UltraTech Cement

NP up 75% YoY to Rs 1231.6 cr in Q2FY2026

On consolidated basis

Quarter ended September 2025 compared with Quarter ended September 2024.

Net sales (including other operating income) of UltraTech Cement has increased 20.33% to Rs 19606.93 crore.  

Operating profit margin has jumped from 12.44% to 15.78%, leading to 52.64% rise in operating profit to Rs 3,094.34 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 16.06% to 17.19%.   Purchase of finished goods cost rose from 2.46% to 2.94%.   Employee cost decreased from 5.81% to 5.41%.   Other expenses fell from 63.32% to 58.73%.   Power and Oil fuel cost fell from 25.11% to 22.58%.   Freight charges fell from 23.27% to 20.97%.   

Other income fell 23.02% to Rs 174.14 crore.  PBIDT rose 45.05% to Rs 3268.48 crore.  Provision for interest rose 16.87% to Rs 459.29 crore.  Loan funds rose to Rs 25,214.91 crore as of 30 September 2025 from Rs 16,963.85 crore as of 30 September 2024.  Inventories rose to Rs 10,470.53 crore as of 30 September 2025 from Rs 9,028.28 crore as of 30 September 2024.  Sundry debtors were higher at Rs 5,818.46 crore as of 30 September 2025 compared to Rs 4,363.12 crore as of 30 September 2024.  Cash and bank balance declined from Rs 3,090.05 crore as of 30 September 2024 to Rs 1,288.07 crore as of 30 September 2025.  Investments declined from Rs 7,579.26 crore as of 30 September 2024 to Rs 5,097.82 crore as of 30 September 2025.  

PBDT rose 51% to Rs 2809.19 crore.  Provision for depreciation rose 17.15% to Rs 1147.68 crore.  Fixed assets increased to Rs 95,340.46 crore as of 30 September 2025 from Rs 61,828.73 crore as of 30 September 2024.  Intangible assets declined from Rs 12,623.25 crore to Rs 7,795.15 crore.  

Profit before tax grew 88.65% to Rs 1,661.51 crore.  Share of profit/loss was 294.44% lower at Rs -5.68 crore.  Provision for tax was expense of Rs 417.85 crore, compared to Rs 171.34 crore.  Effective tax rate was 25.24% compared to 19.49%.

Minority interest increased 24.51% to Rs 6.40 crore.  Net profit attributable to owners of the company increased 75.23% to Rs 1,231.58 crore.  

Equity capital increased from Rs 288.70 crore as of 30 September 2024 to Rs 294.68 crore as of 30 September 2025.  Per share face Value remained same at Rs 10.00.  

Promoters? stake was 59.23% as of 30 September 2025 ,compared to 59.99% as of 30 September 2024 .  

year-to-date (YTD) results analysis.

Net sales (including other operating income) of UltraTech Cement has increased 16.43% to Rs 40882.38 crore.  

Operating profit margin has jumped from 14.37% to 18.36%, leading to 48.78% rise in operating profit to Rs 7,504.68 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 15.53% to 16.58%.   Purchase of finished goods cost rose from 2.31% to 2.71%.   Employee cost increased from 4.92% to 4.95%.   Other expenses fell from 62.93% to 57.49%.   Power and Oil fuel cost fell from 25.27% to 22.64%.   Freight charges fell from 23.40% to 21.35%.   

Other income fell 10.22% to Rs 354.37 crore.  PBIDT rose 44.49% to Rs 7859.05 crore.  Provision for interest rose 24.19% to Rs 892.59 crore.  Loan funds rose to Rs 25,214.91 crore as of 30 September 2025 from Rs 16,963.85 crore as of 30 September 2024.  Inventories rose to Rs 10,470.53 crore as of 30 September 2025 from Rs 9,028.28 crore as of 30 September 2024.  Sundry debtors were higher at Rs 5,818.46 crore as of 30 September 2025 compared to Rs 4,363.12 crore as of 30 September 2024.  Cash and bank balance declined from Rs 3,090.05 crore as of 30 September 2024 to Rs 1,288.07 crore as of 30 September 2025.  Investments declined from Rs 7,579.26 crore as of 30 September 2024 to Rs 5,097.82 crore as of 30 September 2025.  

PBDT rose 47.59% to Rs 6966.46 crore.  Provision for depreciation rose 18.81% to Rs 2254.46 crore.  Fixed assets increased to Rs 95,340.46 crore as of 30 September 2025 from Rs 61,828.73 crore as of 30 September 2024.  Intangible assets declined from Rs 12,623.25 crore to Rs 7,795.15 crore.  

Profit before tax grew 66.94% to Rs 4,712.00 crore.  Extraordinary items were increased to Rs -38.38 crore.  Provision for tax was expense of Rs 1204.74 crore, compared to Rs 534.61 crore.  Effective tax rate was 25.83% compared to 19.54%.

Minority interest decreased 62.60% to Rs 1.41 crore.  Net profit attributable to owners of the company increased 57.33% to Rs 3,457.48 crore.  

Equity capital increased from Rs 288.70 crore as of 30 September 2024 to Rs 294.68 crore as of 30 September 2025.  Per share face Value remained same at Rs 10.00.  

Promoters? stake was 59.23% as of 30 September 2025 ,compared to 59.99% as of 30 September 2024 .  

Cash flow from operating activities increased to Rs 5,566.77 crore for YTD ended September 2025 from Rs 2,734.93 crore for YTD ended September 2024.  Cash flow used in acquiring fixed assets during the YTD ended September 2025 stood at Rs 4,795.57 crore, compared to Rs 4,439.63 crore during the YTD ended September 2024.  

Full year results analysis.

Net sales (including other operating income) of UltraTech Cement has increased 7.12% to Rs 75955.13 crore.  

Operating profit margin has declined from 18.29% to 16.53%, leading to 3.17% decline in operating profit to Rs 12,557.45 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 14.44% to 15.57%.   Purchase of finished goods cost rose from 2.44% to 2.46%.   Employee cost increased from 4.28% to 4.75%.   Other expenses rose from 60.57% to 60.69%.   Power and Oil fuel cost fell from 25.75% to 24.25%.   Freight charges rose from 22.37% to 22.99%.   

Other income rose 20.62% to Rs 744.17 crore.  PBIDT fell 2.09% to Rs 13301.62 crore.  Provision for interest rose 70.51% to Rs 1650.54 crore.  Loan funds rose to Rs 24,102.18 crore as of 31 March 2025 from Rs 11,402.95 crore as of 31 March 2024.  Inventories rose to Rs 9,562.98 crore as of 31 March 2025 from Rs 8,329.74 crore as of 31 March 2024.  Sundry debtors were higher at Rs 5,890.25 crore as of 31 March 2025 compared to Rs 4,278.16 crore as of 31 March 2024.  Cash and bank balance rose to Rs 1,673.32 crore as of 31 March 2025 from Rs 783.21 crore as of 31 March 2024.  Investments declined from Rs 8,248.95 crore as of 31 March 2024 to Rs 5,156.47 crore as of 31 March 2025.  

PBDT fell 7.66% to Rs 11651.08 crore.  Provision for depreciation rose 27.65% to Rs 4014.95 crore.  Fixed assets increased to Rs 93,116.63 crore as of 31 March 2025 from Rs 63,343.30 crore as of 31 March 2024.  Intangible assets increased from Rs 6,345.49 crore to Rs 7,681.78 crore.  

Profit before tax down 19.38% to Rs 7,636.13 crore.  Extraordinary items were decreased to Rs -97.43 crore.  Provision for tax was expense of Rs 1488.49 crore, compared to Rs 2418.26 crore.  Effective tax rate was 19.77% compared to 25.67%.

Net profit attributable to owners of the company decreased 13.79% to Rs 6,039.11 crore.  

Equity capital increased from Rs 288.69 crore as of 31 March 2024 to Rs 294.68 crore as of 31 March 2025.  Per share face Value remained same at Rs 10.00.  

Promoters? stake was 59.23% as of 31 March 2025 ,compared to 59.95% as of 31 March 2024 .  

Cash flow from operating activities decreased to Rs 10,673.43 crore for year ended March 2025 from Rs 10,897.54 crore for year ended March 2024.  Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 9,129.33 crore, compared to Rs 9,005.59 crore during the year ended March 2024.  

Operational highlights:

Q2FY2026

The Company?s Domestic sales volumes reached 31.58 mt for the quarter, growing by 6.8%.

Operating EBITDA per ton for the existing UltraTech assets of 166.76 mtpa is at Rs. 966 per ton.

Premium product mix of 37.4%, up 14% yoy.

Others

Expansion:

UltraTech?s expansion program is progressing as scheduled, with the Company continuously enhancing its production capabilities.

UltraTech?s domestic grey cement capacity is 186.86 mtpa, on a consolidated basis. Together with its overseas capacity of 5.4 mtpa, the Company?s global capacity stands at 192.26 mtpa.

The company is embarking on the next phase (Phase IV) of its growth with 22.8 million tons of incremental capacity, which is a mix of largely brown-field and some green-field expansions. Out of this 22.8 million tons, 18 million tons is focused on the northern markets and 4.8 million tons for the western markets.

UltraTech Cement : Consolidated Results

Quarter ended Year to Date Year ended Particulars 202509 202409 Var.(%) 202509 202409 Var.(%) 202503 202403 Var.(%) Net Sales (including other operating income) 19,606.93 16,294.42 20.33 40,882.38 35,112.98 16.43 75,955.13 70,908.14 7.12 OPM (%) 15.78 12.44 334 bps 18.36 14.37 399 bps 16.53 18.29 -176 bps OP 3,094.34 2,027.18 52.64 7,504.68 5,044.28 48.78 12,557.45 12,968.56 -3.17 Other Inc. 174.14 226.22 -23.02 354.37 394.72 -10.22 744.17 616.95 20.62 PBIDT 3,268.48 2,253.40 45.05 7,859.05 5,439.00 44.49 13,301.62 13,585.51 -2.09 Interest 459.29 392.99 16.87 892.59 718.75 24.19 1,650.54 968.00 70.51 PBDT 2,809.19 1,860.41 51.00 6,966.46 4,720.25 47.59 11,651.08 12,617.51 -7.66 Depreciation 1147.68 979.67 17.15 2254.46 1897.6 18.81 4014.95 3145.3 27.65 PBT 1,661.51 880.74 88.65 4712 2822.65 66.94 7636.13 9472.21 -19.38 Share of Profit/(Loss) from Associates -5.68 -1.44 -294.44 -9.99 1.45 PL -10.57 22.01 PL PBT before EO 1655.83 879.3 88.31 4702.01 2824.1 66.50 7625.56 9494.22 -19.68 EO Income 0 0 - -38.38 -88.08 56.43 -97.43 -72 -35.32 PBT after EO 1655.83 879.3 88.31 4663.63 2736.02 70.45 7528.13 9422.22 -20.10 Taxation 417.85 171.34 143.87 1204.74 534.61 125.35 1488.49 2418.26 -38.45 PAT 1237.98 707.96 74.87 3458.89 2201.41 57.12 6039.64 7003.96 -13.77 Minority Interest (MI) 6.4 5.14 24.51 1.41 3.77 -62.60 0.53 -1.04 PL Net profit 1231.58 702.82 75.23 3457.48 2197.64 57.33 6039.11 7005 -13.79 P/(L) from discontinued operations net of tax 0 0 - 0 0 - 0 0 - Net profit after discontinued operations 1231.58 702.82 75.23 3457.48 2197.64 57.33 6039.11 7005 -13.79 EPS (Rs)* 41.79 23.85 75.23 118.30 76.98 53.68 207.59 239.53 -13.33 * EPS is on current equity of Rs 294.68 crore, Face value of Rs 10, Excluding extraordinary items. # EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database

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