UltraTech Cement Q1 Preview: Analysts Bullish On Volume Growth, Ebitda To Remain In-Line

UltraTech Cement Ltd. is set to announce its financial results for the first quarter of the financial year ending March 2026 on Monday and it has gained the confidence of a number of analysts. The company is a top pick for Elara Capital and Jefferies.

The Aditya Birla Group company is the largest cement producer in India. It has a consolidated grey cement production capacity of 192.26 million tonnes per annum (MTPA). It distributes cement and allied products through a network of over 1.4 lakh channel partners across India.

The Indian cement industry anticipates robust growth and improved profitability in the near term, particularly heading into Q1FY26. Volumes are projected to expand significantly led by government infrastructure spending, rural housing demand, and urban construction. Larger players, especially those with recent acquisitions like UltraTech Cement and Ambuja Cements, are expected to lead this volume surge.

Although the early onset of monsoon, new capacity additions, and potential input cost volatility, may have an impact on pricing, according to analysts.

• Revenue seen 19% up at Rs 21,506 crore versus Rs 18,069.5 crore

• Ebitda seen 20.5% up at Rs 4408.65 crore versus 3039.28 crore

• Net Profit 10.5% up at Rs 2251.03 crore versus 1696.59 crore

• Ebitda margin at 20.49% versus 16.8%

Here is what analysts are expecting from Ultratech Cement in its Q1 results:

• Expects double digit volume growth in FY26 (9-14%)

• ULTC to add another 12.4mt in FY26

• Upsides on costs, efficiencies, and slightly better pricing based on recent trends and continued growth visibility.

• Downside risks include — lower prices, weaker demand, higher costs vs. expectations, and a weak economy.

• UltraTech is a top pick for Elara Capital

• Sees the company to likely lead in in YoY volume growth, due to acquisition of India Cements

• Expects volumes to grow at 7%

• Expect UTCEM to do well into results

• Volumes and pricing outlook In-line largely unchanged

• Expects UltraTech Cements to lead volume growth (aided by acquisitions)

• Expects grey cement volumes to rise 18% YoY aided by acquisitions

• Overall, blended Ebitda/t may rise to Rs 1,084 against Rs 951 in the same quarter previous year according to the brokerage.

• UltraTech is a top pick for Jefferies

• Expects UltraTech Cement to report 33-45% YoY growth in Ebitda

• Expects company to clock unit Ebitda between 1170-1200/T.