It should also be noted that the reported PAT excludes the impact of the New Labor Law.”In line with the implementation of the new labor law in the country with effect from November 21, 2025, the company has recognized Rs. 88 crores as an exceptional expense towards additional gratuity and leave obligations. PAT after these one-time costs stands at Rs. 1,725 crores,” the company said in its press release.
The Government of India, as part of its labor reform, has codified four labor laws through rationalization, consolidation and simplification of 29 labor laws, introduced with the aim of improving ease of doing business and expanding social security coverage to a broader workforce.
The company reported strong operating performance in the third quarter of FY26, with EBITDA also rising 29% year-on-year to Rs 4,051 crore. This marks a significant improvement from the Rs 3,142 crore reported in Q3FY25.
On a sequential basis too, EBITDA showed remarkable growth from Rs 3,268 crore in Q2FY26. UltraTech’s operating EBITDA per tonne (EBITDA/Mt) rose to Rs 1,051/Mt, marking an improvement of Rs 140 year-on-year and Rs 97 quarter-on-quarter.
For the quarter, UltraTech reported a total cement volume of 36.27 million tonnes, with India Cements (including sales of the UltraTech brand) contributing 2.59 million tonnes for an EBITDA/Mt of Rs 399. The combined operating EBITDA/Mt for the group was Rs 1,007 on a total volume basis of 38.87 million tonnes.
UltraTech reported consolidated sales volume of 38.87 million tonnes (mtpa) for the third quarter of FY26, up 15% year-on-year. The growth was led by strong performances from both UltraTech’s core businesses and India Cements, which contributed 35.02 tonnes per annum and 2.59 tonnes per annum respectively.
Strikingly, the volumes of the UltraTech brands alone grew by 22.3% year-on-year.
Domestic sales of gray cement stood at 36.37 tonnes per year, up 15.4% year-on-year, while white cement recorded a growth of 7.8% to 0.55 tonnes per year. Overseas sales, combining gray and white cement, amounted to 1.99 million tons per year, an annual growth of 11.7%.
However, exports and other sectors recorded a decline of 6.2%, contributing 0.19 million tonnes per year during the quarter.
In terms of capacity expansion, UltraTech commissioned 0.6 million tonnes per annum of cement capacity at its grinding unit at Dhule Cement Works, Maharashtra and 1.2 million tonnes per annum at the integrated unit at Nathdwara Cement Works, Rajasthan, during the quarter.
UltraTech’s domestic gray cement capacity now stands at 188.66 million tonnes per annum (mtpa), with a further 5.4 million tonnes per annum from its UAE operations, bringing the company’s total global capacity to 194.06 mtpa. With this scale, UltraTech is now the second largest cement producer in the world by capacity, and the largest by sales volumes (excluding China).
During the quarter, the company incurred capital expenditure of Rs 2,357 crore under its ongoing capital expenditure programme. It also reported improved financials, with its net debt/EBITDA ratio falling to 1.08x, highlighting its operating strength and healthy cash flows.
The company, along with subsidiary India Cements Limited, has embarked on the next phase of expansion, with the aim of adding 22.8 million tonnes per year through a combination of brownfield and greenfield projects. Work is currently progressing on schedule and upon completion, UltraTech’s total capacity is expected to increase to 240.76 tonnes per year.
In the meantime, the cable and wire division is also progressing on track. Major orders have been secured, civil works are underway at the project site and the team is being expanded. The company remains confident of adhering to its planned Q3 FY27 launch timeline.
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