UltraTech Cement, India’s largest cement maker, reported a 27% year-on-year rise in consolidated net profit to ₹1,729.44 crore for the quarter ended December 2025 (Q3 FY26), aided by higher volumes and operational efficiencies.
The Aditya Birla Group flagship had posted a profit of ₹1,363.44 crore in the corresponding quarter last year, according to a regulatory filing.
Revenue, volumes see sharp uptick
Revenue from operations increased 22.8% YoY to ₹21,829.68 crore in Q3 FY26, compared with ₹17,778.83 crore in the year-ago period. Including other income, total consolidated income stood at ₹21,965.26 crore.
Sales volumes rose 15% to 33.85 million tonnes (MT) during the quarter, while domestic grey cement production grew 15.4% to 36.37 MT. Overall capacity utilisation improved to 77%, up from 72% a year earlier.
Excluding volumes from recent acquisitions, UltraTech said it achieved 29.4% growth in domestic grey cement markets, highlighting strong underlying demand.
EBITDA per tonne improves despite pricing pressure
UltraTech reported a ₹140 YoY and ₹97 QoQ improvement in EBITDA per tonne to ₹1,051/MT, driven by better operating leverage and efficiency gains.
However, sales realisation declined 0.4% YoY and 3.3% QoQ, reflecting pricing pressure in select markets.
Acquisitions impact comparability
The company cautioned that results for the quarter and nine-month period are not directly comparable with the previous year due to multiple inorganic moves, including:
- Acquisition of India Cements Ltd (ICL)
- Acquisition of Birla White WallCare (earlier Wonder WallCare)
- Purchase of UAE-based RAKWCT
- Merger of Kesoram Industries’ cement business, effective March 1, 2025
ICL, the South-based cement company acquired last year, reported sales volumes of 2.59 MT, up 25% YoY. UltraTech said ICL is on a recovery path and expected to reach targeted profitability following efficiency improvements, capex completion, and brand transition.
Capex, balance sheet remain strong
During the quarter, UltraTech commissioned:
- 0.6 MTPA grinding capacity at Dhule Cement Works, Maharashtra
- 1.2 MTPA integrated capacity at Nathdwara Cement Works, Rajasthan
With these additions, domestic grey cement capacity increased to 188.66 MTPA. Including 5.4 MTPA in the UAE, UltraTech’s global capacity now stands at 194.06 MTPA.
The company spent ₹2,357 crore on capex during the quarter and reduced its net debt-to-EBITDA ratio to 1.08x, underlining strong operating cash flows.
New businesses on track
UltraTech also reiterated that its foray into the cables and wires segment remains on schedule, with civil work underway and key orders placed. The company expects to launch operations by Q3 FY27.
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