UltraTech Cement concluded its 26th Annual General Meeting (AGM) on August 17, 2026, transacting both ordinary and special business items. The meeting, chaired by Chairman Kumar Mangalam Birla, was conducted via video conference in compliance with the Companies Act, 2013, and SEBI Listing Regulations. Shareholders approved the adoption of the audited consolidated financial statements for the fiscal year ended March 31, 2026, along with the Board of Directors' report and auditors' reports. The Chairman confirmed there were no adverse qualifications in the Statutory or Secretarial Auditors' reports.

Voting Results and Shareholder Sentiment

The final voting results, scrutinized by Anish Gupta of VKMG & Associates LLP, reveal strong support for most agenda items but notable divergence on governance appointments. The declaration of the historic special dividend and the adoption of financial statements received overwhelming approval, with over 99.7% of votes in favour.

However, the re-appointment of Rajashree Birla as a Non-Executive Director (Resolution 3) faced significant pushback. While the resolution passed with 88.94% support, approximately 11.06% of valid votes were cast against it. This dissent was concentrated among public institutional investors, who voted against the resolution at a rate of 36.59%, compared to less than 0.02% dissent from non-institutional public shareholders and zero dissent from the promoter group.

Other board appointments also saw minor dissent. The appointment of Jayant Dua as Managing Director (Resolution 6) received 99.62% support, with 0.38% of votes against. The appointment of Vikram Bhalla as an Independent Director (Resolution 4) secured 99.89% support.

The promoter group, holding 172,085,808 shares, voted in favour of all resolutions without exception. Total participation was high, with 259.8 million votes polled out of 261.4 million available for the financial statements resolution.

Record Dividend Payout

In recognition of its historic performance in FY26, the Board recommended a Special Dividend of ₹240 per equity share of ₹10 each, aggregating to ₹7,072.3 crore. This marks the highest dividend in the company's history, exceeding the total dividends distributed over the previous four financial years combined. The dividend is taxable in the hands of shareholders, with the company withholding tax at source.

FY26 Financial Performance

UltraTech delivered a landmark performance in FY26 amid resilient domestic demand. Consolidated net revenue rose 17% to a record ₹88,512 crore, while EBITDA advanced 32% to an all-time high of ₹17,598 crore. Profit after Tax grew 36% to ₹8,188 crore, crossing the ₹8,000 crore threshold for the first time. Grey cement sales volumes in India reached 145.0 million tonnes.

Operating cash flows grew 50% year-on-year to ₹14,398 crore, the strongest in the company's history. Net Debt-to-EBITDA improved to a healthy 0.942x as on March 31, 2026, even as the company funded its growth programme substantially through internal accruals.

Q1FY27 Update

The company began the new financial year with broad-based growth. Consolidated net sales rose 16% to ₹24,465 crore from ₹21,040 crore in Q1FY25. Profit before interest, depreciation and tax increased to ₹5,146 crore from ₹4,591 crore, while Profit after Tax rose 17% to ₹2,604 crore. Domestic sales volumes grew 13.1% year-on-year to 39.2 million tonnes, with capacity utilisation standing at 81% on an installed base of 200.1 MTPA in India.

Capacity Expansion and Strategy

In April 2026, UltraTech commissioned 8.7 MTPA of additional grey cement capacity, taking its total cement capacity beyond the landmark 200 MTPA mark in India. The company is now the largest cement company in the world by capacity and sales volumes outside of China. Management has committed investments of ₹16,000 crore to increase total cement capacity to over 240 MTPA by FY28. The company is also on schedule to launch its Wires and Cables business by the third quarter of FY27.

Board Appointments

The AGM processed several key board-level appointments through special and ordinary resolutions:

• Vikram Bhalla was appointed as an Independent Director.
• Jayant Dua was appointed as a Director and subsequently as Managing Director.
• Rajashree Birla was re-appointed as a Non-Executive Director after retiring by rotation.

Additionally, the remuneration of Cost Auditors M/s. D. C. Dave & Co., Mumbai, was ratified for the financial year ending March 31, 2027.

Sustainability and CSR

UltraTech reduced Net Scope 1 CO2 emissions intensity to 538 kg of CO2 per tonne of cementitious material in FY26, putting it on course to meet its target of a 27% reduction from the 2017 baseline by 2032. Green energy now accounts for 35.8% of the company's total power mix, with a total green energy capacity of 1,806 MW. The company conserved 143.03 million cubic metres of water in FY26 and utilised more than 49 million tonnes of alternative raw and recycled materials.

Under the Aditya Birla Centre for Community Initiatives and Rural Development, CSR initiatives impacted 1.8 million lives across 507 villages in 17 states. The company supported over 1.67 lakh children through educational institutions and ensured 100% access to healthcare services across partner villages.

Voting and Compliance

Voting was conducted via remote e-voting and e-voting at the AGM. The facility remained open for 15 minutes post-conclusion. Results will be disseminated separately via the company website, KFin Technologies Limited, and stock exchanges. The meeting commenced at 3:00 pm and concluded at 4:38 pm (IST).

UltraTech Cement has entered into an Energy Supply Agreement, Share Subscription Agreement, and Shareholders Agreement to acquire a 26% equity stake in Solaris Horizon Energy Private Limited for up to ₹27.75 crore in cash consideration. The acquisition is structured to support the company's strategic shift toward renewable energy sources for its manufacturing operations.

The target entity, Solaris Horizon Energy, is a special purpose vehicle (SPV) and a subsidiary of Waaree Forever Energies Private Limited. Incorporated on December 10, 2025, the SPV has reported nil turnover for the last three years. It is established to develop and operate a solar project located in Village Puran, Mungeli district, Chhattisgarh.

Deal structure and objectives

The primary objective of the acquisition is to secure a dedicated source of green energy for UltraTech's cement plants in Chhattisgarh. Under the agreement, Solaris Horizon Energy will supply 91 MWp DC / 65 MW AC solar power on a captive basis. This arrangement is designed to help UltraTech meet its green energy requirements, optimize long-term energy costs, and comply with regulatory mandates regarding captive power consumption under electricity laws.

Regulatory and corporate governance

The disclosure was made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that the transaction is not a related-party transaction, and neither the promoter group nor any group companies hold an interest in the target entity. No governmental or regulatory approvals are required for this acquisition.

What the numbers show

The acquisition highlights a direct correlation between capital expenditure on renewable energy assets and operational cost optimization strategies in the cement sector. By investing up to ₹27.75 crore for a minority 26% stake in an SPV with nil historical turnover, UltraTech prioritizes future energy security over immediate financial returns from the investee company. The structure ensures that the primary value driver is the contracted power supply (65 MW AC) rather than dividend income or asset appreciation from Solaris Horizon Energy.