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UltraTech Cement Receives ₹808.78 Crore Income Tax Demand for AY 2023-24
UltraTech Cement has received an assessment order from the Income Tax Department for Assessment Year 2023-24 with a total demand of ₹808.78 crores, including interest. The demand is based on disallowances related to tax holiday claims, transfer pricing adjustments, and ESOP expenses. The company plans to file an appeal, asserting that most issues are already covered by favorable orders from appellate authorities in previous years. Management does not expect any material impact on financial operations at this stage.
Key Highlights
Total tax demand of ₹808.78 crores including interest for Assessment Year 2023-24
Key issues involve tax holiday claims, TP adjustments, and ESOP expenses
Company to file an appeal before the Commissioner of Income Tax (Appeals)
Management believes legal grounds are strong based on past favorable appellate orders
No immediate impact on financial operations expected by the company
💼 Action for Investors
Investors should monitor the progress of the tax appeal as the demand amount is significant, though the company's reliance on past favorable precedents suggests a high likelihood of resolution.
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Race Eco Chain Invests ₹1.02 Crore in Subsidiary Ganesha Recycling Chain
Race Eco Chain Limited has infused ₹1.02 crore into its subsidiary, Ganesha Recycling Chain Private Limited, through a rights issue. The company was allotted 1,02,000 equity shares, maintaining its majority stake of 51% in the subsidiary. This investment is part of the company's strategic objective to expand its footprint in the recycling industry. Ganesha Recycling is a relatively new entity, having been incorporated in September 2024.
Key Highlights
Invested ₹1.02 crore in Ganesha Recycling Chain Private Limited via rights issue subscription
Allotted 1,02,000 equity shares at a cash consideration
Maintains 51% ownership stake in the subsidiary post-investment
Subsidiary is a newly incorporated entity (Sept 2024) focused on the recycling sector
Transaction conducted at arm's length as a related party transaction
💼 Action for Investors
Investors should track the operational progress of this new subsidiary as it scales within the recycling sector. The capital infusion suggests management is actively deploying funds to grow its specialized recycling business.
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UltraTech Hits 200 MT Capacity Milestone; Proposes INR 240 Dividend in Q4 FY26
UltraTech Cement achieved a major milestone by crossing 200 million tons (MT) of domestic capacity, reaching its target a full year ahead of schedule. The company reported strong Q4 FY26 performance with consolidated sales volumes of 44 million tons and an aggregate EBITDA of INR 1,253 per ton. Management successfully completed 100% brand migration for acquired assets India Cements and Kesoram, with India Cements' EBITDA improving to INR 497 per ton. A significant dividend of INR 240 per share was proposed, supported by a robust net debt-to-EBITDA ratio of 0.94x and strong internal accruals.
Key Highlights
Reached 200 MT domestic capacity milestone, with a target to exceed 242.5 MT by FY28.
Reported Q4 FY26 consolidated sales volume of 44 MT and aggregate EBITDA of INR 1,253 per ton.
Proposed a dividend of INR 240 per share, reflecting a significant increase in shareholder payout ratio.
Achieved 100% brand migration for India Cements and Kesoram assets by March 2026.
Green energy share reached 43% of total power needs, with a roadmap to 85% by FY30.
💼 Action for Investors
Investors should maintain a positive outlook given the company's industry-leading scale, successful acquisition integration, and high dividend payout. Monitor the impact of West Asia geopolitical tensions on near-term fuel and freight costs.
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UltraTech Cement Seeks Approval for ₹9,820 Crore Transactions with India Cements
UltraTech Cement has issued a postal ballot notice to seek shareholder approval for material related party transactions with its subsidiary, The India Cements Limited. The proposed transactions are capped at an aggregate limit of ₹9,820 crore for the financial year 2026-27. These dealings follow UltraTech's strategic acquisition of India Cements and are intended to be conducted at arm's length in the ordinary course of business. Shareholders can cast their votes via remote e-voting between May 1 and May 30, 2026.
Key Highlights
Proposed related party transactions with The India Cements Limited (ICEM) up to ₹9,820 crore.
Transactions are planned for the upcoming financial year 2026-27.
Remote e-voting period is scheduled from May 1, 2026, to May 30, 2026.
The resolution is an Ordinary Resolution based on recommendations from the Audit Committee and Board.
Results of the postal ballot will be announced on or before June 2, 2026.
💼 Action for Investors
Investors should monitor the nature of these transactions as they reflect the scale of operational integration between UltraTech and its newly acquired subsidiary. No immediate portfolio changes are recommended, but shareholders are encouraged to participate in the e-voting process.
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UltraTech Cement Releases Investor Presentation for Q4 and FY26 Performance
UltraTech Cement has filed its investor presentation for the quarter and full financial year ended March 31, 2026. The document provides a comprehensive review of the company's operational performance and financial health for the 2025-26 fiscal period. This disclosure is critical for understanding the company's market leadership and capacity utilization trends. The presentation has been shared across multiple international exchanges, including BSE, NSE, Luxembourg, and Singapore.
Key Highlights
Performance update for the quarter ended 31st March, 2026.
Full-year financial and operational review for the fiscal year 2025-26.
Multi-exchange disclosure including Luxembourg Stock Exchange and Singapore Exchange.
Official communication from the Company Secretary regarding performance records.
💼 Action for Investors
Investors should download the full presentation to analyze EBITDA per ton and volume growth metrics. Focus on management's guidance for capacity expansion and demand outlook for the next fiscal year.
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UltraTech Cement Recommends Final Dividend of Rs. 240 Per Share for FY26
UltraTech Cement's Board of Directors has recommended a final dividend of Rs. 240 per equity share for the financial year ended March 31, 2026. This represents a significant 2400% payout on the face value of Rs. 10 per share, subject to shareholder approval at the upcoming AGM. The company also approved its audited financial results for FY26, which now consolidate major acquisitions including The India Cements Limited. Despite the positive dividend news, the company continues to contest Competition Commission of India penalties totaling over Rs. 1,872 crore in the Supreme Court.
Key Highlights
Recommended a final dividend of Rs. 240 per equity share (2400% of face value) for FY26
Approved Standalone and Consolidated Audited Financial Results for the year ended March 31, 2026
Consolidated results include newly acquired entities such as The India Cements Limited (w.e.f. Dec 2024)
Ongoing legal contingency regarding CCI penalties of Rs. 1,804.31 crore and Rs. 68.30 crore currently stayed by Supreme Court
💼 Action for Investors
Investors should benefit from the substantial dividend payout and should review the detailed FY26 earnings report to assess the integration impact of recent acquisitions like India Cements.
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UltraTech Cement Commissions 8.7 MTPA Capacity; Domestic Capacity Hits 200.1 MTPA Milestone
UltraTech Cement has successfully commissioned 8.7 mtpa of new cement grinding capacity across three strategic locations in Uttar Pradesh, Andhra Pradesh, and Jharkhand. This expansion pushes the company's total domestic grey cement capacity to a significant milestone of 200.1 mtpa. With global capacity now reaching 205.5 mtpa, the company solidifies its position as the world's largest cement manufacturer by sales volume outside of China. This capacity addition is expected to strengthen market share and cater to growing infrastructure demand.
Key Highlights
Commissioned 8.7 mtpa capacity across Shahjahanpur (2.7 mtpa), Visakhapatnam (3.0 mtpa), and Patratu (3.0 mtpa)
Total domestic grey cement manufacturing capacity now stands at 200.1 mtpa
Global capacity, including overseas units, has reached 205.5 mtpa
Maintains status as the largest single-country cement manufacturer globally, excluding China
💼 Action for Investors
Investors should view this as a strong growth signal that reinforces UltraTech's market leadership and scale. The stock remains a key play on India's infrastructure and housing growth story.
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UltraTech Cement Crosses 200 MTPA Capacity; World's Largest Outside China
UltraTech Cement has achieved a major milestone by crossing 200 MTPA of installed cement capacity in India following the commissioning of three new grinding units with a cumulative capacity of 8.7 MTPA. The company's total consolidated global capacity now stands at 205.5 MTPA, making it the largest cement producer globally outside of China. Notably, the company doubled its capacity from 100 MTPA to 200 MTPA in less than seven years, reflecting high execution speed. Looking ahead, UltraTech is targeting a capacity of 240+ MTPA, supported by an ongoing capital expenditure of over Rs. 16,000 crore.
Key Highlights
Commissioned 3 new grinding units in UP, Jharkhand, and Andhra Pradesh with 8.7 MTPA cumulative capacity
Total India capacity reached 200.1 MTPA and consolidated global capacity reached 205.5 MTPA
Achieved the second 100 MTPA of capacity in less than 7 years compared to 36 years for the first 100 MTPA
On track to reach 240 MTPA capacity with an ongoing capex investment of over Rs. 16,000 crore
Strengthened market leadership as the world's largest cement company outside China
💼 Action for Investors
Investors should view this milestone as a testament to UltraTech's superior execution capabilities and dominant market position. The aggressive expansion roadmap to 240 MTPA provides strong long-term growth visibility in India's infrastructure-led economy.
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UltraTech Cement Reaffirmed 'CARE AAA; Stable' Rating; Capacity to Reach 240.8 MTPA by FY28
CARE Ratings has reaffirmed UltraTech Cement's 'CARE AAA; Stable' and 'CARE A1+' ratings, underscoring its position as India's largest cement producer with a total capacity of 194.06 MTPA. The company reported strong 9MFY26 performance with net sales rising 19% YoY to ₹62,712 crore and EBITDA margins expanding to 19%. Despite recent debt-funded acquisitions and capex, the net debt to PBILDT ratio is expected to improve from 1.89x in FY25 to approximately 1.3x in FY26. The company is aggressively expanding towards a 240.8 MTPA target by FY28 while diversifying into the cables and wire segment.
Key Highlights
CARE Ratings reaffirmed 'CARE AAA; Stable' for ₹17,100 crore in bank facilities and withdrew the fixed deposit rating due to full repayment.
Total grey cement capacity stands at 194.06 MTPA as of December 2025, with a clear roadmap to reach 240.8 MTPA by FY28.
9MFY26 EBITDA increased significantly to ₹11,910 crore from ₹7,945 crore in the previous year, driven by volume growth and cost efficiencies.
Net debt to PBILDT is projected to reduce to ~1.3x in FY26, supported by strong operational cash flows and limited incremental debt.
The company is investing ₹1,800 crore in a new cables and wire division and aims for 60% green power usage by FY27-end.
💼 Action for Investors
Investors should take confidence in the reaffirmed highest credit rating, which validates the company's ability to manage large-scale expansions and acquisitions without compromising financial stability. The stock remains a core play on India's infrastructure growth, supported by industry-leading margins and a strengthening balance sheet.
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Race Eco Chain Forfeits Rs 17.20 Crore as 19.55 Lakh Warrants Expire Unconverted
Race Eco Chain Limited has announced the forfeiture of 19,55,000 convertible warrants after 27 allottees failed to exercise their conversion rights within the 18-month deadline. The warrants were originally issued in October 2024 at a price of Rs. 352 per warrant, with 25% (Rs. 88 per warrant) paid upfront. Consequently, the company will retain the initial subscription amount of Rs. 17.20 crores as forfeited capital. The list of defaulting allottees includes one promoter group entity and 26 non-promoter investors.
Key Highlights
Forfeiture of 19,55,000 convertible warrants due to non-exercise by the March 31, 2026 deadline.
Company retains Rs. 17,20,40,000 (25% of the total issue price) as forfeited funds.
Warrants were issued at Rs. 352 per share, implying a total planned fundraise of approx Rs. 68.8 crore which failed.
Promoter group entity BGP 11 Analytics Private Limited is among those who forfeited 2,20,000 warrants.
The forfeiture follows the expiration of the mandatory 18-month conversion window under SEBI ICDR Regulations.
💼 Action for Investors
Investors should monitor the stock's current market price relative to the Rs. 352 exercise price, as the forfeiture by 27 investors (including promoters) suggests the conversion was not financially viable. While the company gains Rs. 17.2 crore in cash, the failure to secure the remaining 75% of the capital may impact planned expansion or debt reduction.
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Race Eco Chain Reports GST Department Search at Noida Corporate Office
Race Eco Chain Limited has disclosed that the CGST Commissionerate, Noida, conducted a search operation at its corporate office on March 27, 2026. The search lasted approximately seven hours, starting at 4:40 PM and concluding at 11:30 PM. The company has officially stated that there is currently no quantifiable impact on its financial or operational activities. As of the filing date, no specific violations or contraventions have been alleged by the authorities.
Key Highlights
Search operation conducted by CGST Commissionerate, Noida, on March 27, 2026.
The search lasted for 6 hours and 50 minutes at the Noida corporate office.
Company reports NIL impact on financial, operational, or other activities.
No specific violations or contraventions have been committed or alleged at this stage.
💼 Action for Investors
Investors should remain cautious and monitor subsequent filings for any tax demand notices or penalties that may arise from this search. While the immediate impact is reported as nil, regulatory searches often precede formal legal proceedings.
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UltraTech Settles JAL Dispute; Secures Dalla Super Unit and Discharges Rs 1,000 Cr Liability
UltraTech Cement has successfully resolved a long-standing arbitration dispute with Jaiprakash Associates Limited (JAL) regarding the acquisition of cement assets. Following a final award by the Arbitral Tribunal on March 26, 2026, the company has gained full ownership and vesting of the Dalla Super unit and associated mines in Uttar Pradesh. As part of the settlement, 1,00,000 Series A Redeemable Preference Shares (RPS) with a face value of Rs 1,00,000 each, which were held in escrow since 2017, have been fully discharged. This resolution clears a significant legal overhang and solidifies the company's asset base in Northern India.
Key Highlights
Full vesting of rights and interests in the Dalla Super unit and mines in Uttar Pradesh.
Settlement of arbitration leads to the discharge of 1,00,000 Series A Redeemable Preference Shares.
Total face value of the discharged preference shares amounts to Rs 1,000 Crores.
Resolution of disputes dating back to the original asset acquisition in June 2017.
Arbitral Tribunal passed the final award on March 26, 2026, ending all related claims and liabilities.
💼 Action for Investors
This settlement is a positive development as it removes legal uncertainty and secures key production assets. Investors should view this as a strengthening of UltraTech's operational control and balance sheet clarity.
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UltraTech Cement to Acquire 26.18% Stake in Sunsure Solarpark Seven for Rs 19.2 Crore
UltraTech Cement has entered into an agreement to acquire a 26.18% equity stake in Sunsure Solarpark Seven Private Limited for a cash consideration of up to Rs 19.20 crore. The target is a Special Purpose Vehicle (SPV) developing a 60 MWp solar power project with an integrated battery energy storage system in Uttar Pradesh. This strategic move is aimed at securing renewable energy for captive consumption, optimizing energy costs, and meeting green energy regulatory requirements. The acquisition is expected to be completed within 180 days.
Key Highlights
Acquisition of 26.18% equity stake for a total cash consideration of up to Rs 19.20 crore.
Target entity is setting up a 60 MWp DC / 40 MW AC solar power project in Charkhari, Uttar Pradesh.
The project includes an integrated Battery Energy Storage System (BESS) for reliable captive power supply.
Transaction is not a related party transaction and is expected to close within 180 days.
Investment aligns with the company's goal to increase green energy mix and reduce operational power costs.
💼 Action for Investors
Investors should view this as a positive step towards long-term cost optimization and ESG compliance. While the investment is small relative to UltraTech's scale, it strengthens their renewable energy portfolio.
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Race Eco Chain Incorporates Race Grassland Subsidiary with 51% Stake for Green Energy Expansion
Race Eco Chain Limited has announced the incorporation of a new subsidiary, Race Grassland Private Limited, on March 9, 2026. The company has acquired a 51% controlling stake by subscribing to 76,500 equity shares for a total consideration of Rs. 7.65 lakhs. This new entity will focus on the recycling and green energy sectors, specifically bio-mass production, gasification, and carbon credit schemes. The move aligns with the parent company's core recycling business and aims to leverage government subsidies for organic waste management.
Key Highlights
Incorporated Race Grassland Private Limited as a 51% owned subsidiary on March 9, 2026
Acquired 76,500 equity shares at face value for a total investment of Rs. 7.65 lakhs
Subsidiary has an authorized and paid-up capital of Rs. 15 lakhs
Business focus includes bio-mass plants, green energy production, and carbon credit (CMD) schemes
Aims to utilize various government schemes and subsidies for bio-gas and organic waste processing
💼 Action for Investors
Investors should monitor the operational progress of this new subsidiary as it enters the high-growth green energy and carbon credit markets. While the initial investment is small, the strategic alignment with the circular economy could drive long-term value.
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UltraTech Cement to acquire 26.20% stake in Sunsure Solarpark Thirty Eight for Rs 6.72 Cr
UltraTech Cement has entered into an agreement to acquire a 26.20% equity stake in Sunsure Solarpark Thirty Eight Private Limited for a cash consideration of Rs 6.72 crore. The target is a special purpose vehicle (SPV) developing a 21 MWp solar power project with an integrated battery energy storage system in Dhule, Maharashtra. This strategic move is designed to meet the company's green energy requirements and optimize power costs through captive consumption. The acquisition is expected to be completed within 120 days.
Key Highlights
Acquisition of 26.20% equity stake for a total cash consideration of up to Rs 6.72 crore.
Target entity is setting up a 21 MWp DC / 14 MW AC solar power project in Maharashtra.
Project includes an integrated battery energy storage system (BESS) for captive power use.
The transaction is expected to conclude within 120 days from the execution of the agreement.
Aimed at optimizing energy costs and complying with green energy regulatory requirements.
💼 Action for Investors
Investors should view this as a positive step toward operational efficiency and ESG compliance, though the financial scale is small relative to UltraTech's total operations. No immediate portfolio action is required.
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UltraTech Cement Board to Meet on April 27, 2026, for FY26 Results and Dividend Recommendation
UltraTech Cement Limited has scheduled a board meeting on April 27, 2026, to approve the standalone and consolidated audited financial results for the year ending March 31, 2026. The board will also evaluate and potentially recommend a dividend for the equity shareholders for the same fiscal year. Consequently, the trading window for insiders will remain closed from April 1, 2026, through April 29, 2026. This announcement provides clarity on the timeline for the company's annual financial disclosure and shareholder payout decisions.
Key Highlights
Board meeting set for April 27, 2026, to finalize FY26 audited financial results.
Dividend recommendation for the financial year 2025-26 to be considered during the meeting.
Trading window closure for designated persons effective from April 1 to April 29, 2026.
The meeting will cover both standalone and consolidated financial performance metrics.
💼 Action for Investors
Monitor the results on April 27 for insights into the company's growth trajectory and dividend payout ratio. No immediate trade is necessitated by this routine regulatory filing.
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UltraTech Cement to Acquire 26% Stake in AMPIN C&I Power for Rs 15.12 Crore
UltraTech Cement has entered into an agreement to acquire a 26% equity stake in AMPIN C&I Power Forty Four Private Limited for a cash consideration of up to Rs 15.12 crore. The target entity is a special purpose vehicle (SPV) focused on setting up a 45 MWp solar power project with battery storage in Odisha. This strategic investment is designed to optimize energy costs and meet the company's green energy requirements for captive consumption. The transaction is expected to be completed within 180 days and aligns with regulatory requirements under electricity laws.
Key Highlights
Acquisition of 26% equity stake for a total cash consideration of up to Rs 15.12 crore
Project involves a 45 MWp DC / 30 MW AC solar power plant with battery storage in Kalahandi, Odisha
Strategic move to optimize energy costs and increase green energy share for captive power consumption
Transaction to be completed within 180 days from the execution of the Share Subscription Agreement
Target entity is a newly incorporated SPV (August 2025) specifically for renewable energy generation
💼 Action for Investors
Investors should view this as a positive step toward long-term cost optimization and ESG compliance. While the investment amount is small relative to the company's size, it strengthens UltraTech's green energy portfolio.
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Race Eco Chain to Invest ₹7.65 Lakhs for 51% Stake in New Green Energy Subsidiary
Race Eco Chain Limited's Board has approved the incorporation of a new subsidiary, Race Grassland Private Limited, focusing on the recycling and green energy sectors. The company will hold a 51% controlling stake, acquired for a total cash consideration of ₹7.65 lakhs. The new entity will specialize in biomass production, briquettes, pellets, and biogas manufacturing, aiming to leverage various government carbon credit schemes. This move aligns with the company's core focus on the circular economy and sustainable waste management.
Key Highlights
Acquisition of a 51% controlling stake in the newly proposed entity Race Grassland Private Limited.
Total investment of ₹7,65,000 for 76,500 equity shares at a face value of ₹10 each.
Target entity will focus on biomass plants, green energy production, and carbon credit (CMD) schemes.
The proposed subsidiary has an authorized and paid-up capital of ₹15,00,000.
The investment is a strategic expansion into the recycling and renewable energy industry.
💼 Action for Investors
Investors should monitor the operational rollout of this new subsidiary as it marks an entry into the high-potential carbon credit and biomass market. While the initial investment is small, the strategic alignment with green energy trends could provide long-term value.
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India Ratings Affirms UltraTech Cement's 'IND AAA/Stable' Rating; Capacity to Reach 197.5 mnt
India Ratings has reaffirmed UltraTech Cement’s highest credit rating of ‘IND AAA/Stable’, citing its dominant 27% market share and robust financial profile. The company reported a 19% YoY revenue growth to INR 627 billion in 9MFY26, with absolute EBITDA rising 44% to INR 114 billion. Despite a planned annual capex of INR 100-110 billion for FY26-27, net leverage remains comfortable at 1.1x. The rating also factors in the successful integration of India Cements and Kesoram, alongside a strategic foray into the wires and cables segment.
Key Highlights
Affirmed 'IND AAA/Stable' rating for issuer and debt, reflecting a dominant 27% domestic capacity share.
Consolidated 9MFY26 revenue grew 19% YoY to INR 627 billion, while absolute EBITDA surged 44% to INR 114 billion.
Cement capacity reached 194.1 mnt in Dec 2025, with targets of 197.5 mnt by FY26 and 240.8 mnt by FY28.
Net leverage improved to 1.1x in Dec 2025 from 1.4x in FY25, despite significant expansion and acquisition spends.
Planned capex of INR 100-110 billion annually for FY26 and FY27 to be funded largely through internal accruals.
💼 Action for Investors
Investors should view the 'AAA' affirmation as a sign of superior credit quality and balance sheet strength during an aggressive expansion phase. The company's ability to maintain low leverage while scaling capacity makes it a resilient leader in the cement sector.
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UltraTech Commissions 2.7 MTPA Grinding Capacity in Aligarh, UP
UltraTech Cement has successfully commissioned an additional 2.7 mtpa grinding capacity at its Aligarh unit in Uttar Pradesh. This expansion increases the Aligarh unit's total capacity to 4.0 mtpa and the company's total footprint in Uttar Pradesh to 13.1 mtpa. Following this commissioning, UltraTech's total domestic grey cement capacity stands at 191.36 mtpa, with a global capacity of 196.76 mtpa. This move is part of the company's strategy to strengthen its presence in high-growth markets and optimize logistics.
Key Highlights
Commissioned 2.7 mtpa additional grinding capacity at the Aligarh unit in Uttar Pradesh.
Total domestic grey cement manufacturing capacity reaches 191.36 mtpa.
Global manufacturing capacity, including overseas operations, now stands at 196.76 mtpa.
Total capacity in the state of Uttar Pradesh increased to 13.1 mtpa.
Expansion aimed at improving market reach and logistics optimization in high-growth regions.
💼 Action for Investors
Investors should view this as a positive development that reinforces UltraTech's market leadership and capacity to meet rising demand. Monitor the company's progress toward its goal of reaching 200 mtpa capacity.