UltraTech Cement Limited has informed the Exchange about Investor Presentation
18th October, 2025
BSE Limited Corporate Relationship Department Scrip Code: 532538
The National Stock Exchange of India Limited Listing Department Scrip Code: ULTRACEMCO
Sub: Investor Presentation for the quarter ended 30th September, 2025
Dear Sirs,
Attached is an investor’s presentation on the performance of the Company for the quarter ended 30th September, 2025.
The same is for your information and records please.
Yours faithfully, For UltraTech Cement Limited
Sanjeeb Kumar Chatterjee Company Secretary and Compliance Officer
Encl: a/a
Luxembourg Stock Exchange BP 165 / L – 2011 Luxembourg Scrip Code: US90403E1038 and US90403E2028
Singapore Exchange 11 North Buona Vista Drive, #06-07 The Metropolis Tower 2, Singapore 138589 ISIN Code: US90403YAA73 and USY9048BAA18
UltraTech Cement Limited Registered Office : Ahura Centre, B – Wing, 2nd Floor, Mahakali Caves Road, Andheri (East), Mumbai 400 093, India
T: +91 22 6691 7800 / 2926 7800 I F: +91 22 6692 8109 I W: www.ultratechcement.com/www.adityabirla.com I CIN : L26940MH2000PLC128420
UltraTech Cement Limited
Q2 FY26 Result Presentation
Stock code: BSE: 532538 | NSE: ULTRACEMCO Reuters: UTCL.NS | Bloomberg: UTCEM IS/UTCEM LX
Agenda
1
2
3
4
Macro and Sectoral update
Business update
ESG update
Financial performance
Macro and Sectoral Updates Demand drivers and policy tailwinds
Andhra Pradesh Cement Works
Macro Indicators
Upward revision of GDP estimate from 6.5% to 6.8% by RBI
CPI slowed further in September, to 1.54% YoY
Reduction in Personal Income Tax rates along with reduction in GST slab rates expected to boost demand
Continuous budgetary support for affordable housing in both Rural and Urban India to boost demand further
Above normal monsoon, better water reservoirs levels, good crop sowing, MSP support is expected to boost rural cash flows and economy
Source: Research Reports
4
Sectoral Update Q2 FY26
Zone
I
C
H
R
Key Drivers
North
Central
East
West
South
❖ Housing registered overall growth. Adverse weather conditions impacted demand in certain regions ❖ Infrastructure registered degrowth on account of monsoons in parts of Punjab, Uttarakhand, Himachal Pradesh and Jammu & Kashmir. Completion of major
projects and delay in announcement of new projects
❖ Commercial registered overall growth
❖ Housing and rural registered growth across regions ❖ Infrastructure registered degrowth due to completion of major projects and delay in announcement of new projects ❖ Commercial registered overall growth
❖ Housing registered growth in both rural and urban areas. In Bihar, high pace of work was on account of upcoming elections in November. ❖ In Odisha, sand shortage and delay in fund release in PMAY impacted demand ❖ Infra demand was supported by projects like Patna-Kolkata Expressway, Buxar-Bhagalpur Expressway, Kolkata and Patna metro expansion, airport expansion in
Kolkata and Bagdogra, etc.
❖ Commercial registered growth across regions
❖ Maharashtra: Housing registered overall growth. Mumbai was impacted due to rains ❖ Infrastructure demand was supported by projects like Mumbai metro, Mumbai-Delhi Expressway, Nagpur metro extension, High Speed Rail corridor, various
NHAI projects etc.
❖ Commercial registered strong growth across all regions ❖ Gujarat: Housing registered growth across regions with strong growth coming from rural areas ❖ Infrastructure registered degrowth on account of near completion of major projects like High-Speed Rail, delay in commencement of new projects and labour
shortage on account of festive season
❖ Commercial registered growth across regions
❖ Housing registered growth across regions. Urban demand in Karnataka was impacted due to stringent norms for building sanction, sand and laterite shortage ❖ Infrastructure registered growth on account of projects like Bangalore metro, NH66 Project in Kerala and Karnataka, Integrated Renewable Energy project in
Kurnool, Udangudi port, Bangalore-Vijaywada highway, Bhogapuram airport etc.
❖ Commercial registered growth across regions
Note: I: Infrastructure, C: Commercial, H: Housing, R: Rural, PMAY: Pradhan Mantri Awaas Yojana, NHAI: National Highways Authority of India
5
Business Update Delivering growth with precision
UltraTech Cement: The largest cement supplier for the construction of extension road and Dwarka expressway in Delhi NCR.
Creative Visuallization
Q2 FY26 Highlights (UltraTech existing assets – 166.76 Mtpa)
Domestic Grey Cement volume growth
Domestic Grey Cement Realisation
7.1%
YoY
4.5%
YoY
Operating EBITDA/t
966
241/mt YoY
7
Sales volumes
Consolidated Sales volume (mtpa)
Particulars
Q2 FY26
UltraTech
India Cements
Inter Co. Sales
Grey Cement (Domestic)
Export and Others
White Cement
Overseas (Grey + White)
Consolidated Sales Volumes*
29.90
2.44
- 0.76
31.58
0.17
0.56
1.78
33.85
Growth^ (YoY)
9.6%
5.9%
NA
6.8%
- 22.6%
23.9%
7.2%
6.9%
UltraTech brand domestic volume grew: 13.2%
* After eliminating inter-company sales, ^ Growth % calculated based on restated Q2FY25 for Kesoram and taking India Cements (ICL) volume in base. However, ICL became subsidiary of UTCL w.e.f. 24th December 2024.
8
Q2 FY26 sales performance overview
33.7%
65.7%
18.4%
81.6%
75%
22%
58.7%
41.3%
3%
Trade
Non Trade
Bag Sales
Bulk Sales
Road
Rail
Sea
Direct Sales
Depot Sales
Note: Domestic operations excluding ICL
9
Ready Mix Concrete
UltraTech’s RMC Footprint
Number of plants
Number of Cities
408
87 YoY
Volume (Mn m3)
3.79
26% YoY
161
27 YoY
Revenue (₹ crores)
1,811
30% YoY
Cement Consumed (Mnt)
RoCE
1.07
25% YoY
30%
10
Q2 FY26 Operational Highlights
Clinker conversion
Green power mix^
Premium product mix
UBS outlets#
1.48
v/s 1.45 YoY
41.6%
37.4%
5,084
38% YoY
14% YoY
20% YoY
^ Reached 1.19 GW of renewable power capacity and 369 MW of WHRS power, # contributing 20.5% of domestic grey cement sales volume
11
Organic growth plans on track
Plan for FY26
Plan for FY27
Particulars
Unit
Project
Cement Capacity (mtpa)
Particulars
Unit
Project
Cement Capacity (mtpa)
d e n o i s s i
m m o C
e t a d
l l i t
Nagpur, Maharashtra (Debottlenecking)
Panipat, Haryana (Debottlenecking)
Jhajjar, Haryana (Debottlenecking)
Banswara, Rajasthan (Debottlenecking)*
Maihar, Madhya Pradesh (Phase II)
Patratu, Jharkhand
Shahjahanpur, Uttar Pradesh
Nathdwara, Rajasthan
Dhule, Maharashtra (Phase II)
Visakhapatnam, Andhra Pradesh
Parli, Maharashtra
GU
GU
GU
IU
IU
GU
GU
IU
GU
GU
GU
B
B
B
B
B
B
G
B
B
G
B
0.6
0.4
0.4
0.3
1.8
2.5
1.8
1.2
0.6
3.3
1.2
Aligarh, Uttar Pradesh Bhagalpur, Bihar Petnikota, Andhra Pradesh Jharsuguda, Odisha Dankuni, West Bengal Chennai, Tamil Nadu* Dalavoi, Tamil Nadu* Kharagpur, West Bengal APCW, Andhra Pradesh Chennai, Tamil Nadu Vapi, Gujarat Mandya, Karnataka Guwahati, Assam Kolkata, West Bengal Panvel, Maharashtra
GU GU IU GU GU GU IU GU IU BT BT BT BT BT BT
B G G B B B B G B G G G G G B
Capacity addition in FY26 (Excl. BT)
14.1
Capacity addition in FY27 (Excl. BT)
2.7 3.3 3.6 2.3 1.0 1.8 0.4 Dropped Dropped Dropped 1.2 1.2 1.2 1.0 1.0
15.1
Note: G : Greenfield, B : Brownfield, GU : Grinding Unit, IU : Integrated Unit, BT : Bulk Terminal, * India Cements Unit
12
Revolutionizing Cement Logistics
Strategic agreement
UltraTech and CONCOR Forge Strategic Partnership for Bulk Cement movement in tank containers
❖ As part of the collaboration, CONCOR will provide storage and unloading facilities at Dronagiri Rail Terminal, Mumbai. Cement movement to take place on CONCOR rakes in tank containers.
❖ This partnership will enable UltraTech in
strengthening its services in major market i.e. Mumbai at optimal Logistic cost. This move will also help in UltraTech’s commitment towards green logistics.
CONCOR: Container Corporation of India Limited
13
ESG Update Building the future responsibly
Hybrid round-the-clock (RTC) renewable energy project at Sewagram
Marching ahead sustainably
Climate and Energy
Circular Economy
Environment
Green Power
ESG Metric
Scope 1 Net CO2 Emission [kg CO2/t cement]
Alternative Raw Materials and Fuel
(Mnt)
Water Positive
(times)
Green Power Mix
(% of total power)
H1FY26 Performance*
540
1.8% YoY
FY32 target: 462
24.03
12% YoY
5.6 x
40.5%
32% YoY
FY30 target: 85%
Note: Unaudited, * Domestic grey cement operations excluding ICL
15
ESG Scorecard
Clinker Conversion (times)
1.48
1.45
WHRS Power mix (%)
17.4%
19.2%
Q2FY25
Q2FY26
Q2FY25
Q2FY26
Alternative Fuel mix (%)
7.3%
4.9%
Renewable Power mix (%)
22.3%
12.8%
Q2FY25
Q2FY26
Q2FY25
Q2FY26
Note: Domestic grey cement operations excluding ICL
16
Leading Sustainably
❖ UltraTech’s community watershed project in
❖ Operationalised India’s first of its kind on site
Key updates
Madhya Pradesh revives biodiversity and boosts rural livelihoods
in Chitakheda, improvements
• Our
internal biodiversity study
•
Neemuch shows striking ecological catalyzed from our watershed management project. This resulted in, significant increase of green cover, 20+ bird species returning after several years. Also, flora have diverse aquatic & moisture-loving reappeared.
hybrid RTC renewable energy project
• Commissioned 7.5MW RTC hybrid renewable energy.
•
This innovative solution integrates solar and wind energy alongside battery storage, to provide uninterrupted energy during cement manufacturing process without any reliance on grid power.
Note: RTC: Round-the-clock
17
CSR initiatives
Restored lifeline for community in Karamta, Kutch
❖ Karamta, located 130 kms from Bhuj, is a small hamlet, home to 60 families. The region faces an arid, dry climate, and water scarcity has been a pressing challenge.
❖ The families relied on a 40-foot-deep well, located outside the vicinity of hamlet. The well had deteriorated with cracked walls, overgrown paths, and the absence of a protective structure made access difficult and dangerous.
❖ UltraTech rebuilt and reinforced the well’s structure, sanitized the water, installed a secure cover to prevent any accidents, paved surrounding areas for safe access and educated locals on groundwater harvesting techniques.
Sewagram Cement Works
87,839 beneficiaries’ from various healthcare initiatives
38,741 beneficiaries’ learning level improved
9,975 beneficiaries’ of skill development programs
Dhar Cement Works
Jafrabad Cement Works
Baikunth Cement Works
18
ESG Ratings
S&P Global CSA Score (2025)
S&P Global CSA Rank (2025) (DJSI, Sector: Construction Materials)
Climate (2024)
Water (2024)
ESG Score (2023)
ESG Rating (2024)
NSE Sustainability Ratings & Analytics (2024)
77
8th
B
B
57
B
62
19
Financial Performance Strong fundamentals, solid future
Revenues Mix
Particulars
Consolidated Revenue
Q2 FY26
₹ Crores Growth^ (YoY)
Grey Cement (Domestic)
15,217
14.6%
Export & Others
White Cement
ReadyMix Concrete (RMC)
Construction Chemicals
Overseas (Grey + White)
India Cements
99
666
1,811
283
1,023
1,115
-16.0%
26.7%
29.6%
32.2%
23.0%
-
Consolidated Revenue*
19,371
21.3%
* After eliminating inter-company sales, ^ Growth % calculated based on restated Q2FY25 for Kesoram
21
Operating EBITDA/Mt (UltraTech existing assets – 166.76 Mtpa)
Particulars
Volume (Mnt)
Op. EBITDA (₹ Crores)
Op. EBITDA ₹/Mt
UltraTech Existing Operations
29.71
2,871
966
India Cements
Kesoram Cement Assets
2.44
1.70
95
129
UltraTech Consolidated
33.85
3,094
386
755
914
22
Profitability
EBITDA (₹ crores)
4,591
2,253
3,268
Y o Y
% 5 4
PAT (₹ crores)
2,226
703
1,232
Y o Y
% 5 7
Q2FY25
Q1FY26
Q2FY26
Q2FY25
Q1FY26
Q2FY26
Note: Q2FY25 numbers restated for Kesoram
23
Sales Realisation
Grey Cement Realisation (Domestic) (₹/Mt) 5,163
5,088
4,868
Q2FY25
Q1FY26
Q2FY26
Realisation improved 4.5% YoY and declined 1.4% QoQ
Note: Realisation = Selling Price net of GST less Discounts
24
Key Cost Indicators (Grey Cement): Q2 FY26
Logistics
Fuel
Power
Raw Materials
% of total costs
₹/Mt
YoY
QoQ
28%
1,136
6%
2%
21%
893
6%
3%
9%
372
8%
5%
16%
661
5%
5%
Note: Domestic operations excluding ICL, Variance % calculated based on restated Q2FY25 for Kesoram
25
Logistics Cost (Grey Cement)
Logistics costs (₹/Mt)
1,209
1,158
1,136
Q2FY25
Q1FY26
Q2FY26
6% cost decrease YoY ❖ Primary lead distance reduced to 366 kms
in Q2FY26 v/s 388 kms in Q2FY25
❖ Sustainable improvement in logistics
efficiencies
2% cost decrease QoQ
❖ Primary lead distance reduced to 366 kms
in Q2FY26 v/s 370 kms in Q1FY26
Note: Domestic Operations excluding ICL, Last year numbers restated for Kesoram
26
Fuel Cost (Grey Cement)
Fuel Cost (₹/Mt)
951
871
893
Fuel Rate (₹ /Kcal)*
1.85
1.78
1.75
1.78
1.80
Q2FY25
Q1FY26
Q2FY26
Q2 25
Q1 26 Q2 26
Cost decreased 6% YoY
Petcoke Consumption Mix
❖ Blended imported fuel consumption (CV:
7500) at $ 125/t; 5% lower YoY
54%
58%
54%
52%
44%
❖ Savings on account of improved clinker
conversion to 1.48 v/s 1.45 YoY
Q2 25
Q1 26 Q2 26
Note: Domestic Operations excluding ICL, * Fuel Rate ₹/Kcal = cost per Mt of fuel/Net CV (Net off moisture loss), Last year numbers restated for Kesoram
27
Power Cost (Grey Cement)
Power Cost (₹/Mt)
403
356
372
Green Power Mix
41.6%
39.5%
30.2%
Q2FY25
Q1FY26
Q2FY26
19.5%
Q2 23
Q2 25
Q1 26Q2 26
8% cost decrease YoY
5% cost increased QoQ
❖ Green Power Mix has increased to 41.6% v/s 30.2% in Q2FY25
❖ Increase in power consumption led by plant maintenance during the quarter
Note: Domestic Operations excluding ICL, Last year numbers restated for Kesoram
28
Sources of Power (Grey Cement)
Particulars
Captive Thermal Power
State Grid and Others
Renewable Energy
WHRS
Power Cost (₹/Kwh)
Total Power Consumed (Kwh/t. of Cement)
Q2 FY26
Q2 FY25
Power Mix
38.1%
20.3%
22.3%
19.2%
Rate (₹/Kwh)
6.9
7.1
4.6
0.8
Power Mix
46.1%
23.7%
12.8%
17.4%
Rate (₹/Kwh)
7.1
6.7
4.6
0.7
5.3
70.7
5.6
72.4
Note: Domestic Operations excluding ICL
29
Raw Material Cost (Grey Cement)
Raw Material Cost (₹/Mt)
661
632
628
Q2FY25
Q1FY26
Q2FY26
Raw Material Cost Index Fly ash Limestone Raising
Gypsum
108
101
98
Q2 25
105
101 98
101
98
98
Q1 26 Q2 26
100
Q2 24
5% cost increased YoY
5% cost increased QoQ
❖ Clinker conversion at 1.48 v/s 1.45 in Q2
FY25
❖ Increase in cost of raw materials
Note: Domestic Operations excluding ICL, Last year numbers restated for Kesoram
30
Other Costs
Other Cost (₹/Mt)
842
687
901
WPI
100
101
101
101
Q2FY25
Q1FY26
Q2FY26
Q2 23
Q2 25
Q1 26 Q2 26
31% cost increased QoQ
❖ Mainly on account of plant maintenance,
higher advertising spend during the quarter
❖ Impact of operating leverage
Note: Domestic Operations excluding ICL, Last year numbers restated for Kesoram
31
Operational Performance
Q2FY25
Standalone
Consolidated
15,233 332 187 15,752
2,394 418 (148) 896 3,930 3,780 2,354 13,623 2,129
15,967 327 226 16,521
2,635 404 (119) 954 4,122 3,820 2,452 14,267 2,253
Particulars
Net Sales Other Operating Income Other Income Total Income Expenses: Raw Materials Consumed Purchase of Traded Goods Changes in Inventory Employee Costs Power and Fuel Logistics Cost Other Expenses Total Expenses EBITDA
₹ Crores
Q2FY26
Standalone
Consolidated
17,632 232 73 17,937
2,780 879 (56) 941 3,866 3,926 2,757 15,094 2,843
19,371 236 174 19,781
3,384 579 (72) 1,064 4,444 4,127 2,986 16,513 3,268
*Q2FY25 numbers restated for Kesoram
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Financial Statement
Q2FY25
Standalone
Consolidated
15,233
2,129
15,967
2,253
358
926
165
-
-
680
393
980
171
(1)
5
703
Particulars
Net Sales
EBITDA
Finance Costs
Depreciation and Amortization
Tax expenses
Share of Profit/(Loss) from JVs & Associates
Minority interest
PAT
₹ Crores
Q2FY26
Standalone
Consolidated
17,632
19,371
2,843
396
1,002
381
-
-
3,268
459
1,148
418
(6)
6
1,064
1,232
*Q2FY25 numbers restated for Kesoram
33
Financial Position
Mar-25
Standalone
Consolidated
Particulars
82,881
12,999
(2,997)
92,883
69,678
19,460
4,452
15,008
8,198
92,883
1,02,268
Net Fixed Assets^
1,651
(2,843)
Non-Current Investments
Net Working Capital
1,01,076
Application of funds
73,893
23,031
5,362
17,669
9,514
Shareholders Fund (Incl. Minority Interest)
Gross Debt
Less: Treasury Surplus
Net Debt
Deferred Tax Liability
1,01,076
Sources of funds
₹ Crores
Sep-25
Standalone
Consolidated
85,593
12,742
(2,087)
96,249
70,752
20,704
3,571
17,133
8,364
96,249
1,05,133
1,865
(1,650)
1,05,348
75,967
24,246
4,539
19,706
9,675
1,05,348
^Includes goodwill and asset held for sale
34
Consolidated Cash Flow
Particulars
EBITDA
Less: Interest & lease payments
Less: Taxes paid (Net of refunds)
Less: Change in working capital
Operating Cash Flow
Less: Capex spends (Incl. Solar Investment)
Less: Investment in Wonder Wall Care
Add: Sale of shares in Subsidiary/ Asset held for sale
Free Cash Flow to Equity
Less: Dividend
Less: Proceeds /(Purchase) of Treasury Shares (net)
Free Cash Flow
₹ Crores
H1FY26
7,859
(886)
(40)
(2,057)
4,875
(4,880)
(234)
838
599
(2,264)
(102)
(1,768)
35
Awards and Accolades
UltraTech Cement’s Units Shine Bright at CII Awards
in UltraTech has once again raised the bar sustainability and energy excellence, bagging prestigious awards at the 26th CII National Award for Excellence in Energy Management 2025.
Sr. No
Unit
1.
2.
3.
4.
5.
6.
7.
8.
9.
Pali Cement Works, Rajasthan
Balaji Cement Works, Andra Pradesh
Baga Cement Works, Himachal Pradesh
Maihar Cement Works, Madhya Pradesh
Rajashree Cement Works, Karnataka
Kotputli Cement Works, Rajasthan
Hotgi Cement Works, Maharashtra
Ratnagiri Cement Works, Maharashtra
Patliputra Cement Works, Bihar
36
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. Important factors that could make difference to the Company’s operations include global and Indian demand supply conditions, finished goods prices, feedstock availability and prices, cyclical demand and pricing in the Company’s principal markets, changes in governmental regulations, tax regimes, economic developments within India and the countries within which the Company conducts business and other factors such as litigation and labour negotiations. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statement, due to any subsequent development, information or events, or otherwise.
UltraTech Cement Limited Regd. Office: Ahura Centre, Mahakali Caves Road, Andheri (E), Mumbai – 400 093 [Corporate Identity Number L26940MH2000PLC128420]
www.ultratechcement.com or www.adityabirla.com investorrelations.utcl@adityabirla.com
37