UltraTech Cement Q2 Results October 19, 2026: Profit Up 21% to ₹1,501 Crore on Strong Volumes

UltraTech Cement Q2 results showed the country’s biggest cement maker selling a lot more cement in a quarter that usually goes quiet. Consolidated profit after tax rose 21.3% to ₹1,501 crore for the July-September quarter, from ₹1,238 crore a year earlier, according to the company’s Q2 FY27 results release dated October 19, 2026. The market wasn’t impressed on the day, though. The stock slipped after the numbers.

UltraTech Cement Q2 results: the headline figures

• Consolidated net sales: ₹23,024 crore, up 18.9% from ₹19,371 crore in Q2 FY26.
• PBIDT (profit before interest, depreciation and tax): ₹3,832 crore, up 17.3% from ₹3,268 crore.
• Profit after tax: ₹1,501 crore, up 21.3% from ₹1,238 crore.
• Domestic grey cement volumes: 35.94 million tonnes, up 13.8% from 31.58 million tonnes.
• Capacity utilisation: 71%, against 66% a year ago.

A note on the numbers you’ll see elsewhere. Moneycontrol’s report uses revenue from operations, ₹23,295.1 crore, up 18.8%, and a net profit line of ₹1,493.8 crore. Different line items, same story: growth of roughly a fifth on both revenue and profit.

Volumes carried the quarter

July to September is monsoon season, when building work slows. UltraTech says this one was also hit by the West Asia crisis. Even so, it shipped almost 14% more grey cement at home. The company puts that down to execution, a wider market footprint, cost control and a bigger push on premium products.

One thing we noticed. Net sales grew faster than domestic grey cement volumes, 18.9% against 13.8%. Net sales also include other businesses, so this isn’t a clean price signal, but it does suggest the extra tonnes weren’t simply bought with discounts.

Margins are the softer spot. By our maths, PBIDT works out to about 16.6% of net sales this quarter, compared with roughly 16.9% a year ago. So operating profit grew a little slower than sales, and profit after tax still managed to grow faster than both.

More capacity, and a new business in wires

During the quarter UltraTech commissioned a 3.6 mtpa greenfield integrated plant at Petnikota in Andhra Pradesh. It also added 1.0 mtpa by debottlenecking its plants at Visakhapatnam, Patratu and Nathdwara. Domestic grey cement capacity stood at 204.7 mtpa on September 30, 2026, and 210.1 mtpa globally once 5.4 mtpa overseas is added. The company says it is on track for 240+ mtpa by March 2028.

The bigger departure is Ultravolt, its new wires and cables brand. A plant has been commissioned at Jhagadia in Gujarat. UltraTech says its planned capacity, which would consume 78,000 tonnes of copper and 24,000 tonnes of aluminium, already makes it the second-largest player by capacity in housing wires. That claim is the company’s own, and the business is still at the launch stage.

On power, UltraTech added 117 MW of renewable capacity and 10 MW of waste heat recovery in the quarter. Green power made up 48% of its power mix.

How the stock reacted

Moneycontrol reported the shares trading 2.4% lower at ₹10,645 in Monday afternoon trade, after the results. The stock is down 10.7% so far in 2026, against a 12.5% fall in the Nifty 50, and the company’s market value was about ₹3.14 lakh crore.

So what does it mean? Demand clearly held up through a weak season, and the expansion plan is moving. What we’d watch next is whether margins can catch up with volumes once the monsoon is behind us and construction picks up.

UltraTech also owns India Cements, which reported earlier; our India Cements Q2 results post has those numbers. For the rest of Monday’s line-up, see Q2 results today, October 19, and our guide on how to analyse quarterly results explains how to read margins like these.

Disclaimer: This article is for information only and is not investment advice or a recommendation to buy or sell any security. Figures are from UltraTech Cement’s Q2 FY27 results release and Moneycontrol’s report, both linked above. Please consult a SEBI-registered investment adviser before making any investment decision.