UltraTech Cement

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• DebtHighest safetyRated AAA by 2 agencies.
• ResultsGrowingIn the Sep 2026 quarter, sales rose 19% and profit rose 21% from a year earlier.
• DilutionNo new sharesNo new shares issued in the last year, so existing shareholders' slices were not cut.
• PromotersPromoters sellingThe promoters (founders or parent) own 58%, down from 59% in Sep 2025.
• ValuationNormal for this stockThe share trades at 36.8 times its yearly earnings (P/E), cheaper than 70% of the time in the last 5 years. Its usual P/E is about 35.

UltraTech Cement against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

• Valuation (P/E)36.8 against a typical 30: pricier than most peers (1st = cheapest).24th of 40
• Sales growth+18.8% against a typical +9.4% from a year earlier.12th of 37
• Profit growth+21.2% against a typical −31.3% from a year earlier.5th of 28
• Share price, 3 months−7.5% against a typical −13.2%.12th of 39

Exchange filings and their impact on the company.

• 27 Oct 2026Analysts/Institutional Investor Meet/Con. Call UpdatesMedium impactPositivePrice −0.3% that day
  Strong volumes and 5% exit price rise set up double-digit growth with margin recovery despite fuel spike.

  UltraTech's Q2 FY27 earnings call said cement volumes grew 13.8% with 71% utilisation, ahead of ~10% industry growth, while trade prices exited September about 3% above Q1 and spot realisations are about 5% above the Q2 average. Fuel cost rose from Rs45 to Rs51.5 per bag to Rs2.09-2.2 per kcal on the West Asia crisis and petcoke at $180, but fixed cost per ton fell 6%. The company commissioned 4.6MT to reach 204.7MT domestic capacity, guided Rs10,000 crore FY capex with net debt to EBITDA at 1.26x falling below 1x by March, and launched Ultravolt wires with 80,000 retail points.

  Full analysisFiling
• 19 Oct 2026Investor PresentationHigh impactPositivePrice −2.4% that day
  Strong Q2 with 13% volume and 21% profit growth plus a 46 mtpa expansion pipeline points to double-digit growth ahead.

  UltraTech reported a strong Q2FY27 with revenue of Rs 23,024 crore up 18.9%, sales volume of 38.2 million tonnes up 12.9%, operating EBITDA of Rs 3,721 crore up 20.3% and net profit of Rs 1,501 crore up 21.3%. Capacity rose to 210.1 mtpa after 4.6 mtpa was commissioned, utilisation improved to 71%, and green power reached 46.4% of power mix. The company laid out plans to add 16.3 mtpa in FY27 and 29.8 mtpa in FY28 to reach 242.9 mtpa, alongside growth in ready-mix, chemicals and the newly launched Ultravolt wires business.

  Full analysisFiling
• 19 Oct 2026Press ReleaseHigh impactPositivePrice −2.4% that day
  Strong Q2 with 19% sales and 21% PAT growth plus 4.6 mtpa new capacity supports double-digit earnings growth.

  UltraTech reported strong Q2 FY27 results with net sales up 18.9% to Rs 23,024 crore and PAT up 21.3% to Rs 1,501 crore, as domestic cement volumes rose 13.8% to 35.94 million tonnes and utilisation improved to 71%. It commissioned 3.6 mtpa greenfield capacity at Petnikota plus 1.0 mtpa debottlenecking, taking global grey cement capacity to 210.1 mtpa, and launched its Ultravolt wires and cables business with a new Jhagadia plant. The momentum from volumes and ongoing expansion toward 240+ mtpa by March 2028 supports continued growth, though margins were flat and borrowings rose to fund capex.

  Full analysisFiling
• 19 Oct 2026Outcome of Board MeetingLow impactNeutralPrice −2.4% that day
  Board approved USD 55mn guarantee for associate loan, adding small contingent liability.

  UltraTech Cement's board on 19 October 2026 approved a corporate guarantee of up to USD 55 million for a loan to be taken by UHG Holdings IFSC Private Limited, an associate company. At current exchange rates this is about Rs 480-490 crore of contingent liability. The guarantee does not immediately affect revenue or profit and is small against UltraTech's Rs 88,512 crore revenue and Rs 23,755 crore borrowings.

  Full analysisFiling
• 19 Oct 2026Outcome of Board MeetingLow impactNeutralPrice −2.4% that day
  UltraTech MD K.C. Jhanwar to become Non-Executive Vice Chairman from Jan 2027 as K.K. Maheshwari steps down.

  UltraTech Cement said K.K. Maheshwari will relinquish his role as Non-Executive Vice Chairman from 1st January 2027 due to other engagements. Managing Director Kailash Chandra Jhanwar, whose term ends on 31st December 2026, will be re-designated as Non-Executive Vice Chairman from the same date. No new Managing Director was announced; the move ensures leadership continuity with no change to operations.

  Full analysisFiling
• 19 Oct 2026ResignationLow impactNeutralPrice −2.4% that day
  UltraTech announces planned Vice Chairman rotation as MD's term ends in December.

  UltraTech Cement said K. K. Maheshwari will relinquish his position as Non-Executive Vice Chairman effective 1st January 2027 due to other engagements. Managing Director Kailash Chandra Jhanwar will complete his term on 31st December 2026 and has been re-designated as Non-Executive Vice Chairman from 1st January 2027. The changes were approved by the Board on 19th October 2026, indicating a planned leadership transition with continuity.

  Full analysisFiling

Results dates and other board meetings. Full calendar

Compounded yearly rates over each period.

Listed companies in the same business.

Atul Daga

Chief Financial Officer

Vivek Agrawal

Chief Marketing Officer, Whole-Time Director

Dhiraj Kapoor

Compliance Officer, Company Secretary

Kailash Chandra Jhanwar

Managing Director, Executive Director

Jayant Dua

Managing Director(Designate), Director

Ashok Kumar P

Chief Legal Officer