UltraTech Cement Ltd.Record Q1 Performance, Premium Positioning

UltraTech Cement delivered its strongest first quarter performance with highest-ever net profit of ₹2,604 crore, up 17.2% year-on-year, and EBITDA of ₹5,146 crore, up 12% despite cost headwinds.

The company significantly outpaced industry growth with domestic grey cement volume expansion of 13.1% against industry's 7-8%, driven by its premium UltraTech brand which grew 21.3% year-on-year. Capacity utilization improved to 81% from 76% previously, crossing the 200 million ton domestic capacity milestone a year ahead of schedule. The India Cements turnaround continues to exceed expectations, with EBITDA per ton climbing to ₹603 from ₹386 in Q2 FY26, completing brand migration a quarter early.

Management maintained EBITDA per ton steady above ₹1,200 despite ₹60 per ton cost pressures from fuel and packaging. The company targets 212.7 million tons grey cement capacity by end-FY27 and net debt-to-EBITDA below 1x from current 0.87x. With green power meeting 47% of requirements and cables-and-wires business launching in Q3 FY27 on schedule, management reaffirmed commitment to double-digit volume growth while ploughing operating cash flows into cement expansion and shareholder dividends.