UltraTech Cement Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 5 Aug 2026 | Cement & Cement Products | Market Cap: ₹3.4L Cr
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.
Price
₹11,570
Market Cap
₹3.4L Cr
P/E Ratio
39.7
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Compare UltraTech Cement Ltd against every Cement & Cement Products company this quarter on revenue, margins and earnings-call signals.
UltraTech Cement Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹25.8K Cr, net profit ₹3.0K Cr.
Full financials →📊 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.
- →Capacity is expected to reach about 235 million tons by FY '28, up from approximately 198-199 million tons in FY '26.
- →The company remains opportunistic about consolidation and will consider acquisitions if available.
📈 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.
- →Net debt to EBITDA target of 0.8-0.9x by fiscal year-end will improve financial health and support future growth.
- →Strategic capacity expansions (12 million tons FY '27, balance FY '28) will further enhance operating earnings.
🏗️ 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.
- →All growth funded through internal accruals, maintaining prudent balance sheet and leverage.
- →Non-core asset sales target INR 500 crores for India Cements.
💰 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.
- →The company is open to opportunistic acquisitions but did not comment on any active fundraising for such purposes.
- →No guidance was provided on raising funds via equity or fresh borrowings during the Q3 FY'26 call.
📋 Order Book & Pipeline
Key Metrics
Frequently Asked Questions
What were UltraTech Cement Ltd Q3 FY26 results?
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.
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 concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.