UltraTech Cement Ltd(ULTRACEMCO)

NSE: ULTRACEMCOBSE: 532538

₹ 11,172+0.96%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 3.29 L crWebsite: www.ultratechcement.comUpdated: 24 Oct 2026

About

UltraTech Cement Ltd is India's largest cement manufacturer and the first company outside China to cross 200 million tonnes of cement capacity in a single country. Consolidated grey cement capacity reached 210.1 mtpa in Q2 FY27, and the company plans 242.9 mtpa by FY28. Besides grey cement it makes white cement, wall care putty, ready-mix concrete and building products, launched Ultravolt wires and cables in September 2026, and reported FY26 revenue of Rs 88511.53 crore.^[1][2]

Business segments

UltraTech reports a single segment, cement. India revenue was Rs 71,650.92 crore in FY25 vs Rs 67,324.32 crore in FY24. Overseas (others) revenue was Rs 3,285.53 crore in FY25 vs Rs 2,485.21 crore in FY24.^[3]
Cement and clinker made up about 90% of turnover in FY25.^[3]
Ready-mix concrete revenue was Rs 2,338 cr in Q2 FY27, up 29.1% YoY. Construction chemicals revenue was Rs 421 cr, up 48.4%.^[2]

Products and brands

Products include OPC, PPC, PSC and composite cement, white cement, wall care putty, ready-mix concrete (27 specialty concretes), dry mix mortars and waterproofing (FY25).^[3]
India's largest cement-selling brand, #1 in white cement and cement-based putty, and the #1 RMC player in India (FY25).^[3]
Migration of the acquired India Cements and Kesoram brands to the UltraTech brand was 100% complete in Q1 FY27, one quarter ahead of guidance.^[4]
The UltraTech brand grew 20.2% YoY in Q2 FY27.^[2]

Installed capacity and plants

4.6 mtpa was commissioned in Q2 FY27, taking consolidated grey cement capacity to 210.1 mtpa from 192.3 mtpa a year earlier.^[2]
The Sep 2026 additions were at Petnikota, Andhra Pradesh (1.0 MTPA), Visakhapatnam, Patratu and Nathdwara (Rajasthan), taking domestic grey cement capacity to 204.7 MTPA.^[5]
Capacity utilisation was 71% in Q2 FY27, up 500 bps YoY.^[2]
The domestic footprint in FY25 was 34 integrated units, 30 grinding units and 9 bulk terminals.^[3]
Overseas cement capacity in FY25: UAE 4.4 MTPA, Sri Lanka 1.5 MTPA, Bahrain 1.0 MTPA.^[3]
White cement (one unit) and wall care (three units) capacity was 2.6 MTPA in FY25. The company also ran 78 building product division units.^[3]

Key operating numbers

Domestic grey cement volume was 35.94 MnT in Q2 FY27, up 13.8% YoY. Consolidated sales volume was 38.22 MnT, up 12.9%.^[2]
Domestic grey cement realisation was Rs 5,176/t in Q2 FY27, up 2% YoY but below the Q1 FY27 level.^[2]
Operating EBITDA per tonne was Rs 974 in Q2 FY27, up Rs 60 YoY.^[2]
In Q2 FY27, fuel cost was Rs 1,030/t (up 14% YoY), power cost Rs 337/t (vs Rs 382/t) and logistics cost Rs 1,136/t.^[2]
The clinker conversion ratio was 1.48x in Q2 FY27.^[2]
Cement lead distance was 360 km in Q1 FY27, down from 367 km in Q4 FY26 and 363 km in Q3 FY26.^[4]
India Cements EBITDA/tonne rose from Rs 386/t in Q2 FY26 to Rs 603/t in Q1 FY27. The target is Rs 1,000/t by Q4 FY28.^[4]
The cost efficiency programme delivered Rs 185/t in FY26 vs Rs 86/t in FY25. Management guides to more than Rs 300/t by FY28.^[6]

Power and raw materials

Renewables and waste heat recovery made up 47.1% of the power mix in Q2 FY27, and 46.4% in H1 FY27.^[2]
Green power capacity (renewables plus WHRS) was 1,897 MW at the end of Q1 FY27.^[4]
The green power mix is targeted at 85% by FY30.^[2]
In FY25 the company used 44.15 million tonnes of recycled and alternative raw materials, including nearly 30 million tonnes of fly ash.^[3]
600+ electric trucks are to be added to logistics by December 2026.^[2]

Customers and distribution

In Q1 FY27 the retail/trade channel took 65-66% of volumes, institutional customers about 35% and ready-mix concrete about 3.5%.^[4]
More than 1.45 lakh channel partners cover 80% of the country, including 37,000+ dealers and 1,08,000+ retailers, served from 1,350 warehouses (FY25).^[3]
UltraTech Building Solutions had 5,084 retail outlets in Q2 FY26, contributing 20.5% of domestic grey cement volumes.^[7]
The ready-mix concrete business ran 485 plants in Q2 FY27.^[2]
Customers include individual home builders, dealers, real estate developers, infrastructure companies and institutional buyers (FY25).^[3]

Expansion and capex

Overall cement capacity is planned to reach 213.1 mtpa by FY27 (All India 207.7 mtpa) through 16.3 mtpa of additions.^[2]
Overall capacity is planned to reach 242.9 mtpa by FY28 (All India 237.5 mtpa) through 29.8 mtpa of additions.^[2]
Phase 4 adds 22.8 MTPA (18 MTPA North, 4.8 MTPA West) at capex below Rs 500 crores per MT. Capacity market share is targeted to rise from about 28% to 32-33%.^[7]
Annual cement capex of Rs 8,000-10,000 crores is guided for FY26-FY31.^[6]
India Cements capacity is to go from 14.45 MTPA to 17.55 MTPA, including 2.4 MTPA at Chennai and Rajasthan for Rs 422 crores.^[7]

Wires and cables

The Ultravolt wires and cables business launched on 3 Sep 2026. It covers 15,000+ pin codes and has onboarded 80,000+ retailers and electricians.^[2]
About Rs 1,100 cr of capex had been committed or spent on wires and cables by Q2 FY27, against Rs 1,800 crore approved.^[2][4]
No adjacency investments beyond wires and cables are planned for the next several years.^[6]

Acquisitions

India Cements became a subsidiary in December 2024, adding 14.45 MTPA, mainly in the South.^[3]
The demerger of Kesoram's cement business took effect on 1 Mar 2025. The stake in RAK White Cement was raised to 66.34%, making it a subsidiary.^[3]
The acquisition of Wonder WallCare, at an enterprise value of up to Rs 235 crore, was completed on 29 May 2025.^[3]

Market Cap

₹3,29,216 Cr

High / Low

₹13,104 / 10,329

Stock P/E

37.0

Price / Book

4.4

Book Value

₹2,600

EPS

₹277.1

No. of Shares

29.47 Cr

ROCE

12.8%

ROE

11.1%

OPM

14.5%

Debt / Equity

0.30

Sales

₹88,512 Cr

Net Profit

₹8,188 Cr

Promoter holding

58.5%

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