Ultratech Cement Limited · NSE:ULTRACEMCO
Ultratech Cement — Q3 FY26 Earnings Presentation
36 slides from Ultratech Cement's earnings presentation, Jan 24, 2026
Slide 1: Filing cover letter to stock exchanges
24th January, 2026 BSE Limited The National Stock Exchange of India Limited Corporate Relationship Department Listing Department Scrip Code: 532538 Scrip Code: ULTRACEMCO Sub: Investor Presentation for the quarter ended 31st December, 2025 Dear Sirs, Attached is an investor presentation on the perfo
Slide 2: Q3 FY26 Result Presentation
UltraTech Cement Limited Q3 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 highlights performance overview
Slide 4: Macro and Sectoral overview
Macro and Sectoral overview Demand drivers and policy tailwinds Rawan Cement Works
Slide 5: Macro Indicators
Macro Indicators ~59% of Interest rate India’s CPI IIP grew 6.7% budgeted down 100bps inflation was in Nov’25 - central since Feb’25. 1.33% in strong government This will Dec’25. recovery capex incurred support post-festive till Nov’25. domestic season. GDP to grow at demand. ~7.4% for FY26. Source:
Slide 6: Sectoral Update Q3 FY26
Sectoral Update Q3 FY26 Zone I C H R Key Drivers ❖ Housing registered growth across regions ❖ Infra demand was supported by projects like Delhi-Amritsar Expressway, Indore Metro, Bhopal Metro, Mumbai-Delhi Expressway, Jewar Airport etc. North ❖ Demand in Delhi, Gurgaon and Faridabad was impacted due
Slide 7: Business Update
Business Update Delivering growth consistently Creative Visuallization UltraTech Cement: The largest cement supplier for the construction of Bhopal Metro Line.
Slide 8: Q3 FY26 Highlights
Q3 FY26 Highlights Domestic Grey Cement Capacity Utilisation Operating EBITDA/Mt volumes 15.4% 77% 1,051 YoY 5% YoY 140/Mt YoY 7
Slide 9: Consolidated Sales volumes
Consolidated Sales volumes Q3FY26 Growth^ Particulars (mtpa) (YoY) UltraTech 35.02 18.9% India Cements 2.59 25.3% Inter Company Sales (1.25) - Grey Cement (Domestic) 36.37 15.4% Export & Others 0.19 (6.2%) White Cement (Domestic) 0.55 7.8% Overseas (Grey + White) 1.99 11.7% Consolidated Sales Volume
Slide 10: Q3 FY26 Sales
Q3 FY26 Sales 35.7% 18.8% 76% 60.5% 39.5% 22% 81.2% 64.3% 2% Direct Sales Depot Sales Trade Non Trade Bag Sales Bulk Sales Road Rail Sea Note: Domestic operations excluding ICL 9
Slide 11: Ready Mix Concrete
Ready Mix Concrete Number of plants Number of Cities UltraTech’s RMC 425 163 Footprint 86 YoY 23 YoY Volume Revenue (Rs. crores) 3.96 Mn m3 1,848 25% YoY 26% YoY Cement Consumed RoCE 1.10 Mnt 34% 22% YoY RMC constitutes 3% of cement volumes 10
Slide 12: Q3 FY26 Operational highlights
Q3 FY26 Operational highlights Capacity Lead distance UBS outlets commissioned 1.8 mtpa 363 km 5,290 Domestic Grey cement 14 km YoY 20.4% of domestic sales 188.66 mtpa Green Power WHRS Renewable Power mix capacity capacity 42.1% 383 MW 1.28 GW 34% YoY 15% YoY 70% YoY 11
Slide 13: Key changes in New Labour Code
Key changes in New Labour Code ❖ The Government of India, as part of its Labour reform, has codified Four Labour Codes through rationalization, consolidation and simplification of 29 Labour Legislations. These codes are notified for implementation effective 21st November 2025. ❖ These reforms were i
Slide 14: ESG Update
ESG Update Building the future responsibly Andhra Pradesh Cement Works
Slide 15: 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 (times) (% of total power) [kg CO2/Mt cement] (Mnt) 9MFY26 Performance* 534 36.84 5.4x 41.1 % 2.0%^ 11% YoY 30%
Slide 16: ESG Scorecard
ESG Scorecard Clinker Conversion (times) WHRS Power mix (%) 1.49 21.5% 18.7% 1.45 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Alternative Fuel mix (%) Renewable Power mix (%) 7.0% 20.6% 5.5% 12.7% Q3FY25 Q3FY26 Q3FY25 Q3FY26 Note: Domestic grey cement operations excluding ICL 15
Slide 17: Leading Sustainably
Leading Sustainably Integrated Multisite Certification: Strengthening Governance & Sustainability UltraTech has adopted a first-of-its-kind Group Multisite Certification Model covering: ❖ Integrated Management System (IMS): ISO 9001, ISO 14001, ISO 45001 ❖ Energy Management System: ISO 50001:2018 ❖
Slide 18: CSR Initiatives
CSR Initiatives 1,26,799 beneficiaries from various healthcare initiatives 92,478 beneficiaries of village infrastructure initiatives Andhra Pradesh Cement Works Aditya Cement works Reddipalayam 8,471 beneficiaries of skill development programs 16,865 beneficiaries of social reform initiatives Jafra
Slide 19: ESG Ratings
ESG Ratings S&P Global CSA Score 71 (2025) Climate (2025) B Water (2025) B ESG Score (2023) 57 ESG Rating (2025) BB NSE Sustainability Ratings & Analytics 61 (2025) 18
Slide 20: Financial Performance
Financial Performance Strong fundamentals, Solid future
Slide 21: Consolidated Revenues
Consolidated Revenues Q3FY26 Growth Particulars (Rs. crores) (YoY) UltraTech Grey Cement (Domestic) 17,229 18.4% India Cements 1,107 - Export & Others 116 (4.8%) White Cement (Domestic) 677 5.6% ReadyMix Concrete 1,848 25.8% Construction Chemicals 311 34.6% Overseas (Grey + White) 1,194 35.1% Total*
Slide 22: Operating EBITDA/Mt
Operating EBITDA/Mt Volume Op. EBITDA Particulars (Mnt) Rs./Mt UltraTech 36.27 1,051 India Cements 2.59 399 (including UltraTech Brand sales) Total 38.87 1,007 UltraTech EBITDA/Mt improved by Rs.140 YoY and Rs.97 QoQ to Rs.1,051/Mt 21
Slide 23: Profitability
Profitability EBITDA (Rs. crores) PAT* (Rs. crores) Q3FY26 29% YoY 4,051 32% YoY 1,792 Q2FY26 3,268 1,232 Q3FY25 3,142 1,359 *excluding impact of New Labour Code Note: Q3FY25 numbers restated for Kesoram 22
Slide 24: Sales Realisation
Sales Realisation Grey Cement Realisation (Domestic) (Rs./Mt) 5,088 4,941 4,920 Q3FY25 Q2FY26 Q3FY26 Realisation declined 0.4% YoY and 3.3% QoQ Note: Realisation = Selling Price net of GST less Discounts 23
Slide 25: Key Cost Indicators (Grey Cement): Q3 FY26
Key Cost Indicators (Grey Cement): Q3 FY26 Logistics Fuel Power Raw Materials % of total costs 31% 22% 9% 16% Rs./Mt 1,135 884 349 664 YoY 4% 2% 15% 6% QoQ - 1% 6% 0.4% Note: Q3FY25 numbers restated for Kesoram 24
Slide 26: Logistics Cost (Grey Cement)
Logistics Cost (Grey Cement) Logistics costs (Rs./Mt) 1,183 1,136 1,135 Q3FY25 Q2FY26 Q3FY26 YoY : 4% decline QoQ ❖ Continued market proximity initiatives ❖ Reduction in lead distance by 14 km reduced lead distance by further 3 km ❖ Benefits of integration of acquired assets ❖ Impact of busy season
Slide 27: Fuel Cost (Grey Cement)
Fuel Cost (Grey Cement) Fuel Cost (Rs./Mt) Fuel Rate (Rs./Kcal)* 900 893 1.80 1.80 884 1.78 1.78 1.75 Q3FY25 Q2FY26 Q3FY26 Q3 25 Q2 26 Q3 26 YoY : 2% decline Petcoke Consumption Mix ❖ Blended imported fuel consumption (CV: 56% 7500) at $ 124/Mt 54% 52% ❖ Improved clinker conversion reduced the 44% 4
Slide 28: Power Cost (Grey Cement)
Power Cost (Grey Cement) Power Cost (Rs./Mt) 409 372 349 Q3FY25 Q2FY26 Q3FY26 YoY : 15% decline QoQ : 6% decline ❖ Power consumption was higher in the last ❖ Investment in green power lowering power quarter due to planned plant maintenance costs and advancing decarbonization activities Note: Q3FY25
Slide 29: Power Mix (Grey Cement)
Power Mix (Grey Cement) Q3 FY25 Q3 FY26 Particulars Power Rate Power Rate Mix (Rs./Kwh) Mix (Rs./Kwh) Captive Thermal Power 45.4% 7.1 35.8% 6.5 State Grid and Others 23.1% 8.1 22.0% 7.4 WHRS 18.7% 0.8 21.5% 0.7 Renewable Energy 12.7% 4.5 20.6% 4.4 Power Cost (Rs./Kwh) 5.8 5.1 Total Power Consumed (K
Slide 30: Raw Material Cost (Grey Cement)
Raw Material Cost (Grey Cement) Raw Material Cost (Rs./Mt) Raw Material Cost Index 661 664 Fly ash Limestone Raising Gypsum 105 628 104 102 100 101 99 100 99 98 94 Q3FY25 Q2FY26 Q3FY26 Q3 24 Q3 25 Q2 26 Q3 26 YoY : 6% increase ❖ Mainly on account of improved clinker conversion ratio Note: Q3FY25 num
Slide 31: Other Costs
Other Costs Other Cost (Rs./Mt) WPI 782 901 724 103 102 103 100 Q3FY25 Q2FY26 Q3FY26 Q3 23 Q3 25 Q2 26 Q3 26 YoY : 7% decline QoQ : 20% decline ❖ Operating leverage benefit ❖ Higher plant maintenance in last year same period ❖ Higher plant maintenance, advertising spend during the last quarter Note:
Slide 32: Operational Performance
Operational Performance Rs. crores Q3FY25 Q3FY26 Particulars Standalone Consolidated Standalone Consolidated Income: Net Sales 16,687 17,555 19,782 21,506 Other Operating Income 227 224 306 324 Expenses: Raw Materials Consumed 2,516 2,817 3,076 3,678 Purchase of Traded Goods 470 471 1,075 594 Change
Slide 33: Financial Statement
Financial Statement Rs. crores Q3FY25 Q3FY26 Particulars Standalone Consolidated Standalone Consolidated Net Sales 16,687 17,555 19,782 21,506 EBITDA 2,995 3,142 3,590 4,051 Finance Costs 417 457 433 492 Depreciation and Amortization 933 993 1,024 1,182 Tax expenses 321 328 542 554 Share of (Profit)
Slide 34: Financial Position
Financial Position Rs. crores Mar’25 Dec’25 Particulars Standalone Consolidated Standalone Consolidated Net Fixed Assets 82,881 1,02,268 86,906 1,06,406 Non-Current Investments 12,999 1,651 12,606 1,746 Net Working Capital (2,997) (2,843) (3,178) (2,721) Application of funds 92,883 1,01,076 96,334 1
Slide 35: Awards and Accolades
Awards and Accolades UltraTech recognised at Apex India Quality UltraTech recognised at ASSOCHAM India Water Excellence Award 2025 Leadership Conclave 2025 UltraTech’s Aditya Cement Works in Rajasthan was UltraTech’s Andhra Pradesh Cement Works was felicitated at Apex India Quality Excellence Award
Slide 36: 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