UltraTech Cem.

Q1 FY26Cement & Cement Products

UltraTech Cem. Q1 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q1 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹11,540

Market cap₹3.4L Cr

P/E39.5

Updated26 Aug 2026

Read4 min read

The short version

UltraTech targets double-digit volume growth in FY '26, building on the base of 135.8 million tons in FY '25. UltraTech Cement targets **double-digit volume growth** in FY '26, supported by new capacities including 3.5 million tons commissioned recently and around 10 million tons planned to commission soon.

From UltraTech Cem.'s Q1 FY26 earnings-call transcript · updated 26 Aug 2026.

Revenue & Sales Performance

UltraTech targets double-digit volume growth in FY '26, building on the base of 135.8 million tons in FY '25.
They anticipate about 10% volume growth in FY '26, inclusive of India Cements' 9-9.5 million tons.
New capacities, including 3.5 million tons already commissioned and another ~10 million tons coming online by Q4 FY '26, support growth.
Growth guidance includes both organic expansion and capacity additions through brownfield and greenfield projects.
Long-term outlook: cement demand in India expected to grow 5-7% annually over the next decade, underpinned by infrastructure development and urbanization.
UltraTech plans to continue capital allocation for WHRS, AFR, and brownfield expansions, including at India Cements sites.
Price increases in some regions (South, East) support revenue growth alongside volume gains.
Growth targets include capitalizing on the UltraTech brand transition and improved operational efficiencies.

Profitability & Margins

UltraTech Cement targets **double-digit volume growth** in FY '26, supported by new capacities including 3.5 million tons commissioned recently and around 10 million tons planned to commission soon.
The company expects to grow volumes higher than the industry, benefitting from acquisitions like India Cements and Kesoram.
India Cements aims to improve EBITDA per ton to over INR1,000 by FY '28 through operational efficiencies and capex programs focused on WHRS, fuel savings, and renewable energy integration.
Capex plans are ongoing with INR10,000 crores allocated for FY '26, focusing on brownfield and greenfield expansions, efficiency improvements, and sustainability.
Operating costs for India Cements expected to reduce substantially by FY '28, improving profitability.
Industry demand is believed to grow strongly especially in last two quarters, driven by infrastructure and housing, supporting UltraTech’s growth and earnings expansion.
Interest costs are expected to reduce with RBI rate cuts, aiding net profits.

See what UltraTech Cem. said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Current capex for FY '26: Close to INR 10,000 crores.
India Cements will fund its own capex separately.
UltraTech plans new capex phases: Phase 4 is starting, and Phase 5 planned, including brownfield expansions at India Cements sites.
Capex program includes WHRS, speed modifications, cooler upgrades, and alternate fuel technologies, improving efficiency and reducing carbon footprint.
India Cements aims to increase renewable energy usage to 86% of power by FY '28 via WHRS and renewable energy projects.
Capex benefits expected to reflect starting Q1 FY '28 for India Cements.
UltraTech’s next phase of organic growth blueprint is nearly ready and will be presented to the board by end of calendar year or FY '26.
Focus remains on cost optimization and green technologies for sustained growth and market competitiveness.

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Ranked on what management guided this quarter

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2BIGBLOC Const.₹572 Cr

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3₹1.3K Cr

Rev 3Mar 1

4₹81.5K Cr

Rev 3Mar 3

5₹39.1K Cr

Rev 3Mar 3

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

For FY '26, UltraTech Cement plans a capex of close to INR 10,000 crores; further capex details for FY '27 will be shared later.
The capex for India Cements will be funded via a mix of debt and internal accruals.
India Cements plans to reach a debt level under INR 50 crores by the end of their capex program, aiming for a near net cash position.
UltraTech's average borrowing cost is currently around 7%, with potential benefits expected from RBI rate cuts.
Refinancing and repricing efforts on India Cements' borrowings are already underway.
No explicit mention of new fundraising through equity or additional debt at the consolidated level was made in the text.
Any future debt fundraising would likely align with capex needs and refinancing plans, but specifics will be communicated in due course.

See what UltraTech Cem. said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript from UltraTech Cement Limited's Q1 FY26 earnings call does not explicitly mention current or expected order book or pending orders. However, relevant information includes: - Major orders for the wires and cables segment have already been placed. - Long-lead items have been ordered, and land leases are being finalized for new locations in Gujarat. - The company is on track with its capex plan of INR 1,800 crores for this segment. - The company is preparing for Phase 4 and Phase 5 of growth projects, which include brownfield expansion opportunities, especially involving India Cements locations. - Government capex spending has improved with new projects and road construction accelerating (2,108 km of highways built in Q1, an 8.9% increase YoY), suggesting a supportive demand environment. No specific order book numbers or pending order values were provided during this call.

UltraTech Cem. — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹25.8K Cr, net profit ₹3.0K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What UltraTech Cement Ltd's management said in earlier quarters

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Frequently Asked Questions

What were UltraTech Cem. Q1 FY26 results?

What is UltraTech Cem. share price analysis?

UltraTech Cem. currently shows a neutral. The stock trades at a P/E of 39.5 with a market cap of ₹340,944 Cr. Investors should review the full earnings analysis for detailed insights.

Is UltraTech Cem. planning capital expenditure?

Current capex for FY '26: Close to INR 10,000 crores.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.