Net sales climbed 21.3% YoY to Rs 19,371 crore, up from Rs 15,967 crore in the same period last year.
UltraTech’s domestic grey cement sales surged 22.3% YoY in the September quarter, well above the industry’s average growth of around 5%, excluding contributions from newly acquired India Cements and Kesoram Industries. The company attributed its strong performance to efficient execution and cost control, with energy costs falling 7% YoY, partly offset by a 5% rise in raw material expenses due to higher flyash and slag prices.
For its existing operations, UltraTech Cement reported an operating EBITDA of Rs 966 per ton, based on a capacity of 166.76 mtpa. The recently acquired assets of India Cements and Kesoram Industries generated operating EBITDA of Rs 386 per ton and Rs 755 per ton, respectively. Integration has progressed swiftly, with 55% of Kesoram’s volumes and 31% of India Cements’ volumes already transitioned under the UltraTech brand.
Capacity expansion on track
UltraTech’s expansion program is progressing as scheduled, with the company continuously enhancing its production capabilities,” the company said in a statement. “UltraTech’s domestic grey cement capacity stands at 186.86 mtpa on a consolidated basis. Along with its overseas capacity of 5.4 mtpa, the company’s global capacity totals 192.26 mtpa,” it added.
The company also noted that it migrated to the GST 2.0 framework effective September 22, 2025, ensuring that customers “receive the full benefit of the reduction in GST rates.
Elara stays positive on UltraTech
Brokerage Elara Capital reiterated its ‘Accumulate’ rating on UltraTech Cement, maintaining a target price of Rs 14,088. The brokerage noted that the company’s FY28 capacity addition roadmap reflects an aggressive growth strategy, with domestic capacity expected to reach around 213 million tonnes by FY27, and 235 million tonnes under Phase IV expansion.
Elara highlighted that volumes have rebounded to show double-digit year-on-year growth, underscoring the company’s strong positioning amid sustained infrastructure demand and a recovery in rural housing.
With its profit surge, cost efficiency gains, and faster-than-planned integration of newly acquired assets, UltraTech Cement’s stock is expected to attract investor attention in Monday’s trade.
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