UltraTech Cement — Building India, One Tonne at a Time

Roads are expanding. Homes are rising. Infrastructure spending is growing. And UltraTech is adding capacity at exactly the right time. UltraTech is no longer just India's largest cement company. It is becoming a national infrastructure powerhouse. The biggest trigger is scale. UltraTech crossed 200 MTPA of cement capacity in India in April 2026, taking consolidated global capacity to 205.5 MTPA — making it the world's largest cement company by capacity and sales volume outside China.  And the expansion isn't stopping. The company has committed more than ₹16,000 crore over the next three years, which is expected to take consolidated capacity beyond 240 MTPA. Its FY26 capex stood at ₹9,600 crore.  Then comes the real opportunity — India's construction cycle. Infrastructure ↑ Housing ↑ Urbanisation ↑ Roads ↑ Cement Demand ↑ Capacity ↑ Q4 FY26 cement sales volumes rose 9% YoY to 44.7 million tonnes, showing strong underlying demand.  And scale creates another advantage. More capacity → Better utilisation → Lower costs → Stronger margins → Higher cash flows UltraTech's Q3 FY26 capacity utilisation had already improved to 77%, while operating EBITDA per tonne increased to ₹1,051. Net debt/EBITDA stood at only 1.08x, giving the company financial flexibility to continue expanding.  There is also a hidden efficiency story. UltraTech has built 1,804 MW of green-power capacity, including renewable energy and waste-heat recovery, helping reduce energy costs while improving its environmental profile.  And the company is entering another adjacent opportunity. Its Cables & Wires business is progressing toward commercial launch, potentially creating another growth engine beyond cement.  Of course, cement remains cyclical. Capacity additions can pressure utilisation, coal/petcoke prices can impact margins and regional competition remains intense. But the structural story is powerful. India is building. UltraTech is expanding.