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UltraTech Cement Q2 FY27 results: net profit up 21.3% to ₹1,501 crore, revenue up 18.8%
UltraTech Cement Limited reported consolidated revenue of ₹23,295 crore and a net profit of ₹1,501 crore for Q2 FY27. Revenue rose 18.8% and net profit increased 21.3% from a year earlier, while both fell from Q1 FY27 as EBITDA margin declined to 16.0% from 20.3%.
Key points
- Consolidated revenue was ₹23,295 crore in Q2 FY27, up 18.8% from ₹19,607 crore in Q2 FY26 but down 5.5% from Q1 FY27.
- EBITDA was ₹3,721 crore, up 20.3% year on year but down 25.8% from the previous quarter; the margin was 16.0%, against 15.8% and 20.3%, respectively.
- Net profit was ₹1,501 crore, compared with ₹1,238 crore a year earlier and ₹2,604 crore in Q1 FY27; basic EPS was ₹50.78.
- H1 FY27 revenue was ₹47,943.27 crore and net profit was ₹4,105.1 crore, up 17.3% and 18.7% from H1 FY26.
- The stock closed 2.4% lower on the reaction day, while the Cement & Cement Products median fell 1.4%.
How did UltraTech Cement perform in Q2 FY27?
On a consolidated basis, UltraTech Cement reported revenue of ₹23,295 crore for Q2 FY27, up 18.8% from ₹19,607 crore in Q2 FY26. Total income rose 18.3% to ₹23,405.96 crore from ₹19,781.07 crore, while total expenses increased 17.8% to ₹21,339 crore from ₹18,120 crore.
EBITDA was ₹3,721 crore in Q2 FY27, up 20.3% from ₹3,094 crore a year earlier, and the EBITDA margin rose 0.2 percentage points to 16.0% from 15.8%. Against Q1 FY27, revenue fell 5.5%, EBITDA declined 25.8% and the margin decreased 4.3 percentage points from 20.3%.
Profit before tax rose 24.0% year on year to ₹2,061 crore, while net profit increased 21.3% to ₹1,501 crore from ₹1,238 crore. Basic EPS was ₹50.78, up 21.3% from ₹41.87 but down 42.5% from ₹88.36 in Q1 FY27. On the standalone basis, revenue was ₹22,107.68 crore and net profit was ₹1,331.78 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 23,295 | 24,648 | 19,607 | +18.8% | −5.5% |
| Other income | 110.89 | 130.27 | 174.14 | −36.3% | −14.9% |
| Total expenses | 21,339 | 21,286 | 18,120 | +17.8% | +0.2% |
| EBITDA | 3,721 | 5,015 | 3,094 | +20.3% | −25.8% |
| EBITDA margin | 16.0% | 20.3% | 15.8% | +0.2 pp | −4.3 pp |
| Profit before tax | 2,061 | 3,479 | 1,662 | +24.0% | −40.8% |
| Tax | 557.20 | 876.71 | 417.85 | +33.3% | −36.4% |
| Net profit | 1,501 | 2,604 | 1,238 | +21.3% | −42.3% |
| EPS (₹) | 50.78 | 88.36 | 41.87 | +21.3% | −42.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in UltraTech Cement's costs and profit?
Total expenses increased 17.8% year on year to ₹21,339 crore. Cost of materials rose 24.4% or ₹824.49 crore to ₹4,208 crore, employee cost increased 9.3% or ₹98.92 crore to ₹1,163 crore, and finance costs rose 20.1% or ₹92.46 crore to ₹551.75 crore.
Depreciation increased 5.7% or ₹65.67 crore to ₹1,213 crore, while other expenses rose 19.0% or ₹2,191 crore to ₹13,749 crore. The quarter included an exceptional charge of ₹6.29 crore, against no exceptional item in Q2 FY26.
Other income declined 36.3% or ₹63.25 crore to ₹110.89 crore, while tax increased 33.3% or ₹139.35 crore to ₹557.20 crore. Profit before tax rose 24.0% and net profit rose 21.3% from the year-ago quarter. Management cited West Asia-related pet coke and industrial diesel cost pressure as operating risks.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 4,208 | 3,384 | +824.49 | +24.4% |
| Employee cost | 1,163 | 1,064 | +98.92 | +9.3% |
| Finance costs | 551.75 | 459.29 | +92.46 | +20.1% |
| Depreciation | 1,213 | 1,148 | +65.67 | +5.7% |
| Other expenses | 13,749 | 11,557 | +2,191 | +19.0% |
| Total expenses | 21,339 | 18,120 | +3,219 | +17.8% |
| Other income | 110.89 | 174.14 | −63.25 | −36.3% |
| Tax | 557.20 | 417.85 | +139.35 | +33.3% |
| Exceptional items | −6.29 (charge) | none |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹47,943.27 crore, up 17.3% from ₹40,882.38 crore in H1 FY26. Total income increased 16.8% to ₹48,184.43 crore from ₹41,236.75 crore.
Profit before tax rose 18.5% to ₹5,539.82 crore from ₹4,673.62 crore, while net profit increased 18.7% to ₹4,105.1 crore from ₹3,458.89 crore. Basic EPS for the half-year was ₹139.15, up 18.4% from ₹117.56.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 47,943 | 40,882 | +17.3% |
| Profit before tax | 5,540 | 4,674 | +18.5% |
| Net profit | 4,105 | 3,459 | +18.7% |
| EPS (₹) | 139.15 | 117.56 | +18.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹145,098.77 crore as on 30 September 2026, against ₹141,376.05 crore as on 31 March 2026. Total equity fell to ₹77,702.0 crore from ₹80,712.44 crore, while borrowings rose to ₹28,411.03 crore from ₹22,780.66 crore. Cash and cash equivalents declined to ₹143.8 crore from ₹354.48 crore.
Inventories increased to ₹11,399.81 crore from ₹9,694.28 crore, trade receivables rose to ₹6,315.46 crore from ₹6,028.75 crore, and trade payables increased to ₹11,947.77 crore from ₹10,236.71 crore. The comparison dates were 30 September 2026 and 31 March 2026.
H1 FY27 operating cash flow was ₹6,909.7 crore, against ₹5,566.78 crore in H1 FY26. Investing cash outflow was ₹4,471.77 crore against ₹3,302.74 crore, financing cash outflow was ₹2,652.17 crore against ₹2,620.87 crore, and capital expenditure was ₹5,768.92 crore against ₹4,795.57 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,45,099 | 1,41,376 |
| Total equity | 77,702 | 80,712 |
| Borrowings | 28,411 | 22,781 |
| Cash and equivalents | 143.80 | 354.48 |
| Inventories | 11,400 | 9,694 |
| Trade receivables | 6,315 | 6,029 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 6,910 | 5,567 |
| Cash from investing | −4,472 | −3,303 |
| Cash from financing | −2,652 | −2,621 |
| Capital expenditure | 5,769 | 4,796 |
Source: Company's results filing (XBRL).
How has UltraTech Cement done over the last 8 quarters?
Revenue rose year on year in each of the last eight quarters and profit rose year on year in each of the last seven quarters. Revenue reached its highest level of the listed period at ₹25,799.47 crore in Q4 FY26 before falling to ₹24,648.2 crore in Q1 FY27 and ₹23,295.07 crore in Q2 FY27.
Net profit peaked at ₹3,000.02 crore in Q4 FY26 and bottomed at ₹1,237.98 crore in Q2 FY26, before rising to ₹2,603.72 crore in Q1 FY27 and falling to ₹1,501.38 crore in Q2 FY27. EBITDA margin peaked at 21.7% in Q4 FY26, fell to 15.8% in Q2 FY26, and was 16.0% in the latest quarter.
What else did the company announce?
In a filing dated 19 October 2026, UltraTech Cement said K. K. Maheshwari would relinquish his position as Non-Executive Vice Chairman from 1 January 2027 because of current engagements and personal commitments. The board approved the re-designation of K. C. Jhanwar, whose term as Managing Director ended on 31 December 2026, as Non-Executive Vice Chairman from 1 January 2027.
The board also approved an irrevocable and unconditional corporate guarantee of up to USD 55 mn for a loan to be obtained by associate UHG Holdings IFSC Private Limited. The filing said the transaction was on an arm’s-length basis and the guarantee would constitute a contingent liability for UltraTech Cement.
What did UltraTech Cement's management say?
Management said Q2 volume growth of 13.8% was higher than industry growth of about 10%, while capacity utilisation was 71%, against 66% a year earlier. It added that 4.6 MT of capacity was commissioned in September, including the 3.6 MT Petnikota greenfield plant.
Management said trade prices were up Rs 7-10 per bag month on month as September ended and spot prices were about 5% above the Q2 average. It expected the full benefit to flow into Q3, while also citing pet coke at $180 per ton, industrial diesel at all-time highs, constrained domestic coal availability and weak monsoon conditions in parts of South Maharashtra as risks.
How did UltraTech Cement shares react?
After the filing appeared, the UltraTech Cement share price was down 1.6% after five minutes, 1.4% after 15 minutes and 1.7% after 30 minutes. The stock closed the reaction day 2.4% below its pre-results close, while the Cement & Cement Products median fell 1.4% and the Nifty 100 fell 1.0%.
By the next day’s close, the stock was down 0.5% from the pre-results close, compared with a 2.7% fall for the industry median and a 1.5% fall for the Nifty 100. By the fifth session, the stock was up 2.2% from that close, while the industry median was down 3.2% and the Nifty 100 was down 1.8%.
Earlier reaction-day moves were mixed: the stock rose 1.6% on 20 July 2026, fell 0.2% on 27 April 2026 and rose 2.0% on 24 January 2026. Its previous reaction-day movements also included rises of 0.4% and 0.5% in October 2025 and July 2025.
| After the filing | Stock | Cement & Cement Products median |
|---|---|---|
| 5 minutes | −1.6% | |
| 15 minutes | −1.4% | |
| 30 minutes | −1.7% | |
| Reaction day | −2.4% | −1.4% |
| Next day | −0.5% | −2.7% |
| 5 days | +2.2% | −3.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 20 July 2026 | +1.6% |
| 27 April 2026 | −0.2% |
| 24 January 2026 | +2.0% |
| 18 October 2025 | +0.4% |
| 21 July 2025 | +0.5% |
| 23 January 2025 | +6.9% |
| 21 October 2024 | −2.2% |
| 19 July 2024 | −3.5% |
Source: MarketPing price-reaction measurement.
How did other Cement & Cement Products companies do?
Nineteen other Cement & Cement Products companies had filed results for the quarter by 4 November 2026. Their median revenue growth was 11.0%; 12 peers grew slower than UltraTech Cement and seven peers grew faster than UltraTech Cement.
Eight of the 19 peers reported higher profit. UltraTech Cement’s Q2 FY27 consolidated revenue growth of 18.8% was above the peer median of 11.0%, while its net profit growth of 21.3% was also reported on the consolidated basis.
| UltraTech Cement revenue growth (YoY) | +18.8% |
|---|---|
| Median of 19 other Cement & Cement Products companies | +11.0% |
| Companies with slower revenue growth than UltraTech Cement | 12 of 19 |
| Companies with faster revenue growth than UltraTech Cement | 7 of 19 |
| Companies whose net profit rose | 8 of 19 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was UltraTech Cement's revenue in Q2 FY27?
Revenue from operations was ₹23,295 crore, up 18.8% from ₹19,607 crore in Q2 FY26 (consolidated).
Did UltraTech Cement make a profit in Q2 FY27?
Yes. Net profit was ₹1,501 crore, against a net profit of ₹1,238 crore in Q2 FY26.
What was UltraTech Cement's EPS in Q2 FY27?
Basic earnings per share were ₹50.78, against ₹41.87 in Q2 FY26.
How did UltraTech Cement shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.4% from the previous close; the median Cement & Cement Products stock moved −1.4%.
When did UltraTech Cement announce its Q2 FY27 results?
On 19 October 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 19 October 2026) · PDF
- Press Release (NSE, 19 October 2026) · PDF
- The earnings call (19 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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