How did UltraTech's Q1 volume growth compare to industry trends?

Domestic grey cement volumes rose 13.1% to 39.2 mn tonnes, supported by demand from housing, infrastructure, and commercial construction. This is above the typical industry growth rate, indicating market share gains or strong execution.

What drove the improvement in EBITDA per tonne to ₹1,214?

The filing does not break down cost items, but higher volumes likely absorbed fixed costs, while the green power mix (47%) helped reduce energy costs. The ₹1,214 figure is up from a trailing base, reflecting better operational efficiency.

What is the significance of the green power mix reaching 47%?

A higher green power share lowers exposure to volatile fuel prices and reduces carbon footprint. The 20 MW waste heat recovery system commissioned this quarter adds renewable capacity, supporting UltraTech's sustainability targets.

How does this quarter's performance compare to the prior year?

Net sales grew 16% and PAT rose 17%, while domestic volumes were up 13.1%. This is a healthy acceleration from the trailing 12-month revenue growth of 11.9% (as per screener data), indicating improving momentum.

Earnings · Cement · Mega cap

UltraTech Cement Q1 sales up 16% to ₹24,465 cr, PAT up 17%

Domestic grey cement volumes grew 13.1% to 39.2 mn tonnes. EBITDA per tonne improved to ₹1,214. Green power mix reaches 47%.

— 3 earlier stories on Ultratech Cement Ltd. →

ULTRACEMCO By Tipsheet Editorial 20 Jul 2026 · 2:23 PM IST Verify on BSE · NSE

Mkt cap₹3.39 lakh cr

P/E41.46×

ROE8.54%

Debt / eq.0.33

Div yld2.10%

₹24,465 cr Q1 net sales, up 16% YoY

What's new

Net sales rose 16% to ₹24,465 cr; PAT up 17% to ₹2,604 cr.
Domestic grey cement volumes grew 13.1% to 39.2 mn tonnes.
Operating EBITDA per tonne improved to ₹1,214; green power mix at 47%.

Why this matters

Strong growth across sales, profit, and volumes, with operating metrics moving in the right direction. The 47% green power share reduces long-term energy cost risk. Yet, the filing is a routine earnings release with no unpublished price-sensitive information — solid numbers but no fresh catalyst.

What we're watching

Capacity utilization trend from the 81% base as demand cycles evolve.
Further green power additions beyond the 20 MW WHRS commissioned.
Any commentary on cost inflation or pricing discipline in coming quarters.

The full read

UltraTech Cement delivered a clean Q1 beat: net sales up 16% to ₹24,465 crore, net profit up 17% to ₹2,604 crore. Domestic grey cement volumes rose 13.1% to 39.2 million tonnes, with capacity utilisation at 81% on an Indian installed base of 200.1 MTPA. Operating EBITDA per tonne improved to ₹1,214. The company also commissioned 20 MW of waste heat recovery capacity, pushing its green power mix to 47%, insulating margins from fuel cost swings. The numbers are strong, but this is a routine earnings filing with no new material information beyond the headline figures. A steady-state quarter from a well-run large cap. The next test is whether demand holds up through the rest of the year.

Questions answered

How did UltraTech's Q1 volume growth compare to industry trends?: Domestic grey cement volumes rose 13.1% to 39.2 mn tonnes, supported by demand from housing, infrastructure, and commercial construction. This is above the typical industry growth rate, indicating market share gains or strong execution.
What drove the improvement in EBITDA per tonne to ₹1,214?: The filing does not break down cost items, but higher volumes likely absorbed fixed costs, while the green power mix (47%) helped reduce energy costs. The ₹1,214 figure is up from a trailing base, reflecting better operational efficiency.
What is the significance of the green power mix reaching 47%?: A higher green power share lowers exposure to volatile fuel prices and reduces carbon footprint. The 20 MW waste heat recovery system commissioned this quarter adds renewable capacity, supporting UltraTech's sustainability targets.
How does this quarter's performance compare to the prior year?: Net sales grew 16% and PAT rose 17%, while domestic volumes were up 13.1%. This is a healthy acceleration from the trailing 12-month revenue growth of 11.9% (as per screener data), indicating improving momentum.

Mentioned: ₹24,465 cr net sales · 39.2 mn tonnes volumes · ₹1,214 EBITDA/tonne

Primary source BSE · NSE · Tijori

An independent reading of the company's own disclosure — the primary filing above is the final word.

Company snapshot

Ultratech Cement Ltd.

Cement

₹3.51 L cr

P/E 41.06×

Latest quarter · Jun 2026

Sales₹24,648 cr

Net profit₹2,602 cr

Op. margin+20.4%

EPS₹88.21

Strength & growth

Debt / equity0.33×

Current ratio0.73×

Sales CAGR+13.0%

EPS CAGR+10.9%

Story so far

All notes on ULTRACEMCO →

20 Jul 2026 · 2:23 PM IST UltraTech Cement Q1 sales up 16% to ₹24,465 cr, PAT up 17%
1d ago UltraTech Cement eyes ₹5,000 crore NCD issue
1d ago UltraTech Cement guides double-digit volume, warns of Q2 cost pressure
1d ago UltraTech Cement logs 16% sales growth, 17% PAT rise in Q1 FY27