19-Oct-2026 18:54:12
ULTRATECH CEMENT Q2 CONCALL: CEMENT PRICE RECOVERY, DOUBLE-DIGIT VOLUME GROWTH & ₹1,400 EBITDA/TONNE TARGET
• CEMENT PRICES CURRENTLY 5% ABOVE Q2 AVERAGE; FURTHER PRICE IMPROVEMENT EXPECTED • Q3 FY27 EARNINGS EXPECTED TO BENEFIT FROM HIGHER PRICES & STRONGER POST-MONSOON DEMAND • FY27 CEMENT VOLUME GROWTH EXPECTED IN DOUBLE DIGITS VS INDUSTRY GROWTH OF 7–8% • EBITDA/TONNE TARGET MAINTAINED AT ₹1,400 BY Q4 FY28 • DOMESTIC CEMENT CAPACITY AT 204.7 MTPA; EXPANSION TOWARD 240 MTPA ON TRACK • NEW CEMENT CAPACITY EXPANSION PHASE EXPECTED TO BE ANNOUNCED BEFORE FY27-END • FY27 CAPEX OUTLOOK MAINTAINED AT APPROXIMATELY ₹10,000 CR • NET DEBT/EBITDA TARGETED BELOW 1X BY MARCH 2027 FROM CURRENT 1.24–1.26X • INDIA CEMENTS PROFITABILITY EXPECTED TO IMPROVE SIGNIFICANTLY BY Q4 FY28 • ULTRAVOLT WIRES & CABLES BUSINESS HAS POTENTIAL ₹16,000–18,000 CR ANNUAL REVENUE AT FULL CAPACITY; NOT FY28 GUIDANCE • ULTRAVOLT POWER & CONTROL CABLE PRODUCTION LINES EXPECTED TO COMMENCE IN H2 FY27 • ULTRATECH BUILDING SOLUTIONS RETAIL NETWORK TARGETED AT 10,000 STORES IN 2–3 YEARS FROM CURRENT 6,500 • HIGHER PETCOKE & DIESEL PRICES REMAIN KEY RISKS TO CEMENT MARGINS
ULTRATECH CEMENT LIMITED