AI-generated · cited to primary sources · not investment advice
UltraTech Cem. (532538) Oct 2025 Filing Analysis
Does management do what it says?
The company expects to reach 198-199 million tons in FY26, slightly below the 200 million ton mark, with 8-9 million tons being added in the final quarter of FY26. (1 in progress, 2 met, 1 exceeded across 4 tracked commitments)
“Capex. Our expansion plans are going on full swing, and we will complete or exit this financial year with 200 million tons of capacity under our belt.”
Management reports that brand conversion is ahead of initial plans, with Kesoram reaching 69% and India Cements crossing 58% as of December 2025. (1 in progress, 1 exceeded across 2 tracked commitments)
“We are expecting to complete the brand transition for these acquired assets, not later than June '26.”
Consolidated sales volumes grew by 6.9% YoY in Q2 FY26, which is below the double-digit target, though the UltraTech brand specifically saw 13.2% growth. (1 missed across 1 tracked commitment)
“Consolidated Sales Volumes* 33.85 [mtpa] 6.9% [Growth YoY]”
See the full cited Management analysis of UltraTech Cem.
How durable is the business?
UltraTech brand volumes grew 13.2% YoY, while consolidated volumes including acquisitions grew 6.8% YoY despite heavy monsoon rains. (1 expanding)
“Firstly, demand. I think it's very important to note that we have sold more than 31 million tons of cement this quarter... With both ICL and Kesoram Cement assets in the base, we have grown about 6.8%.”
Grey Cement remains the core revenue driver, showing strong domestic revenue growth of 14.6% YoY, though volume growth moderated to 6.8% compared to the previously noted 19%. (1 expanding)
“Grey Cement (Domestic) Q2 FY26 15,217 Growth^ (YoY) 14.6%”
Green power mix reached 42% this quarter, with a clear target to reach 65% by the end of the current growth phase to reduce thermal power costs. (2 expanding)
“Okay. So on the green power mix, we've reached 42%... We will reach about 65% of green power by the end of our current phase of growth.”
See the full cited Business Model analysis of UltraTech Cem.
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