The India Cements Limited — Investor Meet, 24-07-2025: Analysts/Institutional Investor Meet/Con. Call Updates

UltraTech reported 9.7% Y-o-Y consolidated volume growth for Q1 FY26. UltraTech's own brand sales grew 6.5%. India Cements, now integrated, achieved an operating EBITDA of INR400 per ton. Management is highly confident about demand, driven by government infrastructure spending, especially new mega-projects and rising state capex. Rural markets are also expected to grow favorably. The company plans significant efficiency capex for India Cements, aiming for over INR1,000 per ton EBITDA by FY28 and boosting green power usage to 86%. UltraTech targets double-digit volume growth for FY26. Fuel costs are expected to stabilize or decline, supporting margins. The outlook remains positive on future growth and integration benefits.