ULTRACEMCO

UltraTech Cement remains India's largest cement manufacturer and one of the strongest long-term companies in the sector. Fundamentally, it continues to benefit from infrastructure spending, housing demand, and aggressive capacity expansion. Fundamental Strengths ✅ Market leader with over 200 MTPA domestic cement capacity. ✅ Strong parentage (Aditya Birla Group). ✅ Healthy balance sheet with Net Debt/EBITDA below 1x. ✅ Consistent cash flow generation. ✅ Expanding renewable power usage, reducing production costs over time. FY26 Performance The company delivered one of its best years ever: Revenue: ₹87,384 crore (+17% YoY) PAT: ₹8,305 crore (+36% YoY) EBITDA: ₹17,598 crore (+32% YoY) Operating Margin: 22% Domestic capacity crossed 200 MTPA Announced Special Dividend of ₹240/share. Positive Factors Government infrastructure spending remains strong. Housing demand continues to support cement volumes. Cost optimisation through green energy and waste heat recovery. Capacity additions should drive volume growth over the next 2–3 years. Risks Rising coal and fuel costs. Increased competition due to new industry capacity. Pricing pressure, particularly in South India. Any slowdown in real estate or infrastructure spending could impact margins.