Transcript of Q1 FY27 Earnings Call of UltraTech Cement Limited

23rd July, 2026 BSE Limited The National Stock Exchange of India Limited Corporate Relationship Department Listing Department Scrip Code: 532538 Scrip Code: ULTRACEMCO Sub: Transcript of Q1 FY27 Earnings Call of UltraTech Cement Limited (“the Company”) Dear Sirs, In terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached transcript of the Q1 FY27 Earnings Call conducted after the meeting of the Board of Directors of the Company held on 20th July, 2026, for your information and record. The same is also available on the website of the Company viz. www.ultratechcement.com. 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: #05-07 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 “UltraTech Cement Limited Q1 FY27 Earnings Conference Call” July 20, 2026 MANAGEMENT: MR. ATUL DAGA – CHIEF FINANCIAL OFFICER Page 1 of 17 UltraTech Cement Limited July 20, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the UltraTech Cement Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the call, please signal an operator by pressing star then zero on your touchstone phone. I now hand the conference over to CFO, Mr. Atul Daga. Thank you, and over to you, sir. Atul Daga: Good afternoon, ladies and gentlemen, and a very warm welcome to this Earnings Call. The one big theme for us quarter after quarter is demand. If the demand is good, everything falls in line, and I'm delighted to report that the first quarter of fiscal '27 has reaffirmed that conviction emphatically. The quarter began with the shadows of West Asia conflict, ended with a de- escalation and now we know where we are. Situation is still fluid. But with a double-digit volume growth and a demand pipeline across infrastructure, housing and urban real estate is as rich as it can be. UltraTech has kicked off fiscal '27 with a very strong capacity base ready to serve the country, and we intend to grow like a challenger and not an incumbent. India's macroeconomic engines continue to demonstrate remarkable resilience. Even as global energy markets endured one of the most disruptive supply cycles, India's domestic consumption and investment flywheel kept turning. The Indian government is managing and planning its strategies supporting the industry at large in the country. Benchmark lending rates have remained attractive, improving housing affordability and lowering the cost of capital for infrastructure developers like us. There are near-term data points we watch very candidly. Coal sector growth slowing down in the month of May, lower coal and refinery output and aggregate state capex in April, May growing a modest 2% year-on-year. These are, I believe, timing effect and not any change in trends. To give you a perspective of what is being announced and executed across the country because that is tomorrow's cement demand. First and foremost, if I were to call out, Maharashtra is planning a INR20,000 crores greenfield shipbuilding cluster anchored around Mazagaon Dock. Odisha has announced a deep seaport at a place called Ganjam, shipbuilding cluster at Paradip with investment of over INR50,000 crores. Tamil Nadu has signed ~INR18,000 crores MoU for data centres and shipbuilding projects. Ports, shipyards, data centres are among the most cement- intensive asset classes in the economy. The Cabinet has approved ~INR20,000 crores plus Ahmedabad-Dholera semi high-speed rail corridor. Metro programs continue to expand across Ahmedabad, Bangalore, Mumbai, Pune and Uttar Pradesh. There is additional ~INR30,000 crores infusion into NIIF with private capital across roads, ports and urban infrastructure. India's capex revival is also being propelled by power and data centres, both concrete hungry sectors. Housing and urban real estate, roughly 55% to 60% of India cement consumption has a very strong start to calendar '26. Mumbai, the heart of construction activity in India, property registrations grew about 6%. Across India's top 8 cities, Q1FY26 saw a very big growth in the number of units sold as per the data available from registry records. Prices have remained strong for the real estate market, which means it's a structurally mature end user-driven market where Page 2 of 17 UltraTech Cement Limited July 20, 2026 the absorption is keeping pace with supply. Bangalore stood out on the strength of GCC and technology sector employment. Redevelopment space is equally significant for cement industry. Mumbai's Slum Rehabilitation Authority is set to redevelop about 850 acres of land. Developers are still land banking aggressively. Private sector real estate companies continue to acquire land parcels in various cities across the country. Commercial real estate is not getting left behind. India's grade A office market opened up with a very strong first quarter, I understand. Net-net, premium housing, redevelopment, office towers, hotels, this is urban India building upwards and outwards simultaneously and every square foot of it is built on cement. That gives us the confidence for cement demand growth. Let me now turn to our own scorecard. Q1 was the highest ever first quarter performance for UltraTech across volumes, revenues, EBITDA and profit. In volumes, you've seen our presentation, we grew about 13.1% in volume terms for the domestic markets. Capacity utilization was stronger at 81% as compared to 76%, EBITDA of INR5,146 crores and PAT of INR2,604 crores which was up 17.2% over the last year same period. Interestingly, I'm very proud to tell you, we have converted the Kesoram and India Cements brands to 100% UltraTech. They were operating in B or C category space. We did not vacate that space. Post brand conversion, the true performance of UltraTech is visible. In fact, if you look at the brand growth, the brand has grown 21.3% over the same period last year. Our team has been successful in converting the customers who were buying a B or C category brand of cement into a A category brand of cement willing to pay a price premium. Our domestic grey cement volumes growth of 13.1%, I believe will be well ahead of industry's growth, translating directly into market share gains. Capacity utilization of 81% in a seasonally transitioning quarter on an enlarged 200-million-ton base speaks to the depth of our demand pipeline. This is the most important feature of UltraTech, the power of our brand. Revenues grew 16%, EBITDA rose 12% and ever highest INR5,000 crores plus EBITDA for April-June quarter, profits rose about 17%. Operating EBITDA per ton has been steady above INR1,200 this quarter as well. I wanted to appreciate the stability that it represents. We have absorbed and are absorbing the sharpest imported fuel cost shock in recent memory, during the quarter, on a volume base enlarged by acquired assets that are still ramping up to system profitability, and we held per ton earnings essentially flat while growing absolute EBITDA 12%. That is cost discipline and operating leverage working exactly as designed. We hope that fuel prices will normalize in the near future. The acquired assets improvement capex- led cash flows through the P&L over fiscal '27 and '28, which will result in the per ton EBITDA trajectory only moving in one way in [Showing first 8,000 characters — download PDF for full document]