ULTRATECH CEMENT LIMITED

Manufactures and sells grey cement and related building materials, operating as India's largest cement producer with consolidated capacity spread across 653 plants and offices in India and 7 internationally. In Q1 FY27, domestic grey cement volumes grew 13.1% year-on-year to 39.2 MT against industry growth of 7-8%, with capacity utilization at 81%; consolidated revenue from cement sales rose 16% to Rs 24,465 crore. Customers include infrastructure, housing, real estate and commercial construction segments, with management viewing demand as structurally rising on India's urbanization and a project pipeline covering ports, shipyards, data centres, metros and river-linking works. Other operating expenses form the largest cost line at 56.6% of revenue, followed by raw materials at 16.5%, depreciation at 5.2% and employee costs at 4.7%; a 10.9% capex-to-revenue ratio reflects heavy ongoing investment. Imported fuel, housed inside other opex, was a sharp negative in Q1 FY27, and management has guided to INR 130-140 per ton of sequential cost pressure in Q2 FY27 before easing in H2. An INR 17,000 crore capex programme will lift domestic grey cement capacity to 212 MT by March 2027 and 235 MT by March 2028. A new cables and wires business is on schedule for commissioning and product launch in Q3 FY27 within an INR 1,800 crore capex envelope (INR 888 crore already committed); recently acquired India Cements is being turned around with EBITDA per ton climbing sequentially from INR 386 to INR 603.