UltraTech Cement Limited — Investor Meet, 30-01-2026: Analysts/Institutional Investor Meet/Con. Call Updates

UltraTech sees strong cement demand from a massive infrastructure push across India (roads, metro, housing). Management is confident, expecting >90% Q4 capacity use and targeting 0.8-0.9x Net Debt EBITDA by fiscal year-end from 1.08x. Capacity expansion (8-9 MT in Q4 FY26, 12 MT in FY27) is on track, funded internally. Kesoram (69%) and India Cements (58%) brand conversions are ahead of plan, with efficiency capex ongoing. Pricing is improving post Q3 softness, supported by demand and input cost increases. Efficiency gains like reduced lead distance (363km) and clinker factor (1.49) continue. Management is highly optimistic about future growth faster than the industry.