Cement production capacity
200M tons
+33% vs 150M tons
First company outside China to achieve 200M tons in a single country.
ULTRATECHCEMENT
Manufacturing
14 Apr 2026
UltraTech Cement Ltd — Q4 FY26
UltraTech Cement delivered a strong Q4 FY26, with consolidated sales volumes crossing 44 million tons and PAT of ₹3,000 crore for the quarter.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Sales volume (Q4)
44M tons
+19% YoY (UltraTech brand)
Record quarterly volume driven by strong demand and brand migration.
EBITDA per ton (India, excl. acquired assets)
₹1,296
+5.8% YoY
Improved from ₹1,225 in Q4 FY25, driven by cost efficiencies and premiumization.
Green energy share of power needs
43%
+5pp YoY
On track to reach 85% by FY30, reducing exposure to fuel price volatility.
Management Guidance
Volume growth of 7-8% sustainable, double-digit in FY27
Management expects sustainable volume growth of 7-8% per annum, with FY27 targeting double-digit growth driven by structural demand.
growthAnnual capex of ₹8,000-10,000 crore for foreseeable future
Capex will continue at ₹8,000-10,000 crore per year for cement capacity expansion beyond 240 million tons.
capexIndia Cements EBITDA per ton to exceed ₹1,000 by FY28
Cost improvement capex and price increases will drive India Cements' EBITDA per ton above ₹1,000 by end of FY28.
marginsClinker conversion ratio target of 1.54x by FY28
Target to improve clinker conversion ratio to 1.54x by FY28, enhancing profitability through blended cement.
otherKey Risks
West Asia conflict driving input cost inflation
Rising fuel, bag, and freight costs due to the conflict could pressure margins; management noted a ₹90 crore impact on bags in March alone.
high · management_commentaryForex volatility from rupee devaluation
Rupee devaluation led to a mark-to-market hit of ~₹130-140 per ton on foreign currency borrowings, impacting EBITDA.
medium · analyst_questionDemand slowdown from rising building material costs
Steel, PVC, and other materials have become expensive, potentially affecting overall construction demand, though management sees no slowdown yet.
medium · analyst_questionLegal hurdles delaying India Cements merger
Inherited legal cases may delay full integration of India Cements; management is cautious about risks to UltraTech's balance sheet.
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 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.