Credit rating by CARE Ratings Limited

24th 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 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 assigned its ratings of ‘CARE AAA; Stable’ to the proposed issue of the non-convertible debentures of the Company and reaffirmed its ratings of ‘CARE AAA; Stable/ CARE A1+’ assigned to 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 July 23, 2026 Name of the Amount (₹ Rating Facilities/Instruments Rating2 Regulator1 crore) Action Long-term / Short-term bank CARE AAA; Stable / RBI 14,700.00 Reaffirmed facilities CARE A1+ Long-term bank facilities RBI 2,400.00 CARE AAA; Stable Reaffirmed Non-convertible debentures SEBI 5,000.00 CARE AAA; Stable Assigned Details of instruments/facilities in Annexure-1. Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has assigned ratings to proposed non-convertible debenture (NCD) issue of UltraTech Cement Limited (UltraTech) at CARE AAA; Stable and reaffirmed ratings assigned to bank facilities of UltraTech at CARE AAA Stable/ CARE A1+. Ratings reflect UltraTech's strong market leadership in the Indian cement industry, backed by its extensive and well-diversified manufacturing footprint across multiple the country. This widespread presence supports the company's operational strength, market reach, and competitive positioning. UltraTech has the largest installed cement capacity in India at 200.1 million tonnes per annum (MTPA) as on 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 ratings. 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 FY28-end. The capacity 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 (SD) from dealers, 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. 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Insurance Regulatory and Development Authority of India; PFRDA: Pension Fund Regulatory and Development Authority 2Complete definitions of ratings assigned are available at www.careratings.com and in 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-5. 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 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 March 2026 end. 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). 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 [Showing first 8,000 characters — download PDF for full document]