ULTRACEMCO

UltraTech Cement share price & financials

Price
₹11,367
Market cap
₹3.5L Cr
Sector
Construction Materials
Calls analysed
8
Latest concall · Q1 FY27 · call held 20 Jul 2026

UltraTech Cement Limited Q1 FY27

EBITDA ₹5,146 cr +12%PAT ₹2,604 cr +17%

What went well

  • Domestic grey cement volumes grew 13.1% YoY, translating into market share gains, with capacity utilization at 81% in Q1 FY27.
  • Reported highest ever Q1 performance across volumes, revenues, EBITDA (INR 5,146 crores), and PAT (INR 2,604 crores), with PAT up 17.2% YoY.
  • Revenues grew 16% and EBITDA rose 12% YoY, maintaining operating EBITDA per ton steady above INR 1,200 despite cost pressures.

What to watch

  • Fuel costs increased, with the fuel cost component rising 5% from INR 874 to INR 915 per ton, and overall costs expected to rise by INR 130-140 per ton in Q2 FY27.
  • West Asia conflict caused disruptive supply cycles and uncertainty in global energy markets, impacting costs.
Read the full call →

What UltraTech Cement Limited does

UltraTech Cement, the Aditya Birla Group's cement business, is India's largest manufacturer of grey cement, white cement and ready-mix concrete. It sells cement under the UltraTech brand through a pan-India network of dealers and UltraTech Building Solutions (UBS) retail outlets, and also runs white cement, ready-mix concrete and construction-chemicals businesses. It has integrated the acquired India Cements and Kesoram cement assets and operates overseas grey and white cement units alongside its Indian plants.

Segments

  • Grey Cement
  • White Cement
  • Ready Mix Concrete (RMC)
  • Construction Chemicals
  • Overseas
Cement capacity in India
Over 200 million tonnes per annum
Market position
India's largest cement company; first outside China to cross 200 MT capacity
Ready-mix concrete plants
425
Cities with RMC presence
163
UltraTech Building Solutions (UBS) retail outlets
5,290
Waste heat recovery (WHRS) capacity
383 MW
Founded 2000Headquarters Mumbai, India Company website

Guidance record · Q1 FY27

what the last two calls moved 23 tracked 7 delivered 5 missed 11 open
  • Kesoram EBITDA/Ton delivered said Q1 FY26 Promised: ₹1,000-1,200/ton by June 2026 Q1 FY27: Promise remains achieved. Integration is complete and the asset is contributing positively.
  • Net Debt/EBITDA Ratio missed said Q2 FY26 Promised: 0.8-0.9x by FY26 end Q1 FY27: Promise remains missed. For context, the ratio improved to 0.87x this quarter, entering the originally targeted range for FY26.
  • Total Cement Capacity on track said Q3 FY25 Promised: 209 MTPA by end of FY27 Q1 FY27: On track. Management reiterated the goal of reaching beyond 242 MTPA and provided an interim target of 212.7 MTPA by end of FY27, confirming the expansion plan is progressing.

All 23 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 15.9%, net profit up 17.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue16,294 17,779 23,063 21,275 19,607 +20%21,830 +23%25,799 +12%24,648 +16%
EBITDA2,026 2,893 4,608 4,406 3,089 +52%3,911 +35%5,599 +22%5,015 +14%
Net profit708 1,363 2,475 2,221 1,238 +75%1,729 +27%3,000 +21%2,604 +17%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −11.8% 1Y

₹11k₹12k₹13kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q1 FY26 — 17 Oct 2025Q3 FY26 — 23 Jan 2026Q4 FY26 — 27 Apr 2026Q1 FY27 — 20 Jul 2026

1Y: ₹12,478 on 10 Sept 2025 → ₹11,000. High ₹13,052 (18 Feb 2026), low ₹10,362 (23 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+1.5%
20 Jul
Q4 FY26
+0.1%
27 Apr
Q2 FY26
+1.8%
24 Jan
Q3 FY26
+1.8%
24 Jan

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 11.9% a year over 3 years, FY23 to FY26. Operating margin widened to 19.2%.

Year endingFY23FY24FY25FY26
Revenue₹63.2k Cr₹70.9k Cr₹76.0k Cr₹88.5k Cr
Operating profit₹10.6k Cr₹13.0k Cr₹12.5k Cr₹17.0k Cr
Operating margin16.8%18.3%16.5%19.2%
Interest₹822 Cr₹968 Cr₹1.7k Cr₹1.9k Cr
Depreciation₹2.9k Cr₹3.1k Cr₹4.0k Cr₹4.6k Cr
Net profit₹5.1k Cr₹7.0k Cr₹6.0k Cr₹8.2k Cr
Net margin8.0%9.9%8.0%9.3%
ROCE13.0%15.0%11.0%13.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹289 Cr₹289 Cr₹289 Cr₹289 Cr₹295 Cr₹295 Cr
Reserves₹43.9k Cr₹50.1k Cr₹54.0k Cr₹59.9k Cr₹71.7k Cr₹76.3k Cr
Borrowings₹21.7k Cr₹11.3k Cr₹11.1k Cr₹11.4k Cr₹25.2k Cr₹23.8k Cr
Other liabilities₹20.3k Cr₹22.1k Cr₹26.0k Cr₹29.2k Cr₹40.1k Cr₹40.9k Cr
Total liabilities₹86.2k Cr₹83.8k Cr₹91.4k Cr₹100.8k Cr₹137.3k Cr₹141.3k Cr
Fixed assets₹55.4k Cr₹55.5k Cr₹59.6k Cr₹62.9k Cr₹95.9k Cr₹98.8k Cr
Capital work in progress₹1.7k Cr₹4.8k Cr₹4.0k Cr₹6.8k Cr₹7.2k Cr₹8.7k Cr
Investments₹12.2k Cr₹6.3k Cr₹7.3k Cr₹8.2k Cr₹5.1k Cr₹6.7k Cr
Other assets₹16.9k Cr₹17.2k Cr₹20.5k Cr₹22.9k Cr₹29.1k Cr₹27.0k Cr
Total assets₹86.2k Cr₹83.8k Cr₹91.4k Cr₹100.8k Cr₹137.3k Cr₹141.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −2.87 pp while DIIs added +2.84 pp. The shareholder count grew 3% to 4,16,693.

Promoters
59.3%
FIIs
12.4%
DIIs
19.7%
Government
0.1%
Public
8.4%
Others
0.2%

Since Jun 2025

  • FIIs −2.87 pp
  • DIIs +2.84 pp
  • Promoters +0.10 pp

How it drifted, 12 quarters

Over this window DIIs went from 15.0% to 19.7% — +4.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 60.0%, FIIs 16.6%, DIIs 15.0%, Government 0.1%, Public 8.1%, Others 0.2%.Dec '23: Promoters 60.0%, FIIs 18.2%, DIIs 13.7%, Government 0.1%, Public 8.0%, Others 0.2%.Mar '24: Promoters 60.0%, FIIs 17.7%, DIIs 14.1%, Government 0.1%, Public 7.9%, Others 0.2%.Jun '24: Promoters 60.0%, FIIs 18.1%, DIIs 13.8%, Government 0.1%, Public 7.8%, Others 0.2%.Sep '24: Promoters 60.0%, FIIs 17.9%, DIIs 14.1%, Government 0.1%, Public 7.8%, Others 0.2%.Dec '24: Promoters 60.0%, FIIs 17.0%, DIIs 15.2%, Government 0.1%, Public 7.6%, Others 0.2%.Mar '25: Promoters 59.2%, FIIs 15.2%, DIIs 16.8%, Government 0.1%, Public 8.6%, Others 0.2%.Jun '25: Promoters 59.2%, FIIs 15.2%, DIIs 16.9%, Government 0.1%, Public 8.5%, Others 0.2%.Sep '25: Promoters 59.2%, FIIs 15.3%, DIIs 16.6%, Government 0.1%, Public 8.6%, Others 0.2%.Dec '25: Promoters 59.3%, FIIs 14.4%, DIIs 17.4%, Government 0.1%, Public 8.6%, Others 0.2%.Mar '26: Promoters 59.3%, FIIs 13.6%, DIIs 18.4%, Government 0.1%, Public 8.4%, Others 0.2%.Jun '26: Promoters 59.3%, FIIs 12.4%, DIIs 19.7%, Government 0.1%, Public 8.4%, Others 0.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of UltraTech Cement Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Grasim Industries Ltd 56.11%unchanged
LICI New Endowment Plus-Secured Fund Insurer3.01%newly disclosed
ICICI Prudential Sensex ETF Mutual fund2.58%+0.33 pp
NPS Trust A/C UTI Pension Fund Limited-Scheme Cent Pension / PF2.57%+0.21 pp
SBI Arbitrage Opportunities Fund - 2 Mutual fund1.73%+0.18 pp
Pilani Investment and Industries Corporation Limited 1.50%unchanged
Kotak Mahindra Trustee Co Ltd A/C Kotak Nifty Next Mutual fund1.25%newly disclosed
PT Indo Bharat Rayon 0.78%unchanged
Hindalco Industries Limited 0.43%unchanged
Shri Kumar Mangalam Birla 0.21%unchanged
Thai Rayon Public Company Limited 0.07%unchanged
Aditya Birla Real Estate Limited 0.05%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in ULTRACEMCO

Filings to Aug 2026

0 new, 12 added, 10 trimmed, 0 sold out — net −0.18 L shares (−0.3%).

Held by funds
₹8.1k Cr
42 schemes
Biggest holder
SBI Nifty 50 ETF
₹2.6k Cr · 1.2% of that fund
SchemeHoldingLast month
SBI Nifty 50 ETF SBI Mutual Fund₹2.6k Cr+0.12 L
SBI BSE Sensex ETF SBI Mutual Fund₹1.8k Cr+0.16 L
Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund₹825 Cr+0.14 L
Nippon India ETF BSE Sensex Nippon India Mutual Fund₹427 Cr+0.10 L
SBI Large Cap Fund SBI Mutual Fund₹395 Crheld
SBI Arbitrage Fund SBI Mutual Fund₹200 Cr−0.24 L
HDFC Multi Cap Fund HDFC Mutual Fund₹190 Crheld
Nippon India Power & Infra Fund Nippon India Mutual Fund₹172 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

12 added, 10 trimmed — net −18,354 shares (−0.3%)

Funds are sitting on
+25%
vs est. average cost
Held by funds
₹8.1k Cr
42 schemes · ≈ 2.3% of the company
Biggest holder
SBI Nifty 50 ETF
₹2.6k Cr · 1.2% of that fund
Longest holder
Nippon India Index Fund - Nifty 50 Plan
14y · since Sep '12

Shares held by these funds +15%

Aug '23 70.20 L shares Jul '26

All earnings calls (8)

Read the Q1 FY27 call →

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