India Cements has released the transcript of its earnings call for the third quarter of fiscal year 2026, providing insights into the company’s performance and future outlook. The earnings call, held on January 24, 2026, discussed the unaudited financial results for the quarter and nine months ended December 31, 2025. The transcript is available on the company’s website.
Demand and Growth Drivers
The government’s focus on infrastructure is translating into a robust pipeline of new projects nationwide, with marquee investments announced across every region, translating into solid demand.
Regional Highlights
- North: Punjab is taking extensive road development initiatives, spending about INR 16,000 crores. New corridors in Delhi Metro for about INR 12,000 crores. Uttar Pradesh is developing 1,575 kilometers metro network.
- West: Maharashtra is seeing a significant pipeline of large transport and mobility projects. Mega projects like the Uttan-Virar Sea Link, about INR 58,000 crores, Mumbai Metro expansions, Pune Metro multiple lines and road concretization in Mumbai.
- South: Bangalore is undergoing a major mobility transformation with the metro network set to expand from 96 kilometers to 175 kilometers by the end of December 2027.
- East: West Bengal is planning road initiatives worth about INR 8,487 crores program, 15,000 kilometers of rural roads, 5,019 kilometers of urban roads.
Housing and Infrastructure
Low-income housing programs, affordable housing, and rural connectivity projects sustained steady demand. Infrastructure is seeing the next big wave of growth, implying more jobs, more demand for housing and social infrastructure. UltraTech is present across the country and is well-positioned to meet the demand.
Capex and Efficiency
The company is advancing its next phase of capacity expansion while ensuring every investment is backed by rigorous cost control and operational efficiency. In its fourth phase of expansion, a large part of orders has already been placed, work has already commenced, and it will be on time. Funding all growth through internal accruals, maintaining a prudent balance sheet and a healthy leverage profile.
Acquisitions and Integration
Integration of recent acquisitions is progressing very well with rapid brand transition. India Cements has already crossed 58% at the end of December 2025. Cost improvement capex programs have begun, with benefits expected in the January-March 2027 period.
Efficiency Improvements
The company continues to deliver solid and measurable results in its efficiency improvement program. The lead distance has dropped to 363 kilometers, and the clinker conversion factor has improved to 1.49.
Demand and Capacity Utilization
The company expects to operate at more than 90% of its existing installed capacity during the January-March quarter, demonstrating growth in both trade and non-trade markets. UltraTech is confident of a very bright future, with a pivotal role in building the nation’s future.
Source: BSE
