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UltraTech Cement Limited Q3 FY26 Result Presentation Stock code: BSE: 532538 | NSE: ULTRACEMCO Reuters: UTCL.NS | Bloomberg: UTCEM IS/UTCEM LX
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Macro and Sectoral overview 1 Business update 2 ESG highlights 3 Financial performance 4 Agenda
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Macro and Sectoral overview Demand drivers and policy tailwinds Rawan Cement Works
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Macro Indicators 4Source: Research Reports Interest rate down 100bps since Feb’25. This will support domestic demand. IIP grew 6.7% in Nov’25 - strong recovery post-festive season. India’s CPI inflation was 1.33% in Dec’25. ~59% of budgeted central government capex incurred till Nov’25. GDP to grow at ~7.4% for FY26.
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5 Zone I C H R Key Drivers North Central East West South ❖ Housing registered growth across regions ❖ Infra demand was supported by projects like Delhi-Amritsar Expressway, Indore Metro, Bhopal Metro, Mumbai-Delhi Expressway, Jewar Airport etc. ❖ Demand in Delhi, Gurgaon and Faridabad was impacted due to construction restrictions and labour issues ❖ Commercial registered overall growth ❖ Housing registered growth in both rural and urban areas ❖ Infra demand was stable. Demand was supported by projects like Lucknow-Kanpur Expressway, Varanasi-Kolkata Expressway, Kanpur Ring Road, Lucknow Airport Phase 2. ❖ Commercial registered growth across regions ❖ Housing registered growth across regions ❖ Infra demand was supported by projects like Patna-Kolkata Expressway, Buxar-Bhagalpur Expressway, Kolkata and Patna metro expansion, airport expansion in Kolkata and Bagdogra, NTPC Talcher expansion, CSPGCL Thermal power project etc. However, sand shortage in West Bengal impacted demand ❖ Commercial registered overall growth. Bihar elections impacted demand intermittently in November ❖ Maharashtra: Housing registered growth across region. Post festivities labour availability improved ❖ Infra demand continued to grow, supported by projects like Mumbai metro, Mumbai-Delhi Expressway, Nagpur metro extension, High Speed Rail corridor, various NHAI projects etc. ❖ Commercial registered growth across all regions ❖ Gujarat: Housing registered growth on account of rural demand. Labour unavailability due to Bihar elections impacted urban demand in November ❖ Infra continued to degrow on account of near completion of major projects like High-Speed Rail and delay in announcement of new projects. Extended monsoon also impacted demand in October ❖ Commercial registered overall growth ❖ Housing registered growth across regions. Less rainfall during retreating monsoon added to the demand momentum ❖ Infra registered growth on account of projects like Bangalore metro, NH66 Project in Kerala and Karnataka, Integrated Renewable Energy project in Kurnool, Udangudi port, Bangalore-Vijaywada highway, Bhogapuram airport etc. ❖ Commercial registered growth across regions Sectoral Update Q3 FY26 Note: I: Infrastructure, C: Commercial, H: Housing, R: Rural