Event Type: Q1 FY27 Earnings Conference Call conducted after the meeting of the Board of Directors.

Date and Time: The call was held on July 20, 2026. Specific time and time zone were not mentioned in the transcript.

Purpose: Discussion of unaudited financial results for the quarter ended June 30, 2026 (Q1 FY27), including business performance, demand outlook, capacity expansion, and integration updates for acquired assets.

Management Participants:

  • Mr. Atul Daga – Chief Financial Officer (primary speaker)
  • Other management colleagues referenced but not named

Availability of Materials: The transcript indicates that a presentation was referenced during the call. The company made the transcript available on its website (www.ultratechcement.com) and filed it with stock exchanges as a regulatory disclosure.

UPSI Statement: The transcript does not contain any specific language indicating that no unpublished price sensitive information (UPSI) would be shared.

Financial Period Discussed: Q1 FY27 (quarter ended June 30, 2026)

Key Financial Highlights from Management Commentary:

  • Highest ever Q1 performance across volumes, revenues, EBITDA and profit
  • Domestic grey cement volume growth: 13.1% YoY
  • Capacity utilization: 81% (vs. 76% in previous year)
  • EBITDA: INR5,146 crores
  • PAT: INR2,604 crores (up 17.2% YoY)
  • Operating EBITDA per ton: steady above INR1,200
  • Net debt to EBITDA: 0.87x (improved from 0.94x at year start)

Strategic Themes and Forward-looking Statements:

  • Strong demand environment across infrastructure, housing and urban real estate
  • Completion of Kesoram and India Cements brand migration to UltraTech (100% complete)
  • UltraTech brand grew 21.3% YoY
  • Capacity expansion: 12 million tons commissioned in Q1 (8.7 million tons by UltraTech)
  • Total capacity: 205.5 million tons (200.1 million tons domestic grey cement)
  • Projects under execution: INR17,000 crores capex over next 2-2.5 years to reach 242+ million tons
  • Green power capacity: 1,897 MW (47% of power requirements)
  • India Cements turnaround: 21% revenue growth, 19% volume growth, EBITDA/ton improved from INR386 to INR603 sequentially
  • Cables and wires business: INR1,800 crores investment, commissioning expected in Q3 FY27 (Oct-Dec 2026)
  • Q2 FY27 cost guidance: INR130-140 per ton increase due to monsoon maintenance and fuel impacts

Additional Notes Section

The document represents the full transcript of the earnings conference call, including management presentation and Q&A session with analysts from Axis Capital, Morgan Stanley, CLSA, Jefferies, Kotak Securities, Equirus Securities, Citigroup, Goldman Sachs, Macquarie India, and HSBC.

No financial data attachments were mentioned in the transcript itself, though references were made to a presentation deck that was presumably available separately. The transcript contains detailed operational and financial metrics discussed during the call.