India · Delayed Price · Currency is INR UltraTech Cement Earnings Call Transcripts
Fiscal Year 2026
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Achieved record 200 million tons capacity, with strong volume and EBITDA growth in Q4. Integration of India Cements and Kesoram completed, driving improved profitability. Dividend payout increased, CapEx fully funded, and robust demand outlook maintained despite cost headwinds.
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Strong demand from infrastructure projects and disciplined execution drove robust volume and margin growth, with capacity expansions and efficiency gains on track. Integration of acquisitions and cost control measures are delivering results, supporting a positive outlook.
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Cement sales and volumes grew strongly in Q2 FY26, driven by rural and premium demand, with rapid progress in brand transition and major expansion plans underway. One-off costs impacted margins, but these are expected to ease next quarter, and no significant fuel cost inflation is anticipated.
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Steady demand, government CAPEX, and mega projects drove 9.7% YoY volume growth, with strong integration of recent acquisitions and ongoing cost optimization. Double-digit growth is targeted for FY26, supported by new capacity and efficiency gains.
Fiscal Year 2025
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Capacity expanded to 184 million tons with strong integration of acquisitions, driving 10% volume growth versus 4% industry growth. FY26 targets double-digit organic growth, INR 300 per ton cost efficiency, and continued deleveraging, with EBITDA per ton at INR 1,270 for organic operations.
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Q3 FY25 saw strong demand recovery, price improvements, and a 30% QoQ jump in EBITDA per ton. Major acquisitions and capacity expansions position the company for double-digit growth, with further cost and efficiency gains expected.
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Q2 FY25 saw a monsoon-impacted slowdown with 68% utilization and 3% volume growth, but cement prices and fuel costs improved sequentially. Double-digit H2 growth is targeted, with major capacity expansions and acquisitions progressing as planned.
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Rural and construction demand drove strong volume growth and high capacity utilization, but realizations declined 2.4% year-over-year and further in July. Cost reduction initiatives and green power expansion are on track, with price recovery expected only in the second half.