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Analyze UltraTech Cement by pairing its consolidated earnings with cement volumes, capacity utilisation, per-tonne profitability, cash flow and leverage. FY26 results showed faster growth in PBIDT than sales, while Q1 FY27 sales and PAT grew year over year; neither growth rate alone establishes whether the shares are attractively valued. The company’s FY26 and Q1 FY27 results are the starting points, but a current valuation also requires a dated share price, current share count and explicit assumptions.
Start with the right reporting basis and periods
For the economic performance of the group, use consolidated results and state that basis. Compare a quarter with the same quarter a year earlier, and a full year with the prior full year. A quarter’s raw total is not comparable with a full year’s total.
UltraTech’s FY26 results were announced on April 27, 2026; Q1 FY27 results were announced on July 20, 2026. The company’s official financials page lists the Integrated and Sustainability Report 2025-26, annual reports, financial results, investor updates and earnings calls. Use the audited annual report and result statements for reported figures, accounting notes, share count, cash flow and debt. Use presentations and calls to understand management’s explanations, labeling them as commentary rather than audited outcomes.
What the latest reported results show
Full-year FY26 versus FY25
The company reported consolidated net sales of ₹87,384 crore in FY26, up from ₹74,936 crore in FY25. PBIDT was ₹17,598 crore, compared with ₹13,302 crore; PAT before exceptional items was ₹8,305 crore, compared with ₹6,115 crore. The company described year-over-year growth as 17% for sales, 32% for PBIDT and 36% for PAT before exceptional items.
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| Consolidated measure | FY26 | FY25 | How to read it |
|---|---|---|---|
| Net sales | ₹87,384 crore | ₹74,936 crore | Company-reported annual growth: 17%. |
| PBIDT | ₹17,598 crore | ₹13,302 crore | Company-reported annual growth: 32%. |
| PAT before exceptional items | ₹8,305 crore | ₹6,115 crore | Company-reported annual growth: 36%; this is explicitly before exceptional items. |
A simple margin check adds context to the growth rates. Dividing PBIDT by net sales gives an approximate margin of 20.1% in FY26 versus 17.7% in FY25; dividing PAT before exceptional items by net sales gives about 9.5% versus 8.2%. These are calculations from the reported figures, rounded to one decimal place, not additional company-reported metrics. They suggest that profit grew faster than sales over the full year, but do not by themselves explain why.
Q1 FY27 versus Q1 FY26
In Q1 FY27, consolidated net sales were ₹24,465 crore versus ₹21,040 crore in Q1 FY26; PBIDT was ₹5,146 crore versus ₹4,591 crore; and PAT was ₹2,604 crore versus ₹2,221 crore. The company reported 16% sales growth and 17% PAT growth. The release identifies this as PAT, without the “before exceptional items” qualifier used for the FY26 annual comparison, so do not treat the two PAT series as identical without checking the detailed statements.
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| Consolidated measure | Q1 FY27 | Q1 FY26 |
|---|---|---|
| Net sales | ₹24,465 crore | ₹21,040 crore |
| PBIDT | ₹5,146 crore | ₹4,591 crore |
| PAT | ₹2,604 crore | ₹2,221 crore |
On the reported figures, PBIDT was about 21.0% of sales in Q1 FY27 and 21.8% in Q1 FY26; PAT was about 10.6% and 10.6%, respectively. These rounded calculations show why revenue and profit growth should be read alongside margins: in this quarter, sales and PAT rose, while the PBIDT-to-sales ratio was lower year over year.
Test earnings growth against cement operations
For a cement producer, revenue growth is more informative when read with volumes, utilisation and earnings per tonne. In Q1 FY27, domestic sales volume was 39.2 million tonnes, up 13.1% year over year; capacity utilisation was 81% of stated domestic capacity of 200.1 MTPA; and EBITDA per tonne was ₹1,214, compared with ₹1,198 a year earlier. This gives operating context for the quarter, but it does not establish how much of the change came from prices, product mix, fuel, freight or acquired assets.
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For FY26, UltraTech reported India grey cement sales volume of 145.0 million tonnes. Keep this annual figure separate from Q1 FY27’s quarterly domestic sales volume: the periods and labels differ. Capacity is also not the same thing as sales. A capacity addition matters to valuation only insofar as it is commissioned, utilised and earns an adequate return.
- Check whether volume growth is consistent with the change in reported sales, while allowing for differences in period and scope.
- Track utilisation over comparable periods; it indicates how much stated capacity is being used, not whether each tonne is profitable.
- Compare EBITDA per tonne across equivalent periods, and consult company filings or presentations before attributing changes to prices, costs or mix.
- For comparisons with other cement companies, align reporting periods, accounting basis and metric definitions, then account for differences in scale and geography.
Check debt, cash generation and capital allocation
At March 31, 2026, UltraTech reported net debt-to-EBITDA of 0.94x and total capital employed above ₹1,07,000 crore. The leverage ratio is a reported year-end measure; it is not a substitute for reviewing the underlying balance sheet or cash flows.
Use the annual report and audited statements to examine debt maturities, interest cost, cash and cash equivalents, operating cash flow, capital expenditure and working-capital movements. PBIDT and PAT are accounting performance measures; neither alone tells you how much cash was generated or remained available after investment.
For FY26, the board recommended a special dividend of ₹240 per share, subject to shareholder approval. The company also described capital commitments exceeding ₹16,000 crore over the next three years. Treat the dividend as recommended unless a later authoritative filing confirms approval and payment, and treat the capital commitment as a plan rather than completed spending. Subsequent filings are needed to check actual expenditure, commissioning, returns and any revisions.
How to value UltraTech without pretending to know the current fair value
The figures above do not include a dated share price or market capitalisation, so they cannot establish a current P/E, EV/EBITDA or fair value. First retrieve the exchange price for a stated date and the current share count from an authoritative filing. Then show the arithmetic, the earnings period and any adjustments. An undated multiple or target price would conceal assumptions that can materially change the answer.
P/E: make the earnings base explicit
Calculate price-to-earnings using a dated market capitalisation and consolidated attributable earnings for a clearly specified period. Label the result trailing or forward. If using reported earnings, explain how exceptional items affect the denominator; if using forecast earnings, identify the assumptions rather than presenting the forecast as reported fact.
EV/EBITDA: define both sides consistently
Enterprise value generally combines equity value with debt and other relevant claims, less cash and cash equivalents, using a consistent definition. State which balance-sheet date and share count feed the calculation. Match that enterprise value to a clearly identified EBITDA denominator—reported, normalized or forecast—and explain any adjustments. Do not silently substitute PBIDT for EBITDA unless the company’s definition and the calculation basis are aligned.
Cross-check multiples against operating and cash needs
Compare the valuation with volume, utilisation, EBITDA per tonne, leverage, cash generation and planned capacity additions. A lower earnings multiple does not automatically mean a share is cheap if profits are unusually high or expansion requires substantial cash; a higher multiple is not self-justifying without defensible earnings and return assumptions. Use operating cash flow and capital expenditure from the annual report as a check on whether accounting earnings translate into funding capacity.
Any peer comparison needs peers’ dated market data and matching reporting periods, accounting bases and definitions. Differences in scale, geography and capacity plans can make headline multiples misleading. Without those inputs and transparent assumptions, the evidence supports an analytical framework—not a conclusion that UltraTech is overvalued or undervalued.
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