The India Cements Limited — Investor Meet, 02-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

UltraTech Cement has announced a board meeting to consider the financial results for the quarter and half-year. Q4 FY25 volumes rose 10%, outperforming the industry, boosted by Kesoram and India Cements consolidation. Capacity increased to 184 Mt, targeting ~212 Mt by FY27 with INR9,000-10,000 Cr annual capex. EBITDA/ton stood at INR1,270 organically, easing to INR1,238 including new assets. India Cements turned EBITDA positive, aiming INR500/ton this year and 800+ by FY27. Management expects double-digit volume growth and INR300+/ton cost savings by FY27. Net debt/EBITDA was 1.16x, targeting 0.5x medium-term. Rebranding and clinker ratio improvement underway; Building Products focus shows strong ROCE and growth. Tone is confident on growth, margin gains, and integration progress.