Credit Rating

25th June, 2026 BSE Limited The National Stock Exchange of India Limited Corporate Relationship Department Listing Department Scrip Code: 532538 Scrip Code: ULTRACEMCO Sub: Credit rating by CARE Ratings Limited Ref: Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sirs, We write to inform that CARE Ratings Limited has reaffirmed its ratings of ‘CARE AAA; Stable’ assigned to Long-term bank facilities and its rating of “CARE AAA; Stable / CARE A1+” on the Long-term / Short- term bank facilities of the Company. Copy of the press release issued by CARE Ratings Limited is attached. This is for your information and records, please. Thanking you, Yours faithfully, For UltraTech Cement Limited Dhiraj Kapoor Company Secretary and Compliance Officer Encl: a/a Luxembourg Stock Exchange Singapore Exchange BP 165 / L – 2011 Luxembourg 11 North Buona Vista Drive, Scrip Code: #06-07 The Metropolis Tower 2, US90403E1038 and US90403E2028 Singapore 138589 ISIN Code: US90403YAA73 and USY9048BAA18 UltraTech Cement Limited Registered Office : Ahura Centre, B – Wing, 2nd Floor, Mahakali Caves Road, Andheri (East), Mumbai 400 093, India T: +91 22 6691 7800 / 2926 7800 I F: +91 22 6692 8109 I W: www.ultratechcement.com/www.adityabirla.com I CIN : L26940MH2000PLC128420 Press Release UltraTech Cement Limited June 24, 2026 Facilities/Instruments Amount (₹ crore) Rating1 Rating Action Long-term bank facilities 2,400.00 CARE AAA; Stable Reaffirmed Long-term / Short-term bank facilities 14,700.00 CARE AAA; Stable / CARE A1+ Reaffirmed Details of instruments/facilities in Annexure-1. The list of facilities / instruments falling under the purview of various financial sector regulators (FSRs), along with the names of respective FSRs has been disclosed under Annexure-7. Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has reaffirmed ratings assigned to bank loan facilities of UltraTech Cement Limited (UltraTech). Reaffirmation reflects its sustained market leadership position in India, supported by a large and well-diversified cement manufacturing footprint across regions. UltraTech has the largest installed cement capacity in India of 200.1 million tonnes per annum (MTPA) as of April 2026. Including its overseas grey cement capacity of 5.4 MTPA in the United Arab Emirates (UAE), its overall grey cement capacity stands at 205.5 MTPA. The company’s scale and geographic diversification support volume growth and pricing resilience, which underpin the rating. The company plans to add ~37 MTPA of cement capacity, which is expected to take the total installed capacity to over 242.5 MTPA by the FY28-end. The capacity has expanded over threefold from ~65 MTPA in FY16 to ~200 MTPA over a decade, reflecting sustained capital deployment aligned with demand growth. CareEdge Ratings expects the ongoing capacity expansion to support UltraTech’s market leadership and volume growth in the medium term. Apart from additional grey cement capacity, the company is expanding its green power generation capacity to ~85% of its estimated power requirements by FY30-end. The company also plans to increase its Waste Heat Recovery System (WHRS: Waste Heat Recovery System) capacity from 414 megawatt (MW) as on March 31, 2026, to 435 MW by FY27-end. Renewable power capacity is planned to increase from 1.39 gigawatt (GW) as on March 31, 2026, to 2 GW by FY27-end. These initiatives are expected to improve energy efficiency and partially mitigate fuel cost volatility in the medium term. Ratings also factor UltraTech’s robust financial profile, characterised by a healthy capital structure and strong debt coverage indicators. Sustained accretion to reserves has supported a strong net worth. Capital expenditure, inorganic acquisitions, and higher working capital requirements led to an increase in debt in FY25. However, strong operating performance led to a marked improvement in debt coverage indicators in FY26. Net debt to profit before interest, lease rentals, depreciation, and tax (PBILDT), including letters of credit (LC) and security deposits from dealers (SD), improved to 1.38x as on March 31, 2026, from 1.89x as on March 31, 2025. CareEdge Ratings expects leverage to remain comfortable, supported by healthy profitability and internal accruals. The company’s liquidity remains superior, supported by strong cash flow from operations, moderate working capital limit utilisation, healthy cash and cash equivalents, and liquid investments. Despite these strengths, CareEdge Ratings notes that the company remains exposed to cyclicality in the cement industry and volatility in input costs and realisations. Ongoing geopolitical tensions may lead to volatility in pet coke prices. The impact is partly mitigated by the availability of raw material inventory sufficient for ~3-4 months of operations. Prolonged input cost pressure could lead to higher operating costs and remains a key monitorable. 1Complete definition of ratings assigned are available at www.careratings.com and other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release Rating sensitivities: Factors likely to lead to rating actions Positive factors: Not applicable Negative factors • Significant debt-funded capital expenditure (capex) or acquisition plans, which leads to deterioration in the net debt to PBILDT (inclusive of SD and LC) beyond 2x on a sustained basis. Analytical approach: Consolidated CareEdge Ratings has considered a consolidated view of the parent (UltraTech) and its subsidiaries owing to significant business, operational, and financial linkages between parent and subsidiaries. Consolidated subsidiaries and associates as on March 31, 2026, are listed under Annexure-6. Outlook: Stable The rating outlook “Stable” indicates the expected sustenance of its market leadership in the cement business and its strong credit metrics. The company is expected to continue growing its scale of operations supported by incremental cement capacities at a healthy operating profitability margin. Detailed description of key rating drivers: Key strengths Market leader in Indian cement market supported by continuous capacity additions In FY26, the company commissioned 8 MTPA of new capacity across multiple locations. In April 2026, an additional 8.7 MTPA was commissioned. As a result, UltraTech’s total domestic grey cement manufacturing capacity has crossed the 200 MTPA milestone, standing at 200.1 MTPA. Including its international footprint of 5.4 MTPA, UltraTech’s global cement manufacturing capacity now stands at 205.5 MTPA, firmly entrenching the company’s position as the largest cement producer outside of China. The company plans to add ~37 million tonnes of capacity, which is expected to take the total installed capacity to over 242.5 million tonnes by FY28-end. The company successfully completed the migration of the acquired India Cements Limited and Kesoram cement businesses to the UltraTech brand by the end of March 2026. The successful completion of the brand integration is expected to enhance market positioning, strengthen brand recall, and support the realisation of operational and commercial synergies from acquisitions. In FY26, the company exhibited strong revenue growth, with topline increasing by ~16.53% to ₹88,511.53 crore (PY: ₹75,955.13 crore). The improvement was primarily driven by higher sales volumes and modestly better realisations. Volumes grew by ~13.56% to 154.25 MT (PY: 135.83 MT), while blended realisations improved by ~2.68% to reach ₹5665 per tonne in FY26. The robust revenue performance, along with a higher share of green power and benefits from operating leverage, led to a notable improvement in profitability. PBILDT increased to ₹17,020 crore (PY: ₹12,557 crore), with margins expanding to ~19.23% (PY: 16.53%). Regionally diversified revenue streams supported by pan-India installed capacities Being a commoditised [Showing first 8,000 characters — download PDF for full document]