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₹5,000 Cr NCD Allotment: UltraTech Cement raises funds via three-tranche debenture issue
UltraTech Cement has successfully allotted 5,00,000 unsecured, rated, non-convertible debentures (NCDs) totaling ₹5,000 crore on a private placement basis. The fundraise is structured in three series with tenures of 2.5 years, 3.5 years, and 5 years, carrying competitive coupon rates between 7.22% and 7.25%. This issuance represents approximately 6.7% of the company's net worth (₹74,664 Cr) and will likely support its aggressive capacity expansion target of 200 MTPA by FY26 exit. The interest rates obtained are relatively low, reflecting the company's strong credit profile despite a 24.4% increase relative to its existing debt of ₹20,480 Cr.
Confidence: HIGH
What changedUltraTech Cement has completed a significant ₹5,000 crore debt fundraise through the allotment of three series of Non-Convertible Debentures.
Why it mattersThis provides the necessary liquidity to fund organic expansions and the integration of India Cements and Kesoram assets while locking in borrowing costs at approximately 7.22-7.25%.
Total Issue Size: ₹5,000 croreIssue vs Net Worth: ~6.7%Issue vs TTM Debt: ~24.4%Weighted Average Coupon: ~7.23%Longest Tenure: 5 years
📅 Short termThe market is likely to view the competitive interest rates positively, though the increase in total debt may be noted. No immediate impact on stock price is expected.
📈 Long termThe fundraise supports UltraTech's structural goal of increasing market share from 28% to 32-33% by financing large-scale capacity additions.
⚠ Risk flags
- Increase in interest expense
- Execution risk on 200 MTPA capacity target
Key Highlights
Total allotment of 5,00,000 NCDs with a face value of ₹1,00,000 each, amounting to ₹5,000 crore.
Series I (₹1,500 Cr) at 7.22% coupon, Series II (₹1,500 Cr) at 7.23%, and Series III (₹2,000 Cr) at 7.25%.
Tenures range from 30 months to 60 months, with the final maturity date for Series III set for August 1, 2031.
The fundraise is equivalent to approximately 5.6% of the company's TTM revenue of ₹88,511 Cr.
All debentures are unsecured and will be listed on the National Stock Exchange of India Limited.
👀 What to Watch
Investors should monitor the company's debt-to-equity ratio in upcoming quarterly results and track the progress of the 200 MTPA capacity expansion, which these funds are likely to finance.
₹5,000 Cr NCDs assigned 'CARE AAA; Stable' rating; bank facilities reaffirmed
CARE Ratings has assigned a 'CARE AAA; Stable' rating to UltraTech Cement's proposed ₹5,000 crore Non-Convertible Debentures (NCDs). Additionally, the agency reaffirmed 'CARE AAA; Stable/CARE A1+' ratings for bank facilities totaling ₹17,100 crore. The ratings reflect UltraTech's dominant market position with a global capacity of 205.5 MTPA and its robust financial profile, with Net Debt/PBILDT improving to 1.38x in FY26 from 1.89x in FY25. The company is on track to expand capacity to 242.5 MTPA by FY28-end.
Confidence: HIGH
What changedCARE Ratings assigned a new 'AAA' rating to a proposed ₹5,000 crore NCD issuance and reaffirmed existing ratings for ₹17,100 crore in bank facilities.
Why it mattersThe 'AAA' rating confirms UltraTech's superior creditworthiness and ability to raise low-cost capital, which is critical for its aggressive expansion strategy to maintain a 32-33% market share.
Proposed NCD Issue: ₹5,000 croreNCD vs TTM Revenue: ~5.6%Total Bank Facilities Rated: ₹17,100 croreCurrent Global Capacity: 205.5 MTPANet Debt/PBILDT (FY26): 1.38x
📅 Short termThe rating reaffirmation is a positive validation of financial health but is largely expected for a market leader, likely resulting in a neutral short-term price impact.
📈 Long termThe ability to secure AAA-rated debt supports the company's long-term structural growth goal of reaching 242.5 MTPA by FY28 while maintaining a strong balance sheet.
⚠ Risk flags
- Exposure to cyclicality in the cement industry
- Volatility in pet coke and fuel prices
- Execution risk associated with the 37 MTPA capacity expansion
Key Highlights
CARE AAA; Stable rating assigned to proposed ₹5,000 crore NCD issue
Total domestic grey cement capacity reached 200.1 MTPA as of April 2026
Net Debt to PBILDT improved significantly to 1.38x in FY26 from 1.89x in FY25
Planned capacity addition of ~37 MTPA to reach 242.5 MTPA by FY28-end
FY26 revenue increased 16.53% to ₹88,511.53 crore with PBILDT margins at 19.23%
👀 What to Watch
Investors should monitor the deployment of the ₹5,000 crore NCD proceeds toward the 37 MTPA expansion and track how the company manages fuel cost volatility, which remains a key risk to its 19.23% operating margin.
₹240 Dividend and New MD Appointment Announced for Jan 2027
UltraTech Cement has scheduled its 26th AGM for August 17, 2026, to approve a dividend of ₹240 per share for FY26, representing a ~2.04% yield. A critical agenda item is the appointment of Mr. Jayant Dua as Managing Director for a 4-year term starting January 1, 2027, with a starting basic salary of ₹26.13 lakh per month. The company is also seeking shareholder approval for the re-appointment of Mrs. Rajashree Birla and the confirmation of Mr. Vikram Bhalla as an Independent Director. The integrated report highlights significant CSR reach, impacting over 7.14 lakh people through infrastructure projects.
Confidence: HIGH
What changedThe company has formalized its leadership succession plan with Mr. Jayant Dua set to take over as MD in 2027 and proposed a ₹240 per share dividend.
Why it mattersLeadership continuity is vital for UltraTech as it targets a 200 MTPA capacity by FY26 exit and seeks to integrate major acquisitions like India Cements and Kesoram.
Dividend per share: ₹240Dividend Yield: ~2.04%MD Basic Salary (Monthly): ₹26,13,833Capacity Target: 200 MTPAPeople Impacted (Social): 7,14,700
📅 Short termThe stock may see neutral-to-positive sentiment as investors price in the ₹240 dividend and the clarity on management succession.
📈 Long termThe transition to a new MD in 2027 will be a key structural event to ensure the company hits its medium-term market share target of 32-33%.
⚠ Risk flags
- Leadership transition risk
- Cyclical industry demand
- Input cost volatility (fuel and freight)
Key Highlights
Proposed dividend of ₹240 per equity share for the financial year ended March 31, 2026.
Appointment of Mr. Jayant Dua as Managing Director for a 4-year term from January 1, 2027, to December 31, 2030.
New MD basic salary set at ₹26,13,833 per month, with a maximum ceiling of ₹41,66,667.
Social infrastructure initiatives reached 7,14,700 people across operating regions in FY26.
Veterinary health camps immunised 32,881 animals, contributing to a 22% increase in milk production for local dairy farmers.
👀 What to Watch
Monitor the shareholder voting results for the Managing Director appointment and watch for the announcement of the dividend record date.
CRISIL assigns 'AAA/Stable' to ₹2,000 Cr NCDs; reaffirms top-tier ratings for UltraTech
CRISIL has assigned a 'AAA/Stable' rating to UltraTech's new ₹2,000 crore Non-Convertible Debentures (NCDs) and reaffirmed its highest ratings for existing debt. The company has successfully reached a consolidated grey cement capacity of 205.5 MTPA as of June 30, 2026, following the integration of Kesoram and India Cements assets. Financial leverage remains healthy with Net Debt to EBITDA improving to 1.1x in FY26 from 1.5x in FY25. Despite a planned ₹30,000 crore organic capex for FY27-29, CRISIL expects leverage to trend below 1x in the long term due to strong cash accruals.
Confidence: HIGH
What changedCRISIL assigned a new 'AAA' rating to a ₹2,000 crore NCD issuance and reaffirmed existing top-tier ratings for all other debt instruments.
Why it mattersThe 'AAA' rating confirms UltraTech's superior credit profile, allowing it to finance its massive ₹30,000 crore expansion phase at competitive interest rates while maintaining a strong balance sheet.
New NCD Rating Value: ₹2,000 croreNew NCD vs Net Worth: ~2.68%Planned Capex (FY27-29): ₹30,000 croreConsolidated Capacity: 205.5 MTPANet Debt to EBITDA (FY26): 1.1xEBITDA per ton (Q1 FY27): ₹1,214
📅 Short termThe rating reaffirmation is expected and provides immediate comfort regarding the company's liquidity and debt-servicing capability during its expansion phase.
📈 Long termThe company is structurally well-positioned to maintain its 28%+ market share with a clear roadmap to 240+ MTPA, while keeping leverage below 1x EBITDA.
⚠ Risk flags
- Volatility in fuel and freight costs due to West Asia conflict
- Execution risk for the 37 MTPA organic expansion plan
- Cyclicality in cement pricing
Key Highlights
Assigned 'CRISIL AAA/Stable' rating to new ₹2,000 crore Non-convertible debentures.
Consolidated grey cement capacity reached 205.5 MTPA as of June 30, 2026, including 8.7 MTPA added in Q1FY27.
Planned organic capex of ₹30,000 crore to add ~37 MTPA capacity over FY2027-2029.
Net Debt to EBITDA ratio improved to 1.1 times in FY26 from 1.5 times in FY25.
EBITDA per ton increased to ₹1,103 in FY26 compared to ₹915 in FY25, driven by pricing and efficiency.
👀 What to Watch
Monitor the execution of the ₹30,000 crore expansion plan and the company's ability to maintain EBITDA per ton above ₹1,050 amidst rising fuel and freight costs linked to West Asia volatility.
UltraTech Q1 FY27: 13.1% Volume Growth and 235 MTPA Capacity Target by March 2028
UltraTech Cement reported its highest-ever Q1 performance with domestic volume growth of 13.1% and PAT rising 17.2% to ₹2,604 Cr. The company successfully integrated Kesoram and India Cements assets, converting them 100% to the UltraTech brand and achieving 21.3% brand growth. Management reaffirmed a massive expansion roadmap to reach 235 MTPA capacity by March 2028 from the current ~200 MTPA base. Despite fuel cost volatility, EBITDA per ton remained stable above ₹1,200, with a long-term target of ₹1,400 by Q4 FY28.
Confidence: HIGH
What changedUltraTech has fully integrated its recent acquisitions into its primary brand and formalized a timeline to reach 235 MTPA capacity by FY28.
Why it mattersThe successful brand conversion allows UltraTech to command premium pricing on acquired volumes, while the aggressive capacity expansion solidifies its 28-33% market share target in a growing infrastructure environment.
Domestic Volume Growth: 13.1%Q1 PAT: ₹2,604 CrCapacity Target (Mar 2028): 235 MTPAEBITDA per ton: ₹1,200+Capacity added vs Current: 17.5%Q1 EBITDA: ₹5,146 Cr
📅 Short termPositive sentiment is expected due to record Q1 volumes and stable margins despite fuel cost shocks; focus will shift to monsoon-driven pricing trends in Q2.
📈 Long termThe structural shift toward 235 MTPA and the goal of ₹1,400 EBITDA per ton by FY28 position the company to benefit from India's long-term infrastructure and urbanization cycle.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Volatility in imported fuel costs (petcoke/coal)
- Geopolitical risks affecting ocean freight and insurance premiums
- Execution risk of massive 37 MTPA expansion within 2 years
Key Highlights
Domestic grey cement volumes grew 13.1% YoY, significantly outpacing estimated industry growth.
Capacity utilization improved to 81% on an enlarged 200 MTPA base, up from 76% in Q1 FY26.
Consolidated EBITDA reached a record Q1 high of ₹5,146 Cr, representing a 12% YoY increase.
Acquired brands (Kesoram and India Cements) were 100% converted to UltraTech, driving a 21.3% growth in brand volumes.
Management set a clear capacity target of 212 MTPA by March 2027 and 235 MTPA by March 2028.
👀 What to Watch
Watch for the execution of the 37 MTPA capacity addition over the next 20 months and the stabilization of the new wires and cables segment's working capital by April-June 2027.
Rs 5,000 Cr Fundraise: UltraTech Finance Committee Approves NCD Issuance
UltraTech Cement's Finance Committee has approved a proposal to raise up to Rs 5,000 crore through the issuance of unsecured, listed, redeemable Non-Convertible Debentures (NCDs). The issuance will comprise up to 5,00,000 debentures with a face value of Rs 1,00,000 each, to be issued in one or more tranches on a private placement basis. This fundraise represents approximately 6.7% of the company's net worth (Rs 74,664 Cr) and 24.4% of its existing debt (Rs 20,480 Cr). The capital is likely intended to support the company's ongoing expansion toward its 200 MTPA capacity target.
Confidence: HIGH
What changedThe company has formally authorized a new debt-based fundraise of up to Rs 5,000 crore, moving from the planning stage to execution via committee approval.
Why it mattersThis provides the necessary liquidity to fund UltraTech's aggressive growth strategy, which includes reaching 200 MTPA capacity by FY26 exit and increasing market share to 32-33%.
Fundraise Amount: Rs 5,000 croreFace Value per NCD: Rs 1,00,000Fundraise vs Net Worth: ~6.7%Fundraise vs TTM Revenue: ~5.6%Current Debt: Rs 20,480 Cr
📅 Short termThe market is likely to react neutrally as this is a standard financing activity for a company of this scale; focus will be on the interest rate of the first tranche.
📈 Long termSupports the structural expansion of the business and helps maintain a healthy capital structure while pursuing large-scale M&A and organic growth.
⚠ Risk flags
- Incremental increase in interest expense
- Debt-to-Equity ratio will rise slightly from the current 0.27
Key Highlights
Approval to raise up to Rs 5,000 crore via Non-Convertible Debentures (NCDs)
Issuance of up to 5,00,000 fully paid, unsecured, listed, and rated debentures
Face value per debenture fixed at Rs 1,00,000
Fundraise amount is equivalent to ~5.6% of TTM Revenue (Rs 88,511 Cr)
Issuance to be conducted in one or more tranches on a private placement basis
👀 What to Watch
Monitor the coupon rates and credit ratings assigned to these NCDs in future tranches to assess borrowing costs. Watch for specific deployment details in upcoming quarterly results, particularly regarding the integration of India Cements and Kesoram assets.
Rs 5,000 Cr Fundraise: UltraTech to Consider NCD Issuance on July 23
UltraTech Cement has scheduled a Finance Committee meeting for July 23, 2026, to consider raising up to Rs 5,000 crore through unsecured Non-Convertible Debentures (NCDs). The proposal involves issuing up to 5,00,000 debentures with a face value of Rs 1,00,000 each on a private placement basis. This fundraise represents approximately 5.6% of the company's TTM revenue and 6.7% of its net worth, likely supporting its target to reach 200 MTPA capacity by FY26 exit. Given the company's low Debt/Equity ratio of 0.27, this additional leverage remains well within manageable limits.
Confidence: HIGH
What changedUltraTech is moving to execute a specific Rs 5,000 crore fundraise under a prior broad board approval for debt issuance.
Why it mattersThe capital is critical for financing the company's aggressive expansion strategy, including the integration of Kesoram and India Cements assets and reaching the 200 MTPA capacity milestone.
Proposed Fundraise: Rs 5,000 croreFundraise vs TTM Revenue: ~5.6%Fundraise vs Net Worth: ~6.7%Current Debt: Rs 20,480 CrFace Value per NCD: Rs 1,00,000
📅 Short termThe stock may see minor movement based on the interest rate finalized on July 23; a competitive rate would reinforce the company's strong credit profile.
📈 Long termThis fundraise supports the long-term structural goal of increasing market share from 28% to 33% through capacity additions.
⚠ Risk flags
- Incremental interest cost burden
- Execution risk of the 200 MTPA expansion timeline
Key Highlights
Proposed fundraise of up to Rs 5,000 crore via unsecured, listed NCDs
Issuance of up to 5,00,000 debentures with a face value of Rs 1,00,000 each
Finance Committee meeting scheduled for July 23, 2026, to finalize terms
Fundraise amount is equivalent to approximately 24.4% of current total debt (Rs 20,480 Cr)
👀 What to Watch
Investors should watch for the announcement of the coupon rate and tenure following the July 23 meeting to assess the company's cost of borrowing relative to industry benchmarks.
17% PAT Growth in Q1 FY27; UltraTech Crosses 200 MTPA Domestic Capacity Milestone
UltraTech Cement delivered a strong Q1 FY27 with consolidated net sales rising 16% YoY to ₹24,465 Cr and PAT increasing 17% to ₹2,604 Cr. Domestic sales volumes grew 13.1% to 39.2 million tonnes, supported by a healthy 81% capacity utilization. A significant highlight is the turnaround of the recently acquired India Cements, which posted a normalized PAT of ₹52 Cr compared to a ₹183 Cr loss in the prior period. The company successfully crossed the 200.1 MTPA domestic capacity mark in April 2026, reinforcing its dominant market position.
Confidence: HIGH
What changedUltraTech has officially crossed the 200 MTPA domestic capacity threshold and demonstrated the successful operational turnaround of the India Cements acquisition.
Why it mattersThe results confirm UltraTech's ability to maintain industry-leading margins (EBITDA/tonne) while scaling rapidly through both organic expansion and M&A integration.
Net Sales (Q1 FY27): ₹24,465 CrPAT (Q1 FY27): ₹2,604 CrEBITDA per tonne: ₹1,214Domestic Capacity: 200.1 MTPAQ1 Revenue vs TTM Revenue: 27.6%Green Power Mix: 47%
📅 Short termThe stock is likely to react positively to the volume growth and the faster-than-expected turnaround of India Cements assets.
📈 Long termUltraTech is well-positioned to reach its 32-33% market share target, leveraging its massive 200+ MTPA platform and increasing green energy mix to lower long-term costs.
⚠ Risk flags
- Pending CCI penalty litigation of ₹1,804.31 Cr currently stayed by the Supreme Court
- Volatility in fuel prices (coal/petcoke) impacting EBITDA margins
- Cyclical demand slowdown in the infrastructure and housing sectors
Key Highlights
Consolidated Net Sales grew 16% YoY to ₹24,465 Cr, representing ~27.6% of TTM revenue.
Domestic sales volumes reached 39.2 million tonnes, a 13.1% increase over the previous year.
Operating EBITDA per tonne improved to ₹1,214 from ₹1,198 in the same quarter last year.
India Cements turnaround achieved with a normalized PAT of ₹52 Cr vs a loss of ₹183 Cr in Q1 FY25.
Total domestic grey cement capacity reached 200.1 MTPA, with a global total of 205.5 MTPA.
👀 What to Watch
Watch for the sustainability of the ₹1,214 EBITDA per tonne margin in the upcoming monsoon quarter and the progress of the Kesoram brand transition expected to be fully integrated by mid-2026.
UltraTech Cement Q1 FY27 Update: Targeting 200 MTPA Capacity by FY26 Exit
UltraTech Cement has released its investor presentation for the quarter ended June 30, 2026, highlighting its path toward a 200 MTPA capacity target by the end of FY26. The company maintains a dominant 28% market share with a medium-term goal of reaching 32-33%. Recent performance shows a TTM revenue of ‡88,511 Cr and a PAT of ‡8,188 Cr. Strategic focus remains on integrating India Cements and Kesoram assets, with the Kesoram brand transition expected to be 100% complete by June 2026.
Confidence: HIGH
What changedThe release of the Q1 FY27 investor presentation providing updated operational metrics and strategic progress on asset integrations.
Why it mattersAs India's largest cement producer, UltraTech's ability to scale to 200 MTPA while maintaining a 19.2% OPM is a key indicator of industry health and infrastructure demand.
TTM Revenue: ‡88,511 CrCapacity Target: 200 MTPAMarket Share Target: 32-33%Debt to Equity: 0.27EBITDA per ton: INR 1,197
📅 Short termThe stock may see neutral to range-bound movement as the market processes the Q1 results and management's outlook on monsoon-related demand slowdown.
📈 Long termThe structural story remains strong with aggressive capacity additions and a focus on premiumization and green energy, though fuel cost volatility remains a persistent risk.
⚠ Risk flags
- Volatility in fuel prices (coal/petcoke)
- High logistics cost concentration (21.3% of sales)
- Cyclical demand sensitivity
Key Highlights
Targeting a total grey cement capacity of 200 MTPA by the end of FY26, up from 192.3 MTPA in mid-2025.
Aims to increase market share from the current 28% to 32-33% through organic and inorganic growth.
Kesoram brand transition was 55% complete as of previous updates, with full integration targeted by June 2026.
Logistics costs remain a significant overhead, accounting for ‡4,127 Cr or 21.3% of sales in recent periods.
Green energy capacity has reached 1,372 MW, including 351 MW from WHRS and 1,020 MW from renewables.
👀 What to Watch
Investors should monitor the execution timeline for the remaining capacity expansion to 200 MTPA and the impact of fuel price volatility on the current EBITDA per ton of ‡1,197.
17% PAT Growth in Q1 FY27; UltraTech Crosses 200 MTPA Domestic Capacity Milestone
UltraTech Cement reported a strong start to FY27 with consolidated net sales rising 16% YoY to ₹24,465 crore. Profit after tax (PAT) grew 17% to ₹2,604 crore, driven by a 13.1% increase in domestic sales volumes to 39.2 million tonnes. A significant highlight is the turnaround of the recently acquired India Cements, which posted a normalized PAT of ₹52 crore against a loss of ₹183 crore in the previous year. The company successfully scaled its domestic capacity to 200.1 MTPA with an 81% utilization rate.
Confidence: HIGH
What changedUltraTech has officially crossed the 200 MTPA domestic capacity mark and successfully integrated India Cements assets into a profitable state within one year.
Why it mattersThe results demonstrate UltraTech's ability to maintain operational efficiency and pricing power (EBITDA/tonne growth) while aggressively expanding its market leadership toward a 32-33% share target.
Net Sales (Q1 FY27): ₹24,465 crPAT (Q1 FY27): ₹2,604 crEBITDA per tonne: ₹1,214Domestic Capacity: 200.1 MTPAQ1 Revenue vs TTM Revenue: 27.6%
📅 Short termThe stock is likely to react positively to the double-digit volume growth and the rapid turnaround of India Cements' profitability.
📈 Long termUltraTech is solidifying its structural dominance in the Indian cement market, leveraging its 200+ MTPA scale to drive logistics and procurement efficiencies.
⚠ Risk flags
- Pending CCI penalty of ₹1,804.31 crore currently stayed in the Supreme Court
- Sensitivity to fuel (coal/petcoke) price volatility
Key Highlights
Consolidated Net Sales increased 16% YoY to ₹24,465 crore for Q1 FY27
Domestic sales volumes grew 13.1% to 39.2 million tonnes with 81% capacity utilization
Operating EBITDA per tonne improved to ₹1,214 from ₹1,198 in the previous year
Domestic grey cement capacity reached 200.1 MTPA as of April 2026
India Cements integration resulted in a normalized PAT of ₹52 crore vs a ₹183 crore loss in Q1 FY25
👀 What to Watch
Investors should monitor the sustainability of the ₹1,214 EBITDA per tonne margin in the face of potential fuel price volatility and the progress of further brownfield expansions.
RACE divests 0.99% stake in Prime Industries for ₹88.5 Lakh; ceases to be an associate
Race Eco Chain Limited (RACE) has sold its 0.99% stake (2,10,000 shares) in Prime Industries Limited for a total consideration of ₹88.54 Lakh. Following this transaction, Prime Industries has ceased to be an associate company of RACE as of June 30, 2026. Despite the small stake, the associate contributed 53.58% (₹3.31 Cr) to the company's consolidated income in FY26. The transaction is classified as a related party transaction conducted at arm's length.
Confidence: HIGH
What changedRace Eco Chain has exited its position in Prime Industries Limited, which was previously an associate company.
Why it mattersWhile the cash inflow is small (approx. 1.3% of net worth), the exit from an entity that contributed over 50% of consolidated income (per the filing) marks a significant change in the company's financial reporting structure.
Sale Consideration: ₹88,53,600Stake Divested: 0.99%Associate Income Contribution: ₹331.5 LacsAssociate Net Worth Contribution: ₹1527.11 LacsConsideration vs TTM Net Worth: ~1.28%
📅 Short termThe immediate impact is neutral as the cash consideration is minor relative to the company's TTM revenue of ₹619 Cr.
📈 Long termThe divestment suggests a streamlining of the company's portfolio, potentially to focus on its core waste management and RESTORE divisions.
⚠ Risk flags
- High income dependency on the associate being exited
- Related party transaction
- Discrepancy between associate income contribution and total TTM revenue
Key Highlights
Divested 2,10,000 equity shares representing a 0.99% stake in Prime Industries Limited
Received a total cash consideration of ₹88,53,600 from the sale
Prime Industries contributed 53.58% (₹3.31 Cr) to consolidated income as of March 31, 2026
Associate company accounted for 17.65% (₹15.27 Cr) of consolidated net worth
Transaction completed on June 30, 2026, resulting in the cessation of associate status
👀 What to Watch
Investors should monitor the next quarterly results to see how the deconsolidation of Prime Industries affects the consolidated bottom line, especially given its high reported contribution to consolidated income.
Race Eco Chain Re-submits FY25 Results; Net Profit at ₹82.31 Lakhs Amid Expansion
Race Eco Chain Limited has re-submitted its audited financial results for the quarter and year ended March 31, 2025, following a clarification request from the NSE regarding formatting and legibility. For the full financial year 2025, the company reported a total revenue of ₹3,517.27 Lakhs, a slight increase from ₹3,360.70 Lakhs in FY24. However, net profit saw a decline to ₹82.31 Lakhs from ₹111.41 Lakhs in the previous year, reflecting margin pressure. The filing also details significant inorganic growth, including the acquisition of majority stakes in three subsidiaries and a 20.71% stake in Prime Industries Limited.
Key Highlights
Annual revenue from operations grew 4.6% year-on-year to ₹3,517.27 Lakhs in FY25.
Net profit for the full year decreased by 26.1% to ₹82.31 Lakhs compared to ₹111.41 Lakhs in FY24.
Company expanded its footprint by acquiring 51% stakes in Silverline Eco Thrive and Ganesha Recycling Chain.
Acquired a 20.71% associate stake in Prime Industries Limited following the conversion of 43.50 Lakh warrants.
Total assets increased significantly to ₹10,897.15 Lakhs from ₹7,171.56 Lakhs year-on-year.
👀 What to Watch
Investors should focus on the company's aggressive acquisition strategy and how these new subsidiaries impact future earnings, as current profitability has dipped despite revenue growth. The re-submission is a technical compliance matter and does not change the underlying financial performance previously reported.
UltraTech Cement Reaffirmed 'CARE AAA; Stable' Rating; Domestic Capacity Crosses 200 MTPA
CARE Ratings has reaffirmed UltraTech Cement's highest credit rating of 'CARE AAA; Stable', citing its dominant market leadership and robust financial profile. The company achieved a major milestone by crossing 200.1 MTPA domestic capacity in April 2026, with a roadmap to reach 242.5 MTPA by FY28. Financial performance for FY26 was strong, with revenue increasing 16.53% to ₹88,511 crore and PBILDT margins expanding to 19.23%. Despite aggressive expansion and a special dividend of ₹240 per share, the company successfully reduced its Net Debt/PBILDT ratio from 1.89x to 1.38x.
Key Highlights
Reaffirmed 'CARE AAA; Stable' rating for bank facilities totaling ₹17,100 crore.
Domestic cement capacity reached 200.1 MTPA in April 2026, making it the largest producer outside China.
FY26 revenue grew 16.53% to ₹88,511.53 crore with sales volumes rising 13.56% to 154.25 MT.
Net Debt to PBILDT improved significantly to 1.38x in FY26 from 1.89x in FY25.
Green power mix reached 43% in FY26, with a target to hit 85% by FY30 to mitigate fuel cost volatility.
👀 What to Watch
The rating reaffirmation and capacity milestone reinforce UltraTech's position as a low-risk, high-growth leader in the cement sector. Investors should maintain a positive outlook as the company demonstrates strong deleveraging despite heavy capital expenditure.
Race Eco Chain FY26 Revenue Jumps 74% to ₹618.75 Cr; Board Proposes Three-Way Demerger
Race Eco Chain Limited reported a robust 73.9% YoY growth in consolidated revenue for FY26, reaching ₹618.75 crore. However, consolidated PAT growth was more modest at 11.5% YoY (₹7.29 crore) as profitability was squeezed by a 25% increase in raw material costs, leading to a 55 bps compression in EBITDA margins to 2.30%. A major strategic highlight is the Board's proposal to demerge the company into three separate listed entities focusing on Recycled Products, Biomass Briquettes, and Plastic Packaging Waste to unlock shareholder value.
Key Highlights
Consolidated FY26 Revenue surged 73.9% YoY to ₹618.75 crore, while EBITDA rose 46.39% to ₹14.20 crore.
Board proposed a three-way demerger into separate entities for Recycled Products, Biomass, and Plastic Waste.
Aggregated a total of 1,44,737 MT of Pet and Biomass waste during FY26, showcasing significant operational scale.
Profitability was impacted by a 25% spike in raw material prices which could not be fully passed on to customers.
Standalone Q4 FY26 revenue declined to ₹108.25 crore from ₹139.10 crore in the previous year's quarter.
👀 What to Watch
Investors should view the demerger proposal as a potential value-unlocking event, though the current thin margins and sensitivity to raw material costs warrant a cautious approach to valuation.
UltraTech Cement to Acquire 13.99% Stake in FPEL Services for ₹12.09 Crore
UltraTech Cement and its subsidiary, The India Cements Limited, have entered into agreements to acquire equity stakes in FPEL Services Private Limited, a renewable energy SPV. UltraTech will invest ₹12.09 crore for a 13.99% stake, while India Cements will invest ₹10.78 crore for a 12.48% stake. The acquisition is designed to secure 15.70 MW of wind power for plants in Tamil Nadu under a captive power arrangement. This strategic move aims to optimize energy costs and fulfill green energy regulatory requirements.
Key Highlights
UltraTech Cement to invest ₹12.089 crore for a 13.99% equity stake in FPEL Services.
Subsidiary The India Cements Limited to invest ₹10.78 crore for an additional 12.48% stake.
The SPV will supply 15.70 MW AC wind power to the company's Tamil Nadu plants on a captive basis.
The acquisition is expected to be completed within 180 days from the execution of the agreement.
Investment is aimed at meeting green energy needs and optimizing long-term power costs.
👀 What to Watch
Investors should view this as a positive strategic move towards ESG compliance and cost efficiency, though the investment size is small relative to the company's total valuation. No immediate portfolio changes are necessary based on this routine infrastructure investment.
UltraTech Targets 242.5 MTPA Capacity by FY28; Current Capacity Reaches 205.5 MTPA
UltraTech Cement has updated its corporate roadmap, confirming a current grey cement capacity of 205.5 MTPA as of May 2026. The company is on track to reach 242.5 MTPA by March 2028, bolstered by the integration of India Cements (14.45 MTPA) and Kesoram (10.75 MTPA). With a dominant 27% market share in India, UltraTech is positioning itself to lead a market where demand is expected to reach 620-630 MTPA by FY30. Sustainability remains a priority, with green power usage currently at 27.4% and a target of 85% by 2030.
Key Highlights
Grey cement capacity reached 205.5 MTPA in May 2026, with a clear roadmap to 242.5 MTPA by FY28.
Maintains a leading 27% market share in India with a distribution network of 150,000 channel partners.
Renewable energy capacity has exceeded 1 GW, supporting a long-term goal of 100% RE by 2050.
Ready Mix Concrete (RMC) business expanded to 465 plants across 167 cities.
Projected industry demand growth of 7-8% CAGR through FY30 driven by infrastructure and housing.
👀 What to Watch
Investors should maintain a positive outlook as UltraTech's aggressive capacity expansion and market leadership provide a significant moat. The stock remains a primary play on India's long-term infrastructure and urban housing growth cycles.
UltraTech Targets 242.5 MTPA Capacity by FY28; Current Capacity Reaches 205.5 MTPA
UltraTech Cement has updated its corporate roadmap, confirming a current grey cement capacity of 205.5 MTPA as of May 2026. The company is on an aggressive growth trajectory to reach 242.5 MTPA by FY28 through a mix of organic expansion and the integration of India Cements and Kesoram assets. With a dominant 27% market share in India, the company is positioned to capitalize on the projected 7-8% CAGR in national cement demand. Sustainability remains a core focus, with green power usage currently at 32% and a target of 85% by FY30.
Key Highlights
Grey cement capacity reached 205.5 MTPA in May 2026, with a clear roadmap to 242.5 MTPA by March 2028.
Maintains a leading 27% market share in the Indian cement industry with 191.4 MTPA of domestic capacity.
Recent inorganic growth includes the acquisition of India Cements (14.45 MTPA) and Kesoram (10.75 MTPA).
Renewable energy capacity has crossed 1 GW, with a goal to reach 100% renewable energy by 2050.
Extensive logistics network with 35 integrated units, 36 grinding units, and over 1.5 lakh channel partners.
👀 What to Watch
Investors should maintain a positive outlook as UltraTech solidifies its market leadership and scales capacity ahead of competitors. The focus should be on the successful integration of recent acquisitions and the realization of synergies to maintain industry-leading margins.
UltraTech Cement Recommends ₹240 Dividend Per Share; Outlines TDS Procedures for FY26
UltraTech Cement has recommended a dividend of ₹240 per equity share for the financial year ended March 31, 2026, subject to shareholder approval at the upcoming AGM. The company has issued a detailed communication regarding Tax Deducted at Source (TDS), noting a standard 10% deduction for resident shareholders with a valid PAN. Resident individuals receiving dividends up to ₹10,000 are exempt from TDS. Non-resident shareholders will face a 20% withholding tax plus applicable surcharges, unless they provide documents to avail lower rates under Double Taxation Avoidance Agreements (DTAA).
Key Highlights
Recommended dividend of ₹240 per equity share with a face value of ₹10 for FY2025-26.
Standard TDS rate of 10% for resident shareholders; 20% if PAN is not provided or not linked with Aadhaar.
Exemption from TDS for resident individual shareholders if total annual dividend does not exceed ₹10,000.
Non-resident shareholders taxed at 20% plus surcharge, with potential DTAA benefits upon submission of TRC and Form 41.
Deadline for submitting tax-related declarations and documents to the RTA is July 20, 2026.
👀 What to Watch
Shareholders should ensure their PAN is linked with Aadhaar and submit necessary tax forms (like Form 121 or TRC) to KFin Technologies by July 20, 2026, to avoid higher tax deductions. Investors should also verify that their bank account details are updated in their demat accounts to facilitate the ₹240 per share payout.
UltraTech Shareholders Approve Material RPT with India Cements with 99.99% Majority
UltraTech Cement Limited has announced the successful passage of an ordinary resolution regarding material related party transactions (RPT) with its subsidiary, The India Cements Limited. The resolution was passed via postal ballot with an overwhelming majority, receiving 99.99% of the valid votes in favor. A total of 8.70 crore valid votes were polled during the e-voting period which ended on May 30, 2026. This approval is crucial for the operational integration and ongoing business dealings between UltraTech and its subsidiary.
Key Highlights
Shareholders approved material related party transactions with subsidiary The India Cements Limited.
The resolution received 8,70,08,588 votes in favor, representing 99.99% of the total valid votes.
Only 5,059 votes (0.01%) were cast against the resolution, indicating near-unanimous support.
Institutional investors showed strong participation with 8.41 crore votes polled in the institutional category.
The voting process was conducted via remote e-voting from May 1, 2026, to May 30, 2026.
👀 What to Watch
Investors should take note of the strong institutional backing for UltraTech's integration strategy with India Cements. No immediate action is required as this is a standard regulatory approval that facilitates smoother operations.
Race Eco Chain Appoints Sujeet Thakur as CFO; Brings 15 Years of Finance Experience
Race Eco Chain Limited has appointed Mr. Sujeet Thakur as its Chief Financial Officer (CFO) and Key Managerial Personnel, effective May 30, 2026. The appointment was approved by the Board of Directors following a meeting on the same day. Mr. Thakur is a seasoned professional with 15 years of extensive experience in the fields of Finance and Accounts. This move is part of the company's efforts to strengthen its leadership team and financial oversight.
Key Highlights
Appointment of Mr. Sujeet Thakur as CFO and Key Managerial Personnel effective May 30, 2026.
The appointee possesses 15 years of professional experience in Finance and Accounts.
The Board meeting for the approval concluded at 05:10 PM on May 30, 2026.
The appointee has no disclosed relationship with any of the company's Directors.
👀 What to Watch
Investors should monitor the company's financial reporting and capital allocation strategies under the new CFO's leadership in the coming quarters.
