UltraTech Cement Limited (NSE: ULTRACEMCO | BSE: 532538)
Source: UltraTech Cement Limited Integrated and Sustainability Report 2025-26
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | UltraTech Cement Limited |
| Corporate Identity Number (CIN) | L26940MH2000PLC128420 |
| ISIN | INE481G01011 (Equity Shares) | US90403YAA73 (GDRs) |
| NSE Symbol & BSE Scrip Code | NSE: ULTRACEMCO | BSE: 532538 |
| Date of Incorporation / Founding Year | Incorporated in 2000 (First cement plant set up under Grasim in 1983) |
| Registered Office & Corporate Headquarters | ‘B’ Wing, Ahura Centre, 2nd Floor, Mahakali Caves Road, Andheri (East), Mumbai 400 093, Maharashtra, India |
| Telephone & Investor Relations Contact | +91 22 6691 7800 / 2926 7800 | Email: agmutcl26@adityabirla.com / utcl.sustainability@adityabirla.com |
| Chairman / Managing Director & CEO | Mr. Kumar Mangalam Birla (Chairman) | Mr. K. C. Jhanwar (Managing Director) | Mr. Jayant Dua (Managing Director – Designate) |
| Chief Financial Officer (CFO) & Company Secretary (CS) | Mr. Atul Daga (Chief Financial Officer) | Mr. Dhiraj Kapoor (Company Secretary and Compliance Officer) |
| Promoter & Holding Group | Aditya Birla Group (Holding Company: Grasim Industries Limited) |
| Industry / Sector Classification | Building Materials / Cement & Concrete Products |
| Total Employees / Permanent & Contractual Workforce | 28,399 Total Headcount / Permanent Workforce (26,201 permanent employees on standalone rolls) |
| Manufacturing Plants / Branches / Offices Count | 35 Integrated Units (including 1 clinkerisation unit), 34 Grinding Units, 9 Bulk Terminals, 5 Jetties, 5 White Cement Units (incl. 1 putty unit), 465 RMC Plants, 1,350+ Warehouses |
| Countries / States Served | Manufacturing & operations in India, UAE, Bahrain, Sri Lanka | Pan-India footprint across 23 States and 507 villages |
| Statutory Auditors | M/s. KKC & Associates LLP, Chartered Accountants & Deloitte Haskins and Sells LLP, Chartered Accountants |
| Registrar and Share Transfer Agent (RTA) | KFin Technologies Limited, Selenium Building, Tower B, Plot Nos. 31 & 32, Financial District, Nanakramguda, Serilingampally, Hyderabad, Rangareddy, Telangana – 500 032 |
🏢 The Corporate Identity: Who They Are & Where They Came From
The Big Picture
UltraTech Cement Limited is the cement flagship company of the Aditya Birla Group. Standing as a USD 10 billion building solutions powerhouse, the Company is recognized as the world’s largest cement enterprise by sales volume and capacity outside China. Within India, UltraTech holds an undisputed market leadership position as the largest manufacturer of grey cement, Ready-Mix Concrete (RMC), and white cement. The enterprise’s operating footprint spans across India, the United Arab Emirates, Bahrain, and Sri Lanka, delivering essential building solutions designed for the full lifecycle of modern construction.
Operating across an integrated value chain, UltraTech achieved a landmark consolidated cement manufacturing capacity milestone, closing FY 2025-26 with 196.8 million tonnes per annum (MTPA) and crossing 205.5 MTPA globally (200.1 MTPA domestic grey cement capacity) in April 2026. This unprecedented industrial scale means the Company’s domestic installed capacity is nearly double that of the United States and surpasses the collective cement manufacturing capacity of the European Union. UltraTech produces 3 billion bags of cement annually, fulfilling demand for one in every three homes built in India, supporting four out of every five kilometres of domestic metro rail projects, and supplying approximately 40% of the concrete roads constructed under the National Highways Authority of India.
- Global & Domestic Scale: 205.5 MTPA total global grey cement capacity as of April 2026, comprising 191.4 MTPA in India, 4.4 MTPA in UAE, 1.0 MTPA in Bahrain, and a 1.5 MTPA bulk terminal network in Sri Lanka.
- Core Production Footprint: 35 integrated manufacturing units (including clinkerisation assets), 34 grinding units, 9 bulk terminals, 5 port jetties, and 465 Ready-Mix Concrete (RMC) plants across 167 cities.
- Commercial Distribution Reach: Pan-India distribution presence encompassing 41,000+ dealers, 1,15,000+ retailers, and 5,500+ UltraTech Building Solutions (UBS) single-brand retail outlets covering over 90% of India’s talukas.
- Logistics Network Intensity: Dispatches to over 30,000 destinations daily via a dedicated fleet of 50,000+ trucks, 35,000+ daily truck movements, 60+ daily train rake dispatches, and access to 300+ railheads and 1,350+ warehouses.
The Founders, Promoters & Their Legacy
UltraTech operates under the institutional umbrella of the Aditya Birla Group, a diversified conglomerate present in 41 countries across six continents. The Group’s foundational identity is shaped by the legacy and values of late Mr. Aditya Vikram Birla (14-11-1943 to 01-10-1995), anchored in the “Power of Five” core values: Integrity, Commitment, Passion, Seamlessness, and Speed. These institutional pillars guide the Group’s overarching purpose statement: “To enrich lives, by building dynamic and responsible businesses and institutions, that inspire trust.”
The enterprise is stewarded under the leadership of Mr. Kumar Mangalam Birla, Chairman of the Aditya Birla Group and UltraTech Cement Limited. Over three decades at the helm, Mr. Birla has engineered more than 60 domestic and cross-border acquisitions, scaling Group revenues over thirty-fold. Community initiatives and rural development across the conglomerate are led by Mrs. Rajashree Birla, who chairs the Aditya Birla Centre for Community Initiatives and Rural Development, steering health, social development, and educational outreach programmes across 9,000 villages impacting 11 million people.
The Journey: History & Evolution
The enterprise traces its industrial lineage to 1983, when the Aditya Birla Group set up its first cement manufacturing facility under Grasim Industries with an initial capacity of 1.0 MTPA. Strategic capacity expansions, continuous debottlenecking, and transformational mergers followed over four successive decades. In 1999, the cement assets of Indian Rayon (3.0 MTPA) were consolidated, expanding capacity to 9.6 MTPA. A milestone consolidation unfolded in 2004 with the acquisition of the management control of L&T Cement (17.0 MTPA), creating the standalone corporate identity of UltraTech Cement and lifting installed capacity to 31.0 MTPA.
International and domestic consolidation accelerated in the 2010s. In 2011, UltraTech acquired Star Cement in the UAE (4.8 MTPA), reaching 51.8 MTPA. In 2015, Jaypee Cement Corporation’s Gujarat units added 4.8 MTPA (reaching 63.6 MTPA), followed in 2018 by the transformational acquisition of 21.2 MTPA of Jaypee Cement assets, expanding capacity to 88.4 MTPA. In 2020, the integration of Century Cement (14.6 MTPA) and Binani Cement (6.3 MTPA) pushed the Company past the 116.8 MTPA threshold. Between 2020 and 2024, aggressive organic commissioning added 29.4 MTPA, enabling the Company to cross 146.2 MTPA. In FY 2024-25 and FY 2025-26, the Company completed the acquisition and integration of The India Cements Limited (14.45 MTPA) and the cement business of Kesoram Industries Limited (10.75 MTPA), alongside 16.7 MTPA of organic and debottlenecking additions, culminating in an installed capacity of 205.5 MTPA in April 2026.
The Corporate Umbrella
UltraTech Cement Limited functions as the flagship building materials entity of the Aditya Birla Group. Grasim Industries Limited represents the ultimate holding entity, retaining a controlling equity stake. The corporate structure operates with shared group governance principles, leveraging synergies in talent mobility, procurement frameworks, renewable energy development through Aditya Birla Renewables, and corporate social responsibility platforms.
⚙️ The Business Engine: What They Do & Where They Operate
The Core Divisions
In accordance with Ind AS 108 (“Operating Segments”), the Group operates exclusively in a single primary business segment: the manufacturing, marketing, and distribution of building materials and providing complete building solutions and support services. The Company’s Chief Operating Decision Maker (CODM) reviews operational results, allocates resources, and evaluates organizational performance at the consolidated building materials enterprise level.
| Reportable Operating Segment (Ind AS 108) | FY 2025-26 (₹ in Crores) | % Share of Total Revenue (Calculated by IndianCompanies.in) | FY 2024-25 (₹ in Crores) | % Share of Total Revenue (Calculated by IndianCompanies.in) | Latest YoY (%) |
|---|---|---|---|---|---|
| Building Materials & Solutions | 88,511.53 | 100.00% | 75,955.13 | 100.00% | +16.53% |
| Total Segment Revenue from Operations | 88,511.53 | 100.00% | 75,955.13 | 100.00% | +16.53% |
The Product & Service Catalog
UltraTech manages a multi-tier product catalog spanning conventional cement, specialized concrete mixes, advanced building chemicals, and modern construction solutions:
- Grey Cement: Comprehensive binder portfolio comprising Ordinary Portland Cement (OPC 43 and OPC 53 grades), Portland Pozzolana Cement (PPC), Portland Slag Cement (PSC), Composite Cement, and Portland Pozzolana Cement Super, as well as specialized weather-shielding formulations like UltraTech Weather Plus. Grey cement sales volume reached 151.09 MMT in FY 2025-26 (up from 133.14 MMT in FY 2024-25).
- White Cement & Wall Surface Products: Market-leading white cement and wall care putty marketed under the Birla White brand, alongside specialized skim coats, primers, and exterior finishing solutions.
- Ready-Mix Concrete (RMC): Tailor-engineered concrete solutions delivered via 465 RMC batching plants across 167 cities. The portfolio features 29 specialized concrete formulations including high-performance structural mixes and GreenPro-certified concrete.
- Building Products Division (BPD): End-to-end technical construction chemistries comprising tile and marble fitting systems (tile adhesives, tile grouts, tile cleaners, accessories), integral waterproofing solutions, waterproof coatings, repair solutions, preformed membranes, ready-mix plasters, and precision industrial grouts.
- Greenvantage Specialty Range: Low-carbon sustainable formulations including Enviroplus Supreme (reducing up to 50% embodied CO2), Enviroplus Enhanced (up to 40% reduction), Enviroplus Classic (up to 30% reduction), and specialized concrete grades such as UltraTech Aquaseal, UltraTech Duraplus, UltraTech Thermocon+, UltraTech CorroProtect, and UltraTech Pervious.
- Wires and Cables Division: Newly launched vertical established with an approved capital expenditure envelope of ₹1,800 crore (₹764 crore committed by March 2026), targeting commercial market launch in Q3 FY 2026-27 to leverage backward linkages with Group metal businesses and distribution through retail outlets.
The Names You Know
UltraTech’s flagship brands command strong consumer resonance and pricing leadership across the Indian building products ecosystem:
- UltraTech Cement: The premier mother brand, ranked the 7th most valuable brand in India and the only cement brand positioned in the national top 10 by the Kantar BrandZ 2025 Report.
- Birla White: The benchmark brand for white cement, wall care putty, and premium architectural surface finishes.
- UltraTech Building Solutions (UBS): India’s first and largest single-brand retail network in the building materials industry, spanning 5,500+ stores across 23 states, with 74% of retail outlets located across rural and Tier-3 geographies.
- Utec by UltraTech: Hyperlocal digital and phygital ecosystem offering end-to-end planning, home design, material selection, and contractor discovery for Individual Home Builders (IHBs).
- R&D Centers & Patents: Dedicated R&D center in India collaborating with Aditya Birla Science and Technology Company Private Limited (ABSTCPL), alongside global innovation networks such as the GCCA Innovandi Network and research partnerships with UCLA and Coolbrook.
Mapping the Domestic & Global Reach
While India represents the overwhelming anchor of UltraTech’s manufacturing and revenue base, the Company maintains targeted export and local production presences in the Middle East and Indian Ocean markets.
| Geographic Market (Ind AS 108 Segment Disclosures) | FY 2025-26 Revenue (₹ in Crores) | % Share of Total (Calculated by IndianCompanies.in) | FY 2024-25 Revenue (₹ in Crores) | % Share of Total (Calculated by IndianCompanies.in) | Latest YoY (%) |
|---|---|---|---|---|---|
| India (Country of Domicile) | 83,127.72 | 95.13% | 71,650.92 | 95.62% | +16.02% |
| Others (International / Overseas) | 4,255.80 | 4.87% | 3,285.53 | 4.38% | +29.53% |
| Total Revenue from External Customers | 87,383.52 | 100.00% | 74,936.45 | 100.00% | +16.61% |
| Non-Current Assets by Geographic Location | As at March 31, 2026 (₹ in Crores) | % Share of Total (Calculated by IndianCompanies.in) | As at March 31, 2025 (₹ in Crores) | % Share of Total (Calculated by IndianCompanies.in) | Latest YoY (%) |
|---|---|---|---|---|---|
| India (Country of Domicile) | 1,04,739.64 | 95.46% | 99,082.19 | 95.46% | +5.71% |
| Others (International / Overseas) | 4,977.27 | 4.54% | 4,707.99 | 4.54% | +5.72% |
| Total Non-Current Assets | 1,09,716.91 | 100.00% | 1,03,790.18 | 100.00% | +5.71% |
The Brick & Mortar Footprint
UltraTech’s operational manufacturing assets are strategically dispersed across Indian micro-markets, mitigating regional demand imbalances and reducing freight lead distances:
- Zonal Capacity Dispersion in India: South India accounts for 26% of domestic capacity, North India represents 20%, Central India holds 19%, West India comprises 18%, and East India accounts for 17%.
- Logistics Infrastructure: 9 bulk terminals, 5 specialized marine jetties for coastal vessel movement, 300+ connected railheads, and 1,350+ regional distribution warehouses.
- International Facilities: 3 grinding units and 1 clinkerisation facility in the UAE (4.4 MTPA grey cement capacity), 1 grinding unit in Bahrain (1.0 MTPA capacity), and 1 bulk terminal in Sri Lanka (1.5 MTPA capacity).
- Multimodal Freight Logistics: 75% of clinker and ~23% of finished cement transported via Indian Railways; pioneering transport through National Waterway 1 for bulk gypsum and bagged cement from Haldia to Patna; and an active green logistics fleet of 781 clean commercial vehicles (664 CNG, 28 LNG, and 89 heavy-duty electric trucks).
📊 The Financial Health: The Numbers Simplified
UltraTech Cement delivered record consolidated financial performance in FY 2025-26, supported by organic volume expansion, the full integration of acquired operations from The India Cements Limited and Kesoram Industries, and disciplined operating cost containment across fuel, raw material, and logistics channels.
| Multi-Year Operational & Financial Highlights | FY 2025-26 | FY 2024-25 | FY 2023-24 | Latest YoY (%) |
|---|---|---|---|---|
| Net Revenue (₹ in Crores) | 88,512 | 75,955 | 70,908 | +16.53% |
| Consolidated EBITDA (₹ in Crores) | 17,598 | 13,302 | 13,586 | +32.30% |
| EBITDA per Tonne – Consolidated (₹) | 1,141 | 979 | 1,141 | +16.55% |
| Profit After Tax – PAT (₹ in Crores) | 8,188 | 6,040 | 7,005 | +35.56% |
| PAT Attributable to Owners of Parent (₹ in Crores) | 8,166 | 6,039 | 7,005 | +35.22% |
| Grey Cement Sales Volume (MMT) | 151.09 | 133.14 | 117.20 | +13.48% |
| Grey Cement Production Volume (MMT) | 148.85 | 131.64 | 115.84 | +13.07% |
| Return on Capital Employed – ROCE (%) | 11.8% | 10.6% | 14.2% | – |
| Return on Equity – ROE (%) | 10.6% | 9.0% | 12.2% | – |
| Net Debt / EBITDA (Times) | 0.94 | 1.33 | 0.20 | -29.32% |
| Net Debt / Equity (Times) | 0.21 | 0.24 | 0.05 | -12.50% |
| Basic Earnings Per Share – EPS (₹) | 277.62 | 205.30 | 243.05 | +35.23% |
| Book Value Per Share (₹) | 2,739 | 2,507 | 2,088 | +9.25% |
| Total Capital Employed (₹ in Crores) | 1,13,322 | 1,06,439 | 77,025 | +6.47% |
Earnings, Expenses, & Take-Home Profits
The Consolidated Statement of Profit and Loss reflects significant top-line expansion and substantial operating leverage. Consolidated revenue from operations grew 16.53% to ₹88,511.53 crore, driven by a 13.56% surge in grey cement sales volume to 151.09 MMT alongside healthy contribution from value-added concrete and building products.
| Consolidated Statement of Profit and Loss (Ind AS Schedule III) | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| INCOME | |||
| Revenue from Operations | 88,511.53 | 75,955.13 | +16.53% |
| Other Income | 577.51 | 744.17 | -22.40% |
| TOTAL INCOME (I) | 89,089.04 | 76,699.30 | +16.15% |
| EXPENSES | |||
| Cost of Materials Consumed | 14,568.44 | 11,821.72 | +23.23% |
| Purchases of Stock-in-Trade | 2,516.57 | 1,869.74 | +34.59% |
| Changes in Inventories of Finished Goods, Stock-in-Trade and Work-in-Progress | 103.35 | 12.27 | +742.30% |
| Employee Benefits Expense | 4,162.44 | 3,604.59 | +15.48% |
| Finance Costs | 1,871.71 | 1,650.54 | +13.40% |
| Depreciation and Amortisation Expense | 4,644.46 | 4,014.95 | +15.68% |
| Power and Fuel Expense | 19,597.16 | 18,419.15 | +6.40% |
| Freight and Forwarding Expense | 19,169.13 | 17,459.83 | +9.79% |
| Other Expenses | 11,374.21 | 10,210.38 | +11.40% |
| TOTAL EXPENSES (II) | 78,007.47 | 69,063.17 | +12.95% |
| Profit before Exceptional Items, Share in Profit / (Loss) of Associates & JV, and Tax Expense (I – II) | 11,081.57 | 7,636.13 | +45.12% |
| Exceptional Items: Provision for Impairment in Value of Investment | (50.07) | (9.35) | +435.51% |
| Exceptional Items: Statutory Impact of New Labour Codes | (88.48) | – | – |
| Exceptional Items: Stamp Duty on Business Combination | – | (88.08) | – |
| Profit before Share in Profit / (Loss) of Associates & JV and Tax Expense | 10,943.02 | 7,538.70 | +45.16% |
| Share in Profit / (Loss) of Associates and Joint Venture (net of Tax expense) | (15.83) | (10.57) | +49.76% |
| Profit before Tax Expense | 10,927.19 | 7,528.13 | +45.15% |
| Current Tax Charge | 2,313.62 | 828.29 | +179.32% |
| Deferred Tax Charge | 425.22 | 660.20 | -35.59% |
| Total Tax Expense | 2,738.84 | 1,488.49 | +84.00% |
| Profit for the Period (PAT) | 8,188.35 | 6,039.64 | +35.58% |
| Profit / (Loss) Attributable to Non-Controlling Interest | 22.71 | 0.53 | +4184.91% |
| Profit Attributable to Owners of the Parent | 8,165.64 | 6,039.11 | +35.21% |
| Other Comprehensive Income / (Loss) for the Year (net of tax) | 156.13 | 671.81 | -76.76% |
| Total Comprehensive Income for the Year | 8,344.48 | 6,711.45 | +24.33% |
| Basic Earnings Per Equity Share (₹) | 277.62 | 205.30 | +35.23% |
| Diluted Earnings Per Equity Share (₹) | 277.45 | 205.13 | +35.26% |
Assets, Borrowings, & Net Worth
The Consolidated Balance Sheet exhibits conservative financial leverage coupled with substantial asset base expansion. Total assets rose to ₹1,41,376.05 crore as of March 31, 2026, compared to ₹1,33,697.15 crore in the prior fiscal period, primarily reflecting capitalised manufacturing lines and strategic acquisitions.
| Consolidated Balance Sheet (Ind AS Schedule III) | As at March 31, 2026 (₹ in Crores) | As at March 31, 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| ASSETS | |||
| Non-Current Assets | |||
| Property, Plant and Equipment | 80,283.38 | 76,015.19 | +5.61% |
| Capital Work-in-Progress (CWIP) | 8,275.87 | 6,188.27 | +33.73% |
| Goodwill | 7,909.05 | 7,681.78 | +2.96% |
| Other Intangible Assets | 9,886.78 | 10,031.52 | -1.44% |
| Intangible Assets Under Development | 466.40 | 45.92 | +915.68% |
| Right of Use Assets | 714.34 | 835.73 | -14.53% |
| Investments Accounted Using Equity Method | 319.41 | 300.12 | +6.43% |
| Non-Current Financial Investments | 2,684.48 | 1,997.28 | +34.41% |
| Non-Current Loans | 17.21 | 16.21 | +6.17% |
| Other Non-Current Financial Assets | 3,063.39 | 2,933.16 | +4.44% |
| Deferred Tax Assets (Net) | 60.95 | 65.09 | -6.36% |
| Income Tax Assets (Net) | 266.26 | 857.91 | -68.96% |
| Other Non-Current Assets | 2,181.09 | 2,991.77 | -27.10% |
| Total Non-Current Assets | 1,16,128.61 | 1,09,959.95 | +5.61% |
| Current Assets | |||
| Inventories | 9,694.28 | 9,562.98 | +1.37% |
| Current Financial Investments | 3,735.62 | 2,859.07 | +30.66% |
| Trade Receivables | 6,028.75 | 5,890.25 | +2.35% |
| Cash and Cash Equivalents | 354.48 | 467.21 | -24.13% |
| Bank Balances Other Than Cash and Cash Equivalents | 1,029.87 | 1,206.11 | -14.61% |
| Current Loans | 13.37 | 10.00 | +33.70% |
| Other Current Financial Assets | 1,535.87 | 1,298.68 | +18.26% |
| Current Income Tax Assets (Net) | 64.45 | 58.00 | +11.12% |
| Other Current Assets | 2,645.06 | 2,247.21 | +17.70% |
| Assets Held for Sale | 145.69 | 137.69 | +5.81% |
| Total Current Assets | 25,101.75 | 23,599.51 | +6.37% |
| TOTAL ASSETS | 1,41,376.05 | 1,33,697.15 | +5.74% |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity Share Capital | 294.68 | 294.68 | 0.00% |
| Other Equity | 76,328.86 | 70,411.53 | +8.40% |
| Non-Controlling Interest | 4,088.90 | 3,186.59 | +28.32% |
| Total Equity | 80,712.44 | 73,892.80 | +9.23% |
| Share Application Money Pending Allotment | – | 0.56 | – |
| Non-Current Liabilities | |||
| Non-Current Borrowings | 15,018.82 | 15,780.77 | -4.83% |
| Non-Current Lease Liabilities | 751.72 | 868.21 | -13.42% |
| Other Non-Current Financial Liabilities | 236.35 | 287.82 | -17.88% |
| Non-Current Provisions | 934.96 | 892.09 | +4.81% |
| Deferred Tax Liabilities (Net) | 9,890.06 | 9,579.44 | +3.24% |
| Other Non-Current Liabilities | – | 30.49 | – |
| Total Non-Current Liabilities | 26,831.91 | 27,438.82 | -2.21% |
| Current Liabilities | |||
| Current Borrowings | 7,761.84 | 7,250.22 | +7.06% |
| Current Lease Liabilities | 222.71 | 202.98 | +9.72% |
| Trade Payables: Dues of Micro and Small Enterprises | 518.62 | 272.52 | +90.31% |
| Trade Payables: Dues of Other than Micro and Small Enterprises | 9,718.09 | 9,054.96 | +7.32% |
| Other Current Financial Liabilities | 6,510.58 | 6,552.32 | -0.64% |
| Other Current Liabilities | 6,311.87 | 6,692.18 | -5.68% |
| Current Provisions | 354.84 | 350.21 | +1.32% |
| Current Tax Liabilities (Net) | 2,433.15 | 1,989.58 | +22.29% |
| Total Current Liabilities | 33,831.70 | 32,364.97 | +4.53% |
| TOTAL EQUITY AND LIABILITIES | 1,41,376.05 | 1,33,697.15 | +5.74% |
Cash Flow: Tracking the Money Movement
Robust operational earnings supported self-funded capital expenditures and shareholder returns. The Group generated ₹15,315.86 crore in net cash from operating activities in FY 2025-26, representing a 43.49% surge compared to ₹10,673.43 crore in FY 2024-25.
| Consolidated Statement of Cash Flows (Ind AS Schedule III) | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Cash Generated from Operations before Working Capital Changes | 16,849.72 | 12,645.13 | +33.25% |
| Net Working Capital Changes | (233.17) | (671.07) | -65.25% |
| Taxes Paid (Net of Refund) | (1,300.69) | (1,300.63) | +0.00% |
| Net Cash Generated from Operating Activities (A) | 15,315.86 | 10,673.43 | +43.50% |
| Purchase of Property, Plant and Equipment & CWIP | (9,677.77) | (9,129.33) | +6.01% |
| Proceeds from Sale of Property, Plant and Equipment | 167.16 | 178.70 | -6.46% |
| Net (Purchase) / Sale of Current & Non-Current Investments & Deposits | (775.14) | 3,071.09 | N/M |
| Acquisition of Equity Shares in Subsidiary | (52.73) | (10,112.85) | -99.48% |
| Sale of Equity Shares in Subsidiary | 788.51 | 36.27 | +2074.00% |
| Interest and Dividend Received | 207.33 | 342.84 | -39.53% |
| Payment for Cost of Transfer of Assets / Others | (137.44) | (891.17) | -84.58% |
| Net Cash Used in Investing Activities (B) | (9,480.08) | (16,504.45) | -42.56% |
| Proceeds / (Repayment) of Non-Current Borrowings (Net) | (1,222.52) | 6,791.01 | N/M |
| Proceeds / (Repayment) of Current Borrowings (Net) | (243.37) | 2,068.25 | N/M |
| Repayment of Lease Liabilities (including Interest Paid) | (276.29) | (225.88) | +22.32% |
| Interest Paid on Debts & Borrowings | (1,868.69) | (1,478.99) | +26.35% |
| Dividend Paid to Shareholders | (2,273.36) | (2,011.65) | +13.01% |
| Net Purchase of Treasury Shares / Issue of ESOS Capital | (69.34) | (66.98) | +3.52% |
| Net Cash (Used in) / Generated from Financing Activities (C) | (5,953.57) | 5,075.76 | N/M |
| Net Decrease in Cash and Cash Equivalents (A + B + C) | (117.79) | (755.26) | -84.40% |
| Cash and Cash Equivalents at Beginning of Year | 467.21 | 553.58 | -15.60% |
| Cash Acquired / Transferred from Schemes & Acquisitions | – | 665.10 | – |
| Effect of Exchange Rate Fluctuation on Cash Balances | 5.06 | 3.79 | +33.51% |
| Cash and Cash Equivalents at End of Year | 354.48 | 467.21 | -24.13% |
Funding the Future: CapEx, CWIP & R&D Spending
UltraTech’s capital allocation balances aggressive balance sheet reinvestment with rapid debt amortisation. The Group invested ₹9,677.77 crore in gross capital expenditures during the fiscal year, primarily targeted toward brownfield grinding capacity additions, greenfield integrated kilns, and Waste Heat Recovery Systems.
- Capital Work-in-Progress (CWIP): Consolidated CWIP stood at ₹8,275.87 crore as of March 31, 2026. Projects under active execution include ₹7,163.32 crore aged under 1 year, ₹831.15 crore aged 1–2 years, ₹83.36 crore aged 2–3 years, and ₹198.04 crore aged over 3 years. Intangible assets under development stood at ₹466.40 crore.
- Future CapEx Commitment Envelope: UltraTech has committed over ₹16,000 crore over the next three years to expand consolidated cement capacity to over 240 MTPA (targeting 242.5 MTPA by FY 2027-28). Contracts remaining to be executed on capital account (net of advances) amounted to ₹6,212.50 crore as at March 31, 2026.
- Research & Development Expenditure: Total R&D expenditure for FY 2025-26 stood at ₹26.95 crore (₹19.45 crore in-house R&D and ₹7.50 crore contributed to scientific research entities), representing 0.03% of revenue from operations.
🗺️ The Corporate Family Tree: Structure & Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
Pursuant to Section 129(3) of the Companies Act, 2013, read with Rule 5 of the Companies (Accounts) Rules, 2014, the Group’s corporate family tree spans wholly-owned operating companies, specialized overseas trading and manufacturing entities, and regional captive entities.
| Entity Name | Relationship | % Shareholding | Turnover (₹ in Crores) | Profit / (Loss) After Tax (₹ in Crores) |
|---|---|---|---|---|
| Harish Cement Limited | Subsidiary (Domestic) | 100.00% | – | 0.00 |
| Gotan Lime Stone Khanij Udyog Private Limited | Subsidiary (Domestic) | 100.00% | – | (0.01) |
| Bhagwati Limestone Company Private Limited | Subsidiary (Domestic) | 100.00% | – | (0.05) |
| Letein Valley Cement Limited | Subsidiary (Domestic) | 100.00% | – | (0.31) |
| UltraTech Cement Lanka (Private) Limited (UCLPL) | Subsidiary (Overseas – Sri Lanka) | 80.00% | 454.80 | (37.56) |
| UltraTech Cement Middle East Investments Limited (UCMEIL) | Subsidiary (Overseas – UAE) | 100.00% | 542.86 | (42.56) |
| Star Cement Co. LLC, Dubai | Step-down Subsidiary (UAE) | 100.00% via UCMEIL | 1,332.72 | (85.72) |
| Star Cement Co. LLC, Ras Al Khaimah | Step-down Subsidiary (UAE) | 100.00% via UCMEIL | 982.56 | (120.61) |
| Al Nakhla Crusher LLC, Fujairah | Step-down Subsidiary (UAE) | 100.00% via UCMEIL | – | 55.88 |
| Arabian Cement Industry LLC, Abu Dhabi | Step-down Subsidiary (UAE) | 100.00% via UCMEIL | 948.28 | (121.04) |
| UltraTech Cement Bahrain WLL, Bahrain | Step-down Subsidiary (Bahrain) | 100.00% via UCMEIL | 659.53 | 154.52 |
| Star Super Cement Industries LLC (SSCILLC) | Step-down Subsidiary (UAE) | 100.00% via UCMEIL | 1,154.45 | 241.20 |
| Duqm Project International LLC, Oman | Step-down Subsidiary (Oman) | 100.00% via SSCILLC | 936.13 | 17.18 |
| Ras Al Khaimah Co. for White Cement & Construction Materials P.S.C. (RAKWCT) | Step-down Subsidiary (UAE) | 66.34% via UCMEIL | 389.23 | 46.41 |
| The India Cements Limited (ICEM) | Subsidiary (Domestic Listed) | 74.99% (81.49% in FY25) | 4,580.98 | (78.89) |
| Birla White WallCare Private Limited (formerly Wonder WallCare) | Subsidiary (Domestic) | 100.00% | 162.19 | 28.46 |
| Bhaskarpara Coal Company Limited | Joint Venture (Domestic) | 47.37% | – | 0.25 |
| Madanpur (North) Coal Company Ltd. | Joint Venture (Domestic) | 11.17% | – | 0.06 |
| Aditya Birla Renewables SPV 1 Limited | Associate (Domestic) | 26.00% | 17.75 | 1.21 |
| Aditya Birla Renewable Energy Limited | Associate (Domestic) | 26.00% | 46.92 | (14.76) |
| ABREL (MP) Renewables Limited | Associate (Domestic) | 26.00% | 25.91 | (20.49) |
| ABREL Green Energy Limited | Associate (Domestic) | 26.00% | 19.29 | (13.22) |
| ABREL SPV 2 (Odisha) Limited | Associate (Domestic) | 26.00% | 0.85 | (4.06) |
| ABReL (RJ) Projects Limited | Associate (Domestic) | 26.00% | 202.20 | 9.96 |
Strategic Investments & Treasury Holdings
The Group holds strategic non-current equity instruments fair valued through Other Comprehensive Income (FVOCI) amounting to ₹864.20 crore as of March 31, 2026, comprising ₹692.46 crore in Star Cement Limited (3,40,27,714 equity shares) and ₹171.74 crore in quoted UAE equity securities. Additionally, non-current investments measured at fair value through profit or loss (FVTPL) in captive renewable energy entities totalled ₹478.06 crore, supporting the Company’s captive green power procurement network across India.
Current liquid investments maintained for treasury cash management stood at ₹3,735.62 crore (compared to ₹2,859.07 crore in FY 2024-25), primarily invested in high-liquidity debt and mutual fund instruments. On the merger and acquisition front, UltraTech executed the full acquisition of Birla White WallCare Private Limited on May 29, 2025, for an enterprise valuation of ₹234.43 crore (purchase consideration of ₹52.73 crore), recognizing ₹50.85 crore in goodwill. Furthermore, to comply with the 25% minimum public shareholding requirement for The India Cements Limited under Rule 19A of SCRR, 1957, UltraTech offloaded a 6.49% stake (2,01,12,330 equity shares) via Offer for Sale, reducing its equity ownership from 81.49% to 74.99%.
👥 Power & Control: Who Pulls the Strings?
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
UltraTech’s governance architecture is structured around a ten-member Board of Directors comprising Executive, Non-Executive, and Independent Directors, with Independent Directors constituting exactly 50% of Board strength. Women directors account for 30% of the Board, reinforcing gender-diverse oversight at the highest decision-making levels.
| Name of Director / KMP | DIN / Designation | Category & Classification | Committee Chairs / Memberships (UTCL) |
|---|---|---|---|
| Mr. Kumar Mangalam Birla | DIN: 00012813 | Chairman | Non-Executive & Non-Independent Director | Member: NRCC |
| Mrs. Rajashree Birla | DIN: 00022995 | Director | Non-Executive & Non-Independent Director | Chairperson: CSR Committee |
| Mr. Anjani Agrawal | DIN: 08579812 | Director | Independent Director | Chairperson: Audit Committee, RMS Committee |
| Dr. Vikas Balia | DIN: 00424524 | Director | Independent Director | Member: Stakeholders Relationship Committee |
| Mrs. Alka Bharucha | DIN: 00114067 | Director | Independent Director (Term ending 08.06.2026) | Chairperson: NRCC, Finance Committee; Member: Audit Committee |
| Mr. V. Chandrasekaran | DIN: 03126243 | Director | Independent Director (Appointed w.e.f. 13.08.2025) | Member: Finance Committee, RMS Committee |
| Ms. Anita Ramachandran | DIN: 00118188 | Director | Independent Director | Chairperson: Stakeholders Relationship Committee; Member: Audit, NRCC, CSR Committees |
| Mr. Krishna Kishore Maheshwari | DIN: 00017572 | Vice Chairman | Non-Executive & Non-Independent Director | Permanent Invitee: Audit Committee |
| Mr. Kailash Chandra Jhanwar | DIN: 01743559 | Managing Director | Executive Director (Superannuating 31.12.2026) | Member: CSR, RMS, Finance, Stakeholders Relationship Committees |
| Mr. Vivek Agrawal | DIN: 10599212 | Whole-time Director & CMO | Executive Director | Executive Oversight: Sales, Marketing, Logistics, RMC, UBS, BPD |
| Mr. Jayant Dua | DIN: 00629213 | Managing Director (Designate) | Executive Director (MD Designate w.e.f. 01.04.2026; MD w.e.f. 01.01.2027) | Appointed for 4-year term (01.01.2027 to 31.12.2030) |
| Mr. Vikram Bhalla | DIN: 01492081 | Director | Independent Director (Appointed w.e.f. 08.06.2026) | Five consecutive years tenure (08.06.2026 to 07.06.2031) |
| Mr. Atul Daga | Chief Financial Officer (CFO) | Key Managerial Personnel (KMP) | Member: RMS Committee; Permanent Invitee: Audit Committee |
| Mr. Dhiraj Kapoor | Company Secretary & Compliance Officer | Key Managerial Personnel (Appointed w.e.f. 01.12.2025) | Secretarial & Statutory Compliance Head |
Who Owns the Stock? Shareholding Pattern
The authorised share capital of UltraTech Cement Limited stood at ₹7,900.15 crore, comprising 4,79,01,50,000 equity shares of ₹10 each, 20,90,00,000 preference shares of ₹100 each, and 1,02,000 cumulative redeemable preference shares of ₹1,00,000 each. The issued, subscribed, and paid-up equity share capital is ₹294.68 crore, comprising 29,46,79,171 fully paid equity shares of ₹10 each.
| Shareholder Category | Number of Shareholders | Total Shares Held | % Equity Shareholding |
|---|---|---|---|
| Promoter & Promoter Group | 25 | 17,48,29,976 | 59.33% |
| Banks / Mutual Funds / Financial Institutions | 241 | 4,57,94,310 | 15.54% |
| Foreign Portfolio Investors (FPIs / FIIs) | 894 | 4,01,23,438 | 13.62% |
| Insurance Companies | 6 | 84,76,343 | 2.88% |
| Individual Retail Shareholders | 3,87,770 | 1,78,83,780 | 6.07% |
| Bodies Corporate | 3,455 | 27,41,172 | 0.93% |
| Foreign Investors | 16,938 | 26,98,274 | 0.91% |
| Global Depository Receipts (GDRs) | 1 | 14,63,151 | 0.50% |
| Employee Welfare Trust | 1 | 5,09,536 | 0.17% |
| Central / State Governments | 2 | 1,52,802 | 0.05% |
| Non-Banking Financial Companies (NBFCs) | 17 | 6,389 | 0.00% |
| Total Shareholding | 4,09,350 | 29,46,79,171 | 100.00% |
🎯 The Strategic Outlook: Future Plans & Potential Pitfalls
Competitive Advantages & Economic Moats
UltraTech has engineered deep operational and structural moats that insulate its cost structure and protect market share across regional cycles:
- Unrivalled Manufacturing & Grinding Scale: Operating 205.5 MTPA of installed capacity allows UltraTech to realise significant purchasing scale in thermal coal, petcoke, and logistics freight. Grinding units located strategically near consumption clusters shorten primary lead distance to 367 km.
- Green Power Mix & Thermal Self-Sufficiency: Sourcing 35.8% of total electrical power consumption from captive green power (1.39 GW renewable energy capacity and 414 MW WHRS capacity) drives structural energy cost advantages, avoiding 23,48,971 tCO2 emissions and delivering ₹392 crore in net power savings in FY 2025-26.
- Circular Co-Processing Capabilities: Achieving a Thermal Substitution Rate (TSR) of 6.60% and utilizing 49.83 million tonnes of recycled raw materials and alternative fuels delivers significant cost offsets (₹337 crore savings via AFR) while ensuring 6.6x plastic negativity.
- Distribution Dominance & Retail Monopoly: Direct reach across 90%+ of Indian talukas via 41,000+ dealers and 5,500+ exclusive UBS outlets creates high barrier-to-entry distribution moats that cannot be replicated quickly by regional competitors.
What Could Go Wrong? Key Challenges & Business Risks
Notwithstanding its formidable market leadership, UltraTech’s operations remain exposed to macroeconomic, geopolitical, and statutory risks:
- West Asia Geopolitical Shocks & Fuel Volatility: The ongoing conflict in West Asia and the partial disruption of shipping through the Strait of Hormuz present input cost escalation risks for imported petcoke, thermal coal, and crude-linked maritime freight.
- Regulatory & Legal Contingencies: The Company carries significant contingent liabilities under dispute, including ₹2,489.12 crore in GST, Sales Tax, and Entry Tax claims, ₹1,039.17 crore in Excise Duty and Service Tax matters, and ₹504.20 crore in Electricity Duty disputes. Furthermore, an ongoing appeal before the Hon’ble Supreme Court contests the Competition Commission of India (CCI) penalty of ₹1,804.31 crore (under which ₹180.43 crore stands deposited under protest without provisioning).
- Environmental & Carbon Pricing Exposure: With 49 obligated units under the Government of India’s Carbon Credit Trading Scheme (CCTS), stricter emission baselines and carbon penalties represent transition compliance costs. UltraTech has instituted an internal shadow carbon price of USD 30/tCO2e across all capital expenditure appraisals to navigate this risk.
- Weather & Rural Consumption Variations: Below-normal Southwest Monsoon patterns pose demand-compression risks for the rural housing and individual home builder (IHB) segments during the second half of the fiscal year.
The Next Chapter: Growth & CapEx Initiatives
UltraTech’s stated corporate roadmap outlines ambitious capacity additions, digital deployments, and next-generation decarbonisation milestones:
- Capacity Expansion Roadmap: Deploying an approved capital investment programme of ₹16,000 crore to expand consolidated cement capacity from 205.5 MTPA to over 242.5 MTPA by FY 2027-28, consolidating leadership in the Northern and Central growth corridors.
- Diversification into Wires and Cables: Operationalising a greenfield manufacturing setup backed by an approved outlay of ₹1,800 crore, targeting nationwide commercial launch in Q3 FY 2026-27 to create an adjacent revenue stream across the construction lifecycle.
- RE100 & Net-Zero Pathways: Expanding green power share from 35.8% to 85% by 2030 and 100% by 2050 under RE100 commitments. Key breakthrough pilots include the commercial-scale deployment of ZeroCAL (developed with UCLA to eliminate up to 98% of limestone calcination emissions) and Coolbrook’s RotoDynamic Heater (RDH) for kiln electrification.
- Digital Control Tower Scaling: Expanding the RMC Control Tower across all operational batching plants and rolling out SAP S/4HANA RISE cloud architecture alongside Generative BI platforms (DataPulse) to automate secondary supply chain logistics.
The Verdict: Strategic Outlook & Conclusion
UltraTech Cement Limited enters FY 2026-27 from a position of undisputed operational pre-eminence and superior balance sheet liquidity. With consolidated revenues surging past ₹88,500 crore, an operating EBITDA of ₹17,598 crore, a robust cash generation run-rate of ₹15,315.86 crore, and a conservative Net Debt-to-EBITDA ratio of 0.94x, the Company has proven its ability to fund aggressive organic expansions and large acquisitions entirely through internal accruals. By compounding physical scale, captive green power infrastructure, and omnichannel distribution reach, UltraTech remains uniquely positioned as the foundational building partner to India’s long-term infrastructure and urban development ambitions.
Official Site: https://www.ultratechcement.com