UltraTech Cement shares climb 2% as Q1 profit soars 17% YoY to ₹2,599 crore; here’s what analysts say

At around 11:49 AM, the stock stood at ₹11,980 per equity share, marking a 0.65% increase. The scrip has gained 4% in the past week and 5% over the month. On a year-to-date basis, it has advanced 1%.

While the scrip hit a 52-week high of ₹13,110 apiece on February 10, 2026, it touched a year’s low of ₹10,325 on March 23, 2026.

UltraTech Cement Q1 earnings

UltraTech Cement posted a 17% year-on-year (YoY) surge in its consolidated net profit to ₹2,599 crore during the quarter under review, compared with ₹2,226 crore for the June quarter of the 2025-26 fiscal year (Q1 FY26).

Its revenue from operations soared 16% YoY to ₹24,648 crore in the quarter ended June 30, 2026, as against ₹21,275 crore in the corresponding period of the previous fiscal year, according to a regulatory filing dated July 20.

The company’s EBITDA (earnings before interest, taxes, depreciation, and amortisation) grew 14% YoY to ₹5,016 crore in the reporting quarter, up from ₹4,410 crore in Q1 FY26.

Its operating EBITDA per tonne improved to ₹1,214, compared with ₹1,198 per million tonne in the same quarter of the previous year, underscoring the company’s continuing focus on cost discipline and execution excellence.

However, its EBITDA margin contracted marginally to 20.35% in Q1 FY27, from 20.73% reported in the same quarter last fiscal year.

“The strong performance reflects UltraTech’s ability to deliver profitable growth at scale, supported by disciplined market execution, operating efficiencies and continued integration of acquired assets,” the filing read.

The company recorded a domestic sales volume of 39.2 million tonnes, registering 13.1% YoY growth over the corresponding period of the previous year.

During the quarter, UltraTech Cement’s capacity utilisation stood at 81% on an installed capacity of 200.1 MTPA in India, reflecting the underlying strength in demand across housing, infrastructure and commercial construction segments.

UltraTech stated that this capability is reflected in the rapid turnaround of India Cements Limited, with disciplined integration, sharper cost focus, and stronger market execution beginning to translate into gains.

India Cements’ Q1 FY27 normalised profit after tax (PAT) came in at ₹52 crore as compared to a net loss of ₹183 crore in Q1 FY25, supported by 18.5% volume growth. The company said this demonstrated UltraTech’s ability to rapidly stabilise, integrate and improve acquired assets.

Analysts view

Analysts at CLSA noted that the cement company reported strong Q1 FY27 performance, with both volume and EBITDA per tonne growth, which were ahead of estimates and industry trends. The company also surprised positively on the costs front, guiding for a second-quarter increase of ₹130-₹140 per tonne, compared to a typical seasonal inflation of more than ₹200 per tonne.

The CLSA analysts remained constructive on its medium-term earnings outlook, underpinned by robust capacity expansion and margin accretion.

In a note, analysts at CITI said that UltraTech saw a 14% EBITDA growth, with higher volumes, realisations, and India Cement Ltd growth, which were partly offset by higher costs. It highlighted that UltraTech Cement could see its EBITDA per tonne rise to ₹1,400, assuming the Middle East conflict is resolved.

JP Morgan stated that the cement firm slightly beat expectations with its Q1 profit, and the reported EBITDA per million tonnes was in line with the analysts' expectations. However, its total costs were higher quarter-on-quarter (QoQ), which offset price hikes during the quarter.

The analysts added that the second quarter could be challenging for volumes and costs, but UltraTech Cement is better positioned than other players in the industry due to its scale.

Analysts at Jefferies noted that UltraTech Cement’s Q1 reflected another quarter of strong execution, on both unit EBITDA and volume growth. Management expects pricing to remain stable through monsoon, amid peak industry costs.

In an analyst note, Morgan Stanley said that looking beyond near-term cost inflation, UltraTech Cement achieved sharp volume market share gains without compromising on realisations. However, cost inflation led by the Middle East conflict has remained a drag.

Goldman Sachs analysts said that the quarter saw strong results, with incumbent growing like a challenger. The company’s dominance was visible in superior volume growth and relatively better pricing. Additionally, the prices in Q2 have held up despite it being a monsoon quarter.

UltraTech Cement has a total market capitalisation of ₹3.53 lakh crore as of July 21, 2026, according to data on the NSE.