ULTRACEMCO

Outlook

Integration of

Ltd and Kesoram Industries Ltd is on track, strengthening ’s pan-India footprint and operational scale. → Strong government infrastructure spending in states like Bihar, Andhra Pradesh, Gujarat, and Maharashtra is driving robust cement demand, giving UltraTech confidence to aim for double-digit volume growth in FY26, ahead of the industry’s expected mid-to-high single digits pace. → Consolidated grey cement volumes rose 9.7% YoY in Q1FY26 (36.83 mt), while domestic grey cement volumes were up 8.7% YoY (34.64 mt), with like-to-like volumes up 3%—slightly trailing industry growth. → UltraTech commissioned 3.5 mtpa new capacity in Q1FY26 and plans to add 11 mtpa in FY26 and 15 mtpa in FY27, targeting a total capacity of 212.2 mtpa by FY27 from 187 mtpa currently. The company has earmarked ₹10,000 crore capex for FY26, with ₹2,000 crore already spent in Q1. → EBITDA grew 46% YoY in Q1FY26 (₹4,410 crore), in line with expectations, aided by margin expansion, cost controls, and higher market share. However, aggressive capex may elevate debt in the short term. → Cost efficiencies are being pursued through increased use of green power and reductions in lead distance