loader2
Login Open ICICI 3-in-1 Account
  • Text Size
  • Text to Speech
  • Color Contrast
  • Pause Animations

Open ICICI
3-in-1 Account

Manage your Savings, Demat and Trading Account conveniently at one place

+91

BLOG

UltraTech Cement consolidated revenue increased by 18.8% YoY

ICICIdirect Research 21 Oct 2026 DISCLAIMER

News: UltraTech Cement consolidated revenue increased by 18.8% YoY (-5.5% QoQ) to Rs 23,295 crores, led by sales volume growth of 12.9% YoY (-7.5% QoQ) to 38.22 mtpa and improvement in blended realisation by 5.2% YoY (+2.2% QoQ). However, grey cement realisation was muted (flattish YoY, -5.5% QoQ) as increase in blended realisation was mainly supported by better growth in white cement realisation (+10.2% YoY, +0.9% QoQ), RMC (revenue increased by 29% YoY & 4.6% QoQ) and construction chemicals (revenue increased by ~49% YoY & 23.5% QoQ). Total cost/ton increased by 5% YoY (+7.8% QoQ) mainly due to higher RM cost, fuel cost, packaging cost and negative operating leverage on sequential basis. EBITDA/ton improved by 6.5% YoY (-19.8% QoQ) to Rs 974/ton. Subsequently, EBITDA was up 20.3% YoY (-25.8% QoQ) to Rs 3721.3 crores. PAT increased by 21.3% YoY (-42.5% QoQ) to Rs 1493.8 crore. For H1FY27, revenue was up by 17.3% YoY led by 12.5% YoY volume growth and 4.2% YoY improvement in realisation. EBITDA/ton stood at Rs 1099/ton (vs Rs 1062/ton in H1FY26)

View: Operating performance remained largely in line with expectations. Volume growth remained strong at ~14% YoY (vs 9-10% industry growth). Capacity utilisation stood at ~71% in Q2FY27 (vs 66% in Q2FY26), driven by improvement in recent capacity additions including acquired entities (India Cement & Kesoram Ind). Though company’s volume growth to remain healthy and better-than industry in the coming period, we believe that margins to remain under pressure in the coming quarter on account of higher fuel costs due to ongoing middle east conflict. Recent price hikes (by Rs 7-10/bag in Sept 2026 and further increase from Oct 2026) would help to ease some margin pressure. In terms of capacity, company is in the process of expanding its capacity to 212.7 mtpa by FY27E and 242.5 mtpa by FY28E (from ~210 mtpa at present), giving longer term growth visibility

Impact: Neutral

Download
ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere

Download
ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere