Crisil Ratings has assigned its ‘Crisil AAA/Stable‘ rating to UltraTech Cement’s ₹250 crore Non-Convertible Debentures. The agency also reaffirmed the company’s ‘Crisil AAA/Stable/Crisil A1+‘ ratings on existing debt instruments and bank facilities. This reflects UltraTech’s robust business risk profile, largest market share in the Indian cement industry, and strong financial standing.
UltraTech Cement Secures Top Credit Ratings
UltraTech Cement Limited has received a significant endorsement of its financial strength, with Crisil Ratings assigning its highest credit rating of ‘Crisil AAA/Stable‘ to the company’s proposed issuance of ₹250 crore in Non-Convertible Debentures (NCDs). In addition to this new rating, Crisil has also reaffirmed the existing ‘Crisil AAA/Stable/Crisil A1+‘ ratings assigned to UltraTech’s other debt instruments and bank loan facilities.
Strengths Underpinning Ratings
The ‘Crisil AAA/Stable‘ rating signifies the highest degree of safety regarding timely payment of debt obligations. This assessment is underpinned by UltraTech Cement’s well-established position as the largest player in the Indian cement industry, supported by its extensive multi-regional presence and efficient operations. The company’s strong financial risk profile further bolsters these ratings, although Crisil notes susceptibility to input cost volatility and the cyclical nature of the cement sector.
Looking ahead, Crisil will monitor any substantial debt-funded capital expenditures or acquisitions that could impact the company’s financial risk profile. The agency highlighted UltraTech’s strong operating performance, with a significant increase in Ebitda per tonne in fiscal 2026, driven by price improvements and cost-saving initiatives. The company’s ongoing capacity expansion, including acquisitions and organic growth, is also a key factor in its credit assessment.
Source: BSE
