Equity Snap: UltraTech Cement (UTCEM IN): Strong volume growth drives earnings beat

Research evidence excerpt

Equity Snap: UltraTech Cement (UTCEM IN): Strong volume growth drives earnings beat

20 July 2026

Equity Snap: UltraTech Cement Equities Construction Materials

(UTCEM IN)

Strong volume growth drives earnings beat India

◆ While UTCEM’s EBITDA/t was broadly in line, strong volume Pinakin Parekh*

growth (+12.1% y/y) drove the large earnings beat SeniorHSBC SecuritiesAnalyst, Indiaand CapitalMetalsMarketsand Cement(India) Private

Limited

pinakin.parekh@hsbc.co.in

UltraTech Cement (UTCEM IN, INR11727.00, Buy, TP INR14200.00) +91 22 40891549

(Priced as of 17 Jul 2026) Prateek Maheshwari*, CFA

Analyst, India IT Services

Strong volume growth drives earnings beat; Underlying EBITDA/t broadly in line: HSBC Securities and Capital Markets (India) Private

1QFY27 consolidated EBITDA came in at INR50.1bn (+14% y/y, +10% q/q) vs Limited prateek.maheshwari@hsbc.co.in

consensus at INR49.4bn and HSBC at INR47.1bn, and underlying PAT at INR25.9bn +9198 1937 0718

(+17% y/y, -13% q/q) vs consensus at INR24.8bn and HSBC at INR23.5bn. Sagar Desai*

Consolidated sales volume stood at 41.3MT, +12.1% y/y (l-f-l) with grey cement HSBC Securities and Capital Markets (India) Private

domestic sales volume growth 13.1% y/y, which in our view was sharply higher than Limited

sagar.desai@hsbc.co.in

industry growth. UTCEM highlighted market share gains given the strong growth. +91 83 6919 9927

UTCEM has converted the India Cement and Kesoram brands to UTCEM brands. This

has driven conversion of the category B and C brands to Category A brand driving * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

higher realizations (given pricing premiums for category A brands). Consolidated