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Revenue
₹21,275 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
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What the record says.
UltraTech Cement reported consolidated volume growth of 9.7% YoY, including KSORAM. The company achieved a 6.5% growth in UltraTech brand volumes, with pricing improving 2.2% sequentially. Management highlighted strong demand drivers from government capex, rural markets, and mega projects like Badavan Port. The India Cements turnaround is on track, with EBITDA per ton at INR 400 (adjusted to INR 458 after marketing costs), targeting over INR 1,000 by FY28. Fuel costs remain range-bound, and lead distance reduced to 370 km from 384 km. Guidance includes double-digit volume growth for FY26 and a capex of ~INR 10,000 crore for the year. A key risk is potential pricing pressure in the north and west regions, though management remains confident in sustained demand.
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Guidance to track
- Management expects consolidated volume growth of over 10% in FY26, driven by new capacities and market demand.
- Targeting EBITDA per ton above INR 1,000 for India Cements by fiscal 2028, up from current INR 400.
- Capital expenditure for the current fiscal year is expected to be around INR 10,000 crore.
- The company plans to present the next phase of organic capacity expansion to the board by end of calendar 2025 or fiscal 2026.
Risks flagged
- Management noted that north and west regions have not seen price increases as they are already well-priced, posing a risk to margins if competition intensifies.
- Global events could cause fuel prices to rise, impacting costs. Management acknowledged lack of control over this input.
- Analyst raised concerns about brand transition and cost parity. Management deflected on brand strategy, stating 'jury is still out' on full rebranding.
- Q1 volumes were affected by heat waves and monsoons; full-year growth depends on strong H2 performance, which is uncertain.
Key quotes
- If you want to look south, go north. Do not go southwards. That is in the light of rain.
- As my late Chairman once said, Mr. Ajith Tubella, we are not afraid of the competition. Let the competition be afraid of us.
- We would target a double-digit growth given the fact that we have got new capacities into our fold.
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