UltraTech Cement Limited · NSE:ULTRACEMCO
UltraTech Cement — Investor Presentation (February 2026)
54 slides from UltraTech Cement's investor presentation, February 2026
Slide 1: UltraTech Cement Limited - A Force for Good
UltraTech Cement Limited A FORCE FOR GOOD STOCK CODE: BSE: 532538 NSE: ULTRACEMCO REUTERS: UTCL.NS BLOOMBERG: UTCEM IS / UTCEM LX
Slide 2: Contents
Contents Operational Aditya Birla Indian UltraTech and Group Cement Sector Landscape Financial Overview Performance 2
Slide 3: Aditya Birla Group - Overview
Aditya Birla Group - Overview
Slide 4: Aditya Birla Group - Overview
Aditya Birla Group - Overview ❖ Largest cement player globally by sales volume and second largest by capacity (ex - China) ❖ #2 Manufacturing decorative paints^ ❖ #1 in aluminum rolling globally A PREMIUM GLOBAL CONGLOMERATE ❖ Leading producer of cellulosic fibres, ❖ World’s most sustainable and lar
Slide 5: UltraTech Cement
UltraTech Cement Largest cement player Largest RMC globally by sales volume & manufacturer Market Capof FY25 ConsolidatedRevenue second largest by capacity in India with ~USD 38.6bn* ~USD 8.9 bn (ex - China) 425 plants Different Products to provide Leading Player of ~2.7 bn bags ~93,000 + complete B
Slide 6: Vision and Mission
Building the Sustainable Future Enhanced Stakeholder Value VISION To be The Leader in Building Solutions Profitable growth Socially responsible Strong financials Premium brand Market leader Innovation Sustainability MISSION To deliver superior valueto stakeholders on the four pillars of Customer Tea
Slide 7: Diversified product portfolio catering a full suite of building solutions
Diversified product portfolio catering a full suite of building solutions Conventional: Positioning cement at Contemporary: Providing an umbrella the core of all construction Building Solutions of related construction products and services Capacity * 425 RMC plants in 5,290 outlets in Capacity White
Slide 8: Grey Cement: Balanced growth through organic and inorganic expansion
Grey Cement: Balanced growth through organic and inorganic expansion Acquisition of India Cements (14.45 mtpa) 240.8 mtpa Kesoram (10.75 mtpa) Commissioned Acquisition of capacity of 188.8 mtpa 95.7 Binani Cement 29.4 mtpa (6.3 mtpa), Century Cement (14.6 mtpa) 146.2mtpa 116.8 mtpa 95.7 Acquisition
Slide 9: Birla White: Building a Robust Portfolio
Birla White: Building a Robust Portfolio 2002-2006 1988 2001 Launch of White Cement White Putty VAPs, Textura, Levelplast 2018-2022 2024 Entry in Middle East Launch of VAPs 2012-2014 Fragrance Putty with 66.34% investment in Launch of Pre-cote, Waterproof/ Bioshield putty RasAl Khaimah Co. for New P
Slide 10: UltraTech RMC
UltraTech RMC Product offering based on requirement Performance Usage based concrete based concrete Decorative Green concrete concrete Revenues of ❖ UltraTech is the first commercial RMC manufacturer in Rs 6,170 Crs the country to adopt concrete recycling technology and consumed ❖ UltraTech is India
Slide 11: UltraTech Building Solutions
UltraTech Building Solutions Benefits 5,290 Helps to increase the share of customer wallet to 60%+ UltraTech building solution outlets For Individual Home Builders For Channel Partners One-stop solution for retail customer Trust Single window Access Quality at right price Multi - brand & Categories
Slide 12: UltraTech Building Products
UltraTech Building Products Environment Dry Mix Synergy friendly ❖ In line with our vision ‘To be the ❖ Environment(M-Sand leader in Building helping conserve sand Solutions’ beds; less water needed in ❖ Forward integration curing) of the cement ❖ Society (Homogenous end business product; batchwise
Slide 13: Board of Directors
Board of Directors ❖ Chairman of the Aditya Birla Group since 1995 Kumar Mangalam Birla ❖ Chairs the Boards of all the Aditya Birla Group’s major companies in India (Hindalco, Grasim, Aditya Birla Capital, Aditya Birla Fashion and Retail Limited, Aditya Birla Real Estate Limited) and globally; Globa
Slide 14: Board of Directors (Independent Directors)
Board of Directors (Independent Directors) ❖ Masters in Law from the University of Bombay and University of London and Solicitor High Court Mumbai and Supreme Court of England and Wales Alka Bharucha Independent Director ❖ Co-founded Bharucha & Partners in 2008 ❖ Core areas of expertise are mergers
Slide 15: Management Team
Management Team ❖ Chartered Accountant with over 38 years experience, of which over 32 years have been with the Aditya Birla Group Atul Daga ❖ His experience is broad based in sectors such as cement, retail, aluminum, carbon black, textiles, tyre cord & fibre Chief Financial Officer ❖ Some of his ke
Slide 16: Shareholding Pattern
Shareholding Pattern Shareholding structure Key Foreign Portfolio Investors (FPI) Funds* Holding (%)^ 1.4 The Vanguard Group 1.8% 6.9 Blackrock 1.7% Government of Singapore Investment Corporation (GIC) 1.2% 18.9 Government Pension Fund global 0.7% As on 31st December, Nomura 0.6% 2025 Total FPI hold
Slide 17: Indian Cement Sector
Indian Cement Sector
Slide 18: Global cement: per capita consumption one of the lowest
Global Cement…. Per capita consumption one of the lowest in-spite of higher growth India is the second largest …but remains highly underpenetrated cement producer in the world… Per capita Consumption (kg)* 1,340 - 1350 1,090 - 1100 30.8% 1,000 -1,010 955 - 965 Global cement 790 - 800 production 51.1
Slide 19: Cement Industry growth
Cement Industry growth Cement demand expected to cross 620 Mtpa by FY30 Cement demand (MnT) 620 - 630 424 435 388 336 350 317 324 255 214 FY11 FY15 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY30 P Cement 5.7% 4.5% 7.1% -5.8% 2.1% 7.7% 11.0% 9.1% 2.7% demand growth Average 9.3% 6.3% 7.3% 4.2% -7.3% 8.7% 7.2
Slide 20: All segments indicating a positive long term demand environment
All segments indicating a positive long term demand environment Demand Rural Urban Industrial & Housing Housing Infrastructure Commercial Drivers ~8% ~7% ~7% ~10% ~8% ~7% ~6% ~4% Segmental CAGR FY20-25 FY25-30 FY20-25 FY25-30 FY20-25 FY25-30 FY20-25 FY25-30 Demand Mix (%) 38% 36% 31% 30% 22% 24% 10%
Slide 21: FY27 Union Budget highlights – Positives for Cement Sector
FY27 Union Budget highlights – Positives for Cement Sector • Real GDP expected to grow at 6.8% to 7.2%, Debt to GDP ratio targeted at 55.6% and Fiscal Deficit is targeted at 4.3% of GDP • Capex remains the key pillar for India’s growth story, Central Government’s capex increased to INR12.2t, up 12%
Slide 22: UltraTech Landscape
UltraTech Landscape
Slide 23: UltraTech – Contributing to build a strong nation
UltraTech – Contributing to build a strong nation Grey cement capacity (mtpa) Grey Cement Capacity (mtpa) Exit Exit Zones 240.8 Mar-25 Mar-28 North 35.2 60.0 188.8 Central 31.1 32.9 146.2 East 33.3 42.4 West 33.4 40.6 South 50.5 59.6 All India 183.4 235.4 Overseas 5.4 5.4 FY24 FY25 FY28 Overall 188.
Slide 24: UltraTech - India Footprint
UltraTech - India Footprint 35 34 2 Integrated Units1 (IU) Grinding Units2 (GU) White Cement Units3 4 5 10 Bulk Packaging Terminals4 Putty Units Jetties (Sea + Rail) Grey Cement Capacity (mtpa) UTCL UTCL Industry Zones UTCL Capacity Share in Mix Capacity Industry North 37.5 20% ~136 28% UTCL Integra
Slide 25: End-to-end capabilities with integrated operations
End-to-end capabilities with integrated operations Strong manufacturing capability with control over supply chain Raw material Captive power generation Production Capacity Limestone ❖ Captive power plant generates Particulars UOM Current ❖ Key input for manufacturing cement 1,333 MW of power ❖ 100%
Slide 26: Nationwide reach with strong logistics presence across India
Nationwide reach with strong logistics presence across India >30000 ~6.5 mn bags dispatched per day in India destinations (FY25) Integratedmodel ~61% ~30,000+ lifting by GPS enabled fleet orders processed daily Integrated Unit Grinding Unit Bulk Terminals ~16,200+ truck loaded per day >42% dedicated
Slide 27: Extensive Technical Support to the Distribution Network
Extensive Technical Support to the Distribution Network ❖ Over 1,600 personnel deployed to provide technical advisory & testing Services along with value-added solutions to home builders, engineers, architects and contractors ❖ Mobile concrete vans providing on-site testing for concrete, water, aggr
Slide 28: Digitally connected
Digitally connected Customer UltraTech UltraTech Trade Connect Connect Prashikshan Pahal Order scheduling, To provide basic acknowledgement knowledge about and real time construction tracking for Non- procedures, materials trade and Key and tools for all, customers especially for masons ❖ Platform t
Slide 29: ESG at UltraTech
ESG at UltraTech
Slide 30: Progressing towards our sustainability targets
Progressing towards our sustainability targets Climate Circular Green and Environment Economy Power Energy Scope 1 Alternative Raw ESG Water Positive Green Power Mix Net CO2 Emission Materials and Fuel Metric [kg CO2/t cement] (Mnt) (times) (% of total power) 9MFY26 Performance* 534 36.84 5.4x 41.1
Slide 31: Carbon Emission reduction
Carbon Emission reduction Scope 1 Target Achieved Key Steps leading to reduction in emissions Carbon 2032 till 2025 Emission reduction 27% 13% Increase in alternative fuel and clean energy Adoption of emerging technologies Specific Net Direct GHG emissions Increase in share of blended cement Energy
Slide 32: ESG: Green Power Roadmap
ESG : Green Power Roadmap Waste Heat Recovery System Renewable Power 24% 24% 61% 24% 47% 20% 16% 29% 452 13% 2 430 GW 6% 351* 7% 278 1.02 1.4 1% GW 612 GW 85 10 MW FY19 FY24 FY25 FY26 FY27 FY30 FY19 FY24 FY25 FY26 FY27 FY30 WHRS (MW) WHRS % RE Power RE Power % UltraTech is amongst the first companie
Slide 33: ESG: UltraTech's Sustainability Goals
ESG : UltraTech’s Sustainability Goals Decarbonization Biodiversity and Land use Net Zero emissions by ‘No net loss’ approach 2050 RE 100 initiative Circular Economy 85% green power in total mix by A sustainable solution towards 2030 and 100% RE by 2050 urban, industrial and agricultural waste manag
Slide 34: ESG Ratings
ESG Ratings S&P Global CSA Score 71 (2025) Climate (2025) B Water (2025) B ESG Score (2023) 57 ESG Rating (2025) BB NSE Sustainability Ratings & Analytics 61 (2025) 34
Slide 35: Board Structure and Compliance
Board Structure and Compliance Shareholders Independent Directors 50% Board of Directors Nomination, Woman Directors 30% Stakeholders Remuneration and Audit Relationship Compensation Risk Management Corporate Social Board Attendance >85% Finance and Sustainability Responsibility Executive Management
Slide 36: Policies governing our business
Policies governing our business 1. Sustainability Policy 11. Anti-Harassment and Anti-Discrimination Policy Sustainable supply chain framework and code of 2. Code of Conduct 12. conduct policy 3. Tax Policy 13. Human Rights Policy 4. Policy on Related Party Transaction 14. Safety Policy 5. Whistlebl
Slide 37: Financial Statistics
Financial Statistics
Slide 38: Key Performance Trends - Consolidated
Key Performance Trends - Consolidated Grey Cement Sales (Million Tonnes) Net Sales (Rs Crs) and Capacity Utilisation (%) 74,936 133.1 69,810 117.2 62,338 104.1 51,708 92.5 81.8 85.1 44,239 41,781 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY 22 FY 23 FY24 FY25 38
Slide 39: Key Performance Trends - Consolidated
Key Performance Trends - Consolidated EBIDTA (Rs Crs) Normalised PAT (Rs Crs) 13,586 13,302 7,005 12,302 12,022 6,039 11,123 5,667 5,530 9,898 5,064 3,644 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 39
Slide 40: Grey Cement Cost Trends – India Operations
Grey Cement Cost Trends – India Operations Energy Cost (Rs / Mt) Comparative Cost (TPP / WHRS ) TPP Rate WHRS Rate 1,692 7.20 7.24 6.88 1,512 5.80 1,304 4.80 1,240 4.50 985 950 0.8 0.8 0.9 0.7 0.8 0.7 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 Fuel Mix - Kiln FY20 FY21 FY22 FY23 FY2
Slide 41: Grey Cement Cost Trends – India Operations
Grey Cement Cost Trends – India Operations Raw Materials Cost (Rs/ Mt) Logistics Cost (Rs / Mt) 617 624 600 1,248 1,233 1,214 1,195 1,144 1,158 531 504 493 FY20 FY21 FY22 FY23 FY24 FY25 Mix FY20 FY21 FY22 FY23 FY24 FY25 Rail 24% 26% 26% 27% 24% 26% FY20 FY21 FY22 FY23 FY24 FY25 Road 73% 72% 73% 71%
Slide 42: Key Inputs: Historical Price Trends
Key Inputs: Historical Price Trends Blended Fuel Price Trend 2.49 2.60 2.51 2.21 2.35 2.18 2.00 2.05 2.03 2.01 1.77 1.85 1.78 1.75 1.78 1.80 1.80 184 200 200 194 178 151 164 162 150 152 149 133 125 122 127 125 124 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3
Slide 43: Quarterly Performance Trends – UltraTech Standalone
Quarterly Performance Trends – UltraTech Standalone ₹ Crs. Particulars Q3FY26 Q2FY26 Q1FY26 Q4FY25 Q3FY25 Q2FY25 Q1FY25 Q4FY24 Q3FY24 Q2FY24 Q1FY24 Q4FY23 Q3FY23 Capacity (MTPA) 173.9 172.1 172.1 168.9 162.0 160.2 160.2 140.8 133.0 132.5 130.0 127.0 121.4 Total Sales Volume (MnT) 35.8 30.6 33.7 37.2
Slide 44: Annual Performance Trends – UltraTech Standalone
Annual Performance Trends – UltraTech Standalone ₹ Crs. Particulars FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16 Capacity (MTPA) 168.9 140.8 127.0 114.6 111.4 111.4 109.4 85.0 66.3 64.7 Total Cement Volume (MnT) 127.8 114.6 101.7 89.5 82.6 78.8 82.4 60.6 50.2 49.3 Net Sales 70,857 67,536 60,360
Slide 45: Annual Performance Trends – UltraTech Operations
Annual Performance Trends – UltraTech Operations ₹ Crs. Financial Position FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16 Net Fixed Assets (Incl. Goodwill) 82,881 68,458 62,123 59,008 56,161 57,681 58,613 40,782 24,387 24,499 Investments in Subs/Associates/JVs 12,999 2,221 3,187 2,183 2,118 772 7
Slide 46: Quarterly Performance Trends - Consolidated
Quarterly Performance Trends - Consolidated ₹ Crs. Particulars Q3FY26 Q2FY26 Q1FY26 Q4FY25 Q3FY25 Q2FY25 Q1FY25 Q4FY24 Q3FY24 Q2FY24 Q1FY24 Q4FY23 Q3FY23 Capacity (MTPA) 194.1 192.3 192.3 188.8 181.9 165.6 165.6 146.2 138.4 137.9 135.4 132.4 126.8 Total Sales Volume (MnT) 38.9 33.9 36.8 41.0 31.9 29
Slide 47: Annual Performance Trends - Consolidated
Annual Performance Trends - Consolidated ₹ Crs. Particulars FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16 Capacity (MTPA) 188.8 146.2 132.4 120 116.8 116.8 115.4 89.0 70.3 67.7 Total Cement Volume (MnT) 135.8 119.0 105.7 94.0 86.4 83.1 86.0 64.6 53.7 52.6 Net Sales 74,936 69,810 62,338 51,708 44
Slide 48: Annual Performance Trends - Consolidated
Annual Performance Trends - Consolidated ₹ Crs. Financial Position FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16 Net Fixed Assets (Incl. Goodwill) 1,02,268 71,284 64,987 61,606 58,775 60,258 61,200 43,332 27,124 27,233 Investments in Subs/Associates/JVs 1,651 1,231 1,017 101 74 47 44 34 23 15 Ne
Slide 49: Cash Flow Position – Consolidated
Cash Flow Position – Consolidated ₹ Crs. Particulars FY25 FY24 FY23 FY22 FY21 FY20 EBITDA 13,302 13,586 11,123 12,022 12,302 9,898 Less : Interest & lease payments -1,705 -1,074 -873 -1,119 -1,596 -1895 Less : Tax paid -1,301 -1,651 -1,124 -1,561 -1,291 -891 Less : Increase in working capital -858 -
Slide 50: Annual Performance Trends - Consolidated (USD Mn)
Annual Performance Trends - Consolidated USD Mn Particulars FY25 FY24 FY23 FY22 FY21 FY20 Capacity (MTPA) 188.8 146.2 132.4 120 116.8 116.8 Total Cement Volume (MnT) 135.8 119.0 105.7 94.0 86.4 83.1 Net Sales 8,861 8,432 7,753 6,955 5,961 5,893 EBITDA 1,573 1,641 1,383 1,617 1,658 1,396 EBIT 1,098 1
Slide 51: Annual Performance Trends - Consolidated (USD Mn)
Annual Performance Trends - Consolidated USD Mn Financial Position FY25 FY24 FY23 FY22 FY21 FY20 Net Fixed Assets (Incl. Goodwill) 12,093 8,608 8,083 8,287 7,920 8,499 Investments in Subs/Associates/JVs 195 149 126 14 10 7 Net working Capital -337 -362 -381 -183 -258 89 Capital Employed 11,951 8,395
Slide 52: Cash Flow Position – Consolidated (USD Mn)
Cash Flow Position – Consolidated USD Mn Cash Flow Position FY25 FY24 FY23 FY22 FY21 FY20 EBITDA 1,573 1,641 1,383 1,617 1,658 1,396 Less : Interest & lease payments -202 -130 -109 -150 -215 -267 Less : Tax paid -154 -199 -140 -210 -174 -126 Less : Increase in working capital -101 -38 6 -12 309 32 O
Slide 53: Glossary
Glossary ➢ MNT - Million Metric Tons ➢ WHRS - Waste Heat Recovery System ➢ LMT - Lakh Metric Tons ➢ Green power Mix includes WHRS, captive renewable power and ➢ MTPA - Million Tons Per Annum renewable power mix in grid power consumption ➢ LTPA - Lacs Tons Per Annum ➢ EBITDA = Profit Before Tax plus
Slide 54: Disclaimer
Disclaimer Statements in this ‘presentation’ describing the Company’s objectives, estimates, expectations or predictions may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Impor
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