UltraTech Cement Ltd.

ULTRACEMCOCommodities filings

Earnings calls

18 transcript(s)/analyst meet(s) served; 3 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 18 documents here); elsewhere sentences render unattributed.

Kind	Date	Period	Served
TRANSCRIPT	20220505	2022-03-31	yes
COVER_LETTER	20220722	2022-06-30	no
COVER_LETTER	20221020	2022-09-30	no
COVER_LETTER	20230123	2022-12-31	no
TRANSCRIPT	20230504	2023-03-31	yes
TRANSCRIPT	20230726	2024-03-31	yes
TRANSCRIPT	20231023	2024-03-31	yes
TRANSCRIPT	20240125	2024-03-31	yes
TRANSCRIPT	20240506	2024-03-31	yes
TRANSCRIPT	20240723	2024-06-30	yes
TRANSCRIPT	20250128	2024-12-31	yes
TRANSCRIPT	20241023	2025-03-31	yes
TRANSCRIPT	20250502	2025-03-31	yes
TRANSCRIPT	20250724	2025-06-30	yes
TRANSCRIPT	20251027	2025-09-30	yes
TRANSCRIPT	20260130	2025-12-31	yes
TRANSCRIPT	20260501	2026-03-31	yes
TRANSCRIPT	20260723	2026-06-30	yes

Model workbook

Download ULTRACEMCO_model_v2.xlsx — every figure in it names the filing, the reporting context and the period it was read from.

Commentary — cross-call tabulation

Quarter	Theme	Management sentences	Analyst sentences	Management share
Q1FY25	AI and technology	0	0	0.00
Q1FY25	Capex and capacity	16	12	0.12
Q1FY25	Capital allocation	1	1	0.01
Q1FY25	Competition	0	0	0.00
Q1FY25	Credit quality	0	0	0.00
Q1FY25	Currency and macro	0	0	0.00
Q1FY25	Demand and volumes	12	8	0.09
Q1FY25	Deposits and liquidity	0	0	0.00
Q1FY25	Distribution and persistency	0	0	0.00
Q1FY25	Margins and costs	9	8	0.07
Q1FY25	People and attrition	0	0	0.00
Q1FY25	Pricing and realisation	6	6	0.04
Q1FY25	Raw materials and input costs	4	2	0.03
Q1FY25	Regulation and policy	3	0	0.02
Q1FY26	AI and technology	0	0	0.00
Q1FY26	Capex and capacity	21	8	0.07
Q1FY26	Capital allocation	0	1	0.00
Q1FY26	Competition	0	0	0.00
Q1FY26	Credit quality	0	0	0.00
Q1FY26	Currency and macro	0	1	0.00
Q1FY26	Demand and volumes	11	10	0.04
Q1FY26	Deposits and liquidity	1	0	0.00
Q1FY26	Distribution and persistency	0	0	0.00
Q1FY26	Margins and costs	13	2	0.04
Q1FY26	People and attrition	0	0	0.00
Q1FY26	Pricing and realisation	7	8	0.02
Q1FY26	Raw materials and input costs	1	1	0.00
Q1FY26	Regulation and policy	9	0	0.03
Q1FY27	AI and technology	0	0	0.00
Q1FY27	Capex and capacity	10	10	0.05
Q1FY27	Capital allocation	2	4	0.01
Q1FY27	Competition	1	3	0.00
Q1FY27	Credit quality	0	0	0.00
Q1FY27	Currency and macro	0	3	0.00
Q1FY27	Demand and volumes	18	11	0.09
Q1FY27	Deposits and liquidity	0	0	0.00
Q1FY27	Distribution and persistency	6	0	0.03
Q1FY27	Margins and costs	16	19	0.08
Q1FY27	People and attrition	0	0	0.00
Q1FY27	Pricing and realisation	4	10	0.02
Q1FY27	Raw materials and input costs	14	10	0.07
Q1FY27	Regulation and policy	2	0	0.01
Q2FY26	AI and technology	0	0	0.00
Q2FY26	Capex and capacity	22	13	0.13
Q2FY26	Capital allocation	1	0	0.01
Q2FY26	Competition	1	0	0.01
Q2FY26	Credit quality	0	0	0.00
Q2FY26	Currency and macro	2	0	0.01
Q2FY26	Demand and volumes	19	5	0.11
Q2FY26	Deposits and liquidity	0	0	0.00
Q2FY26	Distribution and persistency	1	0	0.01
Q2FY26	Margins and costs	11	10	0.06
Q2FY26	People and attrition	0	0	0.00
Q2FY26	Pricing and realisation	15	8	0.09
Q2FY26	Raw materials and input costs	12	4	0.07
Q2FY26	Regulation and policy	6	4	0.03
Q3FY25	AI and technology	1	0	0.00
Q3FY25	Capex and capacity	33	18	0.12
Q3FY25	Capital allocation	9	6	0.03
Q3FY25	Competition	1	4	0.00
Q3FY25	Credit quality	0	0	0.00
Q3FY25	Currency and macro	0	0	0.00
Q3FY25	Demand and volumes	18	12	0.07
Q3FY25	Deposits and liquidity	0	0	0.00
Q3FY25	Distribution and persistency	1	0	0.00
Q3FY25	Margins and costs	17	15	0.06
Q3FY25	People and attrition	0	0	0.00
Q3FY25	Pricing and realisation	10	10	0.04
Q3FY25	Raw materials and input costs	5	4	0.02
Q3FY25	Regulation and policy	7	1	0.03
Q3FY26	AI and technology	0	0	0.00
Q3FY26	Capex and capacity	11	11	0.06
Q3FY26	Capital allocation	2	2	0.01
Q3FY26	Competition	1	1	0.01
Q3FY26	Credit quality	0	0	0.00
Q3FY26	Currency and macro	1	1	0.01
Q3FY26	Demand and volumes	21	17	0.12
Q3FY26	Deposits and liquidity	0	0	0.00
Q3FY26	Distribution and persistency	0	0	0.00
Q3FY26	Margins and costs	13	9	0.08
Q3FY26	People and attrition	1	1	0.01
Q3FY26	Pricing and realisation	6	15	0.03
Q3FY26	Raw materials and input costs	6	2	0.03
Q3FY26	Regulation and policy	2	0	0.01
Q4FY26	AI and technology	0	0	0.00
Q4FY26	Capex and capacity	21	8	0.08
Q4FY26	Capital allocation	5	8	0.02
Q4FY26	Competition	0	0	0.00
Q4FY26	Credit quality	0	0	0.00
Q4FY26	Currency and macro	6	2	0.02
Q4FY26	Demand and volumes	22	9	0.08
Q4FY26	Deposits and liquidity	0	1	0.00
Q4FY26	Distribution and persistency	0	1	0.00
Q4FY26	Margins and costs	17	12	0.06
Q4FY26	People and attrition	0	0	0.00
Q4FY26	Pricing and realisation	12	10	0.04
Q4FY26	Raw materials and input costs	8	3	0.03
Q4FY26	Regulation and policy	4	0	0.01
nan	AI and technology	0	0	0.00
nan	AI and technology	1	0	0.00
nan	AI and technology	0	0	0.00
nan	AI and technology	0	0	0.00
nan	AI and technology	0	0	0.00
nan	AI and technology	0	0	0.00
nan	AI and technology	0	0	0.00
nan	AI and technology	0	0	0.00
nan	Capex and capacity	10	13	0.05
nan	Capex and capacity	29	16	0.11
nan	Capex and capacity	17	15	0.08
nan	Capex and capacity	11	16	0.04
nan	Capex and capacity	18	23	0.08
nan	Capex and capacity	10	12	0.04
nan	Capex and capacity	14	11	0.06
nan	Capex and capacity	19	5	0.08
nan	Capital allocation	1	6	0.01
nan	Capital allocation	4	2	0.02
nan	Capital allocation	1	1	0.00
nan	Capital allocation	1	1	0.00
nan	Capital allocation	2	7	0.01
nan	Capital allocation	7	3	0.03

Guidance items

quarter	metric	direction	sentence	page
nan	other	nan	Let's look at demand: To my mind as we have spoken in the past, India is fundamentally on a positive trajectory for cement demand growing at a pace significantl	3
nan	capex	nan	CAPEX guidance, we should be closer between Rs. 4,000 crore to Rs. 5,000 crores which will complete all our ongoing expansion plus whatever other WHRS projects	8
nan	other	nan	Dalla Super, I know it is delayed, but the latest is that stage 1 approval was completed and the file should be moving from UP to MOEF Delhi for stage 2 clearan	8
nan	other	nan	Keeping my fingers crossed, we should be able to get the plant in our hands by the end of this quarter, April- June quarter.	8
nan	other	nan	Linkage plus, it should be about less than 20%.	9
nan	other	nan	My first question is, in the opening remarks you mentioned that you’re looking to commission everything on your capacities in FY23.	9
nan	other	nan	And, and what about clinker likewise, 11 million ton of clinker which we are targeting for ’23?	9
nan	other	nan	So, yes, it should be by Q3.	10
nan	other	nan	And in your presentation for various presented sectoral update region wise commentary, you mentioned that rural housing seems to be doing better in essentially	10
nan	other	nan	As I mentioned, right now, we are reaching 130 million tons and the next phase of growth will also kick in because we expect Indian markets to be growing.	11
nan	other	nan	So, this year, again, we have declared about 20% of net profits for shareholder returns and I believe this component will keep growing in future years, next yea	16
nan	other	nan	I would look at 0.5x as our threshold going forward.	16
nan	other	nan	And as of now, we expect to reach our next milestone of 156 million tons by June '25 or before the close of '25-'26.	3
nan	other	nan	Let me not go into the next quarter because the quarter is still going on.	4
nan	other	nan	Yes, it should be softening.	4
nan	other	nan	They are volatile whilst they are in the downward trajectory.	7
nan	other	nan	We are continuously ramping up our alternate fuel, which ultimately forms part of my guidance on 34%.	8
nan	other	nan	I think the leading question would be you might ask me what is the target number?	9
nan	other	nan	I don't have a target number because these are continuous improvement programs.	9
nan	other	nan	Devesh Agarwal; Any target sir, for FY '24?	15
nan	other	nan	I don't have a target number.	18
nan	other	nan	We'll most likely reach the targeted kilometer per day going by the speed at which the execution is taking place.	3
nan	other	nan	So it all depends on how much, what kind of prices set out going forward.	5
nan	other	nan	Barring, I would imagine West not West, sorry, East where because the inorganic target sizes will be large, so we will be hitting some roadblocks in East.	7
nan	other	nan	So yes, we have taken a target to grow up to 9% to 10% by the end of next fiscal year.	9
nan	other	nan	It will go to our Board, perhaps next quarter, we are giving it final touches.	11
nan	other	nan	Hopefully, it goes toour board next quarter and I can announce in next quarter.	11
nan	other	nan	So I'm already giving you guidance that industry will definitely see more than 10%.	13
nan	other	nan	I will not guide to a number, but it will be significantly higher from this quarter.	17
nan	other	nan	Should be possible according to this.	18
nan	other	nan	If you're investing in India, then infrastructure sector is surely generating growth, which is likely to see investments.	3
nan	other	nan	With the recent price hikes that have happened, it's definitely a good thing to have on the P&L, but I believe it should be a wait-and-	3
nan	capex	nan	My guess is while there's a bulk of spending has happened now, we might not have a similar level of spending, but INR6,000 crores to INR7,000 crores for the yea	5
nan	capex	nan	To your first question, we will not wait to complete so that -- the reason being that we should have a continuous supply of capacity available, given the high g	9
nan	margin	nan	If you look at the EBITDA performance next quarter.	9
nan	other	nan	We should be reaching more than 50% or actually 60% by '25, '26.	16
nan	other	nan	It won't be so much, but yes, it should be downward only.	16
nan	other	nan	So Ritesh, let's keep it for the next quarter.	6
nan	other	nan	We will reveal the numbers as and when -- at the end of the next quarter.	6
nan	other	nan	This is a trend which we see at least next year, for sure.	11
nan	other	nan	Because if somebody can produce in, say, 1,000 TPT plant, but it should be scalable to a higher level.	17
nan	other	nan	I mentioned, I think we expect the industry to be anywhere between 3% to 4%.	20
nan	hiring / attrition	nan	The Indian economy is hiring and is expected to grow anywhere between 6.5% to 6.8% this current year.	3
nan	other	nan	So we expect the fuel prices to soften for us continuously.	6
nan	pricing	nan	And given again, Ashish I had already mentioned in my opening remarks that this year, it's too difficult to predict, but we expect the pricing environment to be	7
nan	other	nan	Our target is to inch towards zero net cash on the balance sheet by the end of '25, not taking into account the Kesoram debt.	7
nan	other	nan	But yes, if I take that into account, so INR2,700 crores of debt -- net debt that we have today, we should be inching towards INR1,500 crores to INR2,000 crores	7
nan	pricing	nan	But maybe you are deriving that comfort from the fact that we believe that fuel costs will remain benign and pricing environment should be positive.	8
nan	other	nan	For the full year for the industry, yes, it should be maybe 7% to 9%.	9
nan	other	nan	This should be traveling to a number of $130 per ton given our mix that we consume.	9
nan	other	nan	And from here onwards, we are seeing an increasing penetration of composite cement, which will help fast track that percentage growth that you were looking at,	13
nan	other	nan	South, I already mentioned, is -- should be -- because of the fragmentation that exists in South, we should be able to look at opportunities.	14
Q1FY25	other	nan	Infra was a bit slow, but is expected to pick up in the coming quarters.	3
Q1FY25	other	nan	So I would imagine, if you look at 755 per ton, so average should be around 650 -- 649 was last quarter.	5
Q1FY25	other	nan	When we -- if you recall, Amit, we had mentioned -- we had taken a target of a 25-kilometer lead reduction, not realizing that we'll be able to achieve 15 kilom	6
Q1FY25	other	nan	I don't want to say a number and then again revise it in the next quarter, but it is definitely going beyond the 25 kilometers that we were looking at in the pr	6
Q1FY25	other	nan	But going forward, I know for sure that we are ramping up our pet coke mix, which should go upwards of 45% for the remaining period -- for a full year purpose,	7
Q1FY25	other	nan	They are on track, our GU Visakhapatnam is on track.	7
Q1FY25	other	nan	Dhule, Nathdwara, is next year, So yes, it's on track.	7
Q1FY25	other	nan	I would imagine that we will see those kind of levels in the next fiscal year.	8
Q1FY25	other	nan	We are looking at the industry growth of around 8% -- 7% to 8%, I would imagine and we should be doing double digits for the full year yes for the full year.	9
Q1FY25	other	nan	Before announcing of our projects we would target completing 50%, 60% or even higher percentage of land purchases.	12
Q1FY25	other	nan	I have a very standard answer to this kind of a question but it's too difficult to forecast beyond next quarter for prices.	13
nan	other	nan	Agricultural production for both summer and winter crops is likely to be higher as reflected by the sowing activities during summers and increasing water reserv	3
nan	other	nan	So our average increase should be around 9%, 10% and over and above that would be one-off.	5
nan	other	nan	Prices have been improving, whilst the average for the quarter will be a misrepresentation of things going forward.	6
nan	other	nan	Or how should we look at going forward?	7
nan	margin	nan	Yes of course, growth will be in the profitability, but like your whole cost-saving initiatives, say industry cost, payable cost coming seems to already more th	7
nan	other	nan	We are seeing a positive trajectory in rural demand also.	7
nan	other	nan	Or like is it expected to revive?	7
nan	other	nan	So as of now, given the status quo, we expect the demand should start rising.	9
nan	other	nan	We are on track.	9
nan	other	nan	Next year, again there should be 30 million tons and UltraTech being a main driver for that growth.	11
nan	other	nan	It's typical of July, September quarter and we will start seeing positive OCF going forward.	12
nan	other	nan	I'm noting down your questions and we'll talk about it at the end of next quarter results.	14
nan	other	nan	It was increasing our costs, which will not be there in Q3, Q4, and Q1 next fiscal.	14
nan	other	nan	And good part is we will -- we are already seeing positive traction from rural markets, which will -- which should be very positive in the coming months.	14
nan	other	nan	November, December onwards, it should be very buoyant.	17
Q3FY25	other	nan	We are tracking all these steps, and we expect to consolidate the assets of Kesoram within this financial year.	4
Q3FY25	capex	nan	We target closing this year at 185 million tons of capacity.	4
Q3FY25	other	nan	A point worth mentioning here is that rural demand should be positive with the good monsoons that we have seen, good crops and good harvest which will generate	4
Q3FY25	capex	nan	Cement demand clocked an improvement in December 24 after being subdued in October and November and is likely to further increase as we speak in the current qua	4
Q3FY25	other	nan	Industry growth, I think We will have to wait and watch for some more numbers, but my sense is we should be looking at somewhere around 5%.	6
Q3FY25	other	nan	So, there are no market share targets, that's the easiest one to answer without having a target but yet we would definitely want to keep growing.	6
Q3FY25	capex	nan	Certainly, there is an opportunity for improving the capacity utilization from that target entity.	6
Q3FY25	other	nan	So, perhaps next quarter results we will be in a better position to give more clarity.	7
Q3FY25	other	nan	So, this is, it's a continuously moving target.	8
Q3FY25	capex	nan	So, we will go in to the next financial year with about 185 million tons of capacity.	8
Q3FY25	other	nan	We would look at a double-digit growth next year on our expanded availability.	8
Q3FY25	other	nan	Open offer will be about Rs. 3,142 crores.	9
Q3FY25	capex	nan	So, as I mentioned, we would do about 15 million tons of capacity and taking other bigger players we would see about 50 million tons of capacity getting added i	12
Q3FY25	capex	nan	So, 26 will be around Rs. 9,000 crores, and 27 will taper down, maybe Rs. 6,000 crores, Rs. 7,000 crores to complete our expansion program.	13
Q3FY25	other	nan	Also, we should cross 9000, touch and go, it should be 9000.	15
Q3FY25	other	nan	January, March should be doing Rs. 3000 crores more.	15
Q3FY25	other	nan	We will do about 10% plus growth, is what our game plan is for next year also.	16
Q3FY25	other	nan	It should be higher, I think.	16
Q3FY25	other	nan	The way January, March quarter is, it should be higher.	16
Q3FY25	other	nan	We expect our debt to start going down from next financial year in small steps.	17
Q3FY25	capex	nan	Next year, because CAPEX plan is big, so you will not see too much of debt reduction, but it will not go up.	17
Q3FY25	capex	nan	The CAPEX, if you're asking, Rs. 8,000 crore- Rs. 9,000 crore is next year and the year 27 will be much lesser.	17
Q3FY25	other	nan	Outlook is very bright, especially in Tier-2 towns and Tier-3 towns.	19
nan	other	nan	Prateek, we expect to grow double digit this year on a higher base.	6
nan	other	nan	By the end of fiscal '27, we are targeting to reach 1.54.	7
nan	other	nan	Growth trajectory, we have achieved, let's say, INR1,000 crores of revenues.	13
nan	other	nan	Our expectation is that it should be around 4%.	14
nan	other	LOWERED	But if I look at the numbers in the presentation that is absolute number for FY '27 is lower versus what you had guided earlier.	14
nan	other	LOWERED	So ideally, it should have gone up by 50 megawatt, 60 megawatt, but the reported numbers are 10 megawatt, 15 megawatt lower for FY '27 target.	14
nan	capex	nan	As I mentioned, next year, we are targeting a double-digit growth for UltraTech stand-alone, which will get further bolstered with the capacity -- the sales vol	17
nan	other	nan	U.S. crude output is going up, which means availability of pet coke from U.S. refineries should be better.	18
Q1FY26	other	nan	This should be all in all, very good for cement demand.	3
Q1FY26	other	nan	Rural markets continue to be doing their swan song and we expect them to grow favorably in the future months and future quarters.	3
Q1FY26	other	nan	But the number of deals being signed up, land purchases already registered and transactions being undertaken, clearly speak about a rebound, which should be vis	3
Q1FY26	other	nan	So it should be good.	5
Q1FY26	other	nan	I don't remember the exact number, but it should be around that level only.	6
Q1FY26	other	nan	So actually, I wouldn't want you guys to your mind getting diverted with quarterly numbers because month-after-month, the volumes are ramping up, and we should	7
Q1FY26	other	nan	We would target a double-digit growth given the fact that we have got new capacities into our fold.	9
Q1FY26	other	nan	Gadkari also says that we are targeting 100-kilometer per day rather than 35 years.	10
Q1FY26	other	nan	This is one element which we don't have a control on at some global event takes place and prices go haywire, which will impact consumption going forward.	11
Q1FY26	other	nan	And last I checked, we are on track.	12
Q1FY26	other	nan	Quarter-to-quarter, next quarter, you never know the lead might go up.	13
Q1FY26	capex	nan	So, certainly, we'll start capex work, we'll announce it next quarter.	14
Q1FY26	other	nan	Next quarter, we start, which is middle of '25,'26,'27 and we will hopefully complete, and first quarter of '28, April, June '27, you will start seeing the bene	14
Q1FY26	other	nan	So if I may say, honestly, it's any worry to bring those plants in the range of UltraTech, not at the 100% at the level of UltraTech.	14
Q1FY26	capex	nan	We'll come back for the next year capex in due course.	16
Q2FY26	other	nan	We believe this will be in the long-term interest of UltraTech.	3
Q2FY26	other	nan	We will come out with detailed schedule in the next quarter, but it's not getting bunched up.	7
Q2FY26	other	nan	So, I think, Atul has said rightly, the housing sector would be the key driver for the growth and particularly the rural housing, the demand has been good and w	7
Q2FY26	other	nan	On the urban side, obviously, with the change in the income tax rates, personal income tax rates, softening of interest, there are good green shoots and the urb	7
Q2FY26	capex	nan	I think the capacity utilization should be a good parameter for you.	10
Q2FY26	other	nan	So my sense is December, I should be back to INR1,000.	10
Q2FY26	other	nan	And once we are completing our brand transition in Kesoram, it should be operating at -- because again, the Kesoram asset while it's in South, but services Mumb	10
Q3FY26	other	nan	Similarly, we have taken a target of clinker conversion factor of 1.54.	7
Q3FY26	other	nan	All I can say is we are moving and in line with the target set.	7
Q3FY26	other	nan	My guess is we should be crossing INR100 mark on those efficiency improvement programs in this financial year.	7
Q3FY26	other	nan	Yes, I think Atul has already explained because it's not item-wise see, we have moved from clinker conversion from 1.45 to 1.49, and we are still away from our	7
Q3FY26	other	nan	And if you talk about the renewal energy, our renewal energy has gone to almost 41% kind of thing, and it is further likely to go to 60% going forward actually.	7
Q3FY26	other	nan	So, I can say that fundamentally, we are by and large, on track because quarter-to-quarter, we have seen in 1 quarter because of the cyclical nature of the indu	7
Q3FY26	other	nan	So, I don't see any reason why there should be any problem.	8
Q3FY26	other	nan	I would expect further generation of up to INR500 crores minimum, which we should be able to get.	9
Q3FY26	other	nan	Some project will get preponed and some project could push over to the next quarter at best.	10
Q3FY26	other	nan	We should be doing it in time.	12
Q3FY26	other	nan	And going forward, I expect to see the same trend.	12
Q3FY26	other	nan	No, we don't give guidance.	14
Q4FY26	other	nan	The government's monthly economic review for March '26 also acknowledged that the outlook has become slightly uncertain.	3
Q4FY26	other	nan	If we perform, if the cement markets do well, I think it should be possible.	6
Q4FY26	other	nan	And my guess is we should be on track, on time.	9
Q4FY26	other	nan	Next quarter, you won't see it.	10
Q4FY26	other	nan	West, I think I'll have to create a darker green color for infrastructure going forward because the way Mumbai, and I'm quoting the newspapers yesterday or day	10
Q4FY26	other	nan	We have targeted to reach about 1.54x.	11
Q4FY26	other	nan	As for your other point you mentioned, it's a moving target.	12

Claims reconciled to filings

Quarter	Metric	Claimed	Kind	Anchor	Anchor value	Verdict	Source
Q4FY25	revenue	921 crores	money	REVENUE_FROM_OPERATIONS	230,633,200,000.00	DIVERGES	Date_20250502_UltraTech Cement p13
Q4FY25	revenue growth	21 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20250502_UltraTech Cement p13
Q4FY26	profit after tax	60 crores	money	PROFIT_AFTER_TAX	30,000,200,000.00	DIVERGES	Date_20260501_UltraTech Cement p5
Q4FY26	operating profit / EBITDA	267 crores	money	derived EBITDA	56,878,700,000.00	DIVERGES	Date_20260501_UltraTech Cement p9
Q1FY27	profit after tax	2,604 crores	money	PROFIT_AFTER_TAX	26,037,200,000.00	AGREES	Date_20260723_UltraTech Cement p4
Q1FY27	operating profit / EBITDA	5,146 crores	money	derived EBITDA	51,457,200,000.00	AGREES	Date_20260723_UltraTech Cement p4
Q1FY27	revenue growth	16 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20260723_UltraTech Cement p4
Q3FY22	revenue growth	3 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	04e7e68f-5cdf-47c0-9e66-5f30ea p15
Q1FY20	operating margin	28 %	ratio	EBITDA / core revenue	0.28	AGREES	2716bdfb-902e-4574-b36e-319f0c p26
Q2FY22	revenue growth	14 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	65dfc540-d048-4353-9ece-cdfbd9 p9
Q2FY22	revenue growth	13 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	65dfc540-d048-4353-9ece-cdfbd9 p13
Q3FY23	revenue growth	50 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	698df61b-2ade-4b85-b382-d5720a p8
Q3FY23	revenue growth	21 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	698df61b-2ade-4b85-b382-d5720a p17
Q1FY23	revenue growth	25 %	ratio	nan	nan	NOT_YET_FILED_IN_POC	6af6581a-a70c-4247-89f6-6b05c0 p14
Q2FY23	revenue growth	14 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	8fd4126b-42ed-41bc-ad92-5d65e4 p20
Q1FY22	revenue growth	56 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	92a9c0fb-3a81-45c1-b032-b8c4b3 p17
Q1FY22	revenue growth	51 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	92a9c0fb-3a81-45c1-b032-b8c4b3 p18
Q1FY22	revenue growth	54 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	92a9c0fb-3a81-45c1-b032-b8c4b3 p19
nan	revenue growth	33 %	ratio	nan	nan	NO_QUARTER_IN_FILENAME	bbc7d679-8def-4fb3-af44-78487b p38
nan	revenue growth	6 %	ratio	nan	nan	NO_QUARTER_IN_FILENAME	bbc7d679-8def-4fb3-af44-78487b p39
Q4FY22	revenue growth	8 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	cba65cc7-301b-4d3b-aa5b-d74723 p16
Q4FY22	revenue growth	15 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	cba65cc7-301b-4d3b-aa5b-d74723 p17
Q4FY21	revenue growth	36 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	d72d1879-e702-4fb9-98fb-23dc24 p18
Q4FY21	revenue growth	8 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	d72d1879-e702-4fb9-98fb-23dc24 p19
Q4FY21	revenue growth	33 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	d72d1879-e702-4fb9-98fb-23dc24 p20
Q4FY21	revenue growth	6 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	d72d1879-e702-4fb9-98fb-23dc24 p21
Q3FY24	revenue growth	28 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	dde50ca8-60bd-4ae3-86d8-42a536 p14

ULTRACEMCO

files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.

Identity


Statement division	general
Scope served	consolidated
Panels on this page	4

Market

No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.


Last close	11,056.00
52-week range	10362.0 – 13052.0
Return 1M	-4.19%
Return 3M	-3.77%
Return 1Y	-9.48%
Return 3Y	34.73%
Return 5Y	46.99%
Market capitalisation	not shown — we could not confirm it
Shares outstanding	not shown — we could not confirm it
P/E	not shown — we could not confirm it
P/B	not shown — we could not confirm it
EV/EBITDA	not shown — we could not confirm it

Latest quarter filed — period ending 2026-06-30

In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.


Revenue from operations	24,648.00
Other income	130.00
Total income	24,778.00
Cost of materials consumed	4,129.00
Purchases of stock-in-trade	710.00
Changes in inventories	-136.00
Employee benefit expense	1,106.00
Finance costs	453.00

Ownership — 2026-06-30, and the change from 2026-03-31

Holder	Per cent	Change
promoter and promoter group	0.59	0.00
institutions foreign	0.13	-0.01
institutions domestic	0.20	0.01
mutual funds	0.16	0.01
public	0.41	0.00

Documents on file

Class	Most recent	On file
COVER_LETTER	2022-12-31	3
TRANSCRIPT	2026-06-30	15

Financial statements

Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.

Quarterly results, as filed

Line	2022-09-30	2022-12-31	2023-03-31	2023-06-30	2023-09-30	2023-12-31	2024-03-31	2024-06-30	2024-09-30	2024-12-31	2025-03-31	2025-06-30	2025-09-30	2025-12-31	2026-03-31	2026-06-30
Revenue from operations	13,893.00	15,521.00	18,662.00	17,737.00	16,012.00	16,740.00	20,419.00	18,070.00	15,635.00	17,193.00	23,063.00	21,275.00	19,607.00	21,830.00	25,799.00	24,648.00
Other income	146.00	127.00	122.00	174.00	167.00	140.00	136.00	166.00	221.00	244.00	102.00	180.00	174.00	136.00	88.00	130.00
Total income	14,039.00	15,648.00	18,784.00	17,911.00	16,179.00	16,880.00	20,555.00	18,235.00	15,855.00	17,438.00	23,165.00	21,456.00	19,781.00	21,965.00	25,887.00	24,778.00
Cost of materials consumed	2,004.00	2,263.00	2,667.00	2,560.00	2,348.00	2,506.00	2,839.00	2,767.00	2,570.00	2,768.00	3,530.00	3,433.00	3,384.00	3,678.00	4,074.00	4,129.00
Purchases of stock-in-trade	325.00	381.00	230.00	433.00	425.00	378.00	498.00	439.00	474.00	636.00	583.00	535.00	579.00	594.00	808.00	710.00
Changes in inventories	-312.00	-400.00	274.00	-49.00	-279.00	-228.00	472.00	17.00	-127.00	-108.00	236.00	-149.00	-72.00	131.00	194.00	-136.00
Employee benefit expense	691.00	694.00	716.00	707.00	812.00	769.00	749.00	738.00	914.00	850.00	982.00	972.00	1,064.00	1,041.00	1,084.00	1,106.00
Finance costs	200.00	215.00	191.00	211.00	234.00	262.00	261.00	256.00	317.00	382.00	475.00	433.00	459.00	492.00	487.00	453.00
Depreciation and amortisation	708.00	723.00	762.00	749.00	798.00	783.00	815.00	843.00	904.00	917.00	1,125.00	1,107.00	1,148.00	1,182.00	1,208.00	1,201.00
Other expenses	9,317.00	10,247.00	11,452.00	11,037.00	10,155.00	10,061.00	11,746.00	11,068.00	9,786.00	10,160.00	13,114.00	12,074.00	11,557.00	12,470.00	14,039.00	13,822.00
Total expenses	12,934.00	14,124.00	16,293.00	15,648.00	14,493.00	14,531.00	17,381.00	16,128.00	14,837.00	15,605.00	20,044.00	18,405.00	18,120.00	19,589.00	21,894.00	21,286.00
Profit before exceptional items and tax	1,105.00	1,524.00	2,491.00	2,263.00	1,686.00	2,349.00	3,173.00	2,107.00	1,018.00	1,833.00	3,121.00	3,050.00	1,662.00	2,377.00	3,993.00	3,492.00
Exceptional items	0.00	0.00	0.00	0.00	0.00	0.00	-72.00	32.00	0.00	0.00	-9.00	-38.00	0.00	-89.00	-11.00	-13.00
Profit before tax	1,105.00	1,524.00	2,491.00	2,263.00	1,686.00	2,349.00	3,101.00	2,139.00	1,018.00	1,833.00	3,112.00	3,012.00	1,662.00	2,287.00	3,982.00	3,479.00
Current tax	265.00	398.00	801.00	560.00	384.00	509.00	765.00	370.00	118.00	278.00	358.00	695.00	331.00	422.00	865.00	758.00
Deferred tax	80.00	67.00	21.00	16.00	25.00	72.00	86.00	77.00	73.00	80.00	268.00	92.00	87.00	131.00	115.00	118.00
Tax expense	344.00	465.00	822.00	577.00	409.00	580.00	852.00	447.00	191.00	358.00	626.00	787.00	418.00	554.00	981.00	877.00
Profit for the period	759.00	1,063.00	1,670.00	1,690.00	1,280.00	1,775.00	2,259.00	1,695.00	825.00	1,474.00	2,475.00	2,221.00	1,238.00	1,729.00	3,000.00	2,604.00
Profit attributable to owners	756.00	1,058.00	—	1,688.00	1,281.00	1,777.00	2,258.00	1,697.00	820.00	1,470.00	2,482.00	2,226.00	1,232.00	1,725.00	2,983.00	2,599.00
Profit attributable to non-controlling interests	3.00	4.00	—	2.00	-1.00	-2.00	0.00	-1.00	5.00	4.00	-7.00	-5.00	6.00	4.00	17.00	4.00
Other comprehensive income	-78.00	33.00	75.00	12.00	10.00	35.00	-22.00	131.00	525.00	79.00	-65.00	30.00	252.00	-86.00	-39.00	99.00
Total comprehensive income	681.00	1,096.00	1,746.00	1,702.00	1,290.00	1,810.00	2,236.00	1,827.00	1,350.00	1,553.00	2,409.00	2,251.00	1,490.00	1,644.00	2,961.00	2,703.00
Earnings per share, basic	26.21	36.70	57.78	58.57	44.47	61.66	78.35	58.87	28.45	50.99	84.38	75.67	41.87	58.66	101.41	88.36
Earnings per share, diluted	26.20	36.68	57.75	58.53	44.44	61.61	78.29	58.82	28.43	50.94	84.31	75.61	41.84	58.62	101.35	88.31

Annual results, as filed

Line	2019-03-31	2020-03-31	2021-03-31	2022-03-31	2023-03-31	2024-03-31	2025-03-31	2026-03-31
Revenue from operations	37,379.00	42,125.00	44,726.00	52,599.00	63,240.00	70,908.00	75,955.00	88,512.00
Other income	438.00	648.00	734.00	508.00	503.00	617.00	744.00	578.00
Total income	37,817.00	42,773.00	45,460.00	53,107.00	63,743.00	71,525.00	76,699.00	89,089.00
Cost of materials consumed	5,409.00	5,513.00	5,794.00	7,096.00	8,933.00	10,252.00	11,822.00	14,568.00
Purchases of stock-in-trade	1,239.00	1,159.00	842.00	1,252.00	1,300.00	1,734.00	1,870.00	2,517.00
Changes in inventories	-120.00	-359.00	450.00	-383.00	-518.00	-83.00	12.00	103.00
Employee benefit expense	2,059.00	2,509.00	2,353.00	2,535.00	2,739.00	3,038.00	3,605.00	4,162.00
Finance costs	1,549.00	1,986.00	1,486.00	945.00	823.00	968.00	1,651.00	1,872.00
Depreciation and amortisation	2,140.00	2,702.00	2,700.00	2,715.00	2,888.00	3,145.00	4,015.00	4,644.00
Other expenses	22,005.00	24,019.00	23,719.00	30,585.00	40,166.00	42,999.00	46,089.00	50,140.00
Total expenses	34,279.00	37,529.00	37,344.00	44,744.00	56,331.00	62,053.00	69,063.00	78,007.00
Profit before exceptional items and tax	3,538.00	5,244.00	8,116.00	8,363.00	7,412.00	9,472.00	7,636.00	11,082.00
Exceptional items	0.00	0.00	-261.00	0.00	0.00	-72.00	-97.00	-139.00
Profit before tax	3,538.00	5,244.00	7,855.00	8,363.00	7,412.00	9,400.00	7,539.00	10,943.00
Current tax	735.00	920.00	1,415.00	1,211.00	2,071.00	2,218.00	828.00	2,314.00
Deferred tax	372.00	-1,488.00	1,124.00	-21.00	272.00	200.00	660.00	425.00
Tax expense	1,107.00	-568.00	2,539.00	1,190.00	2,343.00	2,418.00	1,488.00	2,739.00
Profit for the period	2,432.00	5,810.00	5,462.00	7,334.00	5,073.00	7,004.00	6,040.00	8,188.00
Profit attributable to owners	2,435.00	5,815.00	5,463.00	7,344.00	—	7,005.00	6,039.00	8,166.00
Profit attributable to non-controlling interests	-3.00	-4.00	-1.00	-10.00	—	-1.00	1.00	22.00
Other comprehensive income	-12.00	-18.00	17.00	48.00	-16.00	34.00	672.00	156.00
Total comprehensive income	2,420.00	5,793.00	5,478.00	7,382.00	5,057.00	7,038.00	6,711.00	8,344.00
Earnings per share, basic	88.72	201.61	189.40	254.64	175.63	243.05	205.30	277.62
Earnings per share, diluted	88.69	201.55	189.33	254.53	175.54	242.87	205.13	277.45

Balance sheet, as filed

Line	2022-09-30	2023-03-31	2023-09-30	2024-03-31	2024-09-30	2025-03-31	2025-09-30	2026-03-31
Total assets	86,233.00	91,387.00	93,991.00	100,802.00	107,611.00	133,697.00	137,305.00	141,376.00
Non-current assets	68,049.00	70,644.00	73,741.00	77,644.00	83,820.00	109,960.00	113,394.00	116,129.00
Current assets	18,161.00	20,725.00	20,239.00	23,143.00	23,732.00	23,600.00	23,757.00	25,102.00
Property, plant and equipment	43,291.00	46,480.00	47,727.00	50,126.00	54,567.00	76,015.00	77,472.00	80,283.00
Capital work-in-progress	5,672.00	4,035.00	5,306.00	6,783.00	6,410.00	6,188.00	7,206.00	8,276.00
Goodwill	6,318.00	6,329.00	6,340.00	6,345.00	6,947.00	7,682.00	7,795.00	7,909.00
Other intangible assets	6,702.00	6,769.00	6,690.00	6,406.00	6,480.00	10,867.00	10,625.00	10,601.00
Inventories	6,930.00	6,612.00	7,646.00	8,330.00	9,028.00	9,563.00	10,471.00	9,694.00
Trade receivables	3,306.00	3,867.00	3,880.00	4,278.00	4,363.00	5,890.00	5,818.00	6,029.00
Cash and cash equivalents	42.00	370.00	186.00	554.00	183.00	467.00	112.00	354.00
Total equity and liabilities	86,233.00	91,387.00	93,991.00	100,802.00	107,611.00	133,697.00	137,305.00	141,376.00
Equity	51,484.00	54,380.00	56,204.00	60,283.00	62,770.00	73,893.00	75,967.00	80,712.00
Equity share capital	289.00	289.00	289.00	289.00	289.00	295.00	295.00	295.00
Other equity	51,197.00	54,091.00	55,858.00	59,939.00	61,076.00	70,412.00	71,738.00	76,329.00
Total liabilities	34,749.00	37,007.00	37,788.00	40,519.00	44,841.00	59,804.00	61,338.00	60,664.00
Non-current liabilities	14,694.00	13,575.00	13,404.00	13,613.00	16,448.00	27,439.00	26,434.00	26,832.00
Current liabilities	20,055.00	23,432.00	24,383.00	26,906.00	28,393.00	32,365.00	34,904.00	33,832.00
Borrowings, non-current	6,485.00	5,356.00	5,166.00	5,308.00	7,885.00	15,781.00	14,790.00	15,019.00
Borrowings, current	5,194.00	4,544.00	5,153.00	4,991.00	8,037.00	7,250.00	9,455.00	7,762.00
Trade payables	5,537.00	7,209.00	7,475.00	8,478.00	7,808.00	9,327.00	9,711.00	10,237.00

Cash flow, as filed

Line	2022-09-30	2023-03-31	2023-09-30	2024-03-31	2024-09-30	2025-03-31	2025-09-30	2026-03-31
Net cash from operating activities	829.00	9,069.00	3,357.00	10,898.00	2,826.00	10,673.00	5,567.00	15,316.00
Net cash from investing activities	-711.00	-7,187.00	-2,290.00	-8,788.00	-6,247.00	-16,504.00	-3,303.00	-9,480.00
Net cash from financing activities	-197.00	-1,631.00	-1,252.00	-1,926.00	3,047.00	5,076.00	-2,621.00	-5,954.00
Purchase of property, plant and equipment	3,123.00	6,200.00	4,088.00	9,006.00	4,490.00	9,129.00	4,796.00	9,678.00
Net increase in cash	-79.00	250.00	-185.00	183.00	-372.00	-751.00	-355.00	-113.00
con:CFO.BEFORE_TAX	1,100.00	10,193.00	4,068.00	12,548.00	3,310.00	11,974.00	5,607.00	16,617.00
con:INTEREST_RECEIVED.OPERATING	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
con:INTEREST_PAID.OPERATING	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
con:DIVIDENDS_RECEIVED.OPERATING	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
con:TAX_PAID.OPERATING	270.00	1,124.00	711.00	1,651.00	484.00	1,301.00	40.00	1,301.00
con:CF_OTHER.OPERATING	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
con:INVESTMENTS_PURCHASED	1,900.00	898.00	11.00	121.00	2,009.00	15,006.00	62.00	5,003.00
con:INVESTMENTS_SOLD	5,471.00	0.00	0.00	0.00	0.00	19,115.00	0.00	3,822.00
con:PPE_DISPOSALS	17.00	95.00	29.00	122.00	47.00	179.00	123.00	167.00
con:CF_INVESTING.SUBSIDIARIES_SOLD	0.00	3.00	0.00	-60.00	0.00	36.00	715.00	789.00
con:CF_INVESTING.SUBSIDIARIES_ACQUIRED	0.00	19.00	18.00	0.00	729.00	10,113.00	51.00	53.00
con:CF_INVESTING.JV_SOLD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
con:CF_INVESTING.JV_ACQUIRED	799.00	0.00	0.00	0.00	0.00	149.00	23.00	75.00

Who owns it

The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.

Holder	2023-03-31	2023-06-30	2023-09-30	2023-12-31	2024-03-31	2024-06-30	2024-09-30	2024-12-31	2025-03-31	2025-06-30	2025-09-30	2025-12-31	2026-03-31	2026-06-30
Promoter and promoter group	59.96	59.96	59.96	59.96	59.95	59.99	59.99	60.00	59.23	59.23	0.59	0.59	0.59	0.59
Domestic institutions	17.03	16.05	15.15	13.78	14.24	13.93	14.19	15.16	16.80	16.85	0.17	0.17	0.18	0.20
Mutual funds	—	—	—	—	—	—	—	—	—	13.90	0.14	0.15	0.15	0.16
Insurance companies	3.00	2.43	1.31	1.20	1.83	1.98	2.33	2.65	2.74	2.74	0.02	0.03	0.03	0.03
Foreign institutions	15.30	16.33	17.17	18.72	18.26	18.65	18.47	17.48	15.71	15.72	0.16	0.15	0.14	0.13
Government	—	—	—	—	—	—	—	—	—	0.05	0.00	0.00	0.00	0.00
Public	39.90	39.90	39.86	39.87	39.87	39.84	39.84	39.81	40.59	40.59	0.41	0.41	0.41	0.41
Non-institutional	7.52	7.46	7.50	7.32	7.31	7.21	7.12	7.12	8.03	7.97	0.08	0.08	0.08	0.08
Shares outstanding	284439380	284430280	284430385	284437718	284467032	284474247	284474247	284502074	290338531	290475703	290476342	290472962	290471852	290470451

Related parties

Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.

Counterparty	Relationship	Type	Amount in the period	Transactions
UltraTech Cement Middle East Investments Limited	Subsidiary	Any other transaction	13,509,400,000.00	2
Star Super Cement Industry LLC	Subsidiary	Advance, Purchase of goods or services, Sale of good	4,615,300,000.00	7
Aditya Birla Management Corporation Private Limited	Other related party in which direc	Purchase of goods or services, Sale of fixed assets,	2,494,700,000.00	3
Arabian Cement Industry LLC, Abu Dhabi	Subsidiary	Advance, Purchase of goods or services, Sale of good	1,887,800,000.00	5
Star Cement Co LLC, RAK, UAE	Subsidiary	Any other transaction, Purchase of goods or services	1,761,100,000.00	3
UltraTech Cement Lanka Pvt Limited	Subsidiary	Sale of goods or services	1,450,900,000.00	1
Star Cement Co LLC, Dubai, UAE	Subsidiary	Advance, Purchase of goods or services, Sale of good	1,360,000,000.00	6
Hindalco Industries Limited	Promoter Group	Purchase of fixed assets, Purchase of goods or servi	675,600,000.00	4
UltraTech Cement Co W.L.L, Bahrain	Fellow Subsidiary	Sale of goods or services	525,700,000.00	1
Ras Al Khaimah Co.	Associate	Purchase of goods or services	508,000,000.00	1
Aditya Birla Finance Ltd	Fellow Subsidiary	Any other transaction	300,700,000.00	1
Grasim Industries Limited	Holding Company	Any other transaction, Purchase of fixed assets, Pur	290,100,000.00	5
Amplus Omega Solar Private Limited	Associate	Investment	235,400,000.00	1
Clean Max Theia Private Limited	Associate	Purchase of goods or services	229,500,000.00	1
Aditya Birla Sun Life Insurance Company Limited	Fellow Subsidiary	Purchase of goods or services, Sale of fixed assets	180,200,000.00	2

What management said

Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.

Date	Quarter	Who spoke
2026-07-23	Q1FY27		Read the call
2026-05-01	Q4FY26		Read the call
2026-01-30	Q3FY26		Read the call
2025-10-27	Q2FY26		Read the call
2025-07-24	Q1FY26		Read the call
2025-05-02	FYFY25		Read the call
2025-01-28	Q3FY25	ULTRATECH CEMENT LIMITED	Read the call
2024-10-23	FYFY25	ULTRATECH CEMENT LIMITED	Read the call
2024-07-23	Q1FY25	ULTRATECH CEMENT LIMITED	Read the call
2024-05-06	FYFY24		Read the call
2024-01-25	FYFY24	FINANCIAL OFFICER	Read the call
2023-10-23	FYFY24	FINANCIAL OFFICER	Read the call
2023-07-26	FYFY24	ULTRATECH CEMENT LIMITED	Read the call
2023-05-04	FYFY23	ULTRATECH CEMENT LIMITED	Read the call
2022-05-05	FYFY22		Read the call

Some earlier announcements under this heading are covering letters only — no transcript was attached.

What they said about it, quarter by quarter

Topic	FYFY25	Q1FY25	Q1FY26	Q1FY27	Q2FY26	Q3FY25	Q3FY26	Q4FY26
Capex	And capex for full year, last time we said INR8,000 core to INR9,000 crores so...	And in terms of capacity like what would be CCI limits for capacity addition?	And lastly, what was the capex during this quarter?	And you mentioned that the capex plan is like INR17,000-odd crores over the next 2, 2.5 years.	First, congratulations on such low capex per ton on the next leg of expansion.	There will be some return based CAPEX plans which are being worked upon.	Further, as I called out, the capex program has begun for efficiency improvement.	Just to be clear on this, is it fair to say that given balance sheet strength and you funding your capex through internal accruals, we may see payout …
Capital allocation	The cement business of Kesoram that is under acquisition.	In your experience in the last few years, have you seen land acquisition or regulatory approvals improve or deteriorate and is there any state-specifi…	—	—	There will be possibilities of greenfield clinker-based units also since we continuously keep acquiring mining rights, and land acquisition is an ongo…	Thus, the EV of the Company at our acquisition cost works out to about Rs.	—	Mr. Daga, just a follow-up question on the dividend.
Costs	Yes of course, growth will be in the profitability, but like your whole cost-saving initiatives, say industry cost, payable cost coming seems to alrea…	We now have 650 megawatts of renewable power and growing, against the average landed cost of renewable energy is around 4 per unit, resulting in subst…	—	And what would be one-off cost inflation in the first quarter?	And also, while we spelled out the other expenses, reasons for the other expenses jump, even raw material has moved up, is there some one-off even in …	—	And sir, on the cost saving front, UltraTech has given a target of INR300 to INR350 per ton over the next couple of years.	Selling prices have also been increased to cushion the impact of rising input costs.
Debt and cash	Yes, operating cash flow was lower because of July, September, we have built our inventories slightly receivables go up.	There could be some retention money etc. So cash flow might not be there, commitment will be completed.	—	Amit, as of now, we are fully booked in terms of our cash flows.	—	Net debt in the Company as at 31st December 24 is Rs.	—	And as the operating cash flows grow because of our existing size, existing capacities, delivering more and more.
Demand	Urbanization is going to lead to increase in demand for housing across all categories, affordable, mid-level, luxury, ultra-luxury.	However, given the overall sentiment, I believe that the rural markets and the overall cement demand will remain strong going forward.	And second, demand was pretty good in the region during the quarter.	My first question has 2 parts on demand.	Pricing, I will repeat again, it's always been demand.	January 23, 2025 government CAPEX will start improving and consequently cement demand shall start improving from January 25 onwards.	The reason I talked about all the demand footprint and demand new initiatives, I think cement will easily get absorbed.	And obviously, the UAE operations benefit from the construction demand wherever it is required?
Guidance	I mean I understand that trajectory is downwards and difficult to, say, guide on the time line.	And we expect our lead distance to go down further as the network of our plant increases from current 59 locations to more than 70 locations by the en…	But is there a case that operating performance for both Kesoram and India Cements run faster than your earlier guidance of clocking INR1,000 per ton b…	So Q4 '28 or maybe a quarter earlier, we expect to complete our journey.	And do you think the earlier guidance of 6% to 7% industry growth for the full year is achievable?	We expect our fuel costs to be around 1.7 kcal in the near future.	But sir, I don't see the capacity addition plant-by- plant guidance for Q4 and for the next 2 years.	Sir, my second question is just on India Cements, given some of the EBITDA of India Cements is getting booked in UltraTech standalone, your INR1,000 p…
Margin	Over and above that, there are smaller areas like power consumption reduction, efficiency improvement in operations, operating leverage.	So are we headed towards a situation where next 2 to 3 years we may not see any price improvement at all because companies are benefiting from cost re…	So the way we are dealing with it, whatever output is getting converted into UltraTech brand and the prices that UltraTech is able to realize on that,…	Typically, between first and second quarter, just because of negative operating leverage, you have about a INR200 increase in cost per ton.	The EBITDA per ton that you've given is at INR755, and I understand the first quarter was about INR1,000.	And to conclude, we achieved an EBITDA per metric ton of 964.	I don't think anyone expected both volume and the margin beat actually, which is quite heartening to see.	So Kesoram, if I look at January, March quarter, it was already operating at INR1,000-plus EBITDA per ton.
People	And is it possible, sir, in terms of the 68% utilization for second quarter, can you break it down region-wise for us, how was the utilization?	And generally, like your capacity utilization has been 85% pan-India.	—	Last question on your capacity utilization of 81%.	You shared in the presentation that last couple of years, the peak utilization has been approaching 90%.	If I look at the capacity utilization of India Cements, they were at about 57% for the quarter.	So, we have to have all the players playing the match in a positive manner - prices, efficiency improvement and capacity utilization.	One thing is that before the war broke out, they were operating at 100% capacity utilization.
Pricing	So could you just tell us a little bit on pricing in the sense that what's happened after the quarter?	—	Now I understand cement pricing was supportive in first quarter.	Now not just on volumes, you have been outperforming on cement pricing as well.	Now keeping that in mind and the cost-saving initiatives across the industry, how do you see the UltraTech Cement Limited October 18, 2025 pricing env…	How is the exit pricing versus the quarter average for third quarter?	Just on pricing, wanted to get a sense from you, like there is a lot of industry capacity addition that is going to come through this year.	We have taken price increases for cement in the month of April.
Revenue growth	Atul, on FY '25 industry growth of 4% and our growth, is it possible to share some region-wise color, I mean, in terms of volume growth?	I mean industry demand, what is your sense would have been versus our growth of 6%, 6.5%?	If industry is growing at 5% to 7%, we will not get left behind to be able to support the growth of the economy and the industry.	—	You have reported like like-for-like growth of 7% for the overall consol operations.	—	—	I think the number of plants, revenue growth, revenue growth is more than volume growth.

What they said they would do

Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.

Date	Quarter	Who	What they said
2023-07-26	FYFY24	ULTRATECH CEMENT LIMITED	We expect as I mentioned, we should be able to complete all these programs within this financial year, taking our overall capacity from 131.25 million tonnes to 135.25 million tonnes in India.
2024-10-23	FYFY25	ULTRATECH CEMENT LIMITED	And as per our announced organic growth plans, we should be reaching 184 million tons of capacity by FY '27 in India.
2024-10-23	FYFY25	ULTRATECH CEMENT LIMITED	March '25, we should be reaching about 159 million tons of capacity.
2024-10-23	FYFY25	ULTRATECH CEMENT LIMITED	By the end of Q2 fiscal '27, we should be touching around 180 million tons of capacity, wherein I'm not including the acquisitions in progress and anything in future.
2025-01-28	Q3FY25	ULTRATECH CEMENT LIMITED	This quarter we jumped more than 30% over Q2 and we expect further improvements going forward.