UltraTech Cement Limited · NSE:ULTRACEMCO
UltraTech Cement — Q1 FY2026 Earnings Presentation
54 slides from UltraTech Cement's earnings presentation, August 2025
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 ◼ # 1 cement player in India ◼ 3rd largest cement player globally (ex - China) A PREMIUM GLOBAL CONGLOMERATE ❖ #2 Manufacturing decorative paints^ ❖ 2nd Largest carbon black producer globally ❖ Leading producer of cellulosic fibres, ❖ Present in every 2nd car of the wor
Slide 5: UltraTech Cement
UltraTech Cement India’s Largest Largest RMC Selling Cement Brand manufacturer Market Capof FY25 ConsolidatedRevenue 3rd largest in India with ~USD 41.5bn* ~USD 8.9 bn cement player globally (ex - China) 397 plants Different Products to provide Leading Player of ~2.7 bn bags ~90,000 + complete Build
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 * 397 RMC plants in 4,802 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) Kesoram 217.6 mtpa (10.75 mtpa) 188.8 mtpa Commissioned capacity of Acquisition of 29.4 mtpa Binani Cement 95.7 (6.3 mtpa), 146.2mtpa Century Cement (14.6 mtpa) 95.7 Acquisition of Jaypee C
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 One-stop solution for retail customer 4,802 Helps to increase the share of customer wallet to 60%+ UltraTech building solution outlets Benefits Home Builders Dealers ❖ Increase in earning capacity ❖ Convenience ❖ Better fit with aspirations of new ❖ Trust Empowerment gen
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 and UltraTech Cement) and globally; Global companies include Novelis, Birla Carbon, Aditya Birl
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 33 years experience, of which over 28 years have been with the Aditya Birla Group Atul Daga ❖ Key responsibilities include risk management, audit and compliance, planning, treasury, capital structuring and capital allocation. Chief Financial Officer ❖
Slide 16: Shareholding Pattern
Shareholding Pattern Shareholding structure Key Foreign Portfolio Investors (FPI) Funds* Holding (%)^ Government of Singapore Investment Corporation (GIC) 1.9 7 1 The Vanguard Group 1.7 Ishares 1.4 18 Nomura 0.6 As on 30th June 2025 JP Morgan 0.5 Total FPI holding 15.2 58 15 Key Domestic Mutual Fund
Slide 17: Indian Cement Sector
Indian Cement Sector
Slide 18: Global Cement: India second largest producer, low per capita consumption
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: UltraTech Landscape
UltraTech Landscape
Slide 22: UltraTech – Contributing to build a strong nation
UltraTech – Contributing to build a strong nation Grey cement capacity (mtpa) – India Grey Cement Capacity in India (mtpa) Exit Apr to Jul to Exit 212.2 Zones FY27 197.5 Mar-25 Jun 25 Mar-26 Mar-27 183.4 North 35.2 1.1 3.0 2.7 42.0 140.8 Central 31.1 1.8 32.9 East 33.3 2.5 6.6 42.4 West 33.4 0.6 1.8
Slide 23: 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 36.3 19% ~128.8 28% UTCL Integ
Slide 24: 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 25: 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 ~14,500+ truck loaded per day >42% dedicated
Slide 26: 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 27: 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 28: ESG at UltraTech
ESG at UltraTech
Slide 29: Progressing towards our sustainability targets
Progressing towards our sustainability targets Climate and Circular Environment Green Energy Economy Energy Scope 1 Net Alternative Raw WATER Green Power ESG Metric CO2 Emission material and Fuel Positive Mix [kg CO2/t cement] [MnT] [Times] [% of Total Power] FY25 549 -1.2% 44.15 +31% 4.9x 27.8%^ +2
Slide 30: 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 31: ESG: Green Power Roadmap
ESG : Green Power Roadmap Waste Heat Recovery System Renewable Power 60% 25% 23% 37% 23% 23% 20% 20% 19% 16% 13% 2 1.6 GW 500 7% GW 6% 431 351 363 1.08 278 1.02 1% 612 GW GW 85 10 MW FY19 FY24 FY25 Jun'25 FY26 FY27 FY30 FY19 FY24 FY25 Jun'25 FY26 FY27 FY30 WHRS (MW) WHRS % RE Power RE Power % UltraT
Slide 32: 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 33: ESG Ratings
ESG Ratings S&P Global CSA Score 73 (2024) S&P Global CSA Rank (2024) 9th (DJSI, Sector: Construction Materials) Climate (2024) B Water (2024) B ESG Score (2023) 57 ESG Rating (2024) B NSE Sustainability Ratings & Analytics 62 (2024) 33
Slide 34: 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 >95% Finance and Sustainability Responsibility Executive Management
Slide 35: 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 36: Financial Statistics
Financial Statistics
Slide 37: 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 37
Slide 38: 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 38
Slide 39: 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 40: 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 41: 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 1.34 1.43 200 200 194 184 178 151 164 162 150 152 149 120 133 125 122 127 101 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1
Slide 42: EBITDA PMT Trend
EBITDA PMT Trend 1,689 1,651 99 198 1,449 1,460 1,438 1,394 1,387 68 88 1,324 108 31 70 1,299 1,262 1,231 1,271 1,294 1,251 1,178 58 51 46 54 1,159 31 82 1,094 1,110 1,106 46 40 1,061 58 1,017 50 1,016 993 32 72 967 945 50 62 54 866 56 69 45 762 54 67 1356 1240 1248 1381 1590 1101 1453 1330 1372 120
Slide 43: Quarterly Performance Trends – UltraTech Standalone
Quarterly Performance Trends – UltraTech Standalone Rs Crs Particulars Q1FY26 Q4FY25 Q3FY25 Q2FY25 Q1FY25 Q4FY24 Q3FY24 Q2FY24 Q1FY24 Q4FY23 Q3FY23 Q2FY23 Q1FY23 Capacity (MTPA) 172.1 168.9 162.0 160.2 160.2 140.8 133.0 132.5 130.0 127.0 121.4 115.9 114.6 Total Sales Volume (MnT) 33.7 37.2 30.2 27.9
Slide 44: Annual Performance Trends – UltraTech Standalone
Annual Performance Trends – UltraTech Standalone Rs 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 Rs 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 Rs Crs Particulars Q1FY26 Q4FY25 Q3FY25 Q2FY25 Q1FY25 Q4FY24 Q3FY24 Q2FY24 Q1FY24 Q4FY23 Q3FY23 Q2FY23 Q1FY23 Capacity (MTPA) 192.3 188.8 181.9 165.6 165.6 146.2 138.4 137.9 135.4 132.4 126.8 121.3 120.0 Total Sales Volume (MnT) 36.8 41.0 31.9 29.4 33.5 35
Slide 47: Annual Performance Trends - Consolidated
Annual Performance Trends - Consolidated Rs 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 Rs 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 Rs 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