Cement production capacity
200M tons
+33% vs FY24
First company outside China to achieve 200M tons in a single country; ahead of schedule.
INDIACEMENTS
Manufacturing
2026-04-??
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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.
Management Guidance
Sustainable volume growth of 7-8% per annum
Driven by urbanization, infrastructure spending, and rural demand; structural drivers intact.
Management guidance growthAnnual capex of ₹8,000-10,000 crore for foreseeable future
Includes expansion beyond 240M tons; fully funded by operating cash flows.
Management guidance capexIndia Cements EBITDA per ton to exceed ₹1,000 by FY28
Cost improvement capex of ₹1,592 crore plus ₹400 crore expansion; current trajectory supports target.
Management guidance marginsClinker factor target of 1.54x by FY28
Improvement from current 1.48x through higher composite cement usage.
Management guidance otherKey Risks
West Asia conflict driving input cost inflation
Bag costs surged from ₹9 to ₹15 per bag; fuel and freight costs under pressure. Management expects manageable impact but uncertainty remains.
high · management_commentaryForex volatility from rupee depreciation
₹950 million foreign currency borrowings fully hedged, but mark-to-market hit EBITDA by ~₹130/ton in Q4. Further depreciation could pressure margins.
medium · analyst_questionCement industry pricing power constrained by fragmentation
Despite cost pressures, industry price hikes have been muted due to fragmentation. Management acknowledged this as a structural challenge.
medium · analyst_questionLegal hurdles delaying India Cements merger
Donkey-years-old legal cases inherited with acquisition; management cautious on merger timeline until risks are resolved.
low · analyst_questionNotable 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 consistency of delivery, ladies and gentlemen, is what defines UltraTech and it is what will continue to define us in the decade ahead.
We have committed to add a further 37 million tons which will take us over 242.5 million tons in a phased manner by fiscal 28.
Frequently Asked Questions
What was India Cements's revenue in Q4 FY26?
India Cements reported revenue of ₹1,229 Cr in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did India Cements management give for FY27?
Sustainable volume growth of 7-8% per annum: Driven by urbanization, infrastructure spending, and rural demand; structural drivers intact. Annual capex of ₹8,000-10,000 crore for foreseeable future: Includes expansion beyond 240M tons; fully funded by operating cash flows. India Cements EBITDA per ton to exceed ₹1,000 by FY28: Cost improvement capex of ₹1,592 crore plus ₹400 crore expansion; current trajectory supports target. Clinker factor target of 1.54x by FY28: Improvement from current 1.48x through higher composite cement usage.
What are the key risks for India Cements in FY27?
Key risks include West Asia conflict driving input cost inflation — Bag costs surged from ₹9 to ₹15 per bag; fuel and freight costs under pressure. Management expects manageable impact but uncertainty remains.; Forex volatility from rupee depreciation — ₹950 million foreign currency borrowings fully hedged, but mark-to-market hit EBITDA by ~₹130/ton in Q4. Further depreciation could pressure margins.; Cement industry pricing power constrained by fragmentation — Despite cost pressures, industry price hikes have been muted due to fragmentation. Management acknowledged this as a structural challenge.; Legal hurdles delaying India Cements merger — Donkey-years-old legal cases inherited with acquisition; management cautious on merger timeline until risks are resolved..
Did India Cements meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full India Cements Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.