UltraTech Cement has filed its compliance certificate with stock exchanges regarding dematerialization and rematerialization activities for the quarter ended March 31, 2026. The submission fulfills regulatory requirements under Regulation 74(5) of the SEBI (Depository and Participants Regulations), 2018.

Quarterly Dematerialization Activity

During the quarter from January 1, 2026 to March 31, 2026, UltraTech Cement processed dematerialization requests across both major depositories in India. The company reported no rematerialization activity during this period.

Current Demat Holdings Status

As of March 31, 2026, UltraTech Cement's demat holdings have reached significant levels, demonstrating strong investor preference for electronic share holding.

Regulatory Compliance

The company has confirmed that all securities received for dematerialization during the quarter have been properly processed according to regulatory guidelines. The physical share certificates have been mutilated and cancelled after due verification, with depository names substituted as registered owners in company records.

KFin Technologies Limited, serving as the company's Registrar and Share Transfer Agent, has provided additional certification confirming compliance with SEBI regulations. The registrar verified that security certificates received for dematerialization were processed within the mandated 15-day timeline and that all required details were furnished to stock exchanges where UltraTech Cement shares are listed.

Corporate Information

UltraTech Cement submitted this compliance certificate to BSE Limited and The National Stock Exchange of India Limited on April 16, 2026. The document was signed by Dhiraj Kapoor, Company Secretary and Compliance Officer, ensuring adherence to corporate governance standards and regulatory requirements.

UltraTech Cement Limited has received a credit rating reaffirmation from CARE Ratings Limited, maintaining its strong financial position in India's cement industry. The rating agency has reaffirmed the company's 'CARE AAA; Stable / CARE A1+' rating for its bank facilities while withdrawing the fixed deposit rating due to full repayment.

Rating Details and Facility Overview

CARE Ratings Limited has reaffirmed ratings on bank loan facilities totaling ₹17,100 crore, reflecting the company's robust financial profile and market leadership position. The rating action covers various facility types with specific amounts and ratings.

The withdrawal of the fixed deposit rating occurred because the company has repaid these deposits in full, with no outstanding amount remaining as of the rating date.

Market Leadership and Capacity Expansion

UltraTech maintains its position as India's largest cement manufacturer with an installed cement capacity of 188.66 million tonne per annum (MTPA) as of December 31, 2025. Including its 5.4 MTPA overseas cement capacity in UAE, the company's overall grey cement capacity stands at 194.06 MTPA.

The company is undertaking significant capacity expansion under its ongoing plans, with installed capacities expected to rise to 240.8 MTPA by FY28. This expansion includes the next phase of 22.8 MTPA capacity addition through a mix of brownfield and greenfield projects, with work progressing as scheduled.

Financial Performance and Operational Metrics

UltraTech's financial performance demonstrates strong operational leverage and market position. The company's net sales have grown at a 14% compound annual growth rate over the last five fiscal years through FY25, reaching ₹74,936 crore.

For 9MFY26, net sales increased by approximately 19% year-on-year to ₹62,712 crore, compared to ₹52,891 crore in 9MFY25. EBITDA rose to ₹11,910 crore from ₹7,945 crore, while EBITDA margins expanded to approximately 19% from 16%.

Operational Strengths and Integration

The rating reflects UltraTech's sound operating efficiencies supported by highly integrated operations. The company maintains adequate limestone reserves in its captive mines, captive coal blocks, and a strong distribution network consisting of 34,000+ dealers, 100,000+ retailers, and 3,950+ UltraTech Building Solutions outlets.

UltraTech operates captive thermal power plants of 1,333 MW, Waste Heat Recovery Systems of 383 MW, and renewable energy capacity of 1.28 GW. The company has increased its low-cost green power mix to 33% in FY25 and further to 42.1% in 9MFY26, targeting 60% by FY27-end as part of its sustainability initiatives.

Risk Factors and Industry Challenges

Despite these strengths, CARE Ratings notes that UltraTech remains exposed to cyclicity in the cement industry and volatility in input costs and realisations. Ongoing geopolitical tensions may lead to volatility in pet coke prices, though the impact is partly mitigated by sufficient raw material availability for 3-4 months of operations.

The company's liquidity position remains strong, supported by healthy cash and cash equivalents of ₹5,106 crore as of December 31, 2025, significant generation of gross cash accruals, and moderate bank limit utilisation. The stable outlook indicates expected sustenance of market leadership and strong credit metrics going forward.