UltraTech Cement Limited

Sector: Building Materials, Cement  |  HQ: Mumbai, Maharashtra  |  Founded: 1983  |  Employees: ~22,000

Listed as: NSE / BSE listed; India's largest cement manufacturer by capacity  |  NSE / BSE  |  Ticker: ULTRACEMCO.NS  |  Website →

Key people

• Kumar Mangalam Birla (Chairman)
• K. C. Jhanwar (Managing Director)

Company overview

UltraTech Cement Limited is India's largest cement manufacturer by capacity, with installed grey cement capacity of approximately 152.7 MTPA across India and overseas operations. The company is part of the Aditya Birla Group, led by Chairman Kumar Mangalam Birla. UltraTech operates 22 integrated manufacturing units, 27 grinding units, 8 bulk packaging terminals, and 7 white cement and putty plants across India, the UAE, Bahrain, Bangladesh, and Sri Lanka. The recent acquisitions of India Cements (Tamil Nadu) and the Kesoram Industries cement business in 2024-25 have consolidated UltraTech's position as the dominant cement producer in southern India and lifted total capacity by approximately 30 MTPA.

Business model

UltraTech's business is geographically diversified across India's cement-consuming regions, with a particular strength in the western, central, and northern markets and now expanded southern presence post the India Cements acquisition. The company sells ordinary Portland cement, Portland slag cement, Portland pozzolana cement, and the premium white cement and putty under the Birla White brand. UltraTech operates one of India's largest captive thermal and renewable power capacity (over 1 GW installed) supporting its cement plants. The Group's diversified construction-materials portfolio also includes Birla Aerocon AAC blocks and other building materials.

Operating segments

Recent developments

May 2026

UltraTech Cement delivered several significant corporate and operational updates in early 2026. The company reached a major capacity milestone in April, crossing the 200 MTPA threshold and solidifying its position among the world's largest cement manufacturers [6]. In parallel, shareholder approvals for the India Cements integration progressed smoothly, with India Cements shareholders overwhelmingly endorsing material related party transactions with UltraTech via postal ballot in May [2][3], and an earnings call transcript released following integration activities in early May [9]. On the regulatory front, the Punjab and Haryana High Court granted a stay on the demolition of UltraTech's cement plant in Gurgaon's Manesar in January [5], providing relief on a significant asset.

Financial reporting for Q4FY26 featured prominently in recent developments. UltraTech recommended a 2,400% dividend for 2026, with Q4 results highlights published in May [1]. India Cements announced and subsequently released the earnings call transcript for UltraTech's Q4FY26 results on April 27, 2026 [7][9]. These updates collectively reflect strong execution on capacity expansion, successful M&A integration, and robust shareholder returns.

Sources (7)

1. Ultratech Cement dividend 2026: 2,400% recommended - check amount | Q4 results highlights - MSN · MSN · Mon, 18 May 2026
2. India Cements Shareholders Approve Material Related Party Transactions with UltraTech Cement via Postal Ballot - scanx.trade · scanx.trade · Thu, 07 May 2026
3. India Cements Shareholders Overwhelmingly Back UltraTech Cement Deals - Whalesbook · Whalesbook · Thu, 07 May 2026
4. Punjab and Haryana High Court stays demolition of UltraTech Cement plant in Gurgaon’s Manesar - The Indian Express · The Indian Express · Thu, 22 Jan 2026
5. UltraTech Cement crosses 200 MTPA capacity; ranks among world’s largest cement makers - CNBC TV18 · CNBC TV18 · Fri, 17 Apr 2026
6. India Cements Announces UltraTech Cement Earnings Call for Q4FY26 Results on April 27, 2026 - scanx.trade · scanx.trade · Mon, 27 Apr 2026
7. India Cements Limited Releases Q4 FY26 Earnings Call Transcript Following UltraTech Integration - scanx.trade · scanx.trade · Sat, 02 May 2026

Financial performance and recent trajectory

UltraTech reported FY25 consolidated revenue of approximately ₹74,500 crore with EBITDA of ₹14,800 crore. EBITDA margin expanded to approximately 20 percent in FY25 from 17 percent in FY24 as cement realisations recovered and energy costs moderated. Cement is a hyper-regional business with realisations varying sharply by zone; UltraTech's national footprint provides geographic diversification benefit. Capital expenditure run-rate is approximately ₹9,000 to ₹11,000 crore per year supporting the capacity expansion to 200+ MTPA target by FY27. Consolidated net debt is approximately ₹14,000 crore post the India Cements acquisition.

Stock performance and shareholder context

UltraTech Cement (NSE: ULTRACEMCO, BSE: 532538) is a Nifty 50 and Sensex constituent. Aditya Birla Group holds approximately 60 percent of the company. The stock trades on a premium P/E reflecting the market leadership and capacity expansion track.

12-month price trajectory

Monthly closes over the last 12 months. Source: Yahoo Finance.

Competitive position

UltraTech is the dominant cement producer in India, ahead of Adani Cement (formed by the acquisition of Ambuja Cements and ACC), Dalmia Bharat, Shree Cement, JK Cement, Ramco Cements, and the regional independents. The scale advantage in distribution, fuel sourcing, and capacity utilisation is the structural moat. The India Cements acquisition consolidates the southern Indian market and addresses the prior gap versus Dalmia Bharat in that region.

Key risks

Cement is hyper-cyclical with infrastructure capex; thermal coal pricing volatility; pet coke pricing; regional pricing wars (particularly East and South India); regulatory changes on royalty and limestone leases.

Outlook

Strong outlook through FY30 on the capacity expansion to 200+ MTPA target and the consolidation benefits from India Cements and Kesoram acquisitions. UltraTech is the price-leader in most Indian cement zones and the principal benchmark for new entrants in the cement manufacturing space.

KAMRIT point of view

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.