UltraTech Cement (ULTRACEMCO) Q3 25/26 earnings summary

Executive summary

• Robust demand from government infrastructure projects and marquee investments drove strong cement consumption and 22.5%–23% YoY revenue growth in Q3FY26, with operational efficiencies and major acquisitions (Kesoram, India Cements) supporting performance.

• EBITDA rose 29% YoY to ₹4,051 crore, with PAT up 32% YoY to ₹1,792 crore, reflecting improved margins and cost control.

• Capacity utilisation improved to 77%, with ongoing expansion to add 8–9 mt in Q4 FY26, 12 mt in FY27, and further in FY28.

• Integration of Kesoram and India Cements is ahead of plan, with significant brand conversion and cost improvement initiatives underway.

• Growth is funded through internal accruals, maintaining a healthy leverage profile and prudent balance sheet.

Financial highlights

• Consolidated sales volumes reached 38.87 mtpa, up 15% YoY; UltraTech brand volumes grew 22.3%.

• EBITDA for Q3FY26: ₹4,051 crores, up from ₹3,142 crores in Q3FY25; EBITDA per ton for Kesoram was around INR 600, India Cements at INR 400.

• Premium product share reached 36% in Q3.

• Net debt/EBITDA at 1.08x, targeting 0.89x by year-end; net debt stood at ₹17,929 crore (consolidated) as of Dec'25.

• Operating EBITDA/mt improved by ₹140 YoY to ₹1,051/mt.

Outlook and guidance

• Expectation to operate at over 90% of installed capacity in Jan–Mar, reflecting strong demand.

• Ongoing capacity expansion to reach 240.76 mtpa post current phase, with 22.8 mtpa under development.

• Cement prices have started to improve after a period of softness, with further increases anticipated.

• Cost-saving initiatives are on track, with annual efficiency improvements expected to exceed INR 100 per ton.

• Renewable energy share targeted to rise from 41% to 60% by FY27/FY28.