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Revenue
₹25,799 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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UltraTech Cement delivered a strong Q4 FY26, with consolidated sales volumes crossing 44 million tons and PAT of ₹3,000 crore for the quarter. The company achieved 200 million tons of cement production capacity, a full year ahead of target, driven by disciplined organic growth and timely acquisitions. Brand migration for India Cements and Kesam was completed a quarter early, with India Cements' EBITDA per ton improving sequentially to ₹497. Management guided for sustainable volume growth of 7-8% and double-digit growth in FY27, with annual capex of ₹8,000-10,000 crore. Key risks include West Asia conflict-driven cost inflation (bags, fuel, forex) and potential demand slowdown from rising input costs across building materials.
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Guidance to track
- Management expects sustainable volume growth of 7-8% per annum, with FY27 targeting double-digit growth driven by structural demand.
- Capex will continue at ₹8,000-10,000 crore per year for cement capacity expansion beyond 240 million tons.
- Cost improvement capex and price increases will drive India Cements' EBITDA per ton above ₹1,000 by end of FY28.
- Target to improve clinker conversion ratio to 1.54x by FY28, enhancing profitability through blended cement.
Risks flagged
- Rising fuel, bag, and freight costs due to the conflict could pressure margins; management noted a ₹90 crore impact on bags in March alone.
- Rupee devaluation led to a mark-to-market hit of ~₹130-140 per ton on foreign currency borrowings, impacting EBITDA.
- Steel, PVC, and other materials have become expensive, potentially affecting overall construction demand, though management sees no slowdown yet.
- Inherited legal cases may delay full integration of India Cements; management is cautious about risks to UltraTech's balance sheet.
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.
- The investment phase is now underway... This definitely is going to take us over 1,000 rupees per ton as committed by the end of fiscal 28.
- I don't think there will be too much of an issue in the June quarter and I will urge you Rahul to fly down to the White House and do something about it.
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