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Revenue
₹1,229 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
UltraTech Cement delivered a landmark Q4 FY26, crossing 200 million tons of domestic capacity—a first for any company outside China—a full year ahead of target. Consolidated sales volumes hit 44 million tons, with UltraTech brand volumes growing 19% YoY. EBITDA per ton improved to ₹1,253 (₹1,225 in Q4 FY25), driven by brand migration completion, premiumization, and cost efficiencies. India Cements' EBITDA per ton rose sequentially to ₹497, with a path to ₹1,000+ by FY28. Management guided for 7-8% sustainable volume growth and annual capex of ₹8,000-10,000 crore. Key risks: West Asia conflict driving bag and fuel cost inflation, and forex volatility from rupee depreciation.
Colored figures show movement against the previous available record.
Guidance to track
- Driven by urbanization, infrastructure spending, and rural demand; structural drivers intact.
- Includes expansion beyond 240M tons; fully funded by operating cash flows.
- Cost improvement capex of ₹1,592 crore plus ₹400 crore expansion; current trajectory supports target.
- Improvement from current 1.48x through higher composite cement usage.
Risks flagged
- Bag costs surged from ₹9 to ₹15 per bag; fuel and freight costs under pressure. Management expects manageable impact but uncertainty remains.
- ₹950 million foreign currency borrowings fully hedged, but mark-to-market hit EBITDA by ~₹130/ton in Q4. Further depreciation could pressure margins.
- Despite cost pressures, industry price hikes have been muted due to fragmentation. Management acknowledged this as a structural challenge.
- Donkey-years-old legal cases inherited with acquisition; management cautious on merger timeline until risks are resolved.
Key quotes
- We crossed 200 million tons of cement production capacity in India, a first for any company in a single country outside of China.
- The consistency of delivery, ladies and gentlemen, is what defines UltraTech and it is what will continue to define us in the decade ahead.
- We have committed to add a further 37 million tons which will take us over 242.5 million tons in a phased manner by fiscal 28.
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