UltraTech Cement, India's largest cement maker, reports Q2 FY 2026-2027 results with the monsoon quarter and West Asia conflict cost effects in focus. The print will speak to whether domestic volume growth stays in double digits and how EBITDA per tonne holds up against management's pre-flagged INR 130-140 per ton seasonal impact.
| Results date | October 19, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 24,648.20 Cr (+15.85% YoY) |
| Previous quarter PAT | Rs. 2,603.72 Cr (+17.24% YoY) |
| Market cap | Rs. 319,402.67 Cr |
| CMP | Rs. 10,839.0 |
The board will meet on 19 Oct 2026 to approve standalone and consolidated unaudited results for the quarter and half-year ending 30 Sep 2026. The trading window remained closed from 1 Oct to 21 Oct 2026.
The Q2 FY27 earnings call is scheduled for Monday, 19 Oct 2026, 4:00 pm IST, per the company's 1 Oct 2026 intimation.
The quarter to watch is one management itself pre-framed as 'optically softer', with the seasonal monsoon slowdown and West Asia cost effects carrying a guided impact of INR 130-140 per ton. Q1 FY27 set a high bar as the 'highest ever first quarter', with domestic volumes of 39.2 MT up 13.1% YoY, capacity utilisation at 81% on 200.1 MTPA and consolidated EBITDA per tonne at Rs. 1,214. Since then, 4.6 mtpa was commissioned on 23 Sep 2026, taking domestic grey cement capacity to 204.7 mtpa, and the 'Ultravolt' wires and cables venture launched on 3 Sep 2026 with a Rs. 1,800 Cr investment. Management has guided for double-digit volume growth in FY27, net debt/EBITDA below 1x by FY27 year-end (0.87x at Q1 FY27), and India Cements EBITDA/ton of INR 1,000 with full capex benefit from Q4 fiscal '28. The call will likely cover the monsoon-quarter volume run-rate, the fuel cost trajectory (Q1 FY27 fuel cost of Rs. 915/t at a rate of 1.90 Rs./kcal) and the path toward the INR 1,400 per ton cost target for the January-March '28 quarter.
Q2 FY27 vs the 'optically softer' pre-guidance: Management pre-flagged monsoon seasonality and West Asia cost effects before the quarter.
Performance vs Guidance Tracking
Capacity execution and 'Ultravolt' ramp-up
Fuel costs and green power trajectory
Leadership transition and prior guidance closure
Management pre-flagged Q2 FY27 as 'optically softer' due to the seasonal monsoon slowdown and West Asia conflict cost effects, with a guided seasonal impact of INR 130-140 per ton covering maintenance, operating deleverage and fuel costs. The CFO asked investors to 'look through that noise'.
The INR 1,000 per ton guidance is all-inclusive — INR 800 in India Cements' books and INR 200 in UltraTech's books under a tolling arrangement. India Cements' EBITDA/ton rose from Rs. 386 in Q2 FY26 to Rs. 670 in Q4 FY26, with the full capex benefit flowing through the P&L from Q4 fiscal '28.
Management said it is open to examining opportunistic targets 'within the next 12 to 18 months' but nothing is currently in progress. The Birla White Wallcare acquisition was completed at an enterprise value of Rs. 234.43 Cr.
Consolidated revenue rose 15.85% YoY to Rs. 24,648.20 Cr in Q1 FY27, which management described as the 'highest ever first quarter'. Domestic grey cement volumes grew 13.1% YoY to 39.2 MT, ahead of rest-of-industry volume growth of 5.7% in FY26.
Management stated it does not see a risk and expects its own North India capacity share to rise from 28% to 32-33% over the next 4 to 5 years. It also said industry FY27-FY28 capacity-addition estimates are being recalibrated as some players revisit expansion plans.