY.

• Building products segment revenue reached INR 921 crore, up 21% year-over-year, with ROCs above 30–40%.

Outlook and guidance

• Double-digit volume growth targeted for FY26 on a like-for-like basis, with further boost from acquired assets.

• Management expects sustainable volume growth of 7-8% driven by government infrastructure and housing focus, and stable demand.

• India Cements expected to cross INR 500 EBITDA per ton in FY26, INR 800 in FY27, and four-digit mark by FY28.

• Cost efficiency program aims for INR 300 per ton improvement by FY27, with INR 86 already delivered.

• Capacity to reach 212 million tons by FY27, with brownfield expansion opportunities identified.