Athira Sethu
Kochi, 26 Jan 2026
UltraTech Cement delivered a strong Q3FY26 performance, with profit and revenue beating expectations despite price pressure from GST cuts and intense competition. Higher volumes, better cost control, and improving operational efficiency helped offset weaker realisations, while aggressive capacity expansion and infrastructure-led demand continue to underpin the company’s medium- to long-term growth outlook.
Financial Performance Snapshot
| Metric | Q3FY26 | YoY Change |
| Net Profit | ₹1,725.40 crore | +26.92% |
| Revenue from Operations | ₹21,829.68 crore | +22.78% |
| Total Expenses | ₹19,588.54 crore | +19.92% |
Quarterly and Annual Growth
| Metric | QoQ Growth | YoY Growth |
| Revenue | +11% | +22.78% |
| Net Profit | +40.09% | +26.92% |
Volume, Pricing, and Demand Trends
| Indicator | Q3FY26 | Change |
| Sales Volumes | 38.87 MT | +15% YoY |
| Realisations | — | -0.4% YoY |
| Cement Prices | — | -7% YoY / -9% QoQ |
Operating Efficiency
| Metric | Q3FY26 | YoY Change |
| EBITDA per tonne | ₹1,051 | +₹140 |
Cost Structure Movement
| Cost Component | YoY Change |
| Power (grey cement) | -15% |
| Fuel Costs | -2% |
| Logistics Costs | -4% |
| Raw Material (grey cement) | +6% |
Exceptional Items & Balance Sheet
| Item | Value |
| Labour Code–related exceptional expense | ₹88 crore |
| Consolidated Net Debt (Dec 2025) | ₹17,929 crore |
9MFY26 Performance
| Metric | 9MFY26 | YoY Growth |
| Revenue | ₹62,712.06 crore | +18.56% |
| Net Profit | ₹5,182.88 crore | +45.7% |
Peer Volume Comparison (Q3FY26)
| Company | Sales Volume | YoY Growth |
| UltraTech Cement | 38.87 MT | +15% |
| Nuvoco Vistas | 5 MT | +7% |
| Dalmia Bharat | 7.3 MT | +9.5% |
| JK Cement (Grey) | 5.32 MT | +22% |
