UltraTech Cement Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript UltraTech Cement Ltd filed with BSE on 01 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
UltraTech reported Q4 FY26 consolidated sales volumes of over 44 million tons and EBITDA per ton of INR1,253 on an aggregate basis, while crossing 200 million tons of domestic cement production capacity. Management discussed cost pressures from the West Asia conflict affecting fuel, packing bags and freight, along with a mark-to-market forex hit from rupee devaluation. The company completed 100% brand migration for India Cements and Kesoram, announced a dividend of INR240 per share, and outlined plans to add a further 37 million tons of capacity by fiscal '28.
Numbers mentioned
Consolidated sales volume: 44 million tons (Q4 FY26)
p. 4
“Consolidated sales volumes, as you have already seen, has crossed a rocking 44 million tons this quarter.”
Atul Daga, page 4 of the filed PDF · View the filing
EBITDA per ton (excluding acquired assets): INR1,296 per ton (Q4 FY26)
p. 4
“EBITDA per ton, excluding acquired assets, is at INR1,296 per ton for the quarter.”
Atul Daga, page 4 of the filed PDF · View the filing
EBITDA per ton (aggregate): INR1,253 per ton (Q4 FY26)
p. 4
“On an aggregate basis, we have reported INR1,253 per ton in Q4 '26.”
Atul Daga, page 4 of the filed PDF · View the filing
India Cements EBITDA per ton: INR497 per ton (Q4 FY26)
p. 4
“The EBITDA trajectory - India Cements EBITDA of INR497 per ton in Q4 '26 up from INR333 in Q2 and INR305 in Q3.”
Atul Daga, page 4 of the filed PDF · View the filing
Net debt to EBITDA (consolidated): 0.94x (Q4 FY26)
p. 5
“Our balance sheet remains robust with a net debt-EBITDA of 0.94x at a consolidated level and 0.92x at UltraTech India level.”
Atul Daga, page 5 of the filed PDF · View the filing
Dividend: INR240 per share (FY26)
p. 5
“The Board has recommended a dividend of INR240 a share for fiscal '26.”
Atul Daga, page 5 of the filed PDF · View the filing
Incremental bag cost impact: approximately INR90 crores (Q4 FY26)
p. 7
“our incremental cost on bags was approximately INR90 crores, which is reflected in other costs for the quarter on account of bag costs going up.”
Atul Daga, page 7 of the filed PDF · View the filing
Green power share: 43% (current)
p. 4
“Today, almost 43% of our power needs are being met from green sources.”
Atul Daga, page 4 of the filed PDF · View the filing
Lead distance: 367 kilometers (FY26)
p. 4
“our lead distance has reduced to 367 kilometers”
Atul Daga, page 4 of the filed PDF · View the filing
Cost efficiency program delivered: INR185 per ton (cumulative)
p. 10
“So we are at almost INR185 per ton on nominal basis, we have completed.”
Atul Daga, page 10 of the filed PDF · View the filing
PAT: INR3,000 crores for the quarter (Q4 FY26)
p. 19
“landmark here generating INR3,000 crores of PAT for the quarter, INR8,000 crores plus of overall PAT for the year”
Atul Daga, page 19 of the filed PDF · View the filing
Full year industry demand growth: 6.5% (FY26)
p. 16
“6.5% is what my colleagues tell me for the full year.”
Atul Daga, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Capacity — 242.5 million tons · fiscal '28
stated firmly by Atul Daga
p. 3
“We have committed to add a further 37 million tons, which will take us over 242.5 million tons in a phased manner by fiscal '28.”
Atul Daga, page 3 of the filed PDF · View the filing
Green power share — 85% · end of fiscal 2030
stated firmly by Atul Daga
p. 4
“We have committed to reach about 85% of our power requirements from green energy by the end of fiscal 2030, and we are very confident of reaching that position.”
Atul Daga, page 4 of the filed PDF · View the filing
Volume growth — 7% to 8% per annum · fiscal '27 and beyond
stated firmly by Atul Daga
p. 5
“We expect a sustainable volume growth of 7% to 8% per annum.”
Atul Daga, page 5 of the filed PDF · View the filing
UltraTech volume growth — double-digit growth · FY27
stated firmly by Atul Daga
p. 16
“We would target double-digit growth.”
Atul Daga, page 16 of the filed PDF · View the filing
Growth capex — INR8,000 crores to INR10,000 crores every year · foreseeable future
stated firmly by Atul Daga
p. 5
“We see a plan of investing around INR8,000 crores to INR10,000 crores every year for the foreseeable future.”
Atul Daga, page 5 of the filed PDF · View the filing
Net debt-EBITDA leverage — below 1x
stated firmly by Atul Daga
p. 5
“We'll maintain our leverage below 1x year after year after meeting our growth capex.”
Atul Daga, page 5 of the filed PDF · View the filing
India Cements cost efficiency capex — INR1,000 per ton · by end of fiscal '28
stated firmly by Atul Daga
p. 5
“this definitely is going to take us over INR1,000 per ton, as committed by the end of fiscal '28.”
Atul Daga, page 5 of the filed PDF · View the filing
Cost efficiency program — higher than INR300 per ton · by fiscal '28
stated firmly by Atul Daga
p. 10
“So yes, we are looking at a number higher than INR300 per ton.”
Atul Daga, page 10 of the filed PDF · View the filing
Clinker conversion ratio — 1.54x · fiscal '28
stated firmly by Atul Daga
p. 14
“1.54x is our target to reach by fiscal '28.”
Atul Daga, page 14 of the filed PDF · View the filing
Cable and wire business launch — launch in first month of Q3 · Q3
stated conditionally by Atul Daga
p. 9
“We had committed Q3, in the first month of Q3, we might launch instead of waiting for December.”
Atul Daga, page 9 of the filed PDF · View the filing
Cement capex beyond 240 million tons — plus/minus INR15,000 crores
stated firmly by Atul Daga
p. 18
“We have close to plus/minus INR15,000 crores to be spent, plus/minus I'm saying, not an exact number to be spent on that.”
Atul Daga, page 18 of the filed PDF · View the filing
Payout ratio — foreseeable future
stated conditionally by Atul Daga
p. 6
“I think so, but it will depend on the Board and company's performance. If we perform, if the cement markets do well, I think it should be possible.”
Atul Daga, page 6 of the filed PDF · View the filing
India Cements cost efficiency — INR200 per ton of efficiency improvement · January-March '28
stated firmly by Atul Daga
p. 12
“We are still seeing INR200 per ton of efficiency improvement, which will come into the kitty of India Cements.”
Atul Daga, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said it depends on Board decisions and cement market performance.
Answered by Atul Daga
Asked by Rahul Gupta: Will payout ratio stay higher given balance sheet strength and internal accrual funding of capex?
p. 6
“I think so, but it will depend on the Board and company's performance. If we perform, if the cement markets do well, I think it should be possible.”
Atul Daga, page 6 of the filed PDF · View the filing
Significantly, as most India Cements volumes were already carrying the UltraTech brand.
Answered by Atul Daga
Asked by Rahul Gupta: How much has brand transition helped realizations this quarter?
p. 7
“Significantly because if I were to look at, let's say, India Cements volumes for the quarter of 3.12 million tons, non-UltraTech volume was 0.39 million tons only.”
Atul Daga, page 7 of the filed PDF · View the filing
The incremental bag cost was around INR90 crores for the quarter and cannot be annualized.
Answered by Atul Daga
Asked by Rahul Gupta: Can you quantify the West Asia crisis impact on other opex?
p. 7
“our incremental cost on bags was approximately INR90 crores, which is reflected in other costs for the quarter on account of bag costs going up.”
Atul Daga, page 7 of the filed PDF · View the filing
Kesoram was already at over INR1,000 EBITDA per ton; India Cements will see further improvement as efficiency and logistics benefits from single-brand operation flow through.
Answered by Atul Daga
Asked by Pulkit Patni: What was the incremental EBITDA impact of full brand conversion between March end and now for India Cements and Kesoram?
p. 8
“So everything else remaining the same, the impact will be felt on this less than 0.5 million tons of volume in Q4.”
Atul Daga, page 8 of the filed PDF · View the filing
UAE EBITDA was stable quarter-on-quarter and volumes/prices are picking up post conflict.
Answered by Atul Daga
Asked by Prateek Kumar: How did international (UAE) operations contribute to sequential improvement?
p. 9
“sequentially, UAE had EBITDA of INR267 crores in Q3 and INR278 crores in Q4.”
Atul Daga, page 9 of the filed PDF · View the filing
Yes, non-UltraTech brand volumes will be negligible going forward.
Answered by Atul Daga
Asked by Amit Kumar Murarka: Will non-UltraTech brand volume drop to near zero given full brand transition?
p. 10
“Yes, 7.34 in '26 and 0.52 in Q4.”
Atul Daga, page 10 of the filed PDF · View the filing
No disruption to dispatches; bags became more expensive but not scarce.
Answered by Atul Daga
Asked by Indrajit Agarwal: Were there supply availability concerns for bags or pet coke due to the conflict?
p. 11
“No. no problems. Our dispatches have not suffered at any location in the country, bag availability has not been a crisis. It has become expensive, but it is not a crisis.”
Atul Daga, page 11 of the filed PDF · View the filing
Management estimated 6% to 7% industry growth for the quarter.
Answered by Atul Daga
Asked by Indrajit Agarwal: What was the industry volume growth estimate for the March quarter?
p. 11
“6% to 7% is what my learned team over here tells me.”
Atul Daga, page 11 of the filed PDF · View the filing
Capacity utilization averaged over 80% nationally with steady trade mix, indicating stable rural demand.
Answered by Atul Daga
Asked by Jashandeep Singh Chadha: How is rural demand trending in March and April?
p. 12
“we have operated at 90% capacity utilization across our network.”
Atul Daga, page 12 of the filed PDF · View the filing
Yes, management confirmed no funds have moved from UltraTech's balance sheet for other purposes.
Answered by Atul Daga
Asked by Ritesh Shah: Is UltraTech's balance sheet ring-fenced from other group entities like RCB?
p. 13
“Not a penny has moved from UltraTech balance sheet for any other purposes.”
Atul Daga, page 13 of the filed PDF · View the filing
Target is 1.54x by fiscal '28, with the company remaining fully clinker backed.
Answered by Atul Daga
Asked by Ritesh Shah: What is the target clinker factor and timeline?
p. 14
“We will always be fully clinker backed. Second point, 1.54x is our target to reach by fiscal '28.”
Atul Daga, page 14 of the filed PDF · View the filing
Fragmentation of the cement industry was cited as the reason.
Answered by Atul Daga
Asked by Pinakin: Why has cement struggled to raise prices compared to other building material industries?
p. 15
“Fragmentation of the industry is as sweet and small answer, Pinakin, that I can give you.”
Atul Daga, page 15 of the filed PDF · View the filing
Bag cost increase of about INR6 per bag from the INR9-to-INR15 rise.
Answered by Atul Daga
Asked by Raashi: What is the delta in packaging cost between Q4 and now?
p. 16
“Not INR9, sorry INR6 a bag, sorry. INR9 to INR15, so it's about INR6 a bag.”
Atul Daga, page 16 of the filed PDF · View the filing
The forex hit was about INR30 a ton, INR120-130 crores, sitting within EBITDA.
Answered by Atul Daga
Asked by Ashish Jain: Can you quantify the mark-to-market forex hit to EBITDA?
p. 17
“INR30 a ton. INR120 crores, INR130 crores.”
Atul Daga, page 17 of the filed PDF · View the filing
Management said future dividends depend on annual OCF and Board decisions, without committing to a fixed target.
Answered by Atul Daga
Asked by Satyadeep Jain: Will the higher dividend rate be sustained or is a return-on-capital target being set?
p. 19
“So, whether next year also, it will be the similar dividend, I am not the person to call that out. It depends on the OCF for the year.”
Atul Daga, page 19 of the filed PDF · View the filing
Risks flagged
West Asia conflict causing rising fuel, packing bag, and freight costs
p. 3
“it's a real headwind on fuel costs, packing bags and freight, on certain import-dependent supply chains, on near term sentiment in some demand segments, and the way oil prices are, we could see an increase in domestic prices of petrol and diesel.”
Atul Daga, page 3 of the filed PDF · View the filing
Exchange rate volatility causing mark-to-market losses on foreign currency borrowings
p. 7
“I have $950 million of foreign currency borrowings fully hedged. But when you have to do a mark-to-market, you have to take the impact of that currency into account. It hits your EBITDA.”
Atul Daga, page 7 of the filed PDF · View the filing
Rising bag costs due to input cost pressure
p. 7
“bags became a crisis in the month of March and everybody got impacted, the costs went through the roof”
Atul Daga, page 7 of the filed PDF · View the filing
Uncertainty around future diesel price increases
p. 8
“Diesel impact, nobody knows. We are waiting, it might surface its horns next month. We'll have to wait and watch.”
Atul Daga, page 8 of the filed PDF · View the filing
Unfavorable long-term fuel contracts in prior years
p. 8
“Last 2 years, our long-term contracts were unfavorable, these will become favorable for us and nobody has them.”
Atul Daga, page 8 of the filed PDF · View the filing
Legal issues inherited from India Cements delaying full integration
p. 13
“There are those complicated legal issues, which we have inherited.”
Atul Daga, page 13 of the filed PDF · View the filing
Government economic review noting uncertain outlook
p. 3
“The government's monthly economic review for March '26 also acknowledged that the outlook has become slightly uncertain.”
Atul Daga, page 3 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.