Ultratech Cement Limited · NSE:ULTRACEMCO
Ultratech Cement — Q4 FY26 Earnings Presentation
47 slides from Ultratech Cement's earnings presentation
Slide 1: A Force for Nation Building
UltraTech Cement Limited Q4FY26 Results A Force for Nation Building
Slide 2: Agenda
Agenda Macro Business Financial ESG overview highlights performance updates 2
Slide 3: Macro overview
Macro oOvernview m4 Uttrattech 4 | |
Slide 4: Macro Indicators
Macro overview Macro Indicators - RBI estimates India’s FY26 GDP growth at - RBI maintained repo rate at 5.25% and ~7.6%, reflecting economic resilience retained neutral policy stance - Evolving Geopolitical environment - Low and stable interest rates will help support domestic demand - Government c
Slide 5: Key drivers across regions
Macro overview Key drivers across regions − Housing and rural markets registered growth across all regions. North I C H R − Infrastructure demand was subdued due to GRAP IV restrictions in Delhi NCR and adverse weather conditions in Jammu & Kashmir, Himachal Pradesh and Uttarakhand.. − Commercial se
Slide 6: West Asia conflict update
Macro overview West Asia conflict update Implication on Cement Industry Imported coal Cement bag Higher & petcoke availability and diesel Other indirect price volatility cost pressure cost impacts $10 cost increase leads to 10% cost increase leads to 10% cost increase leads to negative impact of neg
Slide 7: Business highlights
Business highlights
Slide 8: Q4FY26 Key highlights
Business highlights Q4FY26 Key highlights 42.41 MTPA Rs. 25,467 Cr Rs. 1,253 Domestic Grey Cement Volume Consolidated Revenue Operating EBITDA/t 9.3% YoY 11.8% YoY Rs. 127/t YoY Robust growth in Volume, Revenues, and Profitability 8
Slide 9: Q4FY26 Operational performance
Business highlights Q4FY26 Operational performance 2.7 MTPA 5,568 367 km Grey Cement capacity UBS outlets Lead distance commissioned Total: 196.8 mtpa* 21% YoY 18km YoY 414 MW 1.39 GW 43% WHRS capacity Renewable Power capacity Green Power mix 18% YoY 36% YoY 25% YoY *UltraTech’s global grey cement c
Slide 10: Consolidated Sales volume
Business highlights Consolidated Sales volume Q4FY26 FY26 Particulars Volume (MnT) Growth (YoY) Volume (MnT) Growth (YoY)^ UltraTech Grey Cement (Domestic) 42.01 15.2% 140.00 11.9% India Cements 3.12 18.0% 10.33 15.2% Inter-Company elimination (2.73) - (5.33) - Grey Cement (Domestic) 42.41 9.3% 145.
Slide 11: Q4FY26 Sales performance
Business highlights Q4FY26 Sales performance Trade Bag Direct Road 65.8% 80.2% 61.1% 75.0% Non-Trade Bulk Depot Sea Rail 34.2% 19.8% 38.9% 2.0% 23.0% 11
Slide 12: Q4FY26 Ready Mix Concrete
Business highlights Q4FY26 Ready Mix Concrete 465 167 UltraTech’s RMC footprint Plants Cities 70 plants YoY 12 cities YoY 4.78 Mn m3 Rs. 2,262 Cr Volume Revenue 20% YoY 24% YoY 1.34 MnT 33% Cement consumed RoCE 21% YoY RMC consumed 3% of cement volume 12
Slide 13: Progress on Sustainable Cost Improvement Initiatives
Business highlights Progress on Sustainable Cost Improvement Initiatives Efficiency gains (Rs./t)* Particulars UOM FY24 FY25 FY26 FY25 FY26 WHRS Capacity MW 278 342 414 19 13 Renewable Power MW 612 1,021 1,392 12 12 Clinker Conversion times 1.44 1.46 1.48 9 2 Alternative Fuel Mix % 5.1% 6.1% 7.2% 4
Slide 14: UltraTech marching ahead
Business highlights UltraTech marching ahead Grey Cement Capacity (MTPA) Grey Cement Capacity (MTPA) Apr to Apr to Zones FY26 FY27 FY28 242.5 Mar-27 Mar-28 212.7 North 37.5 5.7 43.2 15.0 58.2 188.8 196.8 Central 35.6 - 35.6 - 35.6 146.2 East 33.3 3.3 36.6 6.6 43.2 West 34.5 - 34.5 6.0 40.5 South 50.
Slide 15: Capacity expansion roadmap
Business highlights Capacity expansion roadmap Cement Capacity Cement Capacity Plan for FY27 Plan for FY28 (MTPA) (MTPA) Greenfield Greenfield Visakhapatnam, Andhra Pradesh 3.0 Sehore, Madhya Pradesh 3.0 Shahjahanpur, Uttar Pradesh 2.7 Lalitpur, Uttar Pradesh 1.8 Petnikota, Andhra Pradesh 3.6 Banka,
Slide 16: Powering India's Infrastructure Projects
Business highlights Powering India's Infrastructure Projects Kumar Bhaskar Varma Setu, Assam Noida International Airport, Uttar Pradesh UltraTech Cement is a key cement supplier for the project UltraTech Cement is a key cement supplier for the project Creative visualization, not to scale 16
Slide 17: New Product Launch - Construction Chemicals
Business highlights New Product Launch - Construction Chemicals Weather Pro Top-Shield EZY — 2X Protection for Roof Against Dampness! 17
Slide 18: Wires and Cables | Progress update
Business highlights Wires and Cables | Progress update Facility set-up Key ERP and CRM Channel completed, Regulatory testing partners, machine approvals underway; B2B customer installation in place Leadership and influencer near team onboarding completion onboarded underway Rs. 1,800 Cr ~ Rs. 764 Cr
Slide 19: Financial performance
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Slide 20: Consolidated Revenues
Financial performance Consolidated Revenues Q4FY26 FY26 Particulars Rs. Cr Growth (YoY) Rs. Cr Growth (YoY) UltraTech Grey Cement (Domestic) 21,148 15.3% 70,666 13.6% India Cements 1,211 0.9% 4,454 - White Cement (Domestic) 800 14.9% 2,665 8.8% Ready Mix Concrete 2,262 24.4% 7,747 25.6% Construction
Slide 21: Operating EBITDA/t
Financial performance Operating EBITDA/t Volume Operating EBITDA Particulars (MnT) (Rs./t) UltraTech 41.58 1,296 India Cements 3.12 670* *Incl. UltraTech Brand Sales Total 44.71 1,253 21
Slide 22: Sales Realisation
Financial performance Sales Realisation Grey Cement (domestic) (Rs./t) 2.3% increase QoQ 1.5% increase 5,032 5,034 5047 4,920 4974 Q4FY25 Q3FY26 Q4FY26 FY25 FY26 Domestic operations excluding ICL, Realisation = Selling Price net of GST less Discounts 22
Slide 23: Profitability
Financial performance Profitability EBITDA (Rs. Cr) PAT* (Rs. Cr) 20% increase YoY 21% increase YoY 5,688 3,011 4,721 4,051 2,484 1,796 Q4FY25 Q3FY26 Q4FY26 Q4FY25 Q3FY26 Q4FY26 Highest ever quarterly EBITDA and PAT *Before exceptional items 23
Slide 24: Grey Cement: Q4FY26 Key cost indicators
Financial performance Grey Cement: Q4FY26 Key cost indicators Logistics Fuel Power Raw material % of total costs 32% 21% 9% 17% Rs./t 1,154 874 325 658 QoQ 2% 1% 7% 1% YoY 2% 1% 9% 6% Domestic operations excluding ICL | Previous period numbers restated for Kesoram 24
Slide 25: Grey Cement: Logistics cost
Financial performance Grey Cement: Logistics cost Logistics cost (Rs./t) 2% decrease YoY YoY − Reduction in lead distance by 18 km − Improvement in logistics efficiency 2% increase QoQ QoQ 1,182 − Higher lead distance by 4 km − Higher despatches 1,154 1,135 Q4FY25 Q3FY26 Q4FY26 Domestic operations e
Slide 26: Grey Cement: Fuel cost
Financial performance Grey Cement: Fuel cost Fuel cost (Rs./t) Fuel rate (Rs./kcal) 1% decrease 1.80 1.80 YoY and QoQ 1.78 1.77 884 881 1.75 874 Q4FY25 Q3FY26 Q4FY26 Pet coke consumption mix 54% 52% 44% 45% 41% Q4FY25 Q3FY26 Q4FY26 Q4FY25 Q3FY26 Q4FY26 Domestic operations excluding ICL | Previous pe
Slide 27: Grey Cement: Power cost
Financial performance Grey Cement: Power cost Q4FY25 Q4FY26 Particulars Power mix Rate (Rs./kWh) Power mix Rate (Rs./kWh) Captive thermal power 42.0% 6.48 36.4% 5.99 State grid and others 23.6% 6.97 20.6% 7.62 Renewable energy 13.9% 4.36 20.4% 4.45 Waste heat recovery system 20.5% 0.71 22.6% 0.60 Po
Slide 28: Grey Cement: Raw material cost
Financial performance Grey Cement: Raw material cost Raw material cost (Rs./t) Raw material cost index Fly ash Limestone raising Gypsum 6% increase YoY 105 105 105 1% decrease QoQ 102 104 104 664 100 658 98 622 95 94 Q3FY26 Q4FY24 Q4FY26 Q4FY25 Q4FY25 Q3FY26 Q4FY26 Domestic operations excluding ICL
Slide 29: Other costs
Financial performance Other costs Other costs (Rs./t) WPI 3% increase YoY 7% decrease QoQ 105 724 103 102 673 100 652 Q4FY25 Q3FY26 Q4FY26 Q3FY26 Q4FY24 Q4FY26 Q4FY25 − YoY: Higher packaging cost − QoQ: Operating leverage benefit partly offset by higher packaging cost Domestic operations excluding I
Slide 30: Financial performance for the quarter (1/2)
Financial performance Financial performance for the quarter (1/2) (Rs. Cr) Q4FY25 Q4FY26 Particulars Standalone Consolidated Standalone Consolidated Income: Net sales 20,856 22,788 24,267 25,467 Other Operating income 279 275 315 333 Expenses: Raw materials consumed 3,024 3,530 3,549 4,074 Purchase
Slide 31: Financial performance for the quarter (2/2)
Financial performance Financial performance for the quarter (2/2) (Rs. Cr) Q4FY25 Q4FY26 Particulars Standalone Consolidated Standalone Consolidated EBITDA 4,725 4,721 5,026 5,688 Finance costs 400 475 431 487 Depreciation and amortisation 991 1,125 1,054 1,208 Tax expenses 652 626 920 981 Share of
Slide 32: Financial performance for the year (1/2)
Financial performance Financial performance for the year (1/2) (Rs. Cr) FY25 FY26 Particulars Standalone Consolidated Standalone Consolidated Income: Net sales 70,857 74,936 81,080 87,384 Other Operating income 1,038 1,019 1,090 1,128 Expenses: Raw materials consumed 10,589 11,822 12,332 14,568 Purc
Slide 33: Financial performance for the year (2/2)
Financial performance Financial performance for the year (2/2) (Rs. Cr) FY25 FY26 Particulars Standalone Consolidated Standalone Consolidated EBITDA 12,990 13,302 15,816 17,598 Finance costs 1,465 1,651 1,630 1,872 Depreciation and amortisation 3,739 4,015 4,055 4,644 Tax expenses 1,504 1,488 2,622
Slide 34: Financial position
Financial performance Financial position (Rs. Cr) March 2025 March 2026 Particulars Standalone Consolidated Standalone Consolidated Net fixed assets 82,881 1,02,268 88,315 1,08,035 Non-current investments 12,999 1,651 12,541 1,719 Net working capital (2,997) (2,843) (3,202) (2,593) Application of fu
Slide 35: Consolidated cash flow
Financial performance Consolidated cash flow (Rs. Cr) Particulars FY26 EBITDA 17,598 Interest and lease payments (2,145) Taxes paid (Net of refunds) (1,301) Increase in working capital (656) Operating cash flow 13,496 Capex & Investments (10,064) Sale of: Asset held for sale & Investments 956 Free c
Slide 36: Balancing expansion and sustainability
Financial performance Balancing expansion and sustainability Capex (Rs. Cr) 10,064 ~10,000 9,187 9,428 23% 23% 14% 20% 11% 10% 12% 16% 75% 70% 66% 61% FY24 FY25 FY26 FY27E Growth ESG Others 36
Slide 37: Key Ratios
Financial performance Key Ratios Basic EPS (Rs.) RoE RoCE Net Debt/EBITDA 11.8% 14.9% 1.33 278 13.4% 10.1% 0.94 205 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 RoE = PAT/Average Shareholder’s Fund excluding Goodwill | RoCE = EBIT/Capital employed excluding Goodwill and CWIP 37
Slide 38: ESG updates
ESG updates Hirmi Cement Works, Chhattisgarh
Slide 39: Sustainability Progress
ESG updates Sustainability Progress FY26 Performance Climate and Energy Circular Economy Scope 1 Net CO2 Emission Alternative Raw Materials and Fuel (kg CO2/t cement) (MnT) 539 462 FY32 Target 49.4 1.1% YoY 25.7% YoY Environment Green Power Water Positive Green Power Mix (times) (% of total power) 5
Slide 40: ESG metrics
ESG updates ESG metrics Clinker conversion Alternative fuel mix WHRS power mix Renewable power mix 1.48x 7.0% 20.4% 22.6% 20.5% 6.7% 1.45x 13.9% Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Domestic grey operations excluding ICL 40
Slide 41: ESG Ratings
ESG updates ESG Ratings 71 B 57 BB 61 S&P Global CSA Score Climate Action and ESG Score ESG Rating NSE Sustainability (2025) Water Security (2023) (2025) Ratings & Analytics (2025) (2024) 41
Slide 42: Strengthening rural communities
ESG updates Strengthening rural communities Turning Rain into Resilience: Jhaprahwa, Uttar Pradesh − Village Jhaprahwa near Dalla Cement Works faced chronic water scarcity, soil erosion, and agricultural stress. To address this, a check dam was constructed. − Despite logistical and terrain challenge
Slide 43: Strengthening rural communities
ESG updates Strengthening rural communities Waste to Wealth: Project by Andhra Pradesh Cement Works − Tadipatri banana cluster generates ~41,000 MT p.a. of pseudostem waste, earlier burnt or discarded, causing emissions and resource loss. − UltraTech intervened and launched Project Uday which applie
Slide 44: Other CSR Initiatives
ESG updates Other CSR Initiatives 1,60,566 2,15,172 beneficiaries of beneficiaries of various healthcare village infrastructure initiatives initiatives Sewagram Gujarat Cement Works Dalla Cement Works Cement Works Dhar Cement Works 2,236 49,264 beneficiaries of beneficiaries of skill development soc
Slide 45: Continued recognition for energy leadership
ESG updates Continued recognition for energy leadership Gold Award at IGMC 2025 Gold Award at 3rd FICCI Awards Patliputra Cement Works has been honoured at the India UltraTech Cement Limited reaffirms sustainability Green Manufacturing Challenge (IGMC) with Gold Award leadership with Gold at 3rd FIC
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Slide 47: 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