UltraTech Cement Dematerializes 19,099 Shares in Q4 FY26, Demat Holdings Reach 99.67%

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.

Depository	Shares Dematerialized	Shares Rematerialized
NSDL	12,715	-
CDSL	6,384	-
Total	19,099	-

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.

Parameter	Details
Total Demat Shares	29,37,07,527
Percentage of Paid-up Capital	99.67%
Quarter End Date	March 31, 2026

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.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.51%	+3.83%	+7.09%	-3.82%	+1.35%	+77.00%

UltraTech Cement faces headwinds from rising energy costs, according to Jefferies' latest research report. Despite maintaining a Buy rating, the brokerage has revised its target price downward to ₹14,025, reflecting concerns over cost inflation pressures.

Energy Cost Inflation Impact

The primary driver behind Jefferies' cautious outlook stems from energy cost surges linked to West Asia developments. The brokerage projects significant variable cost inflation of approximately ₹300 per tonne, which is expected to impact operations over the period from 4QFY26 through 2QFY27.

Parameter	Details
Variable Cost Inflation	~₹300/t
Impact Period	4QFY26-2QFY27
Primary Driver	West Asia-led energy cost surge
Pricing Pass-through	Limited

Financial Projections and EBITDA Impact

Jefferies anticipates that UltraTech Cement's ability to pass through these increased costs to customers will remain constrained. This limited pricing flexibility is expected to compress margins significantly.

Metric	Impact Range
EBITDA Cuts FY27	4-9%
EBITDA Cuts FY28	4-9%
Target Price	₹14,025 (revised)
Rating	Buy (maintained)

The projected EBITDA cuts of 4% to 9% for both FY27 and FY28 reflect the sustained nature of the cost pressures and the company's limited ability to immediately adjust pricing structures to offset the increased operational expenses.

Market Outlook

Despite the near-term challenges posed by energy cost inflation, Jefferies continues to maintain its Buy recommendation on the stock. The brokerage's decision to retain the positive rating while adjusting the target price suggests confidence in the company's long-term fundamentals, even as it navigates the current cost environment.