Press Release

Ultratech Cement Limited

March 7, 2025

Facilities/Instruments Amount (₹ crore) Rating1 Rating Action

Long Term / Short Term Bank Facilities 13,000.00 CARE AAA; Stable / CARE A1+ Reaffirmed

Fixed Deposit 74.00 CARE AAA; Stable Assigned

Details of instruments/facilities in Annexure-1.

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) has reaffirmed the ratings to the bank loan facilities of UltraTech Cement Limited (UltraTech)
and assigned long term ratings to the fixed deposits. The ratings continue to reflect its sustained market leadership position in
India, supported by its large and well-diversified cement capacities across all regions in India. UltraTech has the largest installed
cement capacity in India, 177.7 million tonne per annum (MTPA) as on March 1, 2025, and including overseas cement capacity,
its overall grey cement capacity is 183.1 MTPA. Under the ongoing capacity expansion plan, the company’s installed capacities
are expected to rise to 188.2 MTPA by FY25-end and 214.7 MTPA by FY27-end, which is likely to further aid its market position
in the medium term. Existing capacities reflect the cement capacities from both The India Cements Limited (ICL, rated CARE AAA;
Stable/CARE A1+) and KIL.
The company is undertaking second and third phase of capacity expansion which along with current inorganic acquisitions are
expected to scale up the installed capacity to 209.3 MTPA in India and 214.7 MTPA globally by FY27-end. Apart from additional
grey cement capacity, the company is expanding its green power generation capacity to around 60% of its expected power
requirements by FY27-end. Phase-III capex programme also includes installation of additional waste heat recovery system
(WHRS) of 39 MW across plants. Furthermore, the company has announced its foray in cables and wire division with capital
investment of Rs.1800 over the next two fiscal years. Current expectation of execution of cable & wire project is December 2026
with revenue largely being generated from FY28 onwards.
Ratings also draw comfort from UltraTech’s sound operating efficiencies supported by highly integrated operations with adequate
limestone reserves in its captive mines, a captive coal block, and a strong distribution network consisting of 30,000+ dealers,
89,000+ retailers and 4400+ UltraTech Building Solutions (UBS) outlets. The company has highly integrated operations, with
captive thermal power plants (TPP) of 1,120 MW, WHRS of 324 MW and renewable energy capacity (solar and wind energy) of
752 MW as well as captive limestone reserves. The presence of split grinding units (GUs) and bulk terminals have improved
efficiencies to cater to different markets in India.
Ratings also factor UltraTech’s robust financial profile, which is characterised by its healthy capital structure and strong debt
coverage indicators. Its financial profile is aided by its enhanced regional market share and ramp-up of the acquired assets in the
past. Accretion to reserves over the years have kept the company’s net worth strong. Recent spate of capex, inorganic acquisitions
and incremental working capital requirements led to increase in debt recently. However, despite this, the company’s financial risk
profile remains robust with Net Debt (Including LC acceptances and SD) to PBILDT is estimated to remain around 1.6x by FY25
ending and gradually strengthen thereafter with incremental operational efficiencies of acquired assets and limited incremental
debt. The liquidity of the company is also superior with significant generation of cashflow from operations, moderate working
capital limit utilization and healthy cash & cash equivalents plus liquid investments.
CARE however notes that despite these strengths, the company will remain exposed to cyclicality in the cement industry and
volatility in input costs and realizations.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors: Not applicable

Negative factors
• Significant debt-funded capital expenditure (capex) or acquisition plans which leads to deterioration in the net debt to profit
before interest, lease rentals, depreciation and taxation ([PBILDT] inclusive of security deposits [SD] and letter of credit
acceptances [LC]) beyond 2x on sustained basis.

Analytical Approach: Consolidated

CARE Ratings has considered a consolidated view of the parent (UltraTech) and its subsidiaries owing to significant business,
operational and financial linkages between the parent and subsidiaries. Details of subsidiaries and associates consolidated as on
December 31, 2024, are given in Annexure - 6.

Outlook: Stable
The rating outlook “Stable” indicates the expected sustenance of its market leadership in the cement business and its strong
credit metrics. The company is expected to continue growing its scale of operations supported by incremental cement capacities

1
Complete definition of ratings assigned are available at www.careedge.in and other CARE Ratings Limited’s publications.

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Press Release

at a healthy operating profitability margin. With no major incremental debt expected going forward, the company’s credit metrics
are expected to continue to remain strong.

Detailed description of key rating drivers

Key strengths
Market leader in Indian cement market supported by continuous capacity additions
UltraTech is the largest selling cement brand in India supported by its 177.7 MTPA in India as on March 1, 2025. The company
has 5.4 MTPA cement capacity overseas and is the third largest by cement capacity globally (excluding China). These capacities
are a mix of organic and inorganic assets, with key acquired assets in the recent-past being ICL – 14.45 MTPA, KIL’s cement
division – 10.8 MTPA, Jaiprakash Associates Limited – 21.2 MTPA, cement business of Century Textiles and Industries Ltd
(Century) – 14.6 MTPA and Binani Cement Limited (now known as UltraTech Nathdwara Cement Limited) - 6.25 MTPA.

The recent acquisition of ICL and KIL’s cement division along with its current capacity expansion plans is expected to position
UltraTech as the dominant player in the Indian cement market. Post the current expansion plan, the company’s capacity in India
shall increase to 209.3 MTPA in India and 214.7 MTPA overall.

The company is also leading white cement + putty player in India with capacity of 2.6 MTPA, with two manufacturing unit of
white cement and three manufacturing units of wall care production facilities.

The company’s net sales have grown at compounded annual growth rate (CAGR) of 14% in the last five fiscal years through FY24
to ₹69,810 crore. The company’s cement sales volume increased by 12.58% in FY24 year-on year (y-o-y) to 119 million tonnes
while the blended realisation remained subdued in the same period, leading to net sales growth of 12% in FY24 on y-o-y to
₹69,810 crore. The company’s net sales growth in 9MFY25 was largely flat y-oy on account of pressure on realizations. Realizations
de-grew by 6% in 9MFY25 y-o-y while sales volume grew by 7.31% during the same period.

Regionally diversified revenue streams supported by pan-India installed capacities

Cement, being a commoditised product, is significantly cost sensitive and freight/transportation cost is among major costs. Plant
location usually dictates the company’s major target geographies. UltraTech has 35 Integrated Units (34 in India and one
overseas), 34 Grinding Units (30 in India and 4 overseas), 9 Bulk Packaging Terminals – Sea + Rail (seven in India and one
overseas), 2 white cement units and 3 Putty units and 5 Jetties across India, the UAE, Bahrain, and Sri Lanka. The company has
presence in all regions, with highest in South (50.5 MTPA) post consolidating cement assets from ICL and KIL, North (34.8 MTPA),
West (32.1 MTPA), East (31.9 MTPA) and Central India (28.4 MTPA) as on March 1, 2025. The company is undertaking capacity
additions to maintain its market position in each geography under its ongoing capacity expansion plans. Major capacities are
coming up in East and South India followed by northern, central and western India.

Sound operating efficiencies supported by integrated operations

The company’s large scale of operations is supported by its internal operating efficiencies, allowing it to control costs and have a
wide market reach. The company has established captive TPP of 1120 MW, WHRS of 324 MW and renewable energy ( solar and
wind energy) of 752 MW as on December 31, 2024. This makes the company self-sufficient for a significant portion of its power
requirements with being cost effective. Furthermore, the company has also been benefitted from increasing its low-cost green
power mix to 24% in FY24, rising from 10% in FY20. It is targeting to increase green power mix to 85% by 2030 with interim
target being 60% by FY27-end. The company also has captive limestone reserves to fully meet its requirements for the long term.
The company also has split grinding units (GUs) for accessing wider market. The bulk terminals help the company service coastal
demand. This has helped the company maintain healthy operating margins in the range of 21%-26% in three fiscal years through
FY22, though moderation was observed in FY23 to 15.97% considering significant cost inflation particularly in power and fuels
costs. However, during FY24 and FY25, prices of pet coke and coal moderated leading to power and fuel cost reducing from
₹1749 per tonne in FY23 to ₹1536 per tonne in FY24. This has further dropped to ₹1366 per tonne in 9MFY25. This led to
improvement in profit before interest, lease rentals, depreciation, and taxation (PBILDT) per tonne from ₹947 in FY23 to ₹1015
in FY24. PBILDT margin was 17.24% in FY24. However, moderated realizations constrained the profitability margins as observed
in 9MFY25 with PBILDT per tonne of Rs.882.
Pet coke and coal prices continue to remain volatile and significant adverse events may lead to sharp spike in input costs. The
company is targeting cost savings of ₹200-300 per tonne in the next three fiscal years through FY27 by focussing on internal
operating efficiency. Increasing green power mix to 60% by FY27 end, higher usage of alternative fuels and raw material (AFR)
in the fuel mix for kiln, increasing clinker conversion ratio, and lower lead distance to market, among others are some of the focus
areas to achieve targeted cost reduction.
With higher push towards green power fix and further softening of fuel costs, the company is expected to improve its PBILDT per
tonne in the range of ₹1150-1250 per tonne in FY26 and further improvement is expected in the medium term.

Robust capital structure and strong debt coverage indicators

The company’s net worth stood at ₹48,448 crore as on March 31, 2024, as against ₹42,472 crore as on March 31, 2023. Continuous
robust accretion in reserves considering substantial scale of operations and above-average operating margins, led to robust net
worth. The company’s capital structure is robust as observed from overall gearing of 0.32x (0.35x) as on March 31, 2024 (2023).
This is supported by healthy cash flow from operations in the last few fiscals, which reduced reliance on debt even though the
company is undertaking significant capex programme.

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The company has been undertaking significant capacity expansion over the last few years. It has completed its phase-I capacity
expansion of 19.9 MTPA by July 2023-end. This was largely supported by its cash flow from operations (CFO). In FY23, the
company announced its Phase-2 cumulative capacity expansion of 22.6 MTPA by the mid of FY26. Phase-2 capacity expansion is
estimated at ₹12,886 crore currently. In Q3FY24, the company announced, its Phase-III capacity expansion of 21.9 MTPA. This
is also expected to be funded by its CFO, with no major new long-term debt. Apart from the ongoing capex plans, the company
has acquired majority stake in ICL which has led to significant cash outflow. The capacity expansion, both organic and inorganic
along with incremental working capital requirements due to rising scale has led to rise in net debt of the company. However,
despite these activities, the company’s net debt (including LC acceptances and security deposits) to PBILDT remains comfortable
estimated at around 1.6x by FY25 end. However, going forward no major debt funded capex is expected to leading to gradual
strengthening in debt coverage metrics. The company has announced its plan to foray into cable and wire business. However,
the capital outlay is pegged at Rs.1800 crore which is modest considering the size of the company’s networth and PBILDT
generation.
With comfortable debt position and healthy profitability, the company’s debt coverage metrics also remained strong. The interest
coverage ratio was 12.66x (12.38x) in FY24 (FY23) and net debt to PBILDT was 0.78x (0.78x) in FY24 (FY23). These metrics are
expected to remain strong in the medium term.

Key weaknesses
Cyclicality of the cement industry
The cement industry is highly cyclical and depends largely on the country’s economic growth. There is a high degree of correlation
between the GDP growth and growth in cement consumption. Cement, being a cyclical industry, goes through phases of ups and
downs, and accordingly impacts unit realisations.

Exposure to volatile input costs and price realisations

The company is exposed to commodity price risk, arising from raw material price fluctuation (gypsum, fly ash and iron slag) and
fuel (coal and pet coke). Coal (indigenous and international) is used for power generation to run its plants and fuel for kilns. In
the recent past, the cement industry witnessed significant spike in power & fuel costs; post pent-up demand for fuel post multiple
COVID-19 waves and vaccinations. Russia-Ukraine war exacerbated fuel cost in FY22 and FY23. Spike in fuel costs impacted the
profitability margins in FY22 and FY23 while subdued realizations have been the reason for moderation in profitability margins in
9MFY25. The company’s profitability will remain exposed to significant input cost volatility and cement price realisation, which
depends on each region’s demand and supply dynamics (volume growth and installed capacity) to cater to the demand in a
particular region.

Liquidity: Superior
UltraTech’s strong liquidity is supported by healthy cash and cash equivalents, significant generation of gross cash accruals (GCA)
and moderate bank limit utilisation. The company generated gross cash accrual of ₹10349 crore in FY24. The company’s
repayment obligations (excluding lease liabilities) in FY26 are around ₹528 crore and around ₹1127 crore in FY27, which can be
serviced by its internal accruals. The company had treasury surplus of ₹4101 crore as on December 31, 2024. The company has
significant cushion in its working capital limits for incremental working capital requirements and it has the capability to raise funds
from markets at competitive rates. UltraTech has robust capital structure, which provides headroom for incremental debt if
required.

Environment, social, and governance (ESG) risks: The cement sector has a significant impact on the environment
owing to higher emissions, waste generation and water consumption. This is because of energy intensive cement manufacturing
process and its high dependence on natural resources, such as limestone, coal, etc. as key raw materials. The sector has social
impact due to its nature of operations affecting local community and health hazards involved.
UltraTech has been focusing on energy management, emission reduction, raw material procurement and waste management to
reduce its ecological footprint.

Environment:
• Target of 22.2% reduction of Scope 1 gross carbon emissions for every tonne of cementitious material produced by March
31, 2030, from the levels of March 2017. Against this, till March 31, 2024, the company has reduced 16% Scope 1 gross
carbon emissions for every tonne of cementitious material produced in comparison to base year value in 2017.
• Short term target of 60% electricity by renewable energy and WHRS by FY27 out of which 24% electricity was met through
green energy in FY24. The company is targeting to increase green power mix to 85% by 2030 and 100% of its electricity
requirement through renewables sources by 2050, as part of its RE100 commitment.
• In FY24, Ultratech utilised 33.64 million tonnes of recycled and alternative raw materials in cement production, representing
20.84% of the total input materials. The company also used multiple industrial, biomass-based and municipal solid waste as
alternative fuels in its kilns and captive thermal power plants. Ultratech used 1.59 million tonnes of waste as alternative fuels
and achieved a thermal substitution rate (TSR) of 5.12% in its kilns. The company has also achieved 3.4 times plastic-
negative in its operations.
• Over 70 of company’s products are GreenPro Certified, an ecolabel accredited by the Global Ecolabeling Network (GEN).
• UltraTech has achieved its target of being 5 times water positive in FY24.
• The company has aimed to complete biodiversity assessment at all their sites by end of 2024. It has assessed 15 units and
are implementing Biodiversity Management Plans (BMPs) at these units.

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• The company has pledged to deploy 500 electric trucks and 1000 CNG/LNG in its operations by June 2025.

Social:
• The company’s lost time injury frequency rate (LTIFR) target is less than 0.25x. It was within target rate in FY23 with 0.10x
LTIFR.
• Over 5 lakh people benefitted from UltraTech’s healthcare initiative. The mobile health camps reached out to 154,312
patients, 60% of which are women.

Governance:
• The boards of directors constitute 50% of independent directors of which two are women. 30% of the board of directors are
women. The chairman and managing director are separate.

Applicable criteria
Consolidation
Definition of Default
Liquidity Analysis of Non-financial sector entities
Rating Outlook and Rating Watch
Manufacturing Companies
Financial Ratios – Non financial Sector
Short Term Instruments
Cement

About the company and industry

Industry classification
Macroeconomic indicator Sector Industry Basic industry
Commodities Construction Materials Cement & Cement Products Cement & Cement Products

UltraTech, an Aditya Birla group entity, was incorporated in August 2000. It however commenced its cement manufacturing
operations since 2004 post acquisition of the L&T Cement Ltd (a 100% subsidiary of Larsen & Toubro Ltd) by Grasim Industries
Ltd (GIL, rated CARE AAA; Stable/CARE A1+), the flagship company of the Aditya Birla group. UltraTech is the market leader in
Indian cement industry with 177.7 MPTA grey cement capacity as on March 1, 2025 with pan-India presence. UltraTech has 35
Integrated Units (34 in India and one overseas), 34 Grinding Units (30 in India and 4 overseas), 9 Bulk Packaging Terminals –
Sea + Rail (seven in India and one overseas), 2 white cement units and 3 Putty units and 5 Jetties across India, the UAE, Bahrain,
and Sri Lanka.

Brief Financials (₹ crore) -

March 31, 2023 (A) March 31, 2024 (A) 9MFY25 (UA)#
Consolidated
Total operating income 62641 70028 50897
PBILDT 10006 12074 7944
PAT 5073 7004 3994
Overall gearing (times)* 0.35 0.32 -
Interest coverage (times) 12.38 12.66 -
A: Audited UA: Unaudited; Note: these are latest available financial results
# Abridged financials. Hence, detailed items of other operating income and non-operating income are not available.
*Please note Overall gearing and Net Debt/PBILDT ratios factor in security deposits and Letter of Credit Acceptances

Status of non-cooperation with previous CRA: Not applicable

Any other information: Not applicable

Rating history for last three years: Annexure-2

Detailed explanation of covenants of rated instrument / facility: Annexure-3

Complexity level of instruments rated: Annexure-4

Lender details: Annexure-5

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Annexure-1: Details of instruments/facilities

Date of Rating
Maturity Size of the
Name of the Issuance Coupon Assigned and
ISIN Date (DD- Issue
Instrument (DD-MM- Rate (%) Rating
MM-YYYY) (₹ crore)
YYYY) Outlook
CARE AAA;
Fixed Deposit - - - - 74.00
Stable

CARE AAA;
Fund-based-
- - - - 4110.00 Stable / CARE
LT/ST
A1+
Fund-
CARE AAA;
based/Non-
- - - June 2026 8890.00 Stable / CARE
fund-based-
A1+
LT/ST

Annexure-2: Rating history for last three years

Current Ratings Rating History
Date(s) Date(s) Date(s) Date(s)
Name of the
and and and and
Sr. No. Instrument/Bank Amount
Rating(s) Rating(s) Rating(s) Rating(s)
Facilities Type Outstanding Rating
assigned assigned assigned assigned
(₹ crore)
in 2024- in 2023- in 2022- in 2021-
2025 2024 2023 2022
1)CARE
AAA;
Stable /
CARE A1+
1)CARE 1)CARE
CARE (19-Dec-
AAA; AAA;
AAA; 23)
Stable / Stable /
1 Fund-based-LT/ST LT/ST 4110.00 Stable / -
CARE A1+ CARE A1+
CARE 2)CARE
(25-Jun- (10-Mar-
A1+ AAA;
24) 23)
Stable /
CARE A1+
(21-Aug-
23)
1)CARE
AAA;
Stable /
CARE A1+
1)CARE 1)CARE
CARE (19-Dec-
AAA; AAA;
AAA; 23)
Fund-based/Non- Stable / Stable /
2 LT/ST 8890.00 Stable / -
fund-based-LT/ST CARE A1+ CARE A1+
CARE 2)CARE
(25-Jun- (10-Mar-
A1+ AAA;
24) 23)
Stable /
CARE A1+
(21-Aug-
23)
CARE
3 Fixed Deposit LT 74.00 AAA;
Stable
LT: Long term; ST: Short term; LT/ST: Long term/Short term

Annexure-3: Detailed explanation of covenants of rated instruments/facilities: Not applicable

Annexure-4: Complexity level of instruments rated

Sr. No. Name of the Instrument Complexity Level
1 Fixed Deposit Simple
2 Fund-based-LT/ST Simple

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3 Fund-based/Non-fund-based-LT/ST Simple

Annexure-5: Lender details

To view the lender wise details of bank facilities please click here

Annexure-6: List of all the entities consolidated

Sr Extent of Rationale for
Name of the entity
No consolidation consolidation
Subsidiary
1. Harish Cement Limited (Wholly owned subsidiary) Full
Bhagwati Limestone Company Private Limited (BLCPL) (Wholly owned
2. Full
subsidiary)
3. Gotan Limestone Khanij Udyog Private Limited (Wholly owned subsidiary) Full
UltraTech Cement Middle East Investments Limited (UCMEIL) (Wholly
4. Full
owned subsidiary)
5. Star Cement Co. LLC, Dubai (Subsidiary of UCMEIL) Full
6. Star Cement Co. LLC, Ras-Al-Khaimah (Subsidiary of UCMEIL) Full
7. Al Nakhla Crusher LLC, Fujairah (Subsidiary of UCMEIL) Full
8. Arabian Cement Industry LLC, Abu Dhabi (Subsidiary of UCMEIL) Full
9. UltraTech Cement Bahrain Company WLL, Bahrain (Subsidiary of UCMEIL) Full
10. Star Super Cement Industries LLC (SSCILLC) (Subsidiary of UCMEIL) Full
11. Binani Cement Tanzania Limited (Subsidiary of SSCILLC) Full
12. BC Tradelink Limited., Tanzania (Subsidiary of SSCILLC) Full
13. Binani Cement (Uganda) Limited (Subsidiary of SSCILLC) Full
Duqm Cement project International, LLC, Oman (Subsidiary of UCMEIL
14. Full
(70%))
Ras Al Khaimah Co. For White Cement and Construction Materials PSC, UAE
15. Moderate
(RAKUAE) (Associate of UCMEIL (29.79%))
16. Modern Block Factory Establishment (Wholly owned Subsidiary of RAKUAE) Moderate
17. Ras Al Khaimah Lime Co. Noora LLC (Wholly owned Subsidiary of RAKUAE) Moderate Strong operational,
18. Letein Valley Cement Limited (Wholly owned subsidiary) Full strategic, and
19. UltraTech Cement Lanka Private Limited (UCLPL) (Subsidiary (80%)) Full financial linkages.
20. Bhumi Resources PTE Limited (BHUMI) (Wholly owned subsidiary) Full
PT Anggana Energy Resources, Indonesia (Wholly owned Subsidiary of
21. Full
BHUMI)
22. The India Cements Limited (w.e.f. 24 December 2024) (Subsidiary) Full
23. Coromandel Electric Company Limited (Subsidiary of ICL) Full
24. Coromandel Travels Limited (Subsidiary of ICL) Full
25. PT. Coromandel Minerals Resources, Indonesia (Subsidiary of ICL) Full
26. Coromandel Minerals PTE Limited, Singapore Full
27. India Cements Infrastructures Limited (Subsidiary of ICL) Full
28. ICL Financial Services Limited (Subsidiary of ICL) Full
29. ICL International Limited (Subsidiary of ICL) Full
30. ICL Securities Limited (Subsidiary of ICL) Full
31. PT Adcoal Energindo, Indonesia (Subsidiary of ICL) Full
32. Raasi Minerals Pte. Ltd, Singapore (Subsidiary of ICL) Full
33. Industrial Chemicals and Monomers Limited (Subsidiary of ICL) Full
34. Trinetra Cement Limited (Subsidiary of ICL) Full
35. Coromandel Sugars Limited (Associate of ICL) Moderate
36. Raasi Cement Limited (Associate of ICL) Moderate
37. Unique Receivable Management Pvt. Limited (Associate of ICL) Moderate
38. PT Mitra Setia Tanah Bumbu, Indonesia (Associate of ICL) Moderate

39. Joint Operations

Strong operational,
40. Bhaskarpara Coal Company Limited Moderate strategic, and
financial linkages.
41. Associate
42. Madanpur (North) Coal Company Private Limited Moderate Strong operational,

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43. Aditya Birla Renewable SPV 1 Limited Moderate strategic, and

44. Aditya Birla Renewable Energy Limited Moderate financial linkages.
45. ABReL (Odisha) SPV Limited Moderate
46. ABReL (MP) Renewables Limited Moderate
47. ABReL Green Energy Limited Moderate
48. ABReL (RJ) Projects Limited Moderate

Note on complexity levels of rated instruments: CARE Ratings has classified instruments rated by it based on complexity.
Investors/market intermediaries/regulators or others are welcome to write to care@careedge.in for clarifications.

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E-mail: Bhawna.Rustagi@careedge.in

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sanction, renew, disburse, or recall the concerned bank facilities or to buy, sell, or hold any security. These ratings do not convey suitability or price for the investor.
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