Ultratech Cement Limited · NSE:ULTRACEMCO
Ultratech Cement — Q2 FY26 Earnings Presentation
38 slides from Ultratech Cement's earnings presentation, Oct 20, 2025
Slide 1: Cover letter to exchanges on revised presentation
20th October, 2025 BSE Limited The National Stock Exchange of India Limited Corporate Relationship Department Listing Department Scrip Code: 532538 Scrip Code: ULTRACEMCO Dear Sirs, We refer to our earlier submission of the investor presentation titled “Investor Presentation for the quarter ended 30
Slide 2: UltraTech Cement Limited Q2 FY26 Result Presentation
UltraTech Cement Limited Q2 FY26 Result Presentation Stock code: BSE: 532538 | NSE: ULTRACEMCO Reuters: UTCL.NS | Bloomberg: UTCEM IS/UTCEM LX
Slide 3: Agenda
Agenda 1 2 3 4 Macro and Business ESG Financial Sectoral update update performance update
Slide 4: Macro and Sectoral Updates
Macro and Sectoral Updates Demand drivers and policy tailwinds Andhra Pradesh Cement Works
Slide 5: Macro Indicators
Macro Indicators Upward revision Reduction in Continuous Above normal of GDP estimate Personal budgetary monsoon, better from 6.5% to Income Tax support for water reservoirs 6.8% by RBI rates along affordable levels, good crop with reduction housing in both sowing, MSP CPI slowed in GST slab Rural a
Slide 6: Sectoral Update Q2 FY26
Sectoral Update Q2 FY26 Zone I C H R Key Drivers ❖ Housing registered overall growth. Adverse weather conditions impacted demand in certain regions ❖ Infrastructure registered degrowth on account of monsoons in parts of Punjab, Uttarakhand, Himachal Pradesh and Jammu & Kashmir. Completion of major N
Slide 7: Business Update
Business Update Delivering growth with precision Creative Visuallization UltraTech Cement: The largest cement supplier for the construction of extension road and Dwarka expressway in Delhi NCR.
Slide 8: Q2 FY26 Highlights (UltraTech existing assets – 166.76 Mtpa)
Q2 FY26 Highlights (UltraTech existing assets – 166.76 Mtpa) Domestic Domestic Grey Cement volume Grey Cement Operating EBITDA/t growth Realisation 7.1% YoY 4.5% YoY 966 241/mt YoY 7
Slide 9: Sales volumes
Sales volumes Consolidated Sales volume (mtpa) Growth^ Particulars Q2 FY26 (YoY) UltraTech 29.90 9.6% India Cements 2.44 5.9% Inter Co. Sales - 0.76 NA Grey Cement (Domestic) 31.58 6.8% Export and Others 0.17 - 22.6% White Cement 0.51 13.0% Overseas (Grey + White) 1.78 7.2% Consolidated Sales Volume
Slide 10: Q2 FY26 sales performance overview
Q2 FY26 sales performance overview 33.7% 18.4% 75% 22% 41.3% 58.7% 81.6% 65.7% 3% Trade Non Trade Bag Sales Bulk Sales Road Rail Sea Direct Sales Depot Sales Note: Domestic operations excluding ICL 9
Slide 11: Ready Mix Concrete
Ready Mix Concrete Number of plants Number of Cities UltraTech’s RMC Footprint 408 161 87 YoY 27 YoY Volume (Mn m3) Revenue (₹ crores) 3.79 1,811 26% YoY 30% YoY Cement Consumed (Mnt) RoCE 1.07 30% 25% YoY 10
Slide 12: Q2 FY26 Operational Highlights
Q2 FY26 Operational Highlights Clinker conversion Green power mix^ Premium product mix UBS outlets# 1.48 41.6% 37.4% 5,084 v/s 1.45 YoY 38% YoY 14% YoY 20% YoY ^ Reached 1.19 GW of renewable power capacity and 369 MW of WHRS power, # contributing 20.5% of domestic grey cement sales volume 11
Slide 13: Organic growth plans on track
Organic growth plans on track Plan for FY26 Plan for FY27 Cement Capacity Cement Capacity (mtpa) Particulars Unit Project Particulars Unit Project (mtpa) Earlier Revised Nagpur, Maharashtra (Debottlenecking) GU B 0.6 Aligarh, Uttar Pradesh GU B 2.7 2.7 Commissioned Bhagalpur, Bihar GU G 3.3 3.3 Pani
Slide 14: Revolutionizing Cement Logistics
Revolutionizing Cement Logistics UltraTech and CONCOR Forge Strategic Strategic agreement Partnership for Bulk Cement movement in tank containers ❖ As part of the collaboration, CONCOR will provide storage and unloading facilities at Dronagiri Rail Terminal, Mumbai. Cement movement to take place on
Slide 15: ESG Update
ESG Update Building the future responsibly Hybrid round-the-clock (RTC) renewable energy project at Sewagram
Slide 16: Marching ahead sustainably
Marching ahead sustainably Climate Circular Green and Environment Economy Power Energy Scope 1 Alternative Raw ESG Water Positive Green Power Mix Net CO2 Emission Materials and Fuel Metric [kg CO2/t cement] (Mnt) (times) (% of total power) H1FY26 Performance* 540 24.03 5.6 x 40.5 % 1.8% YoY 12% YoY
Slide 17: ESG Scorecard
ESG Scorecard Clinker Conversion (times) WHRS Power mix (%) 1.48 19.2% 17.4% 1.45 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Alternative Fuel mix (%) Renewable Power mix (%) 7.3% 22.3% 4.9% 12.8% Q2FY25 Q2FY26 Q2FY25 Q2FY26 Note: Domestic grey cement operations excluding ICL 16
Slide 18: Leading Sustainably
Leading Sustainably Key updates ❖ UltraTech’s community watershed project in ❖ Operationalised India’s first of its kind on site Madhya Pradesh revives biodiversity and boosts hybrid RTC renewable energy project rural livelihoods • Commissioned 7.5MW RTC hybrid renewable energy. • Our internal biodi
Slide 19: CSR initiatives
CSR initiatives Restored lifeline for community in Karamta, Kutch ❖ Karamta, located 130 kms from Bhuj, is a small hamlet, home to 60 families. The region faces an arid, dry climate, and water scarcity has been a pressing challenge. ❖ The families relied on a 40-foot-deep well, located outside the v
Slide 20: ESG Ratings
ESG Ratings S&P Global CSA Score 77 (2025) S&P Global CSA Rank (2025) 8th (DJSI, Sector: Construction Materials) Climate (2024) B Water (2024) B ESG Score (2023) 57 ESG Rating (2024) B NSE Sustainability Ratings & Analytics 62 (2024) 19
Slide 21: Financial Performance
Financial Performance Strong fundamentals, solid future
Slide 22: Revenues Mix
Revenues Mix Consolidated Revenue ₹ Crores Growth^ Particulars Q2 FY26 (YoY) Grey Cement (Domestic) 15,217 14.6% Export & Others 99 -16.0% White Cement 617 17.5% ReadyMix Concrete (RMC) 1,811 29.6% Construction Chemicals 283 32.2% Overseas (Grey + White) 1,023 23.0% India Cements 1,115 - Consolidate
Slide 23: Operating EBITDA/Mt (UltraTech existing assets – 166.76 Mtpa)
Operating EBITDA/Mt (UltraTech existing assets – 166.76 Mtpa) Volume Op. EBITDA Op. EBITDA Particulars (Mnt) (₹ Crores) ₹/Mt UltraTech Existing Operations 29.71 2,871 966 India Cements 2.44 95 386 Kesoram Cement Assets 1.70 129 755 UltraTech Consolidated 33.85 3,094 914 22
Slide 24: Profitability
Profitability EBITDA (₹ crores) PAT (₹ crores) 4,591 2,226 3,268 2,253 1,232 45% YoY 703 75% YoY Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Note: Q2FY25 numbers restated for Kesoram 23
Slide 25: Sales Realisation
Sales Realisation Grey Cement Realisation (Domestic) (₹/Mt) 5,163 5,088 4,868 Q2FY25 Q1FY26 Q2FY26 Realisation improved 4.5% YoY and declined 1.4% QoQ Note: Realisation = Selling Price net of GST less Discounts 24
Slide 26: Key Cost Indicators (Grey Cement): Q2 FY26
Key Cost Indicators (Grey Cement): Q2 FY26 Logistics Fuel Power Raw Materials % of total costs 28% 21% 9% 16% ₹/Mt 1,136 893 372 661 YoY 6% 6% 8% 5% QoQ 2% 3% 5% 5% Note: Domestic operations excluding ICL, Variance % calculated based on restated Q2FY25 for Kesoram 25
Slide 27: Logistics Cost (Grey Cement)
Logistics Cost (Grey Cement) Logistics costs (₹/Mt) 1,209 1,158 1,136 Q2FY25 Q1FY26 Q2FY26 6% cost decrease YoY 2% cost decrease QoQ ❖ Primary lead distance reduced to 366 kms in Q2FY26 v/s 388 kms in Q2FY25 ❖ Primary lead distance reduced to 366 kms in Q2FY26 v/s 370 kms in Q1FY26 ❖ Sustainable imp
Slide 28: Fuel Cost (Grey Cement)
Fuel Cost (Grey Cement) Fuel Cost (₹/Mt) Fuel Rate (₹ /Kcal)* 951 871 893 1.85 1.78 1.78 1.80 1.75 Q2FY25 Q1FY26 Q2FY26 Q2 25 Q1 26 Q2 26 Cost decreased 6% YoY Petcoke Consumption Mix ❖ Blended imported fuel consumption (CV: 58% 54% 54% 52% 7500) at $ 125/t; 5% lower YoY 44% ❖ Savings on account of
Slide 29: Power Cost (Grey Cement)
Power Cost (Grey Cement) Power Cost (₹/Mt) Green Power Mix 41.6% 403 39.5% 356 372 30.2% 19.5% Q2FY25 Q1FY26 Q2FY26 Q2 23 Q2 25 Q1 26Q2 26 8% cost decrease YoY 5% cost increased QoQ ❖ Green Power Mix has increased to 41.6% ❖ Increase in power consumption led by v/s 30.2% in Q2FY25 plant maintenance
Slide 30: Sources of Power (Grey Cement)
Sources of Power (Grey Cement) Q2 FY26 Q2 FY25 Particulars Power Rate Power Rate Mix (₹/Kwh) Mix (₹/Kwh) Captive Thermal Power 38.1% 6.9 46.1% 7.1 State Grid and Others 20.3% 7.1 23.7% 6.7 Renewable Energy 22.3% 4.6 12.8% 4.6 WHRS 19.2% 0.8 17.4% 0.7 Power Cost (₹/Kwh) 5.3 5.6 Total Power Consumed (
Slide 31: Raw Material Cost (Grey Cement)
Raw Material Cost (Grey Cement) Raw Material Cost (₹/Mt) Raw Material Cost Index 661 Fly ash Limestone Raising Gypsum 632 628 108 105 101 100 101 98 101 98 98 98 Q2FY25 Q1FY26 Q2FY26 Q2 24 Q2 25 Q1 26 Q2 26 5% cost increased YoY 5% cost increased QoQ ❖ Clinker conversion at 1.48 v/s 1.45 in Q2 ❖ Inc
Slide 32: Other Costs
Other Costs Other Cost (₹/Mt) WPI 842 901 687 100 101 101 101 Q2FY25 Q1FY26 Q2FY26 Q2 23 Q2 25 Q1 26 Q2 26 31% cost increased QoQ ❖ Mainly on account of plant maintenance, higher advertising spend during the quarter ❖ Impact of operating leverage Note: Domestic Operations excluding ICL, Last year nu
Slide 33: Operational Performance
Operational Performance ₹ Crores Q2FY25 Q2FY26 Particulars Standalone Consolidated Standalone Consolidated 15,233 15,967 Net Sales 17,632 19,371 332 327 Other Operating Income 232 236 187 226 Other Income 73 174 15,752 16,521 Total Income 17,937 19,781 Expenses: 2,394 2,635 Raw Materials Consumed 2,
Slide 34: Financial Statement
Financial Statement ₹ Crores Q2FY25 Q2FY26 Particulars Standalone Consolidated Standalone Consolidated 15,233 15,967 Net Sales 17,632 19,371 2,129 2,253 EBITDA 2,843 3,268 358 393 Finance Costs 396 459 926 980 Depreciation and Amortization 1,002 1,148 165 171 Tax expenses 381 418 - (1) Share of Prof
Slide 35: Financial Position
Financial Position ₹ Crores Mar-25 Sep-25 Particulars Standalone Consolidated Standalone Consolidated 82,881 1,02,268 Net Fixed Assets^ 85,593 1,05,133 12,999 1,651 Non-Current Investments 12,742 1,865 (2,997) (2,843) Net Working Capital (2,087) (1,650) 92,883 1,01,076 Application of funds 96,249 1,
Slide 36: Consolidated Cash Flow
Consolidated Cash Flow ₹ Crores Particulars H1FY26 EBITDA 7,859 Less: Interest & lease payments (886) Less: Taxes paid (Net of refunds) (40) Less: Change in working capital (2,057) Operating Cash Flow 4,875 Less: Capex spends (Incl. Solar Investment) (4,880) Less: Investment in Wonder Wall Care (234
Slide 37: Awards and Accolades
Awards and Accolades UltraTech Cement’s Units Shine Bright at CII Awards UltraTech has once again raised the bar in sustainability and energy excellence, bagging prestigious awards at the 26th CII National Award for Excellence in Energy Management 2025. Sr. No Unit 1. Pali Cement Works, Rajasthan 2.
Slide 38: Disclaimer
Disclaimer Statements in this ‘presentation’ describing the Company’s objectives, estimates, expectations or predictions may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Impor