The first decision is the comparison perimeter: Grasim Industries is a diversified listed parent, while its cement exposure sits mainly in subsidiary UltraTech Cement. Compare Grasim’s consolidated results with diversified groups, or compare UltraTech’s cement operations with cement producers such as Shree Cement, Ambuja Cements, ACC and Dalmia Bharat. Mixing Grasim’s group revenue with cement-only peer figures produces a misleading result.
Define the comparison before collecting numbers
Grasim is a diversified parent
Grasim’s consolidated accounts combine several businesses, subsidiaries and associates. Its revenue, EBITDA, net worth and profit therefore describe the whole group, not a standalone cement operation. A group-level comparison should include segment composition, capital allocation, debt, cash flow and the contribution of subsidiaries and associates.
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UltraTech is the cement operating reference
UltraTech Cement is Grasim’s cement subsidiary and the closest operating reference when the question is how the cement business compares with other Indian producers. The FY2026 integrated report describes UltraTech’s grey-cement capacity at 200 million tonnes per annum (MTPA) and beyond. That capacity figure should not be treated as Grasim’s consolidated capacity.
Why scope changes the answer
A cement company earns and spends money through clinker, grinding, freight, fuel, power and dealer channels. A diversified group also has non-cement margins, financing structures and capital-allocation decisions. A higher group EBITDA margin does not prove that its cement plants are more efficient, and a lower consolidated margin does not automatically indicate weak cement economics.
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Published figures and what they actually measure
| Measure | Figure | Period and scope | How to use it |
|---|---|---|---|
| Revenue | ₹1,75,431 crore | Grasim Industries consolidated, FY2025–26 | Group comparison only; not cement revenue |
| EBITDA | ₹25,872 crore | Grasim Industries consolidated, FY2025–26 | Use with group revenue and group costs |
| Net worth | ₹1,03,470 crore | Grasim Industries consolidated, FY2025–26 | Balance-sheet context and capital allocation |
| PAT attributable to shareholders | ₹4,966 crore | Grasim Industries consolidated, FY2025–26 | Use for group earnings and valuation |
| Consolidated cement sales volume | 135.83 MT | UltraTech Cement, FY2024–25 | Operating comparison with cement peers |
| Capacity utilisation | 78% | UltraTech Cement, FY2024–25 | Compare only with similarly defined utilisation |
| Revenue | ₹75,955 crore | UltraTech Cement, FY2024–25 | Cement-company revenue, not Grasim group revenue |
| EBITDA | ₹13,302 crore | UltraTech Cement, FY2024–25 | Base for calculated cement margins and EBITDA per tonne |
The figures come from Grasim’s FY2025–26 integrated report and the FY2024–25 UltraTech cement disclosure. Do not relabel the UltraTech numbers as FY2026.
A reproducible comparison method
- Lock the fiscal year. Write the period beside every figure, such as FY2024–25 or FY2025–26. Indian companies generally report years ending 31 March, but acquisition dates and restated periods can still affect comparability.
- Choose consolidated or standalone accounts. Use consolidated accounts when the question concerns the economic group. Use standalone accounts only when every company is being compared on the same basis.
- Standardise currency and units. Keep rupees in crore for financial statements and million tonnes for cement volumes, or convert all companies to another common unit. Never compare ₹ crore revenue with a peer’s ₹ million figure without conversion.
- Record reported and calculated values separately. A company may report revenue and EBITDA but not revenue per tonne. Mark the latter as a calculation and show the formula.
- Read acquisition notes before judging growth. Separate organic volume growth from capacity or sales added through an acquisition. A larger company after consolidation is not evidence that existing plants became more productive.
- Check one-offs. Mark exceptional gains, impairment, restructuring, inventory effects and unusual freight or fuel movements before comparing margins.
- Use primary filings. Grasim’s investor-relations materials provide quarterly results and annual reports. UltraTech’s investor financials materials provide annual reports, results, investor updates and earnings calls. Use each company’s audited report for a final ranking.
Metrics that matter for cement operations
Capacity, volume and utilisation
Start with installed grey-cement capacity, clinker capacity, grinding capacity, consolidated sales volume and utilisation. Capacity tells you the potential scale; volume shows what was sold; utilisation indicates how much of the available asset base was used.
Definitions must match. A company may report grey cement, cement including certain products, or an average utilisation rate that excludes recently commissioned lines. Compare like-for-like capacity and sales categories, and note whether a figure includes acquired plants.
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Revenue per tonne helps reveal realisation, product mix and regional pricing:
Revenue per tonne = cement revenue ÷ cement sales volume
EBITDA per tonne is a useful operating measure because it combines realisation and cost performance:
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EBITDA per tonne = cement EBITDA ÷ cement sales volume
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Use the same volume denominator for both calculations. If revenue includes non-cement products or services, label the ratio accordingly rather than calling it cement realisation.
Cost per tonne and its drivers
Break operating cost into energy, fuel, raw materials, freight, employee costs and other manufacturing expenses where disclosures permit. A low total cost can come from several different advantages: nearby limestone, efficient kilns, high plant utilisation, cheaper power, alternative fuels or shorter delivery distances. The reason matters because each advantage has a different durability.
Freight, fuel and regional mix
Cement is bulky and expensive to transport relative to its selling price. Compare lead distance, rail and road mix, coastal movement, dispatch geography and the location of plants against demand centres. Fuel-price exposure also differs with the use of petcoke, coal, waste-derived fuels and renewable power. A producer with a higher freight cost may still earn better margins if its regional realisations are stronger.
Clinker intensity and energy mix
Lower clinker intensity can reduce fuel and process emissions when blended materials and grinding capacity are available. Examine clinker-to-cement ratios, blended-cement share, waste-heat recovery, renewable electricity, alternative fuels and power purchased from the grid. These metrics connect cost leadership with the sector’s decarbonisation path.
Cash generation, leverage and committed capital expenditure
EBITDA is not cash. Compare operating cash flow, maintenance capital expenditure, expansion spending, working-capital movements, net debt and interest coverage. Then add committed capex and the expected commissioning schedule. A company can report strong EBITDA while absorbing cash in a rapid expansion or acquisition programme.
What Grasim’s FY2026 group results tell an investor
Grasim reported consolidated FY2025–26 revenue of ₹1,75,431 crore, EBITDA of ₹25,872 crore, net worth of ₹1,03,470 crore and PAT attributable to shareholders of ₹4,966 crore. Calculated from those reported figures, EBITDA margin is about 14.75% and attributable PAT margin is about 2.83%.
Those calculated margins are group diagnostics, not cement-plant margins. They include businesses outside cement, subsidiary results, associate contributions, financing and group-level items. Use them to assess the parent’s scale and earnings structure, then move to UltraTech’s segment disclosures for operating cement analysis.
The group’s stated capital-allocation principle is: “We deploy capital with discipline, balancing growth ambitions with financial prudence.” In practice, test that statement against cash generated, debt changes, acquisition consideration, expansion capex and returns from each major segment rather than relying on a slogan.
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Using UltraTech’s FY2025 data as the cement benchmark
The FY2024–25 cement disclosure reported UltraTech consolidated sales volume of 135.83 MT, 78% utilisation, revenue of ₹75,955 crore and EBITDA of ₹13,302 crore.
Using the reported revenue and volume, calculated revenue is approximately ₹5,591 per tonne. Using reported EBITDA and the same volume, calculated EBITDA is approximately ₹979 per tonne. EBITDA divided by revenue is approximately 17.5%. These are derived ratios rounded from the disclosed FY2025 figures; they are not separately reported metrics.
Use these calculations as a baseline for a peer worksheet, not as a FY2026 forecast. A valid peer comparison requires each company’s FY2026 revenue, cement volume, EBITDA definition and consolidation perimeter.
Industry context: scale and demand
India added nearly 30 million tonnes of cement capacity in FY2025, reaching 655 million tonnes of installed capacity as of 31 March 2025. The FY2024–25 industry discussion presented an approximately 8% growth outlook for FY2025–26. That was a dated forecast, not a statement of realised FY2026 growth.
When comparing companies, separate industry expansion from company-specific execution. If every producer grows at roughly the market rate, market share may not change. Outperformance is more convincing when volume, utilisation, realisation or cost improves faster than the sector while capacity additions are clearly identified.
How to handle the main peer set
| Company | Best comparison use | Data requirement before ranking |
|---|---|---|
| UltraTech Cement | Closest cement operating reference for Grasim’s cement exposure | Align FY2026 consolidated volume, capacity, EBITDA, cost and net debt |
| Shree Cement | Listed cement producer for cost, energy and balance-sheet comparison | Obtain its audited FY2026 report and match definitions |
| Ambuja Cements | Listed cement producer for scale, regional mix and integration analysis | Obtain its audited FY2026 consolidated figures |
| ACC | Listed cement producer for operating and group comparison | Use the same period, scope and unit conversions |
| Dalmia Bharat | Listed cement producer for capacity growth, cost and leverage analysis | Obtain audited FY2026 figures before ranking |
Exact matched FY2026 peer figures, margins, leverage, valuations and market shares are not established by the figures above. Do not create a league table from different reporting years or from standalone numbers for one company and consolidated numbers for another.
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Organic versus acquired volume
For every volume increase, ask whether it came from existing plants, a newly commissioned line, an acquired business or a change in reporting perimeter. Show the bridge in your notes. Acquired volume can be strategically valuable, but it should not be described as like-for-like growth.
Commissioning and ramp-up
New capacity often has lower utilisation during its first periods and may carry start-up costs. Compare mature-plant utilisation separately where the disclosure allows it. A temporary margin decline may reflect commissioning rather than structural deterioration.
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Remove or isolate impairment, restructuring, asset-sale gains, unusual tax effects and exceptional finance costs when analysing recurring earnings. Keep both reported PAT and an explicitly adjusted measure; never present an adjusted number as if it were audited PAT.
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Valuation and capital allocation
Use price-to-earnings, enterprise-value-to-EBITDA or other valuation ratios only when the share-price date, earnings period, net-debt definition and share count are aligned. A FY2026 EBITDA multiple cannot be compared with a peer’s FY2025 EBITDA multiple without clearly labelling the mismatch.
For Grasim, valuation also reflects businesses beyond cement. Break the analysis into segment earnings, holding-company effects, subsidiary ownership, associate value, debt and cash. For a cement-only comparison, value UltraTech on its own operating and balance-sheet measures rather than assigning the whole Grasim group a cement multiple.
UltraTech identifies green power, alternative fuels, clinker conversion, lead-distance optimisation and capacity utilisation as operating levers relevant to cost and margin. Track whether these initiatives appear in lower energy intensity, lower freight per tonne, higher blended-cement share or stronger cash margins. The company has also stated a commitment to achieving Net Zero by 2050; treat that as a corporate target and examine disclosed milestones and capital requirements before assigning financial value to it.
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| Worksheet field | Question to answer | Evidence to record |
|---|---|---|
| Reporting period | Are all companies measured for the same fiscal year? | FY label and year-end date |
| Perimeter | Standalone or consolidated? | Account type and subsidiaries included |
| Capacity | How much cement and clinker capacity is installed? | MTPA, commissioning dates and acquired lines |
| Volume | How much cement was sold? | MT and product definition |
| Utilisation | How effectively was capacity used? | Percentage and company definition |
| Realisation | What revenue was earned per tonne? | Calculated formula and denominator |
| Operating margin | What EBITDA was generated per tonne? | Reported EBITDA, calculated ₹/tonne and margin |
| Cost structure | What explains the cost position? | Fuel, power, freight, clinker and labour details |
| Cash and leverage | Can expansion be funded safely? | Operating cash flow, capex, net debt and interest |
| Growth quality | Is growth organic, acquired or commissioning-led? | Acquisition notes and capacity bridge |
| Valuation date | Are market values comparable? | Same share-price date and earnings period |
Common comparison mistakes and fixes
- Mistake: treating Grasim as a pure cement stock. Fix: analyse Grasim at group level and UltraTech at cement level.
- Mistake: mixing FY2025 UltraTech data with FY2026 Grasim data. Fix: label every number and wait for matched audited periods before ranking.
- Mistake: comparing EBITDA margins without checking definitions. Fix: verify whether EBITDA is segment, consolidated, reported or adjusted.
- Mistake: dividing group revenue by cement volume. Fix: use cement revenue with cement volume, or do not calculate revenue per tonne.
- Mistake: calling capacity growth organic. Fix: identify acquisitions, commissioning and consolidation changes.
- Mistake: ignoring freight and geography. Fix: compare plant locations, lead distance, rail share and regional realisations.
- Mistake: ranking on EBITDA alone. Fix: add cash conversion, maintenance capex, leverage and committed expansion spending.
- Mistake: treating an outlook as a result. Fix: label the approximately 8% FY2025–26 industry growth figure as a forecast and replace it with realised data when available.
How to reach a defensible investment conclusion
Use Grasim’s consolidated FY2025–26 figures to judge the parent’s scale, profitability, balance-sheet capacity and capital-allocation discipline. Use UltraTech’s cement disclosures to judge operating scale and efficiency, then compare UltraTech with Shree Cement, Ambuja Cements, ACC and Dalmia Bharat only after aligning audited FY2026 periods, consolidation, definitions and units.
The strongest conclusion is not simply which company has the highest margin. It is which business converts comparable tonnes into durable cash earnings, has a defensible cost and logistics position, funds its committed growth without excessive leverage and reports enough information for an investor to reproduce the calculation.
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