Key Metrics of UltraTech Cement
About UltraTech Cement
Sectors
Company details
- Website
- ultratechcement.com
- Founded
- 1983
- Registered office
- B-wing Ahura Centre 2nd Floor Mahakali Caves Road Andheri East, Mumbai, In-mh, 400093
- Listed
- NSE: ULTRACEMCO · ₹11,150.00
Operational Areas of UltraTech Cement
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 23 Jul 2026 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹22,100 Cr | View |
| 24 Jun 2026 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹17,100 Cr | View |
| 10 Apr 2026 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹17,100 Cr | View |
| 23 Jun 2025 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹16,174 Cr | View |
| 09 Apr 2025 | CARE | Reaffirmed | AAA | — | Stable | ₹14,174 Cr | View |
| 07 Mar 2025 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹13,074 Cr | View |
| 05 Aug 2024 | CARE | Other | — | — | — | — | View |
| 25 Jun 2024 | CARE | Reaffirmed | AAA | — | Stable | ₹13,000 Cr | View |
| 19 Dec 2023 | CARE | Reaffirmed | AAA | — | Stable | ₹8,000 Cr | View |
| 21 Aug 2023 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹7,000 Cr | View |
| 10 Mar 2023 | CARE | Assigned | AAA | A1+ | Stable | ₹5,000 Cr | View |
| 03 Mar 2017 | CARE | Other | — | — | — | — | View |
| 18 Mar 2016 | CARE | Watch | AAA | — | — | ₹231 Cr | View |
| 21 Jan 2016 | CARE | Reaffirmed | AAA | — | — | ₹94.7 Cr | View |
| 12 Feb 2015 | CARE | Other | — | — | — | — | View |
| 17 Sep 2014 | CARE | Other | — | — | — | — | View |
Credit strengths (CARE, Jul 2026)
+ Market leader in Indian cement market supported by continuous capacity additions
In FY26, the company commissioned 8 MTPA of new capacity across multiple locations. In April 2026, an additional 8.7 MTPA was commissioned. As a result, UltraTech’s total domestic grey cement manufacturing capacity has crossed the 200 MTPA milestone, standing at 200.1 MTPA. Including its international footprint of 5.4 MTPA, UltraTech’s global cement manufacturing capacity now stands at 205.5 MTPA, firmly entrenching the company’s position as the largest cement producer outside China.
+ Regionally diversified revenue streams supported by pan -India installed capacities
Being a commoditised product, cement is significantly cost sensitive and freight/transportation cost is among major costs. Pl ant location usually dictates the company’s major target geographies. UltraTech has 34 integrated manufacturing units, 36 grindin g units, one clinkerisation unit, and 10 bulk packaging terminals. The company has a presence across regions, with the highest capacity in south India at 50.5 MTPA, followed by north India (37.5 MTPA), west India (34.5 MTPA), east India (33.3 M
+ Sound operating efficiencies supported by integrated operations
The company’s large scale of operations is supported by its internal operating efficiencies, allowing it to control costs and have a wide market reach. The company has established captive thermal powerplant ( TPP) of 1,333 MW, WHRS of 414 MW, and renewable energy (solar and wind energy) of 1.39 GW as on March 31, 2026, making it self -sufficient for a significant portion of its power requirements being cost effective. The company also benefitted from increasing its low -cost green power mix to 4
+ Robust capital structure and strong debt coverage indicators
The company’s credit profile is supported by a sustained strengthening in its capital base, with net worth improving to ~₹62,917 crore as of March 31, 2026, from ₹56,180 crore as of March 31, 2025. This growth reflects healthy internal accruals driven by strong operating performance, even after accounting for the payout of a one-time special dividend of ₹240 per share. Continuous accretion to reserves, backed by the company’s established scale of operations and above-average operating margins, u
Credit challenges
− Cyclicality of the cement industry
The cement industry is highly cyclical and depends largely on the country’s economic growth. There is a high degree of correlation between the GDP growth and growth in cement consumption. Being a cyclical industry, cement goes through phases of ups and downs and accordingly impacts unit realisations. Exposure to volatile input costs and price realisations The company is exposed to commodity price risk, arising from raw material price fluctuation (gypsum, fly ash, and slag) and fuel
− Exposure to volatile input costs and price realisations
The company is exposed to commodity price risk, arising from raw material price fluctuation (gypsum, fly ash, and slag) and fuel (coal and pet coke). Coal (indigenous and international) is used for power generation to run its plants and fuel for kilns. In the recent past, the cement industry witnessed significant spike in power and fuel costs; post pent-up demand for fuel after multiple COVID-19 waves. Russia-Ukraine war exacerbated fuel cost in FY22 and FY23. Spike in fuel costs impacted profit
Could lead to a downgrade
• Significant debt-funded capital expenditure (capex) or acquisition plans, which leads to deterioration in the net debt to PBILDT (inclusive of SD and LC) beyond 2x on a sustained basis.
Agency-reported financials (CARE, 23 Jul 2026)
| Metric | March 31, 2025 | March 31, 2026 | Q1FY27 |
|---|---|---|---|
| Total operating income | ₹75,955 Cr | ₹88,512 Cr | ₹24,648 Cr |
| PBILDT* | ₹12,557 Cr | ₹17,020 Cr | ₹5,015 Cr |
| Profit after tax (PAT) | ₹6,040 Cr | ₹8,188 Cr | ₹2,604 Cr |
| Overall gearing (x) | 0.50× | 0.45× | — |
| Interest coverage (x) | 7.61× | 9.09× | 11.07× |
| Revenue growth (YoY) | — | 16.5% | — |
| PAT margin | 8.0% | 9.3% | 10.6% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| crore) Action Long-term Short-term bank | Working capital & bank lines | — | ₹14,700 Cr | — | AAA (Stable) | Reaffirmed | CARE |
| facilities Long-term bank facilities | Working capital & bank lines | — | ₹2,400 Cr | — | AAA / A1+ (Stable) | Reaffirmed | CARE |
| Non-convertible debentures | Debentures & bonds | — | ₹5,000 Cr | — | AAA (Stable) | Assigned | CARE |
CARE ratings on record (checked 24 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Fixed Deposit | — | Withdrawn |
| Long Term | ₹2,400 Cr | CARE AAA; Stable |
| LT/ST | ₹14,700 Cr | CARE AAA; Stable / CARE A1+ |
| Non Convertible Debentures | ₹5,000 Cr | CARE AAA; Stable |
Lenders
| Fund-based | LT/ST | Axis Bank Ltd. |
| Fund-based | LT/ST | Indian Bank |
| Fund-based | LT/ST | IndusInd Bank Ltd. |
| Fund-based | LT/ST | Proposed |
| Fund-based | LT/ST | Punjab National Bank |
| Fund-based | LT/ST | South Indian Bank Ltd. |
| Fund-based | LT/ST | State Bank of India |
| Fund-based | LT/ST | Union Bank of India |
| Fund-based | LT/ST | Yes Bank Ltd. |
| Fund-based/Non-fund-based | LT/ST | Axis Bank Ltd. |
| Fund-based/Non-fund-based | LT/ST | IndusInd Bank Ltd. |
| Fund-based/Non-fund-based | LT/ST | State Bank of India |
| Fund-based/Non-fund-based | LT/ST | The Hongkong and Shanghai Banking Corporation Ltd. |
| Fund-based/Non-fund-based | LT/ST | Union Bank of India |
| Fund-based/Non-fund-based | LT/ST | Yes Bank Ltd. |
| Term Loan | Long Term | Proposed |
| Term Loan | Long Term | State Bank of India |
Credit assessment · Cement
CARE Ratings’ Criteria for Rating Cement Companies (Sep 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Instrument ratings
| Instrument | Type | Rated | Per criteria | Basis |
|---|---|---|---|---|
| Fixed deposit | Fixed deposits | AAA CARE | AAA | Tier II + 1 |
| Fixed Deposit | Fixed deposits | AAA CARE | AAA | Tier II + 1 |
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 94% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 86% chance the next rating action is stable or better
- Current rating AAA (investment grade)
- Interest coverage 11.07×
Rated limits by facility
Timeline
From the report
The company had current investments of ₹3735 and cash and cash equivalent to ₹1384 crore as on March 31, 2026.
From the report
The company had current investments of ₹3735 and cash and cash equivalent to ₹1384 crore as on March 31, 2026.
From the report
The company had current investments of ₹2859 and cash and cash equivalent to ₹1673 crore as on March 31, 2025.
From the report
The company generated gross cash accrual of ₹10349 crore in FY24.
From the report
The company generated gross cash accrual of ₹10349 crore in FY24.
From the report
The company generated gross cash accrual of ₹10349 crore in FY24.
From the report
The company had cash and cash equivalents of ₹783 crore as on March 31, 2024, while current investments were ₹5,485 crore.
From the report
The company had cash & cash equivalents (including liquid investments) of ₹6,972 crore as on March 31, 2023 and ₹3,974 crore as on September 30, 2023.
From the report
The company had generated gross cash accrual of ₹8233 crore in FY23.
From the report
The company had cash & cash equivalents of ₹6972 crore as on March 31, 2023.
From the report
The company had generated gross cash accrual of ₹10,027 crore in FY22.
From the report
The company had cash & cash equivalents of ₹5,347 crore as on March 31, 2022 and ₹2,911 crore as on September 30, 2022 respectively.
From the report
This is supported by the company’s robust liquidity position (cash & cash equivalent balance of Rs.4,410 crore as on September 30, 2014), healthy cash generation and high financial flexibility (overall gearing of 0.56x as on September 30, 2014).
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of UltraTech Cement
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Cement · Cement, Building Materials & Polymers | ambujacement.com | — | Ahmedabad, India | |
| Cement · Cement, Building Materials & Polymers | acclimited.com | — | Gandhinagar, India | |
 Shree Cement |
Cement · Cement, Building Materials & Polymers | shreecement.com | — | Beawar, India |
| Cement · Cement, Building Materials & Polymers | dalmiacement.com | — | Tiruchirapalli, India | |
| Cement · Cement, Building Materials & Polymers | jkcement.com | — | Rajasthan, India | |
 Nuvoco Vistas |
Cement · Cement, Building Materials & Polymers | nuvoco.com | — | Mumbai, India |
| Discovered Companies · Other Industries | birlacorporation.com | — | Kolkata, West Bengal, India | |
 The Ramco Cements |
Cement · Cement, Building Materials & Polymers | ramcocements.in | — | Rajapalayam, India |
| Tiles & Ceramics · Cement, Building Materials & Polymers | prismjohnson.in | — | Hyderabad, India | |
 Jk Lakshmi Cement Limited |
Cement · Cement, Building Materials & Polymers | jklakshmicement.com | — | Rajasthan, Delhi, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Cement and ready-mix concrete
Filings
No filings on record yet.