UltraTech Cement (ULTRACEMCO) Q4 25/26 earnings summary

Executive summary

• Achieved record consolidated net sales of ₹87,384 crores for FY26, up 17% year-over-year, and Q4 sales of ₹25,467 crores, up 12% year-over-year.

• Achieved a record 200 million tons of cement production capacity in India, a year ahead of target, marking a significant milestone in company history.

• Largest cement company globally (ex-China) by sales volume, with disciplined organic growth and strategic acquisitions.

• Board recommended a special dividend of ₹240 per share, totaling ₹7,072.3 crores, reflecting milestone achievements in profitability and capacity.

• Entered FY 2027 in the strongest strategic position, with robust execution on capacity, integration, and sustainability commitments.

Financial highlights

• Q4FY26 consolidated revenue: ₹25,467 crores (up 12% YoY); FY26 consolidated revenue: ₹87,384 crores (up 17% YoY).

• Q4FY26 EBITDA: ₹5,688 crores (up 20% YoY); FY26 EBITDA: ₹17,598 crores (up 32% YoY); PAT for the quarter was ₹3,011 crores; full-year PAT exceeded ₹8,000 crores.

• EBITDA per ton (excluding acquired assets) was INR 1,296 in Q4, up from INR 1,225 in Q4 2025; aggregate EBITDA per ton for Q4 was INR 1,253.

• Basic EPS increased to ₹278 in FY26 from ₹205 in FY25; net profit margin at 12% (consolidated), with net worth at ₹80,712 crores.

• Net debt/EBITDA at 0.94x consolidated, with operating cash flow for FY26 growing 50% to ₹14,398 crores.

Outlook and guidance

• Committed to adding 37 million tons capacity by FY 2028, targeting over 242.5 million tons, with ongoing capex of over ₹16,000 crores planned for the next three years.

• Sustainable volume growth of 7%-8% per annum expected, with double-digit growth targeted for FY 2027.

• CapEx pipeline of INR 8,000-10,000 crore annually for the foreseeable future, fully funded by operating cash flows.

• Board recommended a dividend of INR 240 per share for FY 2026, with payout ratios rising from 10% in 2022 to 37% last year.

• Confident of sustaining growth momentum, supported by robust demand in housing, infrastructure, and commercial construction.