UltraTech Cement, India’s largest cement producer, reported a 20% year-on-year rise in consolidated net profit to ₹2,983 crore for Q4 FY26 (January–March 2026), compared to ₹2,482 crore in Q4 FY25, as declared by the board on April 27, 2026. Revenue from operations rose 12% YoY to ₹25,799 crore. The board recommended a special dividend of ₹240 per equity share, a 2,400% payout on the face value of ₹10, subject to shareholder approval at the upcoming AGM.
Why ₹240: Three Milestones Triggered a Special Payout
UltraTech said the special dividend is anchored in a confluence of milestones achieved in FY26: consolidated PAT crossing the ₹8,000 crore threshold for the first time in its history, domestic grey cement capacity surpassing 200 MTPA, and operating cash flows growing 50% YoY to ₹14,398 crore. “These are not incremental achievements. They represent the full fruition of a decade of disciplined capital allocation, bold capacity-building, and the seamless integration of transformative acquisitions,” the company said in its earnings release.
Q4 Operating Performance: All-Time Quarterly Highs
PBIDT scaled to an all-time quarterly high of ₹5,688 crore, a 20% YoY surge, while operating PBIDT per tonne rose 11% to ₹1,253. Grey cement sales volumes in India reached 42.41 million tonnes in Q4, rising 9% YoY, with capacity utilisation surging to 89%, driven by robust demand across housing, infrastructure, and commercial construction. White cement volumes grew 15% YoY in Q4 — a segment often overlooked in quarterly analysis but indicative of premium product momentum. Operating margins expanded 200 basis points YoY.
Cost Discipline: Energy Down 3%, Total Cost Per Tonne Down 2%
On costs, UltraTech demonstrated strong discipline. Energy costs declined 3% YoY, driven by a higher green power mix, which now stands at 43% of total power consumption versus 34.4% in the prior year. Imported fuel costs averaged $122 per tonne in Q4, remaining broadly stable YoY. Total costs per tonne declined 2% YoY, reflecting continued gains from optimisation across the production ecosystem.
Notably, the company flagged geopolitical headwinds explicitly: “Notwithstanding the geopolitical conflict in West Asia, which exerted upward pressure on fuel prices, packaging materials, diesel, and ocean freight, the company’s resilient procurement strategy and diversified sourcing helped substantially mitigate the impact,” UltraTech said. This is a material disclosure, West Asia-linked cost pressure is real but has been contained through procurement strategy rather than luck.
Full Year FY26: Record on Every Metric
For the full year FY26, UltraTech’s consolidated sales reached a record ₹87,384 crore, up 17% from ₹74,936 crore in FY25. Consolidated PBIDT rose 32% to ₹17,598 crore — the highest in the company’s history. PAT before exceptional items rose 36% to ₹8,305 crore. Total grey cement volumes in India for the full year stood at 145 million tonnes.
Balance Sheet: Net Debt-to-EBITDA at 0.94x
This is the data point most articles missed. UltraTech’s total capital employed now stands at over ₹1 lakh crore, with net debt-to-EBITDA improving to 0.94x at the end of March 2026. A sub-1x net debt-to-EBITDA ratio for a company that deployed ₹9,600 crore in capex during FY26 and is committing ₹16,000 crore more over the next three years is a strong signal of balance sheet health. It means UltraTech is expanding aggressively without overleveraging — a key distinction from peers.
200 MTPA Crossed: New Plants at Shahjahanpur, Visakhapatnam, Patratu
UltraTech crossed the 200 MTPA domestic capacity milestone during FY26, with new units commissioned in April 2026 at Shahjahanpur, Visakhapatnam, and Patratu taking total global capacity to 205.5 MTPA. This target was originally set for FY27. The company plans to reach 240 MTPA through ₹16,000 crore in forward capex over three years, expanding market share from 28% to 32%.
New Business: Cables & Wires in Q3 FY27
UltraTech is advancing a new Cables and Wires business, with commissioning expected by Q3 FY27, a strategic diversification into a high-growth, infrastructure-adjacent segment. No revenue projections for this business have been disclosed yet.
Stock Reaction
Shares of UltraTech Cement were trading 0.79% higher at ₹12,093 on NSE following the earnings announcement on April 27, 2026, having entered results day at ₹12,183, already up 10% in the prior month. The muted post-results move reflects that strong earnings were largely priced in.
Key Numbers at a Glance
| Metric | Q4 FY26 | Q4 FY25 | Change |
|---|---|---|---|
| Consolidated PAT | ₹2,983 crore | ₹2,482 crore | +20% |
| Revenue from Operations | ₹25,799 crore | ₹23,063 crore | +12% |
| PBIDT | ₹5,688 crore | — | +20% YoY |
| PBIDT per Tonne | ₹1,253 | ₹1,129 | +11% |
| Grey Cement Volume (India) | 42.41 million tonnes | — | +9% YoY |
| White Cement Volume | — | — | +15% YoY |
| Capacity Utilisation | 89% | — | — |
| Energy Costs | — | — | -3% YoY |
| Total Cost per Tonne | — | — | -2% YoY |
| Imported Fuel | $122/tonne | — | Stable YoY |
| Green Power Share | 43% | 34.4% | +860 bps |
| Full Year PAT | ₹8,305 crore | — | +36% YoY |
| Full Year Revenue | ₹87,384 crore | ₹74,936 crore | +17% |
| Full Year PBIDT | ₹17,598 crore | — | +32% YoY |
| Full Year Grey Cement Vol. | 145 million tonnes | — | — |
| Net Debt-to-EBITDA | 0.94x | — | Improved |
| Total Capital Employed | ₹1 lakh crore+ | — | — |
| Special Dividend | ₹240/share | — | First-ever special |
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FAQs
Q1. What is UltraTech Cement Q4 FY26 profit?
UltraTech Cement’s consolidated PAT for Q4 FY26 was ₹2,983 crore, a 20% rise YoY from ₹2,482 crore in Q4 FY25.
Q2. What dividend has UltraTech declared for FY26?
UltraTech’s board recommended a special dividend of ₹240 per equity share at 2,400% on the face value of ₹10 for FY26, subject to AGM approval.
Q3. Why did UltraTech declare a ₹240 special dividend?
The company cited three milestones: first-ever consolidated PAT crossing ₹8,000 crore, domestic capacity crossing 200 MTPA, and operating cash flows reaching ₹14,398 crore, up 50% YoY.
Q4. What is UltraTech Cement’s full year FY26 profit?
Full-year consolidated PAT stood at ₹8,305 crore, the first time the company crossed ₹8,000 crore, a 36% increase over FY25.
Q5. What is UltraTech Cement’s total cement capacity in 2026?
Following commissioning of new units at Shahjahanpur, Visakhapatnam, and Patratu in April 2026, UltraTech’s total global capacity is 205.5 MTPA.
Q6. What is UltraTech Cement’s net debt position in FY26?
UltraTech’s net debt-to-EBITDA improved to 0.94x in March 2026, with total capital employed exceeding ₹1 lakh crore despite ₹9,600 crore capex deployed during the year.
