Ultracemco / Q3-FY25

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Positive2025-01-24Back to ULTRACEMCO

Revenue

₹17,779 Cr

verified against source

Revenue YoY

—

reported change

EBITDA

Pending

latest reported figure

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record provenance

Actual signal trajectory

Where this quarter sits.

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Revenue (₹ Cr)PositiveWatchNegative
12 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 17,737 · Positive source sentiment · 2023-07-20Q1 FY24Q2 FY24: 16,012 · Positive source sentiment · 2023-10-19Q2 FY24Q3 FY24: 16,740 · Watch source sentiment · 2024-01-19Q3 FY24Q4 FY24: 20,419 · Positive source sentiment · 2024-04-30Q4 FY24Q1 FY25: 18,819 · Watch source sentiment · 2024-07-19Q1 FY25Q2 FY25: 16,294 · Negative source sentiment · 2024-10-21Q2 FY25Q3 FY25: 17,779 · Positive source sentiment · 2025-01-24Q3 FY25Q4 FY25: 23,063 · Positive source sentiment · 2025-04-28Q4 FY25Q1 FY26: 21,275 · Positive source sentiment · 2025-07-15Q1 FY26Q2 FY26: 19,607 · Positive source sentiment · 2025-10-25Q2 FY26Q3 FY26: 21,830 · Positive source sentiment · 2026-01-24Q3 FY26Q4 FY26: 25,799 · Positive source sentiment · 2026-04-15Q4 FY2625,79916,012
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

UltraTech delivered a strong operational quarter with EBITDA per ton of INR 964, up over 30% QoQ, driven by price recovery and cost efficiencies. Volumes grew ~10% YoY organically, outpacing industry growth of ~5%. Management highlighted a positive demand inflection from December, with further price hikes in January (1.5% in Central/West). The India Cements acquisition (81.49% stake) is expected to be turned around within 12 months, with WHRS and renewable energy investments targeting cost alignment by FY27. Kesoram consolidation is on track for FY25-end. Key risk: potential state-level mineral taxes post-Supreme Court ruling could add cost headwinds.

Colored figures show movement against the previous available record.

Guidance to track

  • UltraTech expects to grow volumes by over 10% in FY26, driven by capacity expansion and demand recovery.
  • Management aims to improve India Cements' performance to within INR 200-300/ton of UltraTech's EBITDA within 12 months from January 2025.
  • Organic CapEx for UltraTech standalone is guided at ~INR 9,000 crore for FY26, tapering to INR 6,000-7,000 crore in FY27.
  • Based on current spot prices, fuel costs are expected to trend down to around INR 1.7 per kcal in the near term.

Risks flagged

  • Supreme Court ruling allowing states to levy taxes on minerals could increase costs, though management sees limited immediate impact.
  • India Cements has low utilization (~57%) and requires significant CapEx; turnaround may take longer than 12 months.
  • Analyst flagged potential intense competition in South due to capacity additions; management expects demand to support prices.
  • Pending approvals for mines in Telangana and Karnataka could delay consolidation beyond FY25.

Key quotes

  • The lull ended somewhere in December on a positive note. The storm is a positive storm, and we have benefited from a continuous increase in demand, which has also boosted the sentiments on cement prices.
  • Our focus is to turn around the performance of ICL in less than 12 months, starting January 25.
  • We would look at a double-digit growth next year on our expanded availability. And I would assume a capacity utilization of anywhere around 80%-85%.

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