UltraTech Cement Ltd (ULTRACEMCO)
🎯 Key Takeaways
- UltraTech Cement is in a phase of strategic expansion and capital efficiency, transitioning from mature profitability to growth-oriented reinvestment, supported by strong cash generation and a disciplined balance sheet. Management is actively advancing capacity targets and new business verticals while maintaining shareholder returns.
- Revenue declined 4.5% QoQ to ₹24,648 in Q1FY27.
- ⚠️ Sector cyclicality and input cost volatility remain monitored risks, as highlighted by Crisil. Additionally, the transition into new business lines li
📖 The Story
UltraTech Cement is in a phase of strategic expansion and capital efficiency, transitioning from mature profitability to growth-oriented reinvestment, supported by strong cash generation and a disciplined balance sheet. Management is actively advancing capacity targets and new business verticals while maintaining shareholder returns.
📰 What's Happening
At the 26th AGM on 17 August 2026, UltraTech Cement reported FY26 results showing 17% revenue growth to Rs 88,512 crores and 36% PAT growth to Rs 8,188 crores, with a record special dividend of Rs 240 per share. The company achieved 200 MTPA cement capacity and launched sustainability initiatives with 35.8% green energy usage. Crisil upgraded its NCD rating to AAA/Stable, citing improved net debt/EBITDA ratio of 1.1x and rising EBITDA per tonne to Rs 1,092. Management outlined plans to expand capacity to 240 MTPA by FY28 and enter the wires and cables business in Q3 FY27.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 21,275 | 19,607 | 21,830 | 25,799 | 24,648 |
| Operating Profit | 3,304 | 1,947 | 2,733 | 4,392 | 3,815 |
| OPM % | 15.5% | 9.9% | 12.5% | 17.0% | 15.5% |
| Net Profit | 2,221 | 1,238 | 1,729 | 3,000 | 2,604 |
| EPS | ₹75.69 | ₹41.87 | ₹58.66 | ₹101.41 | ₹88.36 |
Quarterly revenue shows sequential improvement, rising to Rs 24,648 crores in Jun 2026 from Rs 19,607 crores in Sep 2025, with operating margins expanding to 15.5% and net profit growing to Rs 2,604 crores. This trend aligns with management's stated capacity expansion and operational efficiency initiatives, supporting margin resilience despite macroeconomic headwinds.
🔮 Management Outlook & What's Next
Management expressed confidence in sustained profitability and long-term growth, citing the special dividend as a reflection of strong cash generation. They reiterated targets of reaching 240 MTPA capacity by FY28, launching the wires and cables business in Q3 FY27, and achieving Net Zero by 2050, while emphasizing trust as a strategic pillar amid macroeconomic challenges.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 289 | 295 | 295 | 295 |
| Reserves | 61,076 | 70,412 | 71,738 | 76,329 |
| Borrowings | 16,964 | 24,102 | 25,215 | 22,781 |
| Total Liabilities | 1.08 L Cr | 1.34 L Cr | 1.37 L Cr | 1.41 L Cr |
| Fixed Assets | 55,419 | 76,851 | 78,200 | 99,260 |
| Investments | 7,579 | 5,156 | 5,098 | 6,740 |
| Total Assets | 1.08 L Cr | 1.34 L Cr | 1.37 L Cr | 1.41 L Cr |
The balance sheet reflects robust equity base of Rs 295 crores with reserves growing to Rs 76,329 crores by Mar 2026, while borrowings declined to Rs 22,781 crores. This indicates strong capital base and prudent leverage management, supporting continued investment in expansion and new ventures without compromising financial stability.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | +10,673 | +15,316 |
| Investing | -16,504 | -9,475 |
| Financing | +5,076 | -5,954 |
| Net Cash Flow | -755 | -113 |
👥 Shareholding Pattern
| Category | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 60.0% | 60.0% | 59.2% | 59.2% | 59.2% | 59.3% | 59.3% | 59.3% |
| FII | 18.5% | 17.5% | 15.7% | 15.7% | 15.8% | 14.9% | 14.1% | 12.9% |
| DII | 14.2% | 15.2% | 16.8% | 16.9% | 16.6% | 17.4% | 18.4% | 19.7% |
| Public | 5.2% | 5.2% | 5.4% | 5.4% | 5.6% | 5.6% | 5.5% | 5.6% |
| # Shareholders | 3,56,405 | 3,59,710 | 3,94,462 | 4,06,118 | 4,09,266 | 4,12,518 | 4,09,350 | 4,16,693 |
Institutional investor shareholding has increased from 14.93% in Q3FY26 to 12.86% in Q1FY27, though FII allocation remains stable. Promoter holding remains steady at 59.33%, with a slight rise in DII participation. The growing number of shareholders (4.17 lakh) suggests broadening retail interest and market acceptance.
⚖️ Peer Comparison — Cement
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| ULTRACEMCO | 3.39 L Cr | 39.6 | 13.4% | 11.2% | 0.30 |
| AMBUJACEM | 1.00 L Cr | 22.6 | 4.9% | 8.8% | 0.00 |
| SHREECEM | 85,520 | 52.5 | 9.6% | 7.0% | 0.07 |
| JKCEMENT | 39,681 | 42.0 | 13.7% | 13.3% | 0.86 |
| DALBHARAT | 34,654 | 37.1 | 6.9% | 5.3% | 0.38 |
| ACC | 23,997 | 12.6 | 9.3% | 9.3% | 0.00 |
| RAMCOCEM | 20,828 | 32.3 | 10.1% | 7.9% | 0.48 |
| JSWCEMENT | 17,178 | 21.9 | 10.2% | 11.0% | 0.62 |
| INDIACEM | 11,474 | 124.2 | 1.8% | 0.9% | 0.13 |
| NUVOCO | 11,395 | 29.5 | 7.6% | 4.3% | 0.42 |
⚠️ Risk Factors
Sector cyclicality and input cost volatility remain monitored risks, as highlighted by Crisil. Additionally, the transition into new business lines like wires and cables introduces execution and market adoption risks, while macroeconomic uncertainties could impact demand in the construction materials sector.
📋 Recent Filings
-
🟡 Board Meeting 18 August 2026UltraTech Cement's 26th AGM was held on 17 August 2026 via video conferencing. All seven resolutions, including adoption of audited financial statemen...
-
🟡 Board Meeting 17 August 2026UltraTech Cement announced its Chairman's speech from the 26th Annual General Meeting held on 17 August 2026, highlighting FY26 results including a 17...
-
🔴 Announcement 17 August 2026Crisil Ratings has upgraded UltraTech Cement's credit profile by assigning a Crisil AAA/Stable rating to its new Rs 250 crore non-convertible debentur...
-
🟡 Board Meeting 17 August 2026UltraTech Cement held its 26th Annual General Meeting on 17 August 2026 via video conference, approving the FY26 audited financials, declaring a divid...
-
🔴 Announcement 12 August 2026UltraTech Cement announced it will acquire a 26% stake in Solaris Horizon Energy Private Limited, a special purpose vehicle developing a 65 MW solar p...
-
🔴 Announcement 11 August 2026UltraTech Cement clarified that a material price movement in its stock on August 11, 2026, was purely market-driven with no news or event triggering i...
-
🔴 Corporate Action 3 August 2026UltraTech Cement announced the allotment of 5,00,000 fully paid non-convertible debentures of Rs.1,00,000 each, aggregating to Rs. 5,000 crores, on a ...
-
🟡 Board Meeting 25 July 2026UltraTech Cement announced that its Integrated and Sustainability Report 2025-26 is now accessible via the company website, and shareholders without r...
-
🔴 Announcement 24 July 2026UltraTech Cement secured CARE AAA stable ratings for its non-convertible debentures and bank facilities, reflecting its dominant market position with ...
-
🔴 Corporate Action 24 July 2026UltraTech Cement announced that its Annual General Meeting will be held on 17 August 2026 via video conference, with the record date set for 30 July 2...
🧠 Analyst's Read
UltraTech Cement demonstrates resilient financial performance and strategic momentum, with strong cash flows supporting dividends and expansion. Investors should monitor execution of capacity targets and new business rollout, as well as input cost trends, to assess sustained profitability.
Based on filing content and financial data. Not a recommendation.
Read the full analysis
Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.
Sign Up Free — Unlock Full Analysis2 free AI queries per day.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
📡 Get AI alerts when ULTRACEMCO files new disclosures
Track ULTRACEMCO filings, board meetings, and corporate actions. Free email alerts at 5 PM.
Track ULTRACEMCO — FreeFree account · 2 AI queries/day
© 2026 StockFin.ai — AI-powered Indian stock research
About · Privacy Policy · Terms of Service · Pricing
Today's Announcements · Screener · Insights · AI Chat
Data provided by CMOTS Internet Technologies Pvt Ltd