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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsAnalyze UltraTech Cement on a consolidated basis, compare like periods, and test earnings against cement volumes, utilisation, per-tonne profitability, debt and cash flow. The company’s FY26 results showed higher sales and profit, while Q1 FY27 results provide a more recent operating snapshot. Those figures do not, by themselves, establish whether the shares are overvalued: that requires a dated share price, a consistent earnings or EBITDA measure, and explicit assumptions.
Start with the right reporting basis and period
For the performance of the group, start with consolidated results rather than mixing them with standalone figures. Compare a full financial year with the prior full year, and a quarter with the same quarter a year earlier. A quarter’s total is not directly comparable with a full year’s total.
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The figures below are the company’s reported results. PBIDT is the measure used in the releases; keep that label and basis consistent when comparing periods. FY26 PAT figures below are before exceptional items, while the Q1 FY27 release’s PAT figures are presented as reported in that release.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchWhat FY26 says about annual performance
UltraTech reported stronger sales and profit in FY26 than in FY25. The year-on-year growth rates in the final column are the company’s stated comparisons.
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| Consolidated measure | FY26 | FY25 | Company-stated change |
|---|---|---|---|
| Net sales | ₹87,384 crore | ₹74,936 crore | 17% growth |
| PBIDT | ₹17,598 crore | ₹13,302 crore | 32% growth |
| PAT before exceptional items | ₹8,305 crore | ₹6,115 crore | 36% growth |
These figures establish that reported profit growth outpaced sales growth over the year, but they do not explain the causes. To assess whether the improvement is durable, check the detailed financial statements and company commentary for the factors behind revenue, costs and margins rather than assigning the change to pricing, fuel, freight, product mix or acquisitions without evidence.
Use Q1 FY27 as a current-quarter check
Q1 FY27 continued to show year-on-year growth in consolidated net sales, PBIDT and PAT. The comparable quarter is Q1 FY26, not FY26 as a whole.
| Consolidated measure | Q1 FY27 | Q1 FY26 | Company-stated change |
|---|---|---|---|
| Net sales | ₹24,465 crore | ₹21,040 crore | 16% growth |
| PBIDT | ₹5,146 crore | ₹4,591 crore | not stated |
| PAT | ₹2,604 crore | ₹2,221 crore | 17% growth |
The Q1 figures are a single quarter, not a full-year forecast. Avoid multiplying them into an annual estimate without stating the assumptions; cement demand, prices, costs and utilisation can vary across quarters.
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Check whether volume and per-tonne economics support growth
Revenue growth alone cannot show whether underlying cement operations improved. Pair the financial results with physical volumes, capacity utilisation and EBITDA per tonne. For Q1 FY27, UltraTech reported domestic sales volume of 39.2 million tonnes, up 13.1% year over year, domestic capacity utilisation of 81%, and EBITDA per tonne of ₹1,214, compared with ₹1,198 in Q1 FY26. The company stated domestic capacity of 200.1 MTPA.
Use these figures as context, not as a complete explanation of the quarter. A per-tonne measure and aggregate profit can move differently as volumes and other operating factors change. Establishing the contribution of pricing, product mix, fuel, freight or acquired operations requires supporting detail from filings or investor materials.
For an annual scale reference, the company reported India grey cement sales volume of 145.0 million tonnes in FY26. Do not equate capacity with sales: installed or announced capacity is not the same as production, volume sold or earnings.
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Assess debt, cash flow and capital allocation
At March 31, 2026, UltraTech reported net debt-to-EBITDA of 0.94x and total capital employed above ₹1,07,000 crore. The leverage ratio is a year-end snapshot, not a substitute for reviewing the composition and timing of debt or the cash available to meet obligations.
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Use the annual report and financial statements to examine the elements that PBIDT and PAT do not show on their own:
- Debt balances, maturities, interest expense and cash and cash equivalents.
- Operating cash flow and working-capital movements.
- Capital expenditure actually incurred, compared with the announced expansion programme.
- Whether cash generation after investment supports dividends, debt reduction and planned capacity additions.
The board recommended a special dividend of ₹240 per share for FY26, subject to shareholder approval. Treat it as a recommendation unless a later authoritative filing confirms approval and payment. The company also described capital commitments of more than ₹16,000 crore over the following three years. That is a plan, not proof of expenditure or completed projects; track subsequent filings for spending, commissioning, expected returns and revisions.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to value UltraTech without overstating what the data shows
The reported results do not provide a dated market price or market capitalisation. Therefore, they cannot establish a current P/E, EV/EBITDA or fair value, and they are not enough to conclude that UltraTech is overvalued or undervalued. First obtain a dated exchange price and the relevant share count, then show the calculation date and assumptions.
P/E: define the earnings base
State whether the multiple uses trailing or forecast earnings, and use consolidated attributable earnings consistently. Explain how exceptional items affect the chosen earnings base. If using a forecast, identify it as an assumption rather than a reported result.
EV/EBITDA: define both sides of the ratio
Show how enterprise value is calculated, including the treatment of debt and cash, and use a consistent EBITDA definition. Label the denominator as reported, normalized or forecast. A multiple is not meaningful if the enterprise-value date and the EBITDA period do not match or if the definitions differ from those used for peers.
Cross-check the operating and cash-flow picture
Interpret valuation alongside cement volume, utilisation, EBITDA per tonne, leverage, cash generation and expansion requirements. For peer comparisons, align reporting periods, accounting bases and metric definitions, and explain material differences in company scale and geography. Earnings multiples alone do not show how much cash expansion requires.
Which company documents to use
Use the company’s financial results and annual report for reported figures, accounting notes, share count, debt and cash-flow details. Use the latest investor presentation and earnings-call material to understand management explanations and plans, clearly identifying those statements as management commentary rather than reported outcomes. The company’s financials page lists its Integrated and Sustainability Report 2025-26 alongside results, investor updates and earnings calls.
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