UltraTech Cement Ltd.volume +13.8%, profit +21%, prices turning up

UltraTech Cement's Q2 FY27 call, held on 19 October 2026, reported volume growth of 13.8% against an industry near 10%, a 21% rise in net profit and capacity utilisation of 71% against 66% a year earlier.

Trade prices were steady through the monsoon quarter, then turned up in the second half of September, and management said spot realisations are about 5% above the Q2 average, with the full benefit due in Q3. Fuel cost rose from ₹45 to ₹51.5 a bag, and the company expects about ₹2.2 per kilocalorie for the second half, so lower second-half variable cost has slipped. Capacity reached 204.7 million tons after 4.6 million tons were added in September, and 240 million tons remains on track, with new plans due before March.

The wires and cables business, Ultravolt, launched on 3 September with ₹1,100 crore of the ₹1,800 crore budget committed. Net debt to EBITDA rose to 1.26x, with a target of below 1x by March. Of 20 promises from the last call, 14 are met or on track, one came early, one slipped, three are not yet visible and one was not mentioned. No EBITDA figure was given on the call.