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UltraTech Cement — Q4 FY25
UltraTech Cement reported a strong Q4 FY25 with 10% volume growth versus industry growth of ~4%, driven by organic expansion and acquisitions.
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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.
अल्ट्राटेक सीमेंट ने वित्त वर्ष 2025 की चौथी तिमाही में शानदार प्रदर्शन किया। कंपनी का उत्पादन (वॉल्यूम) 10% बढ़ा, जबकि पूरे उद्योग की वृद्धि लगभग 4% रही। यह वृद्धि कंपनी के अपने विस्तार और नई कंपनियों को खरीदने से हुई। कंपनी ने अपने पुराने कारखानों से प्रति टन ₹1,270 का मुनाफा (EBITDA) कमाया। केसोरम को मिलाकर यह आंकड़ा ₹1,238 प्रति टन रहा। इंडिया सीमेंट्स ने खरीद के बाद पहली तिमाही में ही घाटा खत्म कर बराबर का मुनाफा कमाया और मार्च में 10 लाख टन से ज्यादा सीमेंट बेचा। कंपनी को अगले वित्त वर्ष में भी दोहरे अंकों में वृद्धि की उम्मीद है और वह 2027 तक प्रति टन लागत ₹300 से अधिक कम करने का लक्ष्य रखती है। हालांकि, गर्मी की लहर और अमेरिकी टैरिफ नीतियों से जहाज के किराए में बढ़ोतरी का खतरा है।
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Heat wave impacting near-term demand
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Volume Growth (Q4 FY25)
10%
+6pp vs industry
UltraTech's volume growth outpaced the industry's ~4% growth in Q4 FY25.
EBITDA per ton (Organic)
₹1,270
N/A
Organic EBITDA per ton for Q4 FY25, excluding acquisitions.
India Cements March Sales
1M tons
N/A
India Cements achieved record monthly sales of over 1 million tons in March 2025.
Capacity Utilization (FY25)
79%
N/A
Effective capacity utilization for the full year on 150M tons available capacity.
What Changed vs Last Quarter
NEW
India Cements EBITDA per ton to cross ₹500 in FY26
India Cements is expected to achieve EBITDA per ton of over ₹500 in the current fiscal year, up from ₹40 in Q4 FY25.
NEW
Cost improvement of ₹300+ per ton by FY27
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.
NEW
Capacity expansion to 212M tons by FY27
UltraTech plans to increase total cement capacity to ~212 million tons by FY27, up from 184M tons currently, through ongoing organic capex.
UPDATED
Double-digit volume growth in FY26 on like-for-like basis
Management expects organic volume growth of over 10% in FY26, excluding contributions from India Cements and Kesoram.
DROPPED
India Cements turnaround in 12 months
Management aims to improve India Cements' performance to within INR 200-300/ton of UltraTech's EBITDA within 12 months from January 2025.
DROPPED
CapEx of INR 9,000 crore in FY26
Organic CapEx for UltraTech standalone is guided at ~INR 9,000 crore for FY26, tapering to INR 6,000-7,000 crore in FY27.
DROPPED
Fuel cost to decline to ~INR 1.7/kcal
Based on current spot prices, fuel costs are expected to trend down to around INR 1.7 per kcal in the near term.
NEW RISK
Heat wave impacting near-term demand
Management noted that extreme heat in April-May 2025 is slowing construction activity, which could affect Q1 FY26 volumes.
NEW RISK
Ocean freight cost volatility from US tariffs
US tariff policies may increase ocean freight costs, impacting input costs for imported coal and petcoke.
NEW RISK
Price hike sustainability in South India
Analysts questioned whether recent price increases in the South would hold, given historical dilution patterns and competitive intensity.
RISK GONE
State-level mineral taxes
Supreme Court ruling allowing states to levy taxes on minerals could increase costs, though management sees limited immediate impact.
RISK GONE
Pricing pressure in South India
Analyst flagged potential intense competition in South due to capacity additions; management expects demand to support prices.
RISK GONE
Delay in Kesoram mine approvals
Pending approvals for mines in Telangana and Karnataka could delay consolidation beyond FY25.
🤫 Topics management stopped discussing
Mentioned in Q2 FY24, Q2 FY25, Q3 FY24, Q4 FY24
Management noted that petcoke sellers are holding inventory, suggesting potential price increases; ocean freight costs could also rise.
Mentioned in Q2 FY24, Q3 FY24, Q3 FY25
Organic CapEx for UltraTech standalone is guided at ~INR 9,000 crore for FY26, tapering to INR 6,000-7,000 crore in FY27.
Mentioned in Q1 FY25, Q3 FY24, Q4 FY24
Realizations declined 2.4% YoY and July prices are 1.5% softer sequentially, with no near-term recovery expected.
Mentioned in Q1 FY25, Q2 FY25, Q4 FY24
Despite recent price hikes, industry profitability remains low; if demand recovery falters, prices could remain depressed.
Mentioned in Q2 FY25, Q3 FY24
CCI approval for India Cements and NCLT approval for Kesoram are pending; any delay could push closure beyond current fiscal.
Fast read
Guidance and risk preview
Management expects organic volume growth of over 10% in FY26, excluding contributions from India Cements and Kesoram.
Management noted that extreme heat in April-May 2025 is slowing construction activity, which could affect Q1 FY26 volumes.
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