Cement (NSE: ULTRACEMCO) Shares Rise 2% as Q1 FY27 Profit Jumps 17% to ₹2,599 Crore UltraTech

UltraTech Cement shares extended gains for a second straight session on July 21, 2026. The stock traded at ₹12,039.65 on the BSE, up 1.19% intraday. That followed a 1.35% rise to ₹11,880 on results day itself. Combined, shares have climbed close to 2% since UltraTech posted its Q1 FY27 numbers. Consolidated net profit jumped 16.8% year-on-year to ₹2,599.3 crore, its best-ever first quarter.

UltraTech Cement Posts Record Q1 Revenue and Volumes

UltraTech Cement’s (ULTRACEMCO.BO) revenue from operations rose 15.9% YoY to ₹24,648.2 crore in Q1 FY27. Consolidated sales volume climbed 12.2% YoY to 41.31 million tonnes.

• Both revenue and profit beat Bloomberg’s analyst poll estimates comfortably.
• The consensus revenue estimate stood at ₹24,107.38 crore, below the actual print.
• Analysts had pegged net profit near ₹2,476.48 crore before results.

CFO Atul Daga called Q1 FY27 the company’s highest-ever first-quarter performance across volumes and revenue. That framing sets a strong tone heading into the rest of FY27.

Margins and Profitability Show Steady Improvement

EBITDA came in at ₹5,016 crore for the quarter, up 13.7% year-on-year. EBITDA per tonne rose to ₹1,214, a modest 1.33% improvement.

• Profit before tax jumped 15.71% YoY to ₹3,480.43 crore.
• Net debt fell to ₹15,900 crore, down from ₹16,600 crore at FY26-end.
• Net debt-to-EBITDA improved to 0.87x, from 0.94x a quarter earlier.

Motilal Oswal noted the profit beat came from lower-than-expected depreciation and interest costs this quarter.

Capacity Expansion Continues at a Rapid Pace

UltraTech Cement crossed 200.1 million tonnes per annum of domestic grey cement capacity in April 2026. Global capacity now stands at 205.5 MTPA.

• The company spent ₹9,500 crore on capital expenditure during FY26 alone.
• A further ₹17,000 crore in capex is planned over the next 2 to 2.5 years.
• UltraTech is also planning to raise ₹5,000 crore via unsecured, redeemable NCDs.

Its finance committee is scheduled to review that fundraising proposal on July 23, 2026.

The Wires and Cables Bet Is Taking Shape

UltraTech Cement is diversifying beyond core cement into wires and cables. It has committed ₹888 crore toward this business through June 2026.

• Total planned investment in the segment stands at ₹1,800 crore.
• Regulatory certifications and warehouse infrastructure are already in place.
• The company targets a Q3 FY27 commercial launch for this new business line.

Product design and portfolio finalization remain the final steps before launch.

#UltraTech Q1 FY27 Results

✅ Revenue: ₹24,648 Cr (+15.8% YoY)
✅ PBT: ₹3,480 Cr (+15.7% YoY)
✅ PAT: ₹2,604 Cr (+17.2% YoY)
✅ EPS: ₹88.36 (vs ₹75.67 YoY)

A strong quarter from UltraTech Cement, with healthy double digit growth in both revenue and profitability,… pic.twitter.com/MC8psUvzwZ

— Siddharth Arote (@SiddharthArote) July 20, 2026

Demand Drivers Behind the Strong Quarter

Government-led infrastructure spending and urbanization continued driving cement demand through Q1 FY27. Affordable housing demand also added meaningful volume support.

• India’s manufacturing and services PMI both stayed above the 50 expansion mark.
• RBI projects 6.6% GDP growth for FY27, with the repo rate held at 5.25%.

CFO Daga emphasized that customers choose trusted cement brands over the cheapest option available, supporting UltraTech’s pricing power.

What This Means Going Forward

UltraTech Cement’s Q1 FY27 results confirm the demand recovery brokerages had anticipated for India’s cement sector. Motilal Oswal maintained its ‘Buy‘ rating with a target price of ₹13,800, implying meaningful upside from current levels near ₹12,000. The improving net debt-to-EBITDA ratio and steady margin expansion suggest balance sheet discipline alongside growth. With the wires and cables launch approaching in Q3 FY27, UltraTech Cement is clearly positioning itself as more than a pure cement play heading into the second half of the fiscal year.

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