India · Delayed Price · Currency is INR UltraTech Cement Earnings Call Transcripts
Fiscal Year 2027
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Q1 FY27 saw record volumes, revenues, and profits, with 13.1% volume growth and strong demand across all segments. Despite fuel and packing cost pressures, EBITDA and PAT rose double digits, and capacity utilization hit 81%. CapEx and expansion plans remain on track, with robust outlook and continued market share gains.
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 infrastructure-led demand and disciplined execution drove robust volume and margin performance, with capacity expansions and integration of acquisitions progressing ahead of plan. Cost efficiencies, improved pricing, and a healthy balance sheet support a positive outlook.
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Sales volumes grew strongly YoY, driven by premium and rural segments, with rapid integration of acquired assets. Expansion plans target 200 million tons by FY26 and 240–245 million tons by FY29, funded mainly by internal accruals. Cost pressures in Q2 are expected to ease in Q3.
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Steady demand and government CAPEX drove 9.7% YoY volume growth, with strong integration of Kesoram and The India Cements. Double-digit growth is targeted for FY26, supported by capacity expansions and efficiency improvements, while fuel costs and seasonality remain key risks.
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 was impacted by monsoon and pre-election slowdown, but volume grew 3% and capacity utilization was 68%. Fuel costs declined, prices improved, and expansion/acquisition plans remain on track. H2 is expected to see double-digit growth and profitability recovery.
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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.