Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹25,799 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
UltraTech delivered a landmark Q4 FY26, crossing 200 million tons of cement production capacity in India, a first for any company outside China. Consolidated sales volumes hit a record 44 million tons, with UltraTech brand volumes growing 19% YoY. EBITDA per ton (ex-acquired assets) reached ₹1,296, up from ₹1,225 in Q4 FY25. India Cements' EBITDA per ton improved to ₹497, with full brand migration completed a quarter early. The board declared a dividend of ₹240 per share, reflecting confidence in cash flows. Management guided for 7-8% sustainable volume growth and double-digit growth in FY27, with annual capex of ₹8,000-10,000 crore. Key risks include West Asia conflict-driven cost inflation (fuel, bags, forex) and potential demand disruption from elections or heatwaves. However, UltraTech's scale, green energy platform (43% of power from renewables), and cost efficiency programs position it well to navigate headwinds.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects sustainable volume growth of 7-8% per annum driven by urbanization, infrastructure, and housing demand.
- For fiscal 2027, UltraTech targets double-digit volume growth.
- UltraTech plans to invest ₹8,000-10,000 crore annually in capex, including expansion beyond 240 million tons.
- The ongoing cost efficiency program is expected to deliver more than ₹300 per ton in savings by fiscal 2028, up from ₹185 already achieved.
Risks flagged
- Rising fuel, pet coke, and bag costs due to the West Asia conflict could pressure margins. Management noted a potential impact on fuel and freight costs.
- The rupee's depreciation to ₹94.85/USD caused a non-cash mark-to-market hit of ~₹130 crore on foreign currency borrowings, impacting EBITDA.
- Analyst raised concern about potential demand slowdown due to elections in Bengal and Tamil Nadu and extreme heat. Management acknowledged a temporary slowdown in the last 15 days of the quarter.
- Analyst questioned why cement industry struggles to pass on cost hikes compared to steel and PVC. Management attributed it to industry fragmentation, implying pricing power remains constrained.
Key quotes
- We crossed 200 million tons of cement production capacity in India, a first for any company in a single country outside of China.
- Dividend is not simply a financial transaction. It is a communication of our confidence and commitment to our shareholders and investors.
- Fragmentation of the industry is as short and sweet an answer, Pinakin, that I can give you.
Research modules