UltraTech Cement (ULTRACEMCO) — Announcement

📢 Key Event
Crisil assigns AAA/Stable rating to UltraTech Cement's new NCDs while reaffirming existing debt ratings

🔄 What Changed
Net debt/EBITDA ratio improved to 1.1x from 1.5x; EBITDA per tonne increased to Rs 1,092

🔮 What's Next
Net debt/EBITDA ratio expected to fall below 1x over medium term

💡 Investor Takeaway
The stable rating upgrade validates UltraTech's financial resilience and growth trajectory, enhancing investor confidence in its debt capacity and capital allocation strategy.

⚠️ Risks
Sector cyclicality and input cost volatility

Crisil Ratings has upgraded UltraTech Cement's credit profile by assigning a Crisil AAA/Stable rating to its new Rs 250 crore non-convertible debentures while reaffirming existing 'AAA/Stable' and 'A1+' ratings on other debt instruments. The upgrade reflects UltraTech's dominant market position, robust profitability with EBITDA per tonne rising to Rs 1,092 in FY2026, and improving financial metrics including net debt/EBITDA ratio declining to 1.1x from 1.5x year-on-year. The company maintains strong capital discipline with plans to expand capacity by ~37 mtpa through FY2029 and generate Rs 74,000 crore in net worth. Crisil highlights disciplined capital allocation and ESG initiatives as key strengths, though sector cyclicality and input cost volatility remain monitored risks. The stable outlook projects net debt/EBITDA to fall below 1x over the medium term, supporting continued investment in capacity expansion and new ventures like the upcoming Wires and Cables business.

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About UltraTech Cement Limited (ULTRACEMCO)

Construction Materials · Cement · Listed on NSE

Market Cap: ₹3,38,881.05 Cr P/E: 39.6 ROE: 11.2% ROCE: 13.4% Div Yield: 2.09%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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