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Revenue
₹23,063 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
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Quarter read
What the record says.
UltraTech Cement reported a strong Q4 FY25 with 10% volume growth versus industry growth of ~4%, driven by organic expansion and acquisitions. The company achieved an EBITDA per ton of ₹1,270 on organic assets, while consolidated EBITDA per ton stood at ₹1,238 including Kesoram. India Cements reached EBITDA breakeven in its first quarter post-takeover and sold over 1 million tons in March. Management guided for double-digit volume growth in FY26 on a like-for-like basis and reiterated a cost improvement target of ₹300+ per ton by FY27. Key risks include heat wave impact on near-term demand and potential ocean freight cost increases from US tariff policies.
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Guidance to track
- Management expects organic volume growth of over 10% in FY26, excluding contributions from India Cements and Kesoram.
- India Cements is expected to achieve EBITDA per ton of over ₹500 in the current fiscal year, up from ₹40 in Q4 FY25.
- The company targets cost savings of over ₹300 per ton on existing UltraTech operations by the end of FY27, with ₹86 already achieved in FY25.
- UltraTech plans to increase total cement capacity to ~212 million tons by FY27, up from 184M tons currently, through ongoing organic capex.
Risks flagged
- Management noted that extreme heat in April-May 2025 is slowing construction activity, which could affect Q1 FY26 volumes.
- US tariff policies may increase ocean freight costs, impacting input costs for imported coal and petcoke.
- Analysts questioned whether recent price increases in the South would hold, given historical dilution patterns and competitive intensity.
- The ambitious target of taking India Cements EBITDA per ton from ₹40 to ₹500 in one year depends on multiple moving parts including cost, pricing, and volume improvements.
Key quotes
- We will deliver upwards of INR 300 per ton in efficiency improvement.
- India Cements has achieved an EBITDA break-even in the first quarter after the takeover.
- We are always hungry for growth and a good opportunity.
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