UltraTech Cement Ltd

Q4 FY26Cement & Cement Products

UltraTech Cement Ltd Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q4 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 Cement plans to add a further 37 million tons capacity by fiscal 2028, increasing total capacity to over 242.5 million tons. Sustainable volume growth expected at 7%-8% per annum driven by urbanization, infrastructure, PMAY housing, and rural demand.

From UltraTech Cement Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

UltraTech Cement plans to add a further 37 million tons capacity by fiscal 2028, increasing total capacity to over 242.5 million tons.
The company sees Ready-Mix Concrete (RMC) as a future growth engine, with ongoing expansion to meet increasing urbanization, though no specific volume percentage target.
Strong volume growth is expected to continue, supported by completed brand integrations and expansion, with 44 million tons sales volume in recent quarters.
Demand outlook remains robust due to government infrastructure capex, housing programs (PMAY), and stable rural demand.
The company aims to maintain high capacity utilization (above 80%-90%), indicating sustained volume growth.
Price improvements and premium product mix contribute to revenue growth alongside volumes.
Fiscal ’27 and beyond expected to deliver growing operating cash flows, supporting sustained capex (INR8,000-10,000 crores yearly) for growth and shareholder returns.

Profitability & Margins

Sustainable volume growth expected at 7%-8% per annum driven by urbanization, infrastructure, PMAY housing, and rural demand.
India Cements and Kesoram acquisitions fully integrated with cost improvements underway, fiscal '27 P&L to reflect benefits.
India Cements EBITDA expected to cross INR1,000 per ton by fiscal '28 due to efficiency and realization improvements.
UltraTech targets incremental capex of INR8,000-10,000 crores yearly through 2030-31 to support capacity and growth.
Operating cash flows projected to increase with existing capacities delivering more, enabling shareholder rewards.
Board committed to rewarding shareholders with a high dividend payout ratio, currently at 37% of profits.
Efficiency improvements and price increases expected to sustain and improve EBITDA margins despite cost pressures.
Overseas and domestic operations performing well, with UAE volumes stabilizing and India maintaining INR1,200+ EBITDA per ton.

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

Capital Expenditure Plans

UltraTech Cement plans INR 8,000 to 10,000 crores of capex annually for the foreseeable future, primarily on cement capacity expansion.
The company has already committed INR 1,592 crores for India Cements for efficiency improvements and INR 400 crores for capacity expansion.
Additional INR 400-500 crores is being spent on Kesoram cement assets for cost improvements.
Beyond 240 million tons capacity already achieved, UltraTech is working on a blueprint for capacity expansion beyond this level with an estimated capex of around INR 15,000 crores (plus/minus).
The wire and cable business has incurred INR 800 crores of a total INR 1,800 crores capex, with a planned launch around Q3.
No new adjacencies or investment plans other than wire and cable are indicated for the next few years.
The company is not adding new thermal plants but focusing on renewable energy and waste heat recovery systems (WHRS) for green initiatives.

Top-ranked in Cement & Cement Products

Ranked on what management guided this quarter

5x potential

1Grasim Inds₹2.2L Cr

Rev 1Mar 3

2BIGBLOC Const.₹572 Cr

Rev 2Mar 1

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

No explicit mention of new fundraising through debt or equity in the current transcript.
UltraTech Cement plans significant capex of INR 8,000 to 10,000 crores annually for the foreseeable future.
The company emphasizes funding this capex through strong internal operating cash flows.
The net debt-EBITDA ratio stands at a healthy 0.94x consolidated and 0.92x at UltraTech India level, indicating strong balance sheet and financial flexibility.
The Board aims to maintain leverage below 1x year after year after meeting growth capex.
The company prioritizes rewarding shareholders while managing capex and balance sheet sustainably.
No indications of imminent equity issuance or fresh debt raising; focus remains on internally funded growth and stable leverage.

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

Order Book & Pipeline

The transcript provided from UltraTech Cement Limited's call does not explicitly mention details about the current or expected orderbook or pending orders. The focus is primarily on financial performance, dividends, brand integration, cost management, capacity expansion, and operational updates. No specific figures or commentary related to orderbook or pending orders are discussed on the available pages (9 to 19). If you are seeking detailed insights on orderbook or pending orders, those might be found in other sections of the full report or presentation not included in the provided pages.

UltraTech Cement Ltd — 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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Orient Cement (Q4 FY26)
Capex moderated to INR6,000-6,500 crores in FY '27, emphasizing organic growth, stabilization of acquired assets, and selective capacity expansions. Key…
ACC (Q4 FY26)
The company plans to focus on optimizing existing capacities and improving utilization rates (e.g., Sanghi at 65%-70%, Penna at 55%-60%, others around…
India Cements Ltd (Q4 FY26)
Volume growth continues with Q4 FY26 consolidated sales volumes at 44 million tons and UltraTech brand volumes growing 19% YoY. Key concall takeaways from…

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Frequently Asked Questions

What were UltraTech Cement Ltd Q4 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?

UltraTech Cement plans INR 8,000 to 10,000 crores of capex annually for the foreseeable future, primarily on cement capacity expansion.

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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.