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Revenue
₹21,830 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
UltraTech delivered a strong Q3 FY26, with volume growth outpacing the industry at an estimated 9-10% all-India demand growth. The company's EBITDA per ton improved despite subdued cement prices, driven by operating leverage and cost efficiencies. Lead distance dropped to 363 km and clinker conversion factor improved to 1.49, both ahead of targets. Management expects Q4 utilization to exceed 90% and guided for 8-9 million tons of capacity addition in Q4, with 12 million tons in FY27. Pricing has improved by INR 3-4/ton in January. Risks include potential cost inflation from petcoke/coal and rupee depreciation, though management expressed confidence in passing through costs. The integration of Kesoram and India Cements is ahead of plan, with brand conversion at 69% and 58% respectively.
Colored figures show movement against the previous available record.
Guidance to track
- Approximately 8-9 million tons of new capacity will be commissioned in Q4 FY26, part of the ongoing expansion.
- 12 million tons of capacity to be added in fiscal 2027, with the remainder of the 22 million ton phase in FY28.
- Management expects net debt/EBITDA to improve from 1.08x to 0.89x by March 2026, driven by cash flows.
- The new cable and wires business is on schedule for product launch in the October-December 2026 quarter.
Risks flagged
- Management noted cost increases in petcoke and coal, and potential impact from rupee depreciation, which could pressure margins if not passed through.
- Analyst questioned why South India pricing remains volatile despite industry consolidation; management attributed it to demand but acknowledged historical volatility.
- An Enforcement Directorate case has attached two assets of India Cements, potentially delaying non-core asset sales and cash generation.
- Management admitted possible delays of up to a quarter in commissioning new capacity, which could impact volume growth targets.
Key quotes
- India has arrived. It's the market with a population of over 1.4 billion people, youngest working class, and an opportunity across the land bank for development.
- South will be new North. That doesn't mean North is going away anywhere. North is stronger and stronger.
- I think 2026 will be a fabulous year.
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