Credit Rating

23rd July, 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 Crisil Ratings 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 Crisil Ratings has assigned its ‘Crisil AAA/Stable’ rating to Rs 2,000 crore of Non-convertible debentures of the Company and has reaffirmed its ‘Crisil AAA/Stable/Crisil A1+’ ratings on the existing debt instruments and bank loan facilities of the Company. Copy of the press release issued by Crisil Ratings 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 7/23/26, 5:18 PM Rating Rationale Rating Rationale July 23, 2026 | Mumbai UltraTech Cement Limited Crisil AAA/Stable assgined to Non-Convertible Debentures; Ratings reaffirmed Rating Action Total bank loan facilities rated Rs.5400 crore Regulator Of Instrument Long-term rating Crisil AAA/Stable (Reaffirmed) RBI Rs.2000 Crore Non Convertible Debentures Crisil AAA/Stable (Assigned) SEBI Non Convertible Debentures Aggregating Crisil AAA/Stable (Reaffirmed) SEBI Rs.6850 Crore Rs.5000 Crore Commercial Paper Crisil A1+ (Reaffirmed) RBI Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to annexure for Details of Instruments & Bank Facilities Detailed Rationale Crisil Ratings has assigned its ‘Crisil AAA/Stable’ rating to Rs 2,000 crore of Non-convertible debentures of UltraTech Cement Limited (UltraTech) and has reaffirmed its ‘Crisil AAA/Stable/Crisil A1+’ ratings on the existing debt instruments and bank loan facilities of the company. The ratings continue to reflect the strong business risk profile of UltraTech, driven by its established position as the largest player in the Indian cement industry, its multi-regional presence, and healthy operating efficiency. The ratings also factor in the company’s strong financial risk profile. These strengths are partially offset by susceptibility to volatility in input cost and realisation, and the commoditised and cyclical nature of the cement industry. Going forward, any substantial, debt-funded capital expenditure (capex) or acquisition, which may weaken the financial risk profile, will be a key monitorable. The operating performance of the company remained strong during fiscal 2026, wherein sales volume increased 14% on-year, supported by contributions from new capacities including the acquired capacities. Profitability also improved, with EBITDA per ton of Rs 1,103 in fiscal 2026 against Rs 915 in fiscal 2025. The sharp increase in profitability is attributable to improvement in pricing in key markets, and cost savings achieved through efficiency improvement initiatives. However, this fiscal, the industry is faced with cost-side pressure due to the West Asia conflict with rise in fuel, packaging and freight costs and ability to pass on the same through calibrated price hikes will be important to maintain healthy profitability. Nevertheless, EBITDA per tonne is expected to remain above Rs 1,050 this fiscal and improve going forward. UltraTech’s installed capacity has grown rapidly through organic expansion as well as acquisition of cement business of Kesoram Industries Ltd (KIL; acquisition effective 1st March 2025 with appointed date of the scheme as 1st April 2024) and The India Cements Ltd (ICL; effective 26th December 2024). Further, company commissioned 8.7 million tonne per annum (mtpa) of capacity during the first quarter of fiscal 2027, taking the consolidated grey cement capacity of the company to 205.5 mtpa (including 5.4 mtpa overseas capacity) as on June 30, 2026. It also plans to add a further ~37 mtpa capacity organically over fiscals 2027-2029 which will entail capex to the tune of ~Rs 30,000 crore. Successful ramp of the newly added capacity along with the company’s ability to optimize costs and profitability will remain a monitorable. As estimated, financial metrics remain strong supported by strong profitability. This is reflected in the net debt to EBITDA ratio improving to 1.1 times in fiscal 2026 from 1.5 times in fiscal 2025. Despite sizeable capex plans, Crisil Ratings expects the net debt to EBITDA to remain steady in fiscal 2027 supported by healthy accruals from existing and upcoming units and improve below 1 time going forward. Analytical Approach Crisil Ratings has combined the business and financial risk profiles of UltraTech and its subsidiaries. This is because the entities, collectively referred to as the UltraTech group, operate in cement and related space and have significant operational linkages and common management. Crisil Ratings has adjusted the networth for amortisation of goodwill on account of acquisitions. Crisil Ratings has considered supplier’s credit as debt. Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation. Key Rating Drivers - Strengths Established market position in the Indian cement business https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/UltraTechCementLimited_July 23_ 2026_RR_400697.html 1/9 7/23/26, 5:18 PM Rating Rationale UltraTech, India's largest cement manufacturer having consolidated grey capacity of 205.4 MTPA (domestic grey capacity of 200 MTPA) as on June 30, 2026. Operating efficiency is superior, driven by strong energy consumption norms, efficient logistics (because of pan- India presence) and captive power availability. The acquisition of UNCL strengthened UltraTech’s market position in the northern region. The takeover of Century's cement business has improved its position in the high-growth eastern market and reinforced its presence in other geographies. Similarly, the acquisition of KIL and ICL significantly improved its market position in the southern region. Its presence across regions has also been strengthened with continued commissioning of organically added capacities of ~39MT over fiscals 2023-2026. UltraTech is expected to add further capacity of ~37 mtpa over fiscals 2027-2029, which will enhance its already strong business risk profile. The company has also diversified into Read-Mix Concrete (RMC) and construction chemicals, with these accounting for more than 10% of revenue in fiscal 2026. Pan-India presence across segments, insulates the company from vagaries of external factors in any single region. UltraTech is also entering the wires and cables business through planned investment of Rs 1,800 crore (Rs 888 crore committed till June 2026). This is expected to commence operations from third quarter of fiscal 2027. Healthy operating efficiency UltraTech has undertaken several initiatives towards cost savings, including increasing share of renewable sources in the overall power mix, reducing lead distance, improving clinker conversion factor, improved power and heat consumption of units etc. This has supported its profitability, with EBITDA per tonne remaining healthy at Rs 1,103 in fiscal 2026. Continued focus on efficiency improvement will sup [Showing first 8,000 characters — download PDF for full document]