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ULTRACEMCO - UltraTech Cem.

📊 NSE: ULTRACEMCO 🏢 Cement - North India 📅 Last Updated: 12/14/2025 14:40

📢 Recent Corporate Announcements

UltraTech Cement Releases Audio Recording of Q4 and FY26 Earnings Call

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 27 Apr 2026, 08:37 PM

UltraTech Cement has officially released the audio recording of its earnings conference call held on April 27, 2026. The call discussed the company's financial performance for the fourth quarter and the full fiscal year ending March 31, 2026. This filing is a mandatory regulatory requirement under SEBI (LODR) Regulations to ensure transparency. Shareholders and analysts can access the recording on the company's website to gain insights into management's future outlook and operational performance.

Audio recording of the earnings call held on April 27, 2026, is now available for public access.
The call pertains to the financial results for the quarter and full year ended March 31, 2026.
Disclosure made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The recording is hosted on the company's official investor relations website.

💡 Investors should listen to the recording to understand management's guidance on capacity expansion and demand trends for FY27. No immediate trading action is required based solely on this procedural filing.

UltraTech Cement Releases Investor Presentation for Q4 and FY26 Performance

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 27 Apr 2026, 02:43 PM

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.

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.

💡 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.

UltraTech Cement Recommends Final Dividend of Rs. 240 Per Share for FY26

🟢 POSITIVE ⭐ 8/10

DIVIDEND 📅 27 Apr 2026, 02:34 PM

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.

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

💡 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.

UltraTech Cement Appoints Rohit Agarwal as Head of Internal Audit Effective May 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 27 Apr 2026, 02:29 PM

UltraTech Cement has announced the appointment of Mr. Rohit Agarwal as the new Head of Internal Audit, effective May 25, 2026. Mr. Agarwal is a Chartered Accountant with approximately 21 years of post-qualification experience in finance, risk management, and governance. The appointment was finalized following recommendations from the company's Audit and Nomination committees. This transition appears to be a planned management update to maintain the company's internal control and ethics framework.

Mr. Rohit Agarwal appointed as Head – Internal Audit effective May 25, 2026
Appointee brings approximately 21 years of experience across mining, metals, and power sectors
Expertise includes finance, internal audit, risk management, forensics, and governance
Appointment approved by the Board based on NRC and Audit Committee recommendations

💡 This is a routine senior management appointment and requires no immediate action from investors. It reflects standard corporate governance practices in maintaining a robust internal audit function.

UltraTech Cement to Host Group Analyst Meet on April 29, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Apr 2026, 08:15 PM

UltraTech Cement has scheduled a group meeting for analysts on April 29, 2026, which will include a visit to one of its manufacturing units. This disclosure is made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during the interaction. Investors can access the latest presentation on the company's official website for current operational updates.

Group analyst meeting scheduled for April 29, 2026
Meeting to be held at one of the company's manufacturing units
Formal compliance with SEBI (LODR) Regulations, 2015
Confirmation that no unpublished price sensitive information (UPSI) will be disclosed

💡 No immediate action is required as this is a routine regulatory filing. Investors may monitor for any post-visit analyst reports that might provide qualitative insights into the company's manufacturing efficiency.

UltraTech Cement Files Large Corporate Disclosure with ₹5,500 Crore Outstanding Borrowing

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 23 Apr 2026, 05:07 PM

UltraTech Cement has submitted its initial disclosure as a Large Corporate for the financial year ending March 31, 2026, as per SEBI mandates. The company reported total outstanding borrowings of ₹5,500 crores, comprising Non-Convertible Debentures and term loans. It continues to maintain the highest possible credit ratings of AAA/Stable from both CRISIL and India Ratings. This filing is a routine regulatory requirement for large entities to facilitate debt market development.

Total outstanding borrowings reported at ₹5,500 crores as of March 31, 2026
Maintains highest long-term credit rating of AAA/Stable from CRISIL and India Ratings
Short-term debt instruments rated at the highest level of A1+
Compliance filing under SEBI Master Circular for Large Corporate framework
National Stock Exchange of India identified as the exchange for any potential shortfall fines

💡 No immediate action is required as this is a routine regulatory disclosure. Investors should take confidence in the company's 'AAA' credit rating, which indicates very low credit risk.

UltraTech Cement Commissions 8.7 MTPA Capacity; Domestic Capacity Hits 200.1 MTPA Milestone

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 17 Apr 2026, 06:55 PM

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.

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

💡 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.

UltraTech Cement Crosses 200 MTPA Capacity; World's Largest Outside China

🟢 POSITIVE ⭐ 9/10

EXPANSION 📅 17 Apr 2026, 06:06 PM

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.

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

💡 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.

UltraTech Cement Reports 99.67% Shares in Demat Form for Quarter Ended March 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Apr 2026, 03:44 PM

UltraTech Cement has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. During the quarter ended 31st March, 2026, the company processed the dematerialization of 19,099 shares. As of the quarter-end, a significant 99.67% of the company's total paid-up equity capital is held in electronic form. This routine filing confirms the company's adherence to regulatory standards regarding share processing and depository records.

Total of 19,099 shares dematerialized during the quarter from January to March 2026
Dematerialization split included 12,715 shares via NSDL and 6,384 shares via CDSL
Zero shares were rematerialized during the reporting period
99.67% of total paid-up equity share capital is now in demat form, totaling 29,37,07,527 shares
The filing confirms compliance with SEBI regulations for the quarter ended 31st March, 2026

💡 This is a routine regulatory filing with no impact on the company's financial performance or stock valuation. No action is required from investors based on this announcement.

UltraTech Cement Reaffirmed 'CARE AAA; Stable' Rating; Capacity to Reach 240.8 MTPA by FY28

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 12 Apr 2026, 03:13 PM

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.

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.

💡 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.

UltraTech Cement Schedules Q4 FY26 Earnings Call for April 27, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Apr 2026, 06:52 PM

UltraTech Cement Limited has announced that its earnings conference call for the fourth quarter and full financial year ended March 31, 2026, will be held on Monday, April 27, 2026, at 5:00 PM IST. The call will feature a management discussion on the company's financial performance followed by an interactive Q&A session. This is a standard regulatory disclosure providing the schedule for institutional investors and analysts to engage with the company's leadership regarding the year-end results.

Earnings call scheduled for April 27, 2026, at 17:00 hrs IST.
The call covers financial results for the quarter and full year ended March 31, 2026.
Universal access numbers provided are +91 22 6280 1286 and +91 22 7115 8187.
International toll-free access available for USA (18667462133), UK (08081011573), Singapore (8001012045), and Hong Kong (800964448).

💡 No immediate action is required as this is a routine scheduling announcement. Investors should monitor the actual financial results and management commentary on April 27 for insights into volume growth and margin trends.

UltraTech Cement Receives GST Demand and Penalty Totaling Over ₹107 Crore

🟡 NEUTRAL ⭐ 4/10

LEGAL 📅 31 Mar 2026, 07:09 PM

UltraTech Cement has been served an order by the Additional Commissioner of CGST, Dehradun, involving a tax demand of ₹53.81 crore. The authority has also imposed a matching penalty of ₹53.81 crore, bringing the total financial implication to approximately ₹107.62 crore plus interest. The dispute relates to alleged differential tax liabilities and non-reversal of Input Tax Credit (ITC) for the period between FY 2019-20 and FY 2023-24. The company has stated it will contest the demand and does not expect a material impact on its financial operations.

Tax demand of ₹53,81,19,148 confirmed by CGST authorities in Uttarakhand.
Penalty of ₹53,81,19,148 imposed, equal to the tax demand amount.
The order covers a five-year period from FY 2019-20 to FY 2023-24.
Allegations involve differential tax liability and issues with Input Tax Credit reversal.
Company intends to challenge the order through appropriate legal channels.

💡 Investors should view this as a routine tax litigation matter; the total demand is less than 0.2% of the company's annual revenue and is unlikely to impact stock performance significantly.

UltraTech Cement Receives GST Demand and Penalty of ₹51.47 Lakhs in Kerala

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 26 Mar 2026, 05:20 PM

UltraTech Cement has received an order from the Assistant Commissioner of Central GST, Kerala, regarding tax disputes for the period FY2019-20 to FY2022-23. The order confirms a tax demand of ₹25,73,591 along with an equivalent penalty of ₹25,73,591, totaling approximately ₹51.47 lakhs. The dispute arises from alleged irregular availment of Input Tax Credit (ITC) on blocked credits. The company has stated it will contest the demand and does not expect any material financial impact on its operations.

Tax demand of ₹25,73,591 confirmed by the GST Authority in Kerala.
Penalty of ₹25,73,591 imposed, bringing the total financial implication to ₹51.47 lakhs.
The order pertains to alleged irregular ITC claims on blocked credit between FY2019-20 and FY2022-23.
UltraTech Cement intends to contest the order through appropriate legal channels.
The company expects no material impact on its financial or operational activities due to this order.

💡 No action is required as the financial impact is negligible relative to the company's multi-billion dollar revenue. This is a routine tax matter common in large-scale industrial operations.

UltraTech Settles JAL Dispute; Secures Dalla Super Unit and Discharges Rs 1,000 Cr Liability

🟢 POSITIVE ⭐ 8/10

LEGAL 📅 26 Mar 2026, 02:37 PM

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.

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.

💡 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.

UltraTech Cement Faces ₹46.87 Cr GST Demand Over Kesoram Business Acquisition

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 25 Mar 2026, 07:06 PM

UltraTech Cement has received a GST order from Maharashtra authorities demanding approximately ₹46.87 crore. The demand includes ₹28.97 crore in tax, ₹15 crore in interest, and ₹2.9 crore in penalty for FY 2022-23. This pertains to the acquired cement business of Kesoram Industries Limited regarding alleged excess Input Tax Credit (ITC) claims. The company plans to contest the order and expects no material impact on its financial or operational activities.

Total financial demand amounts to ₹46.87 crore, including tax, interest, and penalty.
The order specifies a tax demand of ₹28.97 crore and an interest component of ₹15 crore.
Dispute relates to the acquired Kesoram Industries cement business for the 2022-23 financial year.
Allegations include excess ITC availment, ineligible ITC claims, and short tax payments.
UltraTech Cement will contest the demand and does not foresee a material financial impact.

💡 Investors should view this as a minor regulatory hurdle related to past acquisitions. No significant impact on the stock's valuation is expected from this specific tax demand.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated Net Sales grew 21.3% YoY to INR 19,371 Cr in Q2 FY26 from INR 15,967 Cr in Q2 FY25. Standalone Net Sales grew 15.7% to INR 17,632 Cr. RMC (Ready Mix Concrete) now accounts for 4% of total cement volumes.

Geographic Revenue Split

Pan-India presence with 34 integrated units in India and 1 overseas. The company operates 75 physical locations and 400+ RMC plants across India, UAE, Bahrain, and Sri Lanka. Specific regional % split not disclosed in available documents.

Profitability Margins

Consolidated PAT margin was 8.0% for FY25, down from 9.9% in FY24. For Q2 FY26, Consolidated PAT was INR 1,232 Cr, a 75.2% increase from INR 703 Cr in Q2 FY25, driven by volume growth and efficiency.

EBITDA Margin

Consolidated EBITDA margin for Q2 FY26 was 16.8% (INR 3,268 Cr on INR 19,371 Cr sales), up from 14.1% in Q2 FY25. EBITDA per ton reached INR 1,197 in Q1 FY26 compared to INR 952 in Q1 FY25, a 25.7% improvement.

Capital Expenditure

Planned organic expansion of ~30 MTPA over FY26-27 requiring INR 18,000-20,000 Cr. H1 FY26 capex spend was INR 4,880 Cr. An additional INR 500 Cr is being invested in Kesoram assets for efficiency improvements like WHRS.

Credit Rating & Borrowing

Maintains CRISIL AAA/Stable and CARE AAA/Stable ratings. Financial flexibility is high with a cash balance of over INR 5,800 Cr as of March 31, 2025. Average fund-based bank limit utilization was 69% through March 2025.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Limestone (from captive reserves), Coal, Gypsum, and Fly Ash. Raw material consumption cost was INR 3,384 Cr in Q2 FY26, representing 17.5% of net sales.

Import Sources

Limestone is sourced from captive mines in India. Fuel (Coal/Petcoke) is sourced through a mix of domestic supply and imports from global markets. Specific countries not listed.

Key Suppliers

Not specifically named in the documents, though the company utilizes supplier's credit as part of its debt structure.

Capacity Expansion

Current grey cement capacity is 192.3 MTPA (as of June 30, 2025). Target is to exceed 200 MTPA by the end of FY26. Green energy capacity stands at 1,372 MW (351 MW WHRS + 1,020 MW Renewables).

Raw Material Costs

Raw material costs increased 28.4% YoY to INR 3,384 Cr in Q2 FY26. Procurement strategies focus on increasing the Thermal Substitution Rate (TSR), which reached 5.7% in FY25.

Manufacturing Efficiency

Operating leverage impact was INR 70 per ton in Q2 FY26 due to lower seasonal volumes. Efficiency is driven by 1,333 MW of captive thermal power and 351 MW of Waste Heat Recovery Systems (WHRS).

Logistics & Distribution

Logistics costs were INR 4,127 Cr in Q2 FY26, representing 21.3% of net sales. The company focuses on reducing lead distance to support profitability.

📈 Strategic Growth

Expected Growth Rate

6-7%

Growth Strategy

Growth will be achieved through a mix of organic expansion (30 MTPA by FY27), integration of India Cements (ICL) and Kesoram assets, and increasing market share from 28% to 32-33%. The company is also expanding its retail footprint via 5,000 UBS stores.

Products & Services

Grey cement, White cement, Wall Care Putty, Ready Mix Concrete (RMC), and specialized building materials sold through UltraTech Building Solutions (UBS) stores.

Brand Portfolio

UltraTech Cement, UltraTech Building Solutions (UBS), Birla White, Wonder Wall Care.

New Products/Services

Focus on 'Premium Cement' which is seeing better on-ground demand. RMC is a growing segment now contributing 4% of total volumes.

Market Expansion

Targeting a capacity of 200 MTPA by FY26 exit. Expansion includes new units in areas like Amravati and development near the new Mumbai Airport and data centers.

Market Share & Ranking

Largest player in the Indian cement industry with a 28% capacity share, targeting 32-33% in the medium term.

Strategic Alliances

Acquisition of The India Cements Ltd (ICL) effective December 2024 and Kesoram cement business. Investment in Wonder Wall Care (INR 234 Cr).

🌍 External Factors

Industry Trends

The industry is seeing consolidation (UltraTech's acquisitions) and a shift toward green energy. Demand is driven by infrastructure projects like Vadhavan Port and urban real estate.

Competitive Landscape

Largest player in a cyclical, commoditized market. Competitors include other large Pan-India and regional players, though UltraTech is the only one with a 28% market share.

Competitive Moat

Moat is built on massive scale (192.3 MTPA), Pan-India distribution network, and cost leadership through captive power (TPP/WHRS) and limestone reserves. This scale makes it difficult for smaller players to compete on price.

Macro Economic Sensitivity

Highly sensitive to government capex and interest rates affecting individual home builders. Industry growth is projected at 6-7% for FY26.

Consumer Behavior

Shift toward 'Premium Cement' and one-stop-shop procurement for home building via the 5,000 UBS retail stores.

Geopolitical Risks

Exposure to global fuel price volatility (coal/petcoke) due to geopolitical tensions affecting energy imports.

⚖️ Regulatory & Governance

Industry Regulations

Subject to environmental norms regarding emissions and waste generation. The company is increasing its Thermal Substitution Rate (5.7%) to meet sustainability goals.

Environmental Compliance

NSE Sustainability rating of '61' for FY2025. Committed to RE 100 initiative (100% renewable energy by 2050).

Taxation Policy Impact

Consolidated tax expenses for Q2 FY26 were INR 418 Cr on a PBT of ~INR 1,650 Cr, implying an effective tax rate of approximately 25.3%.

Legal Contingencies

Not disclosed in available documents. (SEBI/Capital market matters excluded per instructions).

⚠️ Risk Analysis

Key Uncertainties

Volatility in input costs (fuel/freight) and realization prices. Cyclicality of the cement industry can lead to unfavorable price cycles during capacity bunching.