UltraTech Cement Ltd

Q3 FY26Cement & Cement Products

UltraTech Cement Q3 FY26 earnings call: Revenue & Margins

Q3 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹11,570

Market cap₹3.4L Cr

P/E39.7

Updated23 Aug 2026

Read4 min read

The short version

UltraTech aims to add 12 million tons of capacity in FY '27, with 4-5 million tons likely to be added in 1H FY '27. UltraTech Cement expects continued strong volume growth driven by robust infrastructure demand across India.

From UltraTech Cement Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

UltraTech aims to add 12 million tons of capacity in FY '27, with 4-5 million tons likely to be added in 1H FY '27.
Full-year capex guidance remains around INR 10,000 crores for FY '26.
Volume growth is robust, with a strong industry demand expected at 7-9% in Q4 FY '26 and 7-8% annual growth over next 4-5 years.
UltraTech expects operating leverage and efficiency improvements to drive EBITDA per ton growth over the next 15 months.
Demand is supported by large infrastructure projects across India, including roads, metros, and housing, indicating sustained cement consumption growth.

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Profitability & Margins

UltraTech Cement expects continued strong volume growth driven by robust infrastructure demand across India.
Operating leverage from volume increases and cost management will sustain EBITDA per ton growth over next 15 months.
Cost efficiency programs are on track, aiming to reduce costs by INR300-350 per ton over next few years.
Clinker conversion ratio target of 1.54 expected by FY '27-'28 will improve raw material efficiency.
Renewable energy share expected to rise from 42% to 60% by FY '27, supporting cost benefits.
Price hikes have partially offset cost increases; volumes and efficiencies drive margin expansion.
EBITDA per ton for Q4 expected to surpass current quarter, indicating better profitability.

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Capital Expenditure Plans

9-month capex for FY '26: INR 7,000 - 7,200 crores; expected to spend INR 2,000 - 2,500 crores in Q4; total around INR 9,500 - 10,000 crores.
FY '27 capex includes adding 12 million tons of capacity, phased over the year; approximately 4-5 million tons expected in 1H FY '27.
Remaining capacity additions of 22 million tons likely to be commissioned by FY '28; no expected spillover into FY '29.
Cost improvement capex ongoing for Kesoram (INR 382 crores committed, INR 263 crores spent) and India Cements (INR 601 crores committed, INR 144 crores spent).
Cable and wires initiative underway with INR 500 crores orders placed; 30% of planned team onboard; product launch expected in Q3 FY '27.

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Top-ranked in Cement & Cement Products

Ranked on what management guided this quarter

Guidance-ranked

1Grasim Inds₹2.0L Cr

Rev 1Mar 3

2BIGBLOC Const.₹613 Cr

Rev 2Mar 1

3₹1.3K Cr

Rev 3Mar 1

4₹81.0K Cr

Rev 3Mar 3

5₹38.0K 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

There is no explicit mention of any current or planned fundraising through debt or equity in the transcript.
The company has highlighted a strong leverage position with net debt to EBITDA at 1.08x and aims to reduce it to around 0.8 to 0.9x by the end of the fiscal year.
UltraTech seems focused on capex and expansion funded through internal accruals and cost management rather than new raising.
Non-core asset sales are underway, expected to generate around INR 500 crores, potentially aiding debt reduction.

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Order Book & Pipeline

The transcript and presentation do not explicitly mention the current or expected orderbook or pending orders for UltraTech Cement Limited. However, key points related to demand and capacity expansion indicate: - Strong government infrastructure focus translating into a robust pipeline of new projects across regions. - Large ongoing investments, including metro projects, highways, and expressways, driving cement demand nationwide. - Plans to add 8-9 million tons capacity in Q4 FY '26, 12 million tons in FY '27, and balance in FY '28.

- Capacity utilization and volume growth indicate healthy order intake. - No specific figures or details on orderbook or pending orders shared during the call. The emphasis is on demand outlook and capacity additions aligned with a strong project pipeline. In summary, while exact orderbook numbers are not disclosed, the company expects continued strong demand supported by a large infrastructure project pipeline.

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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 Q3 FY26 results?

What is UltraTech Cement Ltd share price analysis?

UltraTech Cement Ltd currently shows a neutral. The stock trades at a P/E of 39.7 with a market cap of ₹342,388 Cr. Investors should review the full earnings analysis for detailed insights.

Is UltraTech Cement Ltd planning capital expenditure?

9-month capex for FY '26: INR 7,000 - 7,200 crores; expected to spend INR 2,000 - 2,500 crores in Q4; total around INR 9,500 - 10,000 crores.

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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.

Revenue & Sales Performance

Profitability & Margins

Capital Expenditure Plans

Top-ranked in Cement & Cement Products

Fundraising & Capital Structure

Order Book & Pipeline

UltraTech Cement Ltd — Quarterly revenue & net profit

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What UltraTech Cem.'s management said in earlier quarters

Others in Cement & Cement Products this season

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Frequently Asked Questions

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