UltraTech Cement Limited Q4 FY2026 Results
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Overview
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Detailed Analysis
Sentiment
Positive
Executive Summary
UltraTech Q4 FY26: Revenue ₹25,799.47 Cr (vs ₹23,063.32 Cr YoY), PAT ₹3,000.02 Cr (vs ₹2,474.79 Cr YoY)
In Q4 FY26 UltraTech reported consolidated Revenue from Operations of ₹25,799.47 Cr and Consolidated Net Profit (after tax) of ₹3,000.02 Cr, both up versus Q4 FY25; PBIDT for the quarter was reported at ₹5,688 Cr. India grey cement volumes in Q4 FY26 rose to 42.41 MT, up 9.3% YoY, supporting higher operating leverage and an operating margin of 22% (up 200 bps YoY). The Board has recommended a special dividend of ₹240 per share for FY26, supported by operating cash flow of ₹14,398 Cr for FY26. Key structural developments include domestic grey cement capacity crossing 200.1 MTPA and a green...Revenue from Operations (Consolidated)
₹25,799.47 Crvs ₹23,063.32 Cr in Q4 FY25
Net Profit (Consolidated)
₹3,000.02 Crvs ₹2,474.79 Cr in Q4 FY25
PBIDT (Consolidated)
₹5,688 Crvs ₹4,721 Cr in Q4 FY25
Operating Margin (Consolidated)
22%vs 20% in Q4 FY25
India grey cement sales volume
42.41 million tonnesvs 38.79 million tonnes in Q4 FY25
Earnings per share (Basic) Q4 FY26 (Consolidated)
₹101.41 per sharevs ₹84.38 per share in Q4 FY25
Net Debt to EBITDA (Consolidated)
0.94xKey Highlights
10
Q4 FY26 consolidated Revenue from Operations was ₹25,799.47 Cr driven by strong domestic volumes and integration of acquired assets
Q4 FY26 consolidated Net Profit was ₹3,000.02 Cr reflecting PBIDT strength (₹5,688 Cr) and an operating margin of 22% which improved 200 bps YoY due to operating leverage
India grey cement sales volumes for Q4 FY26 were 42.41 MT, a 9.3% YoY increase that lifted capacity utilisation to c.89% in the quarter
Operating PBIDT per tonne in Q4 FY26 was reported at ₹1,253 per tonne, indicating improved conversion of volumes into EBITDA
The Board recommended a Special Dividend of ₹240 per share for FY26 (aggregate ₹7,072.30 Cr), signalling strong free cash generation and capital return intent
Green power mix for FY26 rose to c.43% of total power consumption, supporting a 3% YoY decline in energy costs for the year
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Key Highlights
10
Q4 FY26 consolidated Revenue from Operations was ₹25,799.47 Cr driven by strong domestic volumes and integration of acquired assets
Q4 FY26 consolidated Net Profit was ₹3,000.02 Cr reflecting PBIDT strength (₹5,688 Cr) and an operating margin of 22% which improved 200 bps YoY due to operating leverage
India grey cement sales volumes for Q4 FY26 were 42.41 MT, a 9.3% YoY increase that lifted capacity utilisation to c.89% in the quarter
Operating PBIDT per tonne in Q4 FY26 was reported at ₹1,253 per tonne, indicating improved conversion of volumes into EBITDA
The Board recommended a Special Dividend of ₹240 per share for FY26 (aggregate ₹7,072.30 Cr), signalling strong free cash generation and capital return intent
Domestic grey cement capacity crossed the 200 MTPA milestone to 200.1 MTPA after commissioning 8.7 MTPA post-year-end additions, reflecting aggressive capacity expansion
The Company deposited ₹180.43 Cr (10% of CCI penalty of ₹1,804.31 Cr) and continues legal appeals; no provision recognised based on management view and legal opinion
Green power mix for FY26 rose to c.43% of total power consumption, supporting a 3% YoY decline in energy costs for the year
Statutory impact of new Labour Codes was recognised as an exceptional item of ₹88.48 Cr in consolidated results, representing a one-time past service cost
FY26 operating cash flow was ₹14,398 Cr which the company states supports capex and the special dividend without compromising financial stability
Guidance & Outlook
5
The Company disclosed a capital commitment of over ₹16,000 Cr over the next three years to expand consolidated capacity to over 240 MTPA
UltraTech reported FY26 capex of ₹9,600 Cr and signalled ongoing investment in growth projects while expecting operating cash flows to fund capex and dividends
Net Debt-to-EBITDA at 0.94x as at 31 Mar 2026 positions the Company to pursue the stated capex and dividend plans while maintaining leverage headroom
Management highlighted confidence in commissioning the new Cables and Wires business by Q3 FY27, indicating diversification beyond cement
The Company emphasised continued focus on green power and AFR mix to reduce energy cost volatility and sustain margin improvements
Risks & Concerns
5
Outstanding CCI matters
Company has deposited ₹180.43 Cr (10% of penalty) and investigations/litigation remain unresolved which could lead to material cash outflow if appeals fail
Geopolitical tensions and input cost volatility were cited as pressures on fuel, packaging, diesel and ocean freight which could compress margins if sustained
Large near-term capex commitment of over ₹16,000 Cr increases execution and funding risk despite reported Net Debt-to-EBITDA of 0.94x
Exceptional one-off charge of ₹88.48 Cr for statutory impact of new Labour Codes in consolidated results highlights potential for additional labour-related liabilities
Integration risk from acquisitions (e.g., India Cements consolidation and Birla White WallCare acquisition) could weigh on near-term comparability and synergies realisation
AI-generated analysis. May contain inaccuracies — verify against original sources.