UltraTech Cement Financial Breakdown: Revenue, Profit
UltraTech Cement, the Aditya Birla Group flagship and India's largest cement producer, reported its Q2 FY27 results on 19 October 2026 — a 21% jump in profit despite a monsoon-affected quarter. This financial breakdown covers its revenue and profit trend (FY22–FY26), profitability, balance sheet, ratios, segment split, shareholding, dividend history and a peer comparison with Ambuja Cements and Shree Cement.
Period note: annual trend figures below are standalone per Screener; Q2 FY27 headline figures are consolidated per the company's press release. All figures verified from sources cited at the end.
Q2 FY27 Results: Profit Up 21% on Strong Volumes
Announced 19 October 2026 (widely reported 20 October), the quarter (Jul–Sep 2026) delivered:
- Consolidated net sales: ₹23,024 crore, up 18.9% YoY (Q2 FY26: ₹19,371 crore)
- Revenue from operations: ₹23,295 crore, up ~18.8% YoY
- EBITDA: ₹3,832 crore, up 17.2% YoY; operating EBITDA ₹3,721 crore (+20.3%), margin ~16%
- Consolidated PAT: ₹1,501 crore, up 21.3% YoY (Q2 FY26: ₹1,238 crore)
- Consolidated sales volume: 38.22 million tonnes, up 12.9% YoY
- Domestic grey cement volume: 35.94 MT, up 13.8% (Q2 FY26: 31.58 MT); white cement 0.52 MT (+2.6%); overseas 1.75 MT (−1.4%)
- Capacity utilisation: 71%, up from 66% a year ago, despite monsoon disruptions
- EBITDA per tonne: ₹974
On a sequential basis, profit was 42% lower than Q1 FY27's ₹2,603 crore (revenue down 5% QoQ to ₹23,024 crore) — a normal monsoon-season effect for cement. The company flagged cost pressure from higher imported coal prices, pet coke costs and crude-linked packaging expenses, partly offset by scale benefits, logistics efficiency and premium-product focus. The share closed at ₹10,650 on the BSE on 19 October, down ~2.2%. Alongside results, the company announced the resignation of Non-Executive Vice Chairman K. K. Maheshwari.
Revenue and Profit Trend: FY22–FY26
Five-year standalone track record (per Screener):
| Year | Revenue (₹ cr) | PAT (₹ cr) | OPM | EPS (₹) |
|---|---|---|---|---|
| FY22 | 50,663 | 7,067 | 22% | 244.80 |
| FY23 | 61,237 | 4,951 | 17% | 171.52 |
| FY24 | 68,641 | 6,905 | 18% | 239.18 |
| FY25 | 71,895 | 6,193 | 17% | 210.15 |
| FY26 | 82,170 | 7,405 | 19% | 251.30 |
Revenue compounded ~13% over five years, but profit growth was choppier (7% five-year CAGR per Screener) — FY23's dip reflects the energy-cost shock when margins fell to 17%. On a consolidated basis the company said FY26 PAT crossed ₹8,000 crore for the first time. Q4 FY26 was the strongest quarter on record: consolidated PAT ₹2,983 crore (+20.2%), revenue ₹25,799 crore (+11.9%) and EBITDA ₹5,688 crore at a 21.7% margin.
Segment Split: Cement Plus Fast-Growing Downstream
Q2 FY27 consolidated revenue mix shows grey cement still dominant, but downstream businesses growing fastest:
| Segment | Q2 FY27 revenue | YoY growth |
|---|---|---|
| Domestic grey cement | ₹18,603 cr | +16.0% |
| White cement | ₹693 cr | +12.2% |
| Ready-mix concrete (RMC) | ₹2,338 cr | +29.1% |
| Construction chemicals | ₹421 cr | +48.4% |
| Overseas operations | ₹1,302 cr | +27.2% |
The RMC business now runs 485 plants across 179 cities, with volume up 23% to 4.65 million cubic metres — and the company disclosed a 34% ROCE for RMC, unusually high for a downstream business. Flagship UltraTech-brand volumes grew 20.2% YoY, indicating market-share gains.
Capacity: 210 MTPA, Heading to 240+
- Global capacity: 210.1 MTPA (204.7 MTPA domestic grey + 5.4 MTPA overseas) as of 30 Sep 2026
- Q2 additions: 4.6 MTPA — 3.6 MTPA greenfield at Petnikota (Andhra Pradesh) plus 1 MTPA debottlenecking at Visakhapatnam, Patratu and Nathdwara
- Target: 240+ MTPA by March 2028, via 16.3 mtpa additions in FY27 and 29.8 mtpa in FY28
- Capex: ₹9,600 crore spent in FY26; ~₹16,000 crore planned over three years
- New bet — Ultravolt wires and cables: launched in Q2 FY27; manufacturing plant commissioned at Jhagadia (Gujarat) with design capacity of 78,000 tonnes of copper and 24,000 tonnes of aluminium — designed to be the second-largest housing-wires capacity in India
- Green energy: added 117 MW renewable and 10 MW waste-heat-recovery capacity in the quarter
Balance Sheet Strength
| Metric | FY26 | Detail |
|---|---|---|
| Shareholder funds (standalone) | ₹74,664 cr | Equity ₹295 cr + reserves ₹74,369 cr |
| Gross borrowings (standalone) | ₹20,480 cr | Debt-to-equity ≈ 0.27x |
| Consolidated net debt | ₹16,620 cr | Down from ₹17,669 cr at FY25-end |
| Operating cash flow | ₹14,398 cr | Up 50% YoY — company's strongest ever |
| Free cash flow (standalone) | ₹4,971 cr | Rebounded from ₹677 cr in FY25 |
| Cash-flow conversion | 102% | CFO/EBITDA, FY26 |
Debt is comfortable for a capital-heavy business, and cash generation now comfortably funds both the capex programme and shareholder payouts.
Key Ratios
| Ratio | Value | Basis |
|---|---|---|
| ROCE | 12.6% | TTM (Screener) |
| ROE | 10.3% | TTM; 3-year average 11% |
| Debt-to-equity | ~0.27x | Standalone, FY26 |
| Stock P/E | 39.6x | At ₹10,650 (19 Oct 2026 close) |
| Book value | ₹2,416 | Price-to-book ≈ 4.4x |
| Dividend yield | 2.25% | On the ₹240/share FY26 payout |
| Debtor days | 22 | FY26 — collection remains tight |
Shareholding Pattern (Sep 2026)
| Shareholder | Sep 2026 | Jun 2026 |
|---|---|---|
| Promoters (Aditya Birla Group) | 58.48% | 59.33% |
| FIIs | 12.20% | 12.36% |
| DIIs | 20.86% | 19.69% |
| Public | 8.22% | 8.42% |
Promoter holding dipped 0.85 percentage points in the quarter (Screener flagged it) while DIIs raised their stake — worth noting as a marginal softness in the promoter line.
Dividend History: Record ₹240 Payout in FY26
UltraTech recommended a special dividend of ₹240 per share (face value ₹10) for FY26, subject to shareholder approval — its highest ever, with total payout of ₹7,072.3 crore (~96% payout on standalone EPS). That single payout exceeded the total dividends of the previous four years combined. For comparison, FY25's dividend was ₹77.50 per share (total ₹2,283.75 crore). The company tied the special payout to three FY26 milestones: consolidated PAT crossing ₹8,000 crore, domestic capacity crossing 200 MTPA, and operating cash flow hitting ₹14,398 crore.
Peer Comparison: UltraTech vs Ambuja vs Shree Cement
| Metric | UltraTech | Ambuja Cements | Shree Cement |
|---|---|---|---|
| Market cap (19 Oct 2026) | ₹3.14 lakh cr | ₹89,913 cr | ₹80,424 cr |
| Stock P/E | 39.6x | 23.9x | 52.7x |
| FY26 revenue (standalone) | ₹82,170 cr | ₹25,062 cr* | ₹19,311 cr |
| FY26 operating margin | 19% | ~12% | 22% |
| ROE (TTM) | 10.3% | 7.7% | 7.8% |
| Capacity | 210 MTPA | — | 46.4 MTPA |
| Notable | India's #1 cement maker | Adani Group; ACC merger* | Lowest-cost producer; Q2 results due 23 Oct |
* Ambuja's FY26 figures are elevated by the amalgamation of ACC Limited. Figures per Screener, October 2026.
Key Risks to Watch
- Cyclical demand: cement tracks construction and infra cycles; a weak housing or government-capex cycle hits volumes fast.
- Fuel cost volatility: imported coal, pet coke and diesel-linked costs are the single biggest margin swing factor.
- Capex intensity: ~₹16,000 crore of planned expansion over three years plus new ventures (India Cements integration, wires and cables) keeps balance-sheet leverage under watch.
- Valuation premium: at 39.6x earnings, the stock trades well above Ambuja (23.9x) — expectations for continued volume growth are baked in.
- Promoter stake dip: promoter holding fell 0.85 pp in Q2 FY27; FIIs trimmed too while DIIs bought.
FAQs
When did UltraTech Cement announce Q2 FY27 results?
The board approved the results on 19 October 2026; they were widely reported on 20 October 2026. Consolidated PAT rose 21.3% YoY to ₹1,501 crore and revenue grew 18.9% to ₹23,024 crore.
Why is Q2 profit lower than Q1?
Q2 is the monsoon quarter for cement — construction slows with the rains. Q2 FY27 PAT of ₹1,501 crore compares with ₹2,603 crore in Q1 FY27, a seasonal pattern, not a structural decline.
What dividend did UltraTech pay for FY26?
A special dividend of ₹240 per share (face value ₹10), totalling ₹7,072.3 crore — the highest payout in company history, versus ₹77.50 per share for FY25.
What is UltraTech's current capacity and target?
210.1 MTPA globally (204.7 MTPA domestic grey + 5.4 MTPA overseas) as of 30 September 2026, targeting 240+ MTPA by March 2028.
What is Ultravolt?
UltraTech's new wires and cables brand, launched in Q2 FY27 with a plant commissioned at Jhagadia, Gujarat — designed to be India's second-largest housing-wires capacity.
Conclusion
UltraTech's Q2 FY27 shows a market leader still gaining share — 13.8% volume growth and 71% utilisation in a monsoon quarter, a record ₹240/share dividend, and a balance sheet that funds both a ₹16,000-crore expansion and new adjacencies like wires and cables. The premium 39.6x valuation leaves little room for execution slips, but scale, cash flow and downstream diversification remain its moats.
Disclaimer: This article is for educational purposes only and is not investment advice. All figures are sourced from the company's filings and financial data portals as cited. Please consult a SEBI-registered adviser before making investment decisions.
Sources: UltraTech Cement Q2 FY27 press release (reported by Financial Express, NDTV Profit, BuildWatch News, 19–20 Oct 2026); Screener.in — UltraTech Cement, Ambuja Cements, Shree Cement pages (accessed 20 Oct 2026); Business Standard/Financial Express on the FY26 dividend (Apr 2026).
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