UltraTech Cement approves related party transactions with 99.99% vote

UltraTech Cement Limited shareholders have approved material related party transactions with The India Cements Limited, a subsidiary of the company. The resolution was passed via a postal ballot process, receiving 99.99% of the total valid votes in favour. This approval authorizes the company to proceed with the specified transactions with its subsidiary.

The postal ballot voting process was scrutinized by Mr. Anish Gupta, Partner at VKMG & Associates LLP, Company Secretaries. The e-voting period commenced on May 1, 2026, and concluded on May 30, 2026. A total of 2,863 members participated in the voting process, representing 88,383,635 total votes available for voting.

Voting Results

The resolution received overwhelming support from the public shareholders. Promoters and the promoter group did not participate in the voting. The detailed breakdown of the votes cast is as follows:

Category	Mode of Voting	Shares Held	Valid Votes Polled	Votes In Favour	Votes Against	% In Favour
Promoter and Promoter Group	E-Voting	17,20,85,808	0	0	0	0.0000
Public - Institutions	E-Voting	9,45,96,970	8,41,37,075	8,41,34,820	2,255	99.9973
Public - Non Institutions	E-Voting	2,79,96,393	28,76,572	28,73,768	2,804	99.9025
Total		29,46,79,171	8,70,13,647	8,70,08,588	5,059	99.9942

Procedural Details

The notice for the postal ballot was sent to equity shareholders on April 27, 2026. Advertisements regarding the notice were published in newspapers including Business Standard, The Free Press Journal, and Navshakti on May 1, 2026. The scrutinizer confirmed that the postal ballot e-voting was conducted in a fair and transparent manner.

The resolution was deemed to have been duly passed on the last date specified for e-voting, which was May 30, 2026. The detailed scrutinizer's report and voting results have been made available on the company's website.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.94%	-5.92%	-5.08%	-5.12%	-0.34%	+65.58%

Jefferies has released its assessment of the cement sector's fourth-quarter performance, pointing to resilient demand conditions alongside a set of near-term headwinds that could weigh on earnings. The brokerage noted that Q4 demand remained healthy, growing at 7–7.5% year-on-year, while operating leverage helped ease cost pressures during the quarter.

Q4 Demand and Pricing Trends

According to Jefferies, cement prices rose approximately 2% quarter-on-quarter in Q4, providing some relief to sector margins. The combination of healthy volume growth and operating leverage contributed to cost moderation. The key metrics highlighted by Jefferies for the quarter are summarised below:

Metric:	Details
Q4 Demand Growth (YoY):	7–7.5%
Price Movement (QoQ):	~2% increase
Cost Support Factor:	Operating leverage easing costs

Near-Term Earnings Risks

Despite the broadly positive demand environment, Jefferies identified two key risks that could weigh on near-term earnings for cement companies:

Weak pricing follow-through: The brokerage flagged that the ability of cement manufacturers to sustain and pass on price increases remains a concern, limiting the upside from recent price gains.
Elevated energy costs: Tensions in West Asia have contributed to higher energy costs, posing an additional headwind for sector profitability in the near term.

UltraTech Cement Stands Out; Top Picks Named

UltraTech Cement was highlighted by Jefferies as an outperformer during the quarter, delivering strong results on both volume and EBITDA metrics. Based on its sector analysis, Jefferies named UltraTech Cement and JK Cement as its preferred picks within the cement space, reflecting confidence in their relative positioning amid the prevailing market dynamics.