UltraTech Cement Q2 FY27 Results Analysis: Revenue Jumps 18.81%, Margin Holds Flat Despite Inflation (ULTRACEMCO)

Cofacto Research Published October 19, 2026 2 min read

Neutral

UltraTech Cement Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 23,295.07 Cr (+18.81% YoY) and PAT growth of +21.28% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	October 19, 2026
Quarter	Q2 FY 2026-2027
Revenue (Q2)	Rs. 23,295.07 Cr (+18.81% YoY)
PAT (Q2)	Rs. 1,501.38 Cr (+21.28% YoY)
EBITDA margin	15.97% (+19 bps YoY)
EPS (Q2)	Rs. 50.78 (+21.28% YoY)
Market cap	Rs. 323,940.81 Cr
CMP	Rs. 10,993.00

Quarter Snapshot

UltraTech delivered 18.81% YoY revenue growth with volumes up approximately 13.8% and realisation up 4.44% per tonne, while holding EBITDA margin flat YoY at 15.97% despite 24% input-cost inflation. The quarter was clean (exceptionals of Rs.6.29 cr) with cash conversion at 1.68x PAT, though borrowings rose 24.72% in six months as the debt-funded capex and stepped-up dividend (Rs.7,043.56 cr) programme progresses. No prior management guidance numbers are available in the source to score a beat, so the signal rests on the volume-price-cost execution itself.

Key Investment Insights

Key Positives

Revenue grew 18.81% YoY to Rs.23,295.07 cr; H1 up 17.27%
Domestic grey cement volumes grew approximately 13.8% YoY in Q2 and 13.4% in H1
Realisation per tonne rose 4.44% YoY to Rs.6,406/t
EBITDA grew 20.26% YoY to Rs.3,721.29 cr with margin up 19 bps YoY to 15.97% despite input-cost inflation
PAT grew 21.28% YoY to Rs.1,501.38 cr; EPS Rs.50.78 vs Rs.41.87; normalized PAT +21.65% with only Rs.6.29 cr of exceptionals
H1 operating cash flow of Rs.6,909.70 cr grew 24.12% YoY; CFO/PAT 1.68x; FCF of Rs.1,140.78 cr after capex
EBITDA per tonne improved to approximately Rs.1,035 from approximately Rs.980 YoY
H1 capex of Rs.5,768.92 cr (+20.30% YoY) executed as the expansion programme continues

Risk Factors

Input costs rose above revenue growth: power & fuel +24.0% YoY (23.66% of revenue vs 22.67%), materials +24.4% (18.06% vs 17.26%)
Borrowings rose 24.72% in six months to Rs.28,411.03 cr; debt-equity 0.37 vs 0.28 at FY26; DSCR 2.02 vs 3.39 YoY
Dividend of Rs.7,043.56 cr (about 172% of H1 PAT-to-owners) plus capex exceeded H1 CFO of Rs.6,909.70 cr, funded by a Rs.5,521 cr debt raise
Sequential seasonal decline: revenue -5.49% QoQ, EBITDA -25.80% QoQ, PAT -42.34% QoQ; EBITDA margin fell 437 bps QoQ to 15.97%
Inventory build of Rs.1,701.43 cr in H1; inventories up 17.6% vs Mar-26
Other income fell 36.32% YoY to Rs.110.89 cr