ULTRACEMCO · Construction Materials
UltraTech Cement Ltd. reported revenue of ₹23,295 cr for July to September 2026, +18.8% on the year and −5.5% on the quarter. That is faster than this quarter has grown in recent years (+11.0% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹95,572 cr, +16.9% on the four before.
Operating profit (EBITDA) was ₹3,719 cr, a margin of 16.0%, +21 bps on the year and −438 bps on the quarter. Over the last 8 quarters the margin has ranged from 15.8% to 21.7%, averaging 18.6%. Operating costs grew +18.5%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹1,501 cr, +21.2% on the year and −42.4% on the quarter, with earnings per share of ₹50.69. Profit before other income, one-offs and tax grew faster, at +31.8%; other income, one-offs or tax held the headline back. The tax rate was 27% against an average of 23% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹8,834 cr, +21.1% on the four before.
Of the 58 companies in Capital goods and EPC that have reported Q2 FY27 so far, UltraTech Cement Ltd. ranks 30th on revenue growth; the sector median is +19.8%. Its margin moved +21 bps on the year against a sector median of −30 bps.
UltraTech Cement Ltd. is a Nifty 50 company. Of the 47 Nifty 50 companies reported so far, the median profit growth is +21.2%; UltraTech Cement Ltd.'s +21.2% puts it in line with that.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹298.67 over the last four quarters, the stock at ₹12,275.00 trades at 41.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹16,740 cr | ₹20,419 cr | ₹18,819 cr | ₹16,294 cr | ₹17,779 cr | ₹23,063 cr | ₹21,275 cr | ₹19,607 cr | ₹21,830 cr | ₹25,799 cr | ₹24,648 cr | ₹23,295 cr |
| YoY | — | — | +6% | +2% | +6% | +13% | +13% | +20% | +23% | +12% | +16% | +19% |
| EBITDA margin | 19.4% | 20.1% | 16.0% | 12.4% | 16.3% | 20.0% | 20.7% | 15.8% | 17.9% | 21.7% | 20.3% | 16.0% |
| Other income, % of PBT | 6% | 2% | 4% | 26% | 15% | 3% | 5% | 11% | 2% | 2% | 3% | 5% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 27% | 20% | 19% | 19% | 20% | 26% | 25% | 24% | 25% | 25% | 27% |
| Net profit | ₹1,775 cr | ₹2,259 cr | ₹1,493 cr | ₹708 cr | ₹1,363 cr | ₹2,475 cr | ₹2,221 cr | ₹1,238 cr | ₹1,729 cr | ₹3,000 cr | ₹2,604 cr | ₹1,501 cr |
| YoY | — | — | −12% | −45% | −23% | +10% | +49% | +75% | +27% | +21% | +17% | +21% |
| Core profit YoY | — | — | −15% | −57% | −35% | −1% | +62% | +127% | +55% | +30% | +17% | +32% |
| EPS | ₹61.55 | ₹78.22 | ₹51.78 | ₹24.34 | ₹47.09 | ₹84.23 | ₹75.54 | ₹41.79 | ₹58.55 | ₹101.22 | ₹88.21 | ₹50.69 |
| Flags | · | · | ✓ | 2 | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
UltraTech Cement Ltd. reported revenue of ₹23,295 cr (+18.8% on the year) and net profit of ₹1,501 cr (+21.2% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +31.8% on the year, against +21.2% for reported profit.
None of the 7 checks that could run raised a question.
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