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ULTRACEMCO - UltraTech Cem.

📊 NSE: ULTRACEMCO 🏢 Cement - North India 📅 Last Updated: 12/14/2025 14:40

📢 Recent Corporate Announcements

UltraTech Cement Receives GST Demand and Penalty Order of ₹3.34 Crore

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 13 Mar 2026, 11:00 AM

UltraTech Cement has received an order from the Assistant Commissioner of State GST, Maharashtra, involving a total demand of approximately ₹3.34 Crores. The order includes a tax demand of ₹1.08 Crores, interest of ₹1.17 Crores, and a penalty of ₹1.08 Crores for the financial year 2019-20. The dispute relates to alleged ineligible Input Tax Credit (ITC) on blocked credits. The company has stated it will contest the demand and does not expect any material financial impact.

Total financial demand amounting to ₹3,34,30,722 including tax, interest, and penalty
Tax demand of ₹1,08,54,131 specifically for alleged ineligible ITC in FY 2019-20
Interest and penalty components stand at ₹1,17,22,460 and ₹1,08,54,131 respectively
Company to contest the order through legal channels, citing no material impact on operations

💡 No action is required as the demand amount is immaterial relative to UltraTech Cement's annual revenue and profit margins. This is a routine tax-related legal matter.

UltraTech Cement to Participate in Jefferies Asia Forum on March 17-18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Mar 2026, 06:01 PM

UltraTech Cement Limited has scheduled participation in the 2026 Jefferies Asia Forum, a prominent institutional investor conference. The company representatives will engage in group meetings on March 17th and 18th, 2026. The management has clarified that no unpublished price sensitive information (UPSI) will be shared during these interactions. This disclosure is part of the company's routine regulatory compliance under SEBI Listing Obligations.

Scheduled participation in the 2026 Jefferies Asia Forum on March 17th and 18th, 2026.
The interaction is structured as a Group Meeting with institutional investors.
Company confirms that no Unpublished Price Sensitive Information (UPSI) will be disclosed.
Latest investor presentation is available on the company website for public reference.

💡 No immediate action is required as this is a routine investor engagement. Investors may monitor for any updated investor presentations or analyst notes following the conference for qualitative insights.

UltraTech Cement to acquire 26.20% stake in Sunsure Solarpark Thirty Eight for Rs 6.72 Cr

🟢 POSITIVE ⭐ 6/10

M&A 📅 06 Mar 2026, 07:10 PM

UltraTech Cement has entered into an agreement to acquire a 26.20% equity stake in Sunsure Solarpark Thirty Eight Private Limited for a cash consideration of Rs 6.72 crore. The target is a special purpose vehicle (SPV) developing a 21 MWp solar power project with an integrated battery energy storage system in Dhule, Maharashtra. This strategic move is designed to meet the company's green energy requirements and optimize power costs through captive consumption. The acquisition is expected to be completed within 120 days.

Acquisition of 26.20% equity stake for a total cash consideration of up to Rs 6.72 crore.
Target entity is setting up a 21 MWp DC / 14 MW AC solar power project in Maharashtra.
Project includes an integrated battery energy storage system (BESS) for captive power use.
The transaction is expected to conclude within 120 days from the execution of the agreement.
Aimed at optimizing energy costs and complying with green energy regulatory requirements.

💡 Investors should view this as a positive step toward operational efficiency and ESG compliance, though the financial scale is small relative to UltraTech's total operations. No immediate portfolio action is required.

UltraTech Cement Board to Meet on April 27, 2026, for FY26 Results and Dividend Recommendation

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 02 Mar 2026, 07:01 PM

UltraTech Cement Limited has scheduled a board meeting on April 27, 2026, to approve the standalone and consolidated audited financial results for the year ending March 31, 2026. The board will also evaluate and potentially recommend a dividend for the equity shareholders for the same fiscal year. Consequently, the trading window for insiders will remain closed from April 1, 2026, through April 29, 2026. This announcement provides clarity on the timeline for the company's annual financial disclosure and shareholder payout decisions.

Board meeting set for April 27, 2026, to finalize FY26 audited financial results.
Dividend recommendation for the financial year 2025-26 to be considered during the meeting.
Trading window closure for designated persons effective from April 1 to April 29, 2026.
The meeting will cover both standalone and consolidated financial performance metrics.

💡 Monitor the results on April 27 for insights into the company's growth trajectory and dividend payout ratio. No immediate trade is necessitated by this routine regulatory filing.

UltraTech Cement to Acquire 26% Stake in AMPIN C&I Power for Rs 15.12 Crore

🟢 POSITIVE ⭐ 7/10

M&A 📅 02 Mar 2026, 06:12 PM

UltraTech Cement has entered into an agreement to acquire a 26% equity stake in AMPIN C&I Power Forty Four Private Limited for a cash consideration of up to Rs 15.12 crore. The target entity is a special purpose vehicle (SPV) focused on setting up a 45 MWp solar power project with battery storage in Odisha. This strategic investment is designed to optimize energy costs and meet the company's green energy requirements for captive consumption. The transaction is expected to be completed within 180 days and aligns with regulatory requirements under electricity laws.

Acquisition of 26% equity stake for a total cash consideration of up to Rs 15.12 crore
Project involves a 45 MWp DC / 30 MW AC solar power plant with battery storage in Kalahandi, Odisha
Strategic move to optimize energy costs and increase green energy share for captive power consumption
Transaction to be completed within 180 days from the execution of the Share Subscription Agreement
Target entity is a newly incorporated SPV (August 2025) specifically for renewable energy generation

💡 Investors should view this as a positive step toward long-term cost optimization and ESG compliance. While the investment amount is small relative to the company's size, it strengthens UltraTech's green energy portfolio.

India Ratings Affirms UltraTech Cement's 'IND AAA/Stable' Rating; Capacity to Reach 197.5 mnt

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 19 Feb 2026, 05:41 PM

India Ratings has reaffirmed UltraTech Cement’s highest credit rating of ‘IND AAA/Stable’, citing its dominant 27% market share and robust financial profile. The company reported a 19% YoY revenue growth to INR 627 billion in 9MFY26, with absolute EBITDA rising 44% to INR 114 billion. Despite a planned annual capex of INR 100-110 billion for FY26-27, net leverage remains comfortable at 1.1x. The rating also factors in the successful integration of India Cements and Kesoram, alongside a strategic foray into the wires and cables segment.

Affirmed 'IND AAA/Stable' rating for issuer and debt, reflecting a dominant 27% domestic capacity share.
Consolidated 9MFY26 revenue grew 19% YoY to INR 627 billion, while absolute EBITDA surged 44% to INR 114 billion.
Cement capacity reached 194.1 mnt in Dec 2025, with targets of 197.5 mnt by FY26 and 240.8 mnt by FY28.
Net leverage improved to 1.1x in Dec 2025 from 1.4x in FY25, despite significant expansion and acquisition spends.
Planned capex of INR 100-110 billion annually for FY26 and FY27 to be funded largely through internal accruals.

💡 Investors should view the 'AAA' affirmation as a sign of superior credit quality and balance sheet strength during an aggressive expansion phase. The company's ability to maintain low leverage while scaling capacity makes it a resilient leader in the cement sector.

UltraTech Cement Schedules ESG Update Meeting with Climate Action 100+ for Feb 25

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Feb 2026, 12:41 PM

UltraTech Cement Limited has announced a scheduled group meeting with the Climate Action 100+ investor group on February 25, 2026. The meeting is specifically designated for an ESG (Environmental, Social, and Governance) update. The company has explicitly stated that no Unpublished Price Sensitive Information (UPSI) will be shared during the session. This interaction underscores the company's ongoing engagement with institutional investors regarding sustainability and climate-related initiatives.

Meeting scheduled for February 25, 2026, with Climate Action 100+ investor group
Focus of the interaction is on ESG (Environmental, Social, and Governance) updates
Company confirms no Unpublished Price Sensitive Information (UPSI) will be disclosed
The meeting is organized as a group session involving company representatives

💡 No immediate action is required as this is a routine investor engagement. Long-term investors should monitor the company's ESG progress as it increasingly influences institutional capital allocation.

Fitch Affirms UltraTech Cement's 'BBB-' Rating with Stable Outlook

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 07 Feb 2026, 01:25 PM

Fitch Ratings has affirmed UltraTech Cement's Long-Term Foreign and Local Currency Issuer Default Ratings at 'BBB-' with a stable outlook. The rating agency also maintained the 'BBB-' rating for the company's USD 400 million senior unsecured notes maturing in 2031. These notes carry a coupon rate of 2.80% and represent a significant portion of the company's international debt. This affirmation follows a criteria update by Fitch and underscores the company's maintained credit profile.

Fitch Ratings affirmed Long-Term Foreign and Local Currency IDRs at 'BBB-'
The outlook for the company remains 'Stable' indicating financial consistency
Affirmed 'BBB-' rating for USD 400 million senior unsecured notes due 2031
The 2031 senior unsecured notes carry a fixed interest rate of 2.80%
Rating affirmation follows Fitch's update of its Corporate Rating Criteria

💡 Investors should take this as a sign of continued financial stability and creditworthiness. No immediate portfolio changes are necessary as the rating remains unchanged.

UltraTech Commissions 2.7 MTPA Grinding Capacity in Aligarh, UP

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 05 Feb 2026, 05:52 PM

UltraTech Cement has successfully commissioned an additional 2.7 mtpa grinding capacity at its Aligarh unit in Uttar Pradesh. This expansion increases the Aligarh unit's total capacity to 4.0 mtpa and the company's total footprint in Uttar Pradesh to 13.1 mtpa. Following this commissioning, UltraTech's total domestic grey cement capacity stands at 191.36 mtpa, with a global capacity of 196.76 mtpa. This move is part of the company's strategy to strengthen its presence in high-growth markets and optimize logistics.

Commissioned 2.7 mtpa additional grinding capacity at the Aligarh unit in Uttar Pradesh.
Total domestic grey cement manufacturing capacity reaches 191.36 mtpa.
Global manufacturing capacity, including overseas operations, now stands at 196.76 mtpa.
Total capacity in the state of Uttar Pradesh increased to 13.1 mtpa.
Expansion aimed at improving market reach and logistics optimization in high-growth regions.

💡 Investors should view this as a positive development that reinforces UltraTech's market leadership and capacity to meet rising demand. Monitor the company's progress toward its goal of reaching 200 mtpa capacity.

UltraTech Cement Targets 194 MTPA Capacity by 2028; FY25 Revenue Hits $8.9 Billion

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 05 Feb 2026, 12:22 PM

UltraTech Cement has released an updated corporate dossier outlining its path to becoming a 194.06 MTPA capacity player by 2028. As of December 2025, the company maintains a market capitalization of approximately USD 38.6 billion and reported FY25 consolidated revenues of USD 8.9 billion. The growth strategy relies on significant inorganic expansions, including the acquisitions of India Cements (14.45 MTPA) and Kesoram (10.75 MTPA). Additionally, its Ready Mix Concrete (RMC) business has scaled to 425 plants, contributing Rs 6,170 crore in revenue during FY25.

Targeting a total cement capacity of 194.06 MTPA by 2028 through organic and inorganic routes.
Consolidated revenue for FY25 reached approximately USD 8.9 billion with 2.7 billion bags of cement sold annually.
RMC segment revenue stood at Rs 6,170 crore in FY25, supported by a network of 425 plants.
Retail footprint expanded to 5,290 UltraTech Building Solutions outlets across 23 Indian states.
Major recent acquisitions include India Cements (14.45 MTPA) and Kesoram (10.75 MTPA) to solidify market leadership.

💡 Investors should maintain a positive outlook on UltraTech as it consolidates its leadership through aggressive capacity additions and diversification into high-margin building products. Monitor the execution of the 194 MTPA roadmap and the integration of the India Cements acquisition for potential synergy benefits.

UltraTech Cement Grants 1,521 Stock Options and PSUs to Employees

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Feb 2026, 12:41 PM

UltraTech Cement has granted a total of 1,521 stock options to eligible employees under its 2022 Employee Stock Option Scheme. The grant consists of 1,381 standard options and 140 Performance Stock Units (PSUs). The exercise price for the standard options is set at Rs. 12,535, based on the market price, while PSUs are priced at a nominal Rs. 10. This routine administrative action is designed to align employee incentives with long-term shareholder value through a multi-year vesting schedule.

Total grant of 1,521 instruments including 1,381 Options and 140 PSUs
Exercise price for standard options fixed at Rs. 12,535 per share
PSUs issued at a nominal exercise price of Rs. 10 per unit
Options vest at 33% annually over 3 years; PSUs vest 100% after 3 years
Exercise period is 5 years from the date of vesting for all instruments

💡 No action is required as the number of shares is negligible compared to the total equity base. This is a routine talent retention measure with no material impact on financial performance.

UltraTech Cement to Attend Kotak Chasing Growth 2026 Investor Conference on Feb 26

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Feb 2026, 12:09 PM

UltraTech Cement Limited has scheduled a group meeting with institutional investors at the 'Kotak: CHASING GROWTH 2026' conference on February 26, 2026. The company representatives will participate in discussions regarding the business, though no Unpublished Price Sensitive Information (UPSI) is intended to be shared. This meeting is part of the company's regular investor outreach program to discuss its latest performance and growth strategies. The schedule remains subject to change based on the exigencies of the participants.

Participation in the 'Kotak: CHASING GROWTH 2026' investor conference.
Meeting scheduled for February 26, 2026, as a group interaction.
Company confirms that no Unpublished Price Sensitive Information (UPSI) will be disclosed.
Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 No immediate action is required as this is a routine investor interaction. Investors may look for any post-event management commentary or updated investor presentations on the company website.

UltraTech Cement to Attend Axis Capital's Flagship India Conference on February 12, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Feb 2026, 06:58 PM

UltraTech Cement has announced its participation in Axis Capital's Flagship India Conference scheduled for February 12, 2026. The event will involve a group meeting with various institutional investors and funds. The company has explicitly stated that no Unpublished Price Sensitive Information (UPSI) will be shared during this interaction. This is a routine regulatory disclosure in compliance with SEBI (LODR) Regulations, 2015.

Scheduled meeting date: February 12, 2026.
Event: Axis Capital's Flagship India Conference (Group Meeting).
Compliance: Filed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
No Unpublished Price Sensitive Information (UPSI) to be disclosed during the meet.
Latest investor presentation remains the primary source of current information.

💡 No immediate action is required as this is a routine investor interaction. Investors may review the company's latest presentation on their website for current operational outlooks.

UltraTech Cement Receives GST Demand Orders Totaling Rs 3.12 Crore in Tamil Nadu

🟡 NEUTRAL ⭐ 3/10

LEGAL 📅 03 Feb 2026, 04:16 PM

UltraTech Cement has received two separate orders from the Assistant Commissioner of State GST, Trichy, Tamil Nadu, regarding alleged excess Input Tax Credit (ITC) availment. The first order for FY 2021-22 involves a total demand of approximately Rs 26.87 lakhs, while the second order for FY 2019-20 involves a demand of approximately Rs 2.85 crores. The combined financial implication, including tax, interest, and penalties, amounts to roughly Rs 3.12 crores. The company intends to contest these orders and does not expect any material impact on its financial operations.

Total combined demand across two orders amounts to approximately Rs 3.12 crores including interest and penalties.
Order for FY 2019-20 includes a tax demand of Rs 93.54 lakhs, interest of Rs 97.52 lakhs, and a penalty of Rs 93.54 lakhs.
Order for FY 2021-22 includes a tax demand of Rs 10.02 lakhs, interest of Rs 6.84 lakhs, and a penalty of Rs 10.02 lakhs.
The primary allegation involves excess availment of Input Tax Credit (ITC) in GST returns.
UltraTech Cement has stated it will contest the demands and expects no material financial impact.

💡 No action is required as the total demand is immaterial relative to UltraTech Cement's annual revenue and profit. This is a routine tax dispute that the company plans to appeal.

UltraTech Cement Receives GST Demand and Penalty Orders Totaling Rs 3.11 Crore

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 03 Feb 2026, 04:16 PM

UltraTech Cement has received two separate tax orders from the GST authority in Trichy, Tamil Nadu, alleging excess Input Tax Credit (ITC) availment. The first order pertains to FY 2021-22 with a total demand of approximately Rs 26.87 lakhs, while the second order for FY 2019-20 involves a significantly higher demand of Rs 2.85 crores. The cumulative impact of tax, interest, and penalties across both orders is approximately Rs 3.11 crore. The company has stated it will contest these orders and does not anticipate any material financial impact on its operations.

Total demand including tax, interest, and penalties amounts to approximately Rs 3.11 crore.
Order for FY 2019-20 includes a tax demand of Rs 93.54 lakhs, interest of Rs 97.52 lakhs, and penalty of Rs 93.54 lakhs.
Order for FY 2021-22 includes a tax demand of Rs 10.02 lakhs, interest of Rs 6.84 lakhs, and penalty of Rs 10.02 lakhs.
The primary allegation in both cases is the excess availment of Input Tax Credit (ITC).
UltraTech Cement intends to contest the orders before the relevant appellate authorities.

💡 No immediate action is required as the financial impact is negligible compared to the company's overall scale. Investors should monitor for any systemic tax issues, though this appears to be a routine regional dispute.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated Net Sales grew 21.3% YoY to INR 19,371 Cr in Q2 FY26 from INR 15,967 Cr in Q2 FY25. Standalone Net Sales grew 15.7% to INR 17,632 Cr. RMC (Ready Mix Concrete) now accounts for 4% of total cement volumes.

Geographic Revenue Split

Pan-India presence with 34 integrated units in India and 1 overseas. The company operates 75 physical locations and 400+ RMC plants across India, UAE, Bahrain, and Sri Lanka. Specific regional % split not disclosed in available documents.

Profitability Margins

Consolidated PAT margin was 8.0% for FY25, down from 9.9% in FY24. For Q2 FY26, Consolidated PAT was INR 1,232 Cr, a 75.2% increase from INR 703 Cr in Q2 FY25, driven by volume growth and efficiency.

EBITDA Margin

Consolidated EBITDA margin for Q2 FY26 was 16.8% (INR 3,268 Cr on INR 19,371 Cr sales), up from 14.1% in Q2 FY25. EBITDA per ton reached INR 1,197 in Q1 FY26 compared to INR 952 in Q1 FY25, a 25.7% improvement.

Capital Expenditure

Planned organic expansion of ~30 MTPA over FY26-27 requiring INR 18,000-20,000 Cr. H1 FY26 capex spend was INR 4,880 Cr. An additional INR 500 Cr is being invested in Kesoram assets for efficiency improvements like WHRS.

Credit Rating & Borrowing

Maintains CRISIL AAA/Stable and CARE AAA/Stable ratings. Financial flexibility is high with a cash balance of over INR 5,800 Cr as of March 31, 2025. Average fund-based bank limit utilization was 69% through March 2025.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Limestone (from captive reserves), Coal, Gypsum, and Fly Ash. Raw material consumption cost was INR 3,384 Cr in Q2 FY26, representing 17.5% of net sales.

Import Sources

Limestone is sourced from captive mines in India. Fuel (Coal/Petcoke) is sourced through a mix of domestic supply and imports from global markets. Specific countries not listed.

Key Suppliers

Not specifically named in the documents, though the company utilizes supplier's credit as part of its debt structure.

Capacity Expansion

Current grey cement capacity is 192.3 MTPA (as of June 30, 2025). Target is to exceed 200 MTPA by the end of FY26. Green energy capacity stands at 1,372 MW (351 MW WHRS + 1,020 MW Renewables).

Raw Material Costs

Raw material costs increased 28.4% YoY to INR 3,384 Cr in Q2 FY26. Procurement strategies focus on increasing the Thermal Substitution Rate (TSR), which reached 5.7% in FY25.

Manufacturing Efficiency

Operating leverage impact was INR 70 per ton in Q2 FY26 due to lower seasonal volumes. Efficiency is driven by 1,333 MW of captive thermal power and 351 MW of Waste Heat Recovery Systems (WHRS).

Logistics & Distribution

Logistics costs were INR 4,127 Cr in Q2 FY26, representing 21.3% of net sales. The company focuses on reducing lead distance to support profitability.

📈 Strategic Growth

Expected Growth Rate

6-7%

Growth Strategy

Growth will be achieved through a mix of organic expansion (30 MTPA by FY27), integration of India Cements (ICL) and Kesoram assets, and increasing market share from 28% to 32-33%. The company is also expanding its retail footprint via 5,000 UBS stores.

Products & Services

Grey cement, White cement, Wall Care Putty, Ready Mix Concrete (RMC), and specialized building materials sold through UltraTech Building Solutions (UBS) stores.

Brand Portfolio

UltraTech Cement, UltraTech Building Solutions (UBS), Birla White, Wonder Wall Care.

New Products/Services

Focus on 'Premium Cement' which is seeing better on-ground demand. RMC is a growing segment now contributing 4% of total volumes.

Market Expansion

Targeting a capacity of 200 MTPA by FY26 exit. Expansion includes new units in areas like Amravati and development near the new Mumbai Airport and data centers.

Market Share & Ranking

Largest player in the Indian cement industry with a 28% capacity share, targeting 32-33% in the medium term.

Strategic Alliances

Acquisition of The India Cements Ltd (ICL) effective December 2024 and Kesoram cement business. Investment in Wonder Wall Care (INR 234 Cr).

🌍 External Factors

Industry Trends

The industry is seeing consolidation (UltraTech's acquisitions) and a shift toward green energy. Demand is driven by infrastructure projects like Vadhavan Port and urban real estate.

Competitive Landscape

Largest player in a cyclical, commoditized market. Competitors include other large Pan-India and regional players, though UltraTech is the only one with a 28% market share.

Competitive Moat

Moat is built on massive scale (192.3 MTPA), Pan-India distribution network, and cost leadership through captive power (TPP/WHRS) and limestone reserves. This scale makes it difficult for smaller players to compete on price.

Macro Economic Sensitivity

Highly sensitive to government capex and interest rates affecting individual home builders. Industry growth is projected at 6-7% for FY26.

Consumer Behavior

Shift toward 'Premium Cement' and one-stop-shop procurement for home building via the 5,000 UBS retail stores.

Geopolitical Risks

Exposure to global fuel price volatility (coal/petcoke) due to geopolitical tensions affecting energy imports.

⚖️ Regulatory & Governance

Industry Regulations

Subject to environmental norms regarding emissions and waste generation. The company is increasing its Thermal Substitution Rate (5.7%) to meet sustainability goals.

Environmental Compliance

NSE Sustainability rating of '61' for FY2025. Committed to RE 100 initiative (100% renewable energy by 2050).

Taxation Policy Impact

Consolidated tax expenses for Q2 FY26 were INR 418 Cr on a PBT of ~INR 1,650 Cr, implying an effective tax rate of approximately 25.3%.

Legal Contingencies

Not disclosed in available documents. (SEBI/Capital market matters excluded per instructions).

⚠️ Risk Analysis

Key Uncertainties

Volatility in input costs (fuel/freight) and realization prices. Cyclicality of the cement industry can lead to unfavorable price cycles during capacity bunching.