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UltraTech Cement Ltd

Q2 FY26

UltraTech Cement Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹10,907

Market cap₹3.2L Cr

P/E37.3

Updated16 Oct 2026

Read4 min read

The short version

UltraTech Cement expects strong demand growth, with industry growth estimated at 6-7% for the full year. UltraTech targets capacity expansion to 240-245 million tons by FY '29 with incremental capacity of 22.8 million tons focused on North and West markets, supporting volume growth.

From UltraTech Cement Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

UltraTech Cement expects strong demand growth, with industry growth estimated at 6-7% for the full year.
The company recorded volume growth of 6.8% including acquired assets, and 9.6% excluding India Cements.
Rural market volume growth is robust at around 13%, with rural housing driving demand.
Premium cement demand is expected to increase due to GST 2 benefits improving affordability, potentially driving premiumization.
Over the next 4-5 years, UltraTech expects to grow market share in the North from 28% to 32%-33%, with no anticipated oversupply risk.
UltraTech plans to add 22.8 million tons of incremental capacity by FY '29, primarily brownfield expansions in North and West markets.

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Profitability & Margins

UltraTech targets capacity expansion to 240-245 million tons by FY '29 with incremental capacity of 22.8 million tons focused on North and West markets, supporting volume growth.
Brand transitions of acquired assets (India Cements and Kesoram) are expected to boost synergies and profitability by June '26.
India Cements assets anticipated to generate EBITDA per ton of INR1,000 and net debt/EBITDA around 0.5x post-expansion.
Kesoram EBITDA per ton expected to recover to INR1,000 by December and surpass INR1,100-1,200 by June '26 after WHRS implementation and brand transition.
Premiumization due to GST 2 is expected to drive price realization improvements.
Expansion projects aim for IRRs above 20%, funded largely through internal accruals.

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Capital Expenditure Plans

UltraTech targets adding 22.8 million tons of incremental capacity primarily through brownfield and some greenfield expansions by FY '29: 18 million tons in Northern markets and 4.8 million tons in Western markets.
Total clinker capacity addition planned is approximately 15.68 million tons, including 8.04 million tons at two specific plants alongside debottlenecking across regions.
Capex outgo expected to be at least INR 10,000 crores per year over the next two years.
India Cements undergoing a capex program worth INR 1,592 crores for WHRS, renewable energy (192 MW), efficiency improvements, and a 2.4 million ton capacity expansion at Chennai and Rajasthan plants at a cost of INR 422 crores.
Kesoram assets have about INR 500 crores capex in progress for WHRS and efficiency improvements.

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Fundraising & Capital Structure

UltraTech Cement plans to fund its expansion largely through internal accruals and a mix of debt.
There might be some temporary borrowings during the expansion period.
By the time expansions are completed (around FY '28), the company expects to have a net debt to EBITDA ratio of less than 0.7x.
No explicit mention of raising funds through equity in the provided transcript.

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Order Book & Pipeline

The transcript provided does not explicitly mention the current or expected order book or pending orders for UltraTech Cement Limited. However, related insights on demand and growth outlook include: - Sales volume growth: Over 31 million tons sold in the recent quarter despite heavy rains. - UltraTech brand volume growth: 13.2% year-on-year. - Rural market growth: Approximately 13%, with an estimated industry growth of 10% in rural. - Demand drivers: Strong individual homebuyers (IHB) segment and government infrastructure projects (roads, rail, aviation, ports).

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UltraTech Cement Ltd — Quarterly revenue & net profit

Revenue Net profit

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Jun 2026Q1 FY27

Sep 2026Q2 FY27

Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹23.3K Cr, net profit ₹1.5K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What UltraTech Cem.'s management said in earlier quarters

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Frequently Asked Questions

What were UltraTech Cement Ltd Q2 FY26 results?

UltraTech Cement expects strong demand growth, with industry growth estimated at 6-7% for the full year. UltraTech targets capacity expansion to 240-245 million tons by FY '29 with incremental capacity of 22.8 million tons focused on North and West markets, supporting volume growth.

What is UltraTech Cement Ltd share price analysis?

UltraTech Cement Ltd currently shows a neutral. The stock trades at a P/E of 37.3 with a market cap of ₹321,407 Cr. Investors should review the full earnings analysis for detailed insights.

Is UltraTech Cement Ltd planning capital expenditure?

UltraTech targets adding 22.8 million tons of incremental capacity primarily through brownfield and some greenfield expansions by FY '29: 18 million tons in Northern markets and 4.8 million tons in Western markets.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.