UltraTech Cement Limited — Credit Ratings, 14-08-2025: Credit Rating

Crisil Ratings has reaffirmed UltraTech Cement's 'Crisil AAA/Stable/Crisil A1+' ratings. This action reflects the company's strong business position as India's largest cement manufacturer, coupled with healthy operating efficiency and robust financial health. While profitability moderated and net debt-to-EBITDA rose to 1.5x in fiscal 2025 due to acquisitions and capex, Crisil anticipates improvement, with the ratio expected to drop below 1x. UltraTech's significant cash reserves of over Rs 5,800 crore (Cr) as of March 31, 2025, further bolster liquidity. This stable rating outlook should ensure UltraTech benefits from favorable borrowing costs, maintains strong investor confidence, and retains strategic flexibility for its planned capacity expansions.