Ultratech Cement Q2FY26 Consolidated Results

• Revenue stood at Rs. 19,607 crore, up 20.3% YoY (broadly in line; +1.7% vs. our estimate), driven by 6.9% YoY growth in volumes and 12.6% YoY improvement in realizations.
• EBITDA margin at 15.8%, expanding 334 bps YoY but 312 bps below our estimate. EBITDA/tonne improved sharply to Rs. 914 (up 42.8% YoY) on the back of better pricing and volume growth, though it was 16.4% below our estimate.
• Net profit surged 75.2% YoY to Rs. 1232 crore, aided by strong operational performance .
• The Greenpower share increased to 41.6% in Q2FY26. The company has announced a next phase of capacity expansion programme, will add 22.8 MTPA capacity post FY27 in North (18 MTPA) and West (4.8 MTPA) in their phase IV expansion plans. 

Results (Consolidated)                                                                     Rs cr.

Actual vs. Estimates                                     Rs cr.