Operational Performance

Sales Volume

  • Consolidated Sales Volume: 38.22 million tonnes (MnT) in Q2 FY27, representing a 12.9% year-on-year (YoY) growth.
  • Grey Cement (Domestic): 35.94 MnT, up 13.8% YoY.
  • White Cement (Domestic): 0.52 MnT, up 2.6% YoY.
  • Overseas (Grey + White): 1.75 MnT, a decrease of 1.4% YoY.
  • Export and Others: 0.13 MnT.
  • The UltraTech brand specifically grew by 20.2% YoY.

Capacity and Expansion

  • Grey Cement Capacity as of 30th September 2026: 196.8 million tonnes per annum (mtpa) on a consolidated basis.
  • Capacity Expansion Roadmap:
  • FY27 Plan: Add 16.3 mtpa through greenfield projects in Visakhapatnam (3.0 mtpa), Shahjahanpur (2.7 mtpa), Petnikota (3.6 mtpa), and brownfield expansions in Patratu (3.0 mtpa), Pali (3.0 mtpa), and slag mills (1.0 mtpa).
  • FY28 Plan: Add 29.8 mtpa through greenfield projects in Sehore (3.0 mtpa), Lalitpur (1.8 mtpa), Banka (3.3 mtpa), and numerous brownfield expansions across existing plants.
  • Projected Capacity: Overall capacity is projected to reach 213.1 mtpa by FY27 and 242.9 mtpa by FY28.

New Business Ventures

  • UltraVolt: A new electrical goods business launched on 3rd September 2026.
  • Serviceable pin codes: 15,000+
  • Districts covered: 500+
  • Retailers and electricians onboarded: 80,000+
  • Planned consumption capacity: 78,000 mt of copper and 24,000 mt of Aluminium.
  • Capex committed/spent till date: Approximately ₹1,100 crore.
  • Birla White New Product: Launched a new product with features for salt migration protection, high water resistance, superior whiteness, and premium packaging.

Financial Performance

Consolidated Revenues (Q2FY27)

  • Total Revenue: ₹23,024 crore, up 18.9% YoY (after eliminating inter-company sales).
  • Grey Cement (Domestic): ₹18,603 crore, up 16.0% YoY.
  • White Cement (Domestic): ₹693 crore, up 12.2% YoY.
  • Ready Mix Concrete: ₹2,338 crore, up 29.1% YoY.
  • Construction Chemicals: ₹421 crore, up 48.4% YoY.
  • Overseas (Grey + White): ₹1,302 crore, up 27.2% YoY.
  • Export and Others: ₹318 crore.

Profitability and Costs (Consolidated, Q2FY27 vs Q2FY26)

  • EBITDA: ₹3,832 crore (Q2FY27) vs ₹3,268 crore (Q2FY26).
  • PAT: ₹1,501 crore (Q2FY27) vs ₹1,238 crore (Q2FY26).
  • Finance costs: ₹552 crore (Q2FY27) vs ₹459 crore (Q2FY26).
  • Depreciation and amortisation: ₹1,213 crore (Q2FY27) vs ₹1,148 crore (Q2FY26).
  • Tax expenses: ₹557 crore (Q2FY27) vs ₹418 crore (Q2FY26).
  • Key Cost Indicators (Grey Cement):
  • Power cost: ₹337/tonne (Q2FY27) vs ₹382/tonne (Q2FY26). The average power rate was Rs. 4.77/kWh, with 25.1% sourced from Renewable energy.
  • Logistics cost: Disclosed but specific ₹/tonne figure not provided in the presentation excerpts.
  • Fuel cost: Disclosed but specific ₹/tonne figure not provided in the presentation excerpts.

Financial Position (Consolidated, September 2026 vs March 2026)

  • Net fixed assets: ₹1,10,944 crore (Sep'26) vs ₹1,08,035 crore (Mar'26).
  • Net working capital: (₹1,400) crore (Sep'26) vs (₹2,593) crore (Mar'26).
  • Shareholders' funds: ₹77,702 crore (Sep'26) vs ₹80,712 crore (Mar'26).
  • Net debt: ₹23,536 crore (Sep'26) vs ₹16,620 crore (Mar'26).
  • Gross debt: ₹28,411 crore (Sep'26) vs ₹22,781 crore (Mar'26).
  • Treasury surplus: ₹4,875 crore (Sep'26) vs ₹6,161 crore (Mar'26).

Cash Flow (Consolidated, H1FY27 vs H1FY26)

  • Operating cash flow: ₹6,181 crore (H1FY27) vs ₹4,875 crore (H1FY26).
  • Capex & Investments: (₹5,882) crore (H1FY27) vs (₹4,880) crore (H1FY26).
  • Free cash flow to equity: ₹388 crore (H1FY27) vs ₹599 crore (H1FY26).

ESG Updates

Sustainability Performance (H1FY27, Consolidated, Unaudited)

  • Scope 1 Net CO₂ Emission: 534 kg CO₂ /t cement, a 1.1% reduction YoY. The FY32 target is 462 kg CO₂ /t cement.
  • Alternative Raw Materials and Fuel: 30.0 MnT consumed, an 18.3% increase YoY.
  • Water Positive: 6.2x.
  • Green Power Mix: 46.4% of total power, a 21.4% increase YoY.
  • Kukurdih Cement Works, Chhattisgarh now meets 100% of its electricity needs from green power.

Initiatives

  • Green Logistics: Plan to add 600+ electric trucks to operations by December 2026. This fleet is expected to cut net CO₂ emissions by over 117,000 tonnes annually, equivalent to displacing ~39 million litres of diesel.
  • CSR Initiatives:
  • Healthcare beneficiaries: 55,868
  • Village infrastructure beneficiaries: 63,696
  • Educational program beneficiaries: 32,318
  • Social reform initiatives beneficiaries: 45,219

Macro Overview & Demand Drivers

The presentation included a macro overview citing India's economic strength:

  • Real GDP growth of 7.8% in Q1FY27; RBI forecasts 7.1% for the full year.
  • Centre + State capex growth of 15.5% YoY (Apr-Aug'26).
  • Union Budget allocated ₹12.2 lakh crore for capex in FY27, with ~42% spent by Aug'26.

Region-wise demand drivers for cement were detailed, highlighting growth in infrastructure, commercial, housing, and rural segments across India, though some regions faced headwinds from monsoons, sand shortages, and funding delays.