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Revenue
₹19,607 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
UltraTech Cement reported a solid Q2 FY26 with consolidated sales volume exceeding 31 million tons, driven by strong demand in rural markets (13% growth) and successful brand conversion of acquired assets (ICL 31%, Kesoram 55%). The UltraTech brand grew 13.2% YoY. EBITDA per ton for existing assets stood at INR 966, while ICL and Kesoram contributed INR 386 and INR 755 respectively. One-off costs (maintenance, advertising, staff) impacted per-ton EBITDA by ~INR 200, but ~INR 100 is expected to reverse in Q3. Management guided for 200 MTPA capacity by FY26 end and announced 22.8 MTPA expansion in North/West with low CapEx. Fuel costs are stable, and GST benefits are expected to boost premium cement demand. Risk: potential oversupply in northern markets as peers expand, though management remains confident in market share gains.
Colored figures show movement against the previous available record.
Guidance to track
- UltraTech will exit the current financial year with 200 million tons of cement capacity.
- Incremental capacity of 22.8 million tons (18 MTPA North, 4.8 MTPA West) to be completed by FY28-29, largely brownfield.
- India Cements assets will generate EBITDA per ton of INR 1,000 and net debt/EBITDA of ~0.5x after expansions are operational.
- Kesoram assets expected to achieve EBITDA per ton of INR 1,100-1,200 by end of June 2026 after WHRS and brand conversion.
Risks flagged
- Multiple peers (JK, Dalmia, JSW) are also expanding in the North, which could lead to pricing pressure.
- Management expects ~INR 100/ton reversal in Q3, but some costs (e.g., maintenance) may persist at lower levels.
- Petcoke prices have moved up; though management expects no net inflation, spot purchases could increase costs.
Key quotes
- We have sold more than 31 million tons of cement this quarter when rain gods have been in full fury.
- UltraTech as a brand has grown about 13.2% this quarter YoY. That is a real hard number.
- We will always be fully invested in clinker. At the end of this expansion, we will be reaching 148 million tons of clinker capacity.
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