Earnings Review
UltraTech Q2 PAT misses Street estimate, meets sales view
This story was originally published at 16:05 IST on 18 October 2025
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--UltraTech Cement Jul-Sept consol net profit INR 12.32 bln
--Analysts saw UltraTech Jul-Sept consol net profit at INR 14.77 bln
--UltraTech Jul-Sept consol revenue INR 196.07 bln
--Analysts saw UltraTech Jul-Sept consol revenue at INR 184.77 bln
--UltraTech Jul-Sept consol net profit INR 12.32 bln vs INR 7.03 bln yr ago
--UltraTech Jul-Sept consol revenue INR 196.07 bln vs INR 162.94 bln year ago
--UltraTech Apr-Sept consol net profit INR 34.57 bln vs INR 21.98 bln yr ago
--UltraTech Apr-Sept consol revenue INR 408.82 bln vs INR 351.13 bln year ago
--UltraTech Jul-Sept consol EBITDA INR 32.68 bln vs INR 22.53 bln year ago
--UltraTech board OKs INR 102.55 bln for capacity expansion of 22.8 mtpa
--UltraTech: Capacity addition to be done via brownfield, greenfield projects
--UltraTech Jul-Sept consol sales volume 33.85 mln tn, up 6.9% on year
--UltraTech Jul-Sept domestic grey cement volume 31.58 mln tn, up 6.8% YoY
--UltraTech Jul-Sept domestic grey cement sales INR 152.17 bln, up 14.6% YoY
--UltraTech Jul-Sept readymix concrete revenue INR 18.11 bln, up 29.6% YoY
--UltraTech Jul-Sept white cement revenue INR 6.66 bln, up 26.7% YoY
--UltraTech Jul-Sept revenue from overseas INR 10.23 bln, up 23% on yr
--UltraTech Jul-Sept India grey cement sales realisation INR 5,088/tn
--UltraTech Jul-Sept India grey cement sales realisation up 4.5% on year
--UltraTech Jul-Sept India grey cement sales realisation dn 1.4% on qtr
--UltraTech Jul-Sept consol operating EBITDA/tn INR 914
--UltraTech Jul-Sept energy costs down 7% on year, raw material costs up 5%
--UltraTech Jul-Sept raw material expenses up on higher cost of flyash, slag
By Rajesh Gajra
NEW DELHI – UltraTech Cement Ltd. missed the Street's estimate on consolidated net profit for the September quarter but the on-year growth was still strong enough to be the highest in 17 quarters. The bottom line grew on the back of strong operating profit growth and a strong revenue growth which was the highest in 13 quarters.
The country's largest cement company, in terms of annual production capacity, reported a 75% rise on year to INR 12.3 billion in consolidated net profit, amid a revenue from operations growth of 20% to INR 196.1 billion. The net profit was lower than analysts' estimate of INR 14.8 billion, whereas the revenue surpassed the estimate of INR 184.8 billion. Sequentially, UltraTech Cement's consolidated net profit fell 45% and consolidated revenue from operations was down 7.8%.
The on-year growth in consolidated net profit was reined in by a 28% jump in cost of raw materials consumed to INR 33.8 billion. The company said raw material expenses rose sharply due to higher costs of fly ash and slag. The other expenses rose sharply by 22% on year to INR 29.9 billion, and purchase of stock-in-traded jumped up 44% to INR 5.8 billion.
On the other hand, the net profit growth was helped by moderate increases in other key cost items. The power and fuel expenses rose 7.8% on year to INR 44.4 billion, and freight and forwarding expenses increased 8% to INR 41.3 billion.
UltraTech Cement's consolidated earnings before interest, tax, depreciation, and amortisation rose to INR 32.7 billion in the September quarter from INR 22.5 billion in the year-ago quarter. The company said its consolidated operating EBITDA was INR 30.9 billion and operating EBITDA per tonne was INR 914 in the September quarter.
The company reported a 4.5% on-year increase in grey cement sales realisation to INR 5,088 per tonne for the September quarter. Sequentially, it was down 1.4%.
UltraTech Cement's top line growth in the September quarter was helped by a 6.9% on-year growth in consolidated sales volume to 33.85 million tonnes, which included a 6.8% increase in domestic grey cement volume to 31.58 million tonnes. The domestic grey cement revenue rose 15% on year to INR 152.2 billion, while ready-mix concrete revenue rose 30% to INR 18.1 billion and white cement revenue rose 27% on year to INR 6.7 billion. Overseas revenue increased 23% on year to INR 10.2 billion.
The company said in a press release that it "achieved a growth of 22.3% in domestic grey cement without considering the sales volumes of India Cements and Kesoram (Industries) in the previous year since they were not part of UltraTech during that period." Along with volume growth, energy costs were 7% lower on year while raw material costs increased 5%, the company said.
UltraTech Cement's consolidated net profit for Apr-Sept rose to INR 34.6 billion from INR 22 billion, and the revenue increased to INR 408.9 billion from INR 351.1 billion.
On Saturday, the company announced that it had received board's approval to invest INR 102.55 billion on capacity expansion of 22.8 million tonnes per year. The capacity addition would be by way on integrated and grinding units across the country, including that of its subsidiary India Cements. The capacities will be added in a phased manner 2027-28 (Apr-Mar) onwards and will have a mix of brown field and green field projects.
On Friday, shares of the company closed almost flat at INR 12,370 on the National Stock Exchange. End
Edited by Ashish Shirke
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