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Ultratech Cement Ltd.
NSE: ULTRACEMCOBasic MaterialsBuilding Materials
- Last close
- ₹11,045.00
- Day change
- −₹130.00 (−1.16%)vs
- Market cap
- ₹3.21 lakh crIndian rupees
- Research updated
- 2 reports
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About Ultratech Cement
Ultratech Cement Ltd. is an Indian multinational cement and building materials company headquartered in Mumbai. It operates as the cement flagship of a large diversified industrial group and focuses on the manufacture and sale of grey cement, ready-mix concrete, white cement and a broad range of building products. Ultratech Cement serves core sectors such as infrastructure, real estate and industrial construction, supplying materials for projects ranging from residential housing to large-scale commercial and civil works. The company’s operations extend beyond India into markets including the UAE, Bahrain, Sri Lanka and other regions around the Indian Ocean, where it also acts as a key exporter of cement and clinker. In white cement and wall care products, it goes to market under the Birla White brand, complementing its extensive network of ready-mix concrete plants and integrated manufacturing units. Today, Ultratech Cement plays a central role in the cement and construction materials value chain, offering integrated building solutions that support modern, engineered construction across multiple geographies.
- Sector
- Basic Materials
- Industry
- Building Materials
- Listing
- NSE: ULTRACEMCO
- Employees
- 28,399
- Headquarters
- Mumbai, India
- ISIN
- INE481G01011
- Website
- ultratechcement.com
Public research · Report of
Business model & financial foundation
UltraTech Cement (NSE: ULTRACEMCO), Cement and building materials: revenue of ₹88,512 crore in FY26 (+16.5% on FY25), an EBITDA margin of 19.2%, net profit of ₹8,166 crore and net debt of ₹14,976 crore.
- Revenue, FY26 (₹ crore)
- 88,512
- consolidated
- Revenue growth, FY26
- +16.5%
- on FY25
- EBITDA margin, FY26
- 19.2%
- EBITDA (Operating EBITDA (revenue less operating costs, excl. other income)) / revenue
- Net profit, FY26 (₹ crore)
- 8,166
- to owners
- Return on equity, FY26
- 10.6%
- on average equity
- Net debt, FY26 (₹ crore)
- 14,976
- Net debt (gross borrowings less cash, bank balances and investments)
- Market capitalisation (₹ crore)
- 3,15,056
- at the close of 19 Oct 2026
Company profile
UltraTech is India's largest cement producer and the third-largest globally outside China, with ~210 mtpa of global grey capacity (204.7 mtpa in India) after the September 2026 commissioning. It sells grey cement (about 82% of revenue), white cement and putty, ready-mix concrete and building products across all Indian regions, plus operations in the UAE, Bahrain and Sri Lanka. It is executing a Rs17,000 cr programme to 240+ mtpa by March 2028 and turning around the acquired India Cements and Kesoram assets.
| Item | Value |
|---|---|
| Legal name | UltraTech Cement Limited |
| Exchange and ticker | NSE: ULTRACEMCO; BSE: 532538 |
| ISIN | INE481G01011 |
| CIN | L26940MH2000PLC128420 |
| Sector | Basic Materials |
| Industry | Cement and building materials |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP and KKC & Associates LLP (joint) (since FY26) |
| Market capitalisation | ₹3,15,056 crore (19 Oct 2026) |
| Shares outstanding | 29.41 crore shares (FY26) |
| Price | ₹10,907 (close, 19 Oct 2026) |
| 52-week range | ₹10,325 - ₹13,110 (to 19 Oct 2026) |
| Website | https://www.ultratechcement.com |
Corporate structure and shareholding
Parent: Aditya Birla Group (Grasim Industries is the promoter holding company).
| Entity | Holding | Business |
|---|---|---|
| The India Cements Limited | 74.99% | South India grey cement, 14.45 mtpa, listed (NSE: INDIACEM); internal amalgamation effective 28 Mar 2026 |
| UltraTech Cement Middle East Investments Ltd | 100% | Holding company for UAE, Bahrain, Oman, Tanzania/Uganda cement operations (Star Cement, Arabian Cement, RAKWCT 66.34%) |
| Ras Al Khaimah Co. for White Cement & Construction Materials PSC | 66.34% | UAE white cement, held via UCMEIL |
| UltraTech Cement Lanka (Pvt) Ltd | 80% | Sri Lanka grinding/terminal |
| Birla White WallCare Pvt Ltd | 100% | Wall putty, acquired 29 May 2025 at EV Rs234.43 cr |
| Harish Cement / Gotan Limestone / Bhagwati Limestone | 100% | Limestone-holding subsidiaries |
Kesoram cement division merged into the standalone company (appointed date 1 Apr 2024). Bhumi Resources (Singapore) sold 2 Feb 2026.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 59.35% | 59.30% | 59.43% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 15.86% | 14.40% | 14.11% | 12.86% |
| Domestic institutions | 16.68% | 17.50% | 19.69% | |
| Other | 8.11% | 8.80% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
UltraTech (NSE: ULTRACEMCO) is India's largest cement producer: 210.1 mtpa global grey capacity after the 23 Sep 2026 commissioning (204.7 mtpa in India), selling grey cement (domestic grey 15,217 of 19,371 cr net sales in Q2FY26, ~79%), white cement and putty, ready-mix concrete, construction chemicals, overseas (UAE/Bahrain/Sri Lanka) and, from Sep 2026, wires and cables. It controls limestone, captive power (2 GW green) and a 360 km lead-distance network; it does not control fuel prices (petcoke, imported coal) or regional prices set by industry supply. India Cements (74.99%) and Kesoram are being turned around.
| Peer | Why the dossier compares them |
|---|---|
| Ambuja Cements (AMBUJACEM) | No.2 pan-India consolidator (Adani), direct national competitor |
| Shree Cement (SHREECEM) | No.3 by capacity; North/East overlap, low-cost benchmark |
| JK Cement (JKCEMENT) | North/Central grey and white cement competitor |
| Dalmia Bharat (DALBHARAT) | East/South competitor |
| Grasim Industries (GRASIM) | Promoter holdco; trades with UltraTech as main asset |
| The Ramco Cements (RAMCOCEM) | South India competitor to India Cements assets |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 51,708 | 62,338 | 69,810 | 75,955 | 88,512 |
| Cost of revenue (vendor classification) * | 8,998 | 10,905 | 13,394 | 13,704 | 21,489 |
| Other operating costs (vendor classification) * | 29,320 | 38,773 | 41,381 | 46,089 | 45,669 |
| EBITDA (vendor classification) * | 11,645 | 10,936 | 13,237 | 13,291 | 17,291 |
| Finance costs | 885.7 | 762.0 | 959.8 | 1,651 | 1,872 |
| Profit before tax | 8,364 | 7,416 | 9,422 | 7,528 | 10,927 |
| Tax expense | 1,190 | 2,343 | 2,418 | 1,488 | 2,739 |
| Profit after tax | n.r. | 5,073 | 7,004 | 6,040 | 8,188 |
| Diluted EPS (INR) | 254.5 | 175.5 | 242.9 | 205.1 | 277.5 |
| Materials + traded goods + inventory change | 13,704 | 17,188 | |||
| Power and fuel | 18,419 | 19,597 | |||
| Freight and forwarding | 17,460 | 19,169 | |||
| Employee benefits | 3,605 | 4,162 | |||
| Other expenses | 10,210 | 11,374 | |||
| Operating EBITDA (revenue less operating costs, excl. other income) | 12,557 | 17,020 | |||
| Other income | 744.2 | 577.5 | |||
| Depreciation and amortisation | 4,015 | 4,644 | |||
| Exceptional items (signed, loss negative) | -97.4 | -138.6 | |||
| Share of associates and JV (signed) | -10.6 | -15.8 | |||
| Non-controlling interest | 0.53 | 22.7 | |||
| Profit to owners of parent | 6,039 | 8,166 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners (net worth) | 50,432 | 54,380 | 60,283 | 73,893 | 80,712 |
| Gross borrowings (non-current + current) | 10,299 | 11,058 | 11,403 | 23,031 | 22,781 |
| Cash and cash equivalents * | 120.5 | 370.4 | 553.6 | 467.2 | 354.5 |
| Trade receivables | 3,072 | 3,867 | 4,278 | 5,890 | 6,029 |
| Inventories | 5,596 | 6,612 | 8,330 | 9,563 | 9,694 |
| Trade payables | 5,863 | 7,209 | 8,478 | 9,327 | 10,237 |
| Property, plant and equipment (net) | 49,524 | 53,586 | 57,024 | 76,015 | 80,283 |
| Capital work in progress | 4,777 | 4,035 | 6,783 | 6,188 | 8,276 |
| Total assets * | 83,828 | 91,387 | 1,00,802 | 1,33,697 | 1,41,376 |
| Net debt (gross borrowings less cash, bank balances and investments) | 16,501 | 14,976 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | 6,525 | 5,779 | 7,761 | 8,775 | 15,316 |
| Free cash flow (vendor definition) * | 3,670 | 2,868 | 1,892 | 1,544 | 5,638 |
| Dividends paid (the provider's sign: an outflow is negative) * | -1,065 | -1,091 | -1,094 | -2,012 | -2,273 |
| Capital expenditure (the provider's sign: an outflow is negative) * | -5,540 | -6,106 | -8,884 | -8,951 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 28.84 | 28.83 | 28.82 | 29.42 | 29.41 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 17,779 | 23,063 | 21,275 | 19,607 | 21,830 | 25,799 | 24,648 | 23,295 |
| Cost of revenue (vendor classification) * | 3,204 | 4,349 | 3,819 | 4,403 | 5,076 | 4,704 | ||
| Other operating costs (vendor classification) * | 10,790 | 13,114 | 12,074 | 12,470 | 14,039 | 13,822 | ||
| Finance costs | 456.8 | 475.0 | 433.3 | 459.3 | 492.2 | 486.9 | 452.9 | n.r. |
| Profit before tax | 1,691 | 3,101 | 3,008 | 1,656 | 2,283 | 3,981 | 3,480 | n.r. |
| Tax expense | 327.8 | 626.1 | 786.9 | 417.9 | 553.6 | 980.5 | 876.7 | n.r. |
| Profit after tax | 1,363 | 2,475 | 2,221 | 1,238 | 1,729 | 3,000 | 2,604 | 1,501 |
| Diluted EPS (INR) | 46.18 | 84.31 | 75.61 | 41.84 | 58.62 | 101.4 | 88.31 | 50.78 |
| Materials + traded goods + inventory change | 3,204 | 4,349 | 3,819 | 3,891 | 4,403 | 5,076 | 4,704 | n.r. |
| Power and fuel | 4,286 | 5,224 | 4,862 | 4,444 | 4,875 | 5,416 | 5,419 | 5,511 |
| Freight and forwarding | 4,036 | 5,176 | 4,649 | 4,127 | 4,758 | 5,635 | 5,211 | 4,810 |
| Employee benefits | 890.1 | 981.5 | 972.2 | 1,064 | 1,041 | 1,084 | 1,106 | n.r. |
| Other expenses | 2,468 | 2,715 | 2,563 | 2,986 | 2,838 | 2,987 | 3,193 | n.r. |
| Operating EBITDA (revenue less operating costs, excl. other income) | 2,895 | 4,618 | 4,410 | 3,094 | 3,915 | 5,600 | 5,015 | n.r. |
| Other income | 247.3 | 102.1 | 180.2 | 174.1 | 135.6 | 87.6 | 130.3 | n.r. |
| Depreciation and amortisation | 992.8 | 1,125 | 1,107 | 1,148 | 1,182 | 1,208 | 1,201 | n.r. |
| Exceptional items (signed, loss negative) | 0.00 | -9.35 | -38.4 | 0.00 | -89.2 | -10.9 | -13.3 | -6.29 |
| Share of associates and JV (signed) | -1.25 | -10.8 | -4.31 | -5.68 | -4.47 | -1.37 | 1.40 | -2.21 |
| Non-controlling interest | 4.01 | -7.25 | -4.99 | 6.40 | 4.04 | 17.3 | 4.44 | 7.61 |
| Profit to owners of parent | 1,359 | 2,482 | 2,226 | 1,232 | 1,725 | 2,983 | 2,599 | 1,494 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 16.9% | 20.6% | 12.0% | 8.8% | 16.5% |
| EBITDA margin | 16.5% | 19.2% | |||
| Net margin | 8.0% | 9.2% | |||
| Return on equity | 9.0% | 10.6% | |||
| Return on assets | 5.2% | 5.9% | |||
| Net debt (₹ crore) | 16,501 | 14,976 | |||
| Net debt / EBITDA | 1.31x | 0.88x | |||
| Asset turnover | 0.61x | 0.71x | 0.73x | 0.65x | 0.64x |
| Receivable days | 22 | 23 | 22 | 28 | 25 |
| Inventory days (on revenue) | 39 | 39 | 44 | 46 | 40 |
| Payable days (on revenue) | 41 | 42 | 44 | 45 | 42 |
| Cash conversion | 1.45x | 1.88x | |||
| Capex intensity | 10.7% | 9.8% | 12.7% | 11.8% | |
| Free cash flow (₹ crore) | 984.8 | -327.0 | -1,123 | -175.3 | |
| Dividend payout | 33.3% | 27.8% | |||
| EPS, diluted (₹) | 254.5 | 175.5 | 242.9 | 205.1 | 277.5 |
| Book value per share (₹) | 1,749 | 1,886 | 2,092 | 2,512 | 2,744 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA (revenue less operating costs, excl. other income)) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (gross borrowings less cash, bank balances and investments); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA (revenue less operating costs, excl. other income)).
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 19 Oct 2026); market data at the close of 19 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Ultratech Cement
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