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West Asia conflict driving input cost inflation
View Risks →India Cements Ltd — Q4 FY26
UltraTech Cement delivered a landmark Q4 FY26, crossing 200 million tons of domestic capacity—a first for any company outside China—a full year ahead of target.
bullish
high
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UltraTech Cement delivered a landmark Q4 FY26, crossing 200 million tons of domestic capacity—a first for any company outside China—a full year ahead of target. Consolidated sales volumes hit 44 million tons, with UltraTech brand volumes growing 19% YoY. EBITDA per ton improved to ₹1,253 (₹1,225 in Q4 FY25), driven by brand migration completion, premiumization, and cost efficiencies. India Cements' EBITDA per ton rose sequentially to ₹497, with a path to ₹1,000+ by FY28. Management guided for 7-8% sustainable volume growth and annual capex of ₹8,000-10,000 crore. Key risks: West Asia conflict driving bag and fuel cost inflation, and forex volatility from rupee depreciation.
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Cement production capacity
200M tons
+33% vs FY24
First company outside China to achieve 200M tons in a single country; ahead of schedule.
Consolidated sales volume (Q4)
44M tons
+19% YoY (UltraTech brand)
Record quarterly volume; UltraTech brand grew 19% YoY.
EBITDA per ton (India, excl. acquired)
₹1,296
+₹71 YoY
Improved from ₹1,225 in Q4 FY25; reflects better trade mix and premiumization.
Green energy share of power
43%
+5pp YoY
Targeting 85% by FY30; no new thermal capacity being added.
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Guidance and risk preview
Driven by urbanization, infrastructure spending, and rural demand; structural drivers intact.
Bag costs surged from ₹9 to ₹15 per bag; fuel and freight costs under pressure.
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