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📋 Filing Types Available on ForgeUp Filings Sourced from BSE corporate announcements (equity segment). Companies covered are BSE-listed and most are also listed on NSE. We show only material filings.
Financial Results Orders Dividend Buyback Merger / Acquisition Board Meeting Outcome Fundraise (QIP / Rights / FPO) Regulatory / Court Order Credit Rating Change Promoter Pledge Update Management Change Joint Venture / MOU Delisting Bonus Shares Stock Split
Data sourced from BSE India corporate announcements. More categories will be added over time.
UltraTech Cement Ltd

UltraTech Cement: Crisil assigns AAA rating to Rs. 2,000 crore NCDs

RATING ▲ Positive Development LOW RISK
📅 Filed on BSE: 23 Jul 2026, 06:44 PM IST  ·  BSE ID: 720e80c8-0e7f-4ef7-a56c-34464a6d97f0
View Original BSE Filing (PDF)
💡
In Simple Terms
The company's new bonds received the highest possible credit rating, indicating very low risk for investors.
🤖 AI Summary
  • Crisil assigned 'Crisil AAA/Stable' to Rs. 2,000 crore Non-convertible debentures.
  • Existing debt instruments and bank loan facilities reaffirmed 'Crisil AAA/Stable/Crisil A1+'.
  • Ratings reflect strong business risk, largest Indian cement player status.
  • Company's net debt to EBITDA improved to 1.1 times in fiscal 2026.
🔢 Key Numbers — exact figures from BSE filing, not rounded
Non-convertible debentures rated
Rs. 2,000 crore
Existing debt instruments and bank loan facilities rating
Crisil AAA/Stable/Crisil A1+
Net debt to EBITDA (fiscal 2026)
1.1 times
Net debt to EBITDA (fiscal 2025)
1.5 times
Consolidated grey cement capacity (June 30, 2026)
205.5 mtpa
🏢 How This Affects the Company
📈
Business Impact
The highest credit rating supports the company's ability to raise debt at favourable terms for future growth initiatives.
💰
Financial Impact
The assigned and reaffirmed ratings indicate a strong financial risk profile, with net debt to EBITDA improving to 1.1 times in fiscal 2026.
⚠️
Risk Impact
The ratings acknowledge the company's established market position and financial strength, while noting susceptibility to input cost volatility.
👥 What This Means For Shareholders
✅
Action Required
No action is required from shareholders regarding this credit rating update.
👤
Who Is Affected
All shareholders are indirectly affected as highest credit ratings can lower borrowing costs, potentially improving future profitability.
🔍
Management Signal
Management's focus on maintaining a strong financial risk profile is reiterated through these credit ratings.

For information only. Not investment advice. ForgeUp is not SEBI-registered.

👁 Watch List — track these upcoming events
Future commentary on debt-funded capex or acquisitions.
Fiscal 2027 financial results disclosure.
Updates on planned ~37 mtpa capacity addition.
LOW RISK Highest credit ratings assigned by a reputable agency indicate minimal credit risk.
💡 Investor Takeaway
UltraTech Cement's Rs. 2,000 crore NCDs received 'Crisil AAA/Stable' rating. Existing debt also reaffirmed 'Crisil AAA/Stable/Crisil A1+'. Net debt/EBITDA improved to 1.1x in FY26.
⚖️ Strengths & Concerns

✅ Positives

  • Assigned 'Crisil AAA/Stable' to Rs. 2,000 crore Non-convertible debentures.
  • Net debt to EBITDA improved to 1.1 times in fiscal 2026 from 1.5 times in fiscal 2025.

⚠️ Concerns

  • Susceptibility to volatility in input cost and realization.
  • Commoditised and cyclical nature of the cement industry.
📅 Company Track Record
UltraTech Cement previously had Rs. 17,100 crore bank facilities rated 'CARE AAA' by CARE Ratings in June 2026 and April 2026.

Based on publicly available historical data. For context only.

❓ Frequently Asked Questions
What credit rating did Crisil assign to UltraTech Cement's Non-convertible debentures?
Crisil Ratings assigned its ‘Crisil AAA/Stable’ rating to Rs. 2,000 crore of UltraTech Cement's Non-convertible debentures.
What is the reaffirmation rating for UltraTech Cement's existing debt instruments and bank loan facilities?
Crisil Ratings reaffirmed its ‘Crisil AAA/Stable/Crisil A1+’ ratings on the existing debt instruments and bank loan facilities of UltraTech Cement.
What was UltraTech Cement's net debt to EBITDA ratio in fiscal 2026?
UltraTech Cement's net debt to EBITDA ratio improved to 1.1 times in fiscal 2026.
What was UltraTech Cement's net debt to EBITDA ratio in fiscal 2025?
UltraTech Cement's net debt to EBITDA ratio was 1.5 times in fiscal 2025.

Questions based on this BSE filing only. For information purposes.

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⚠️ For Information Only — Not Investment Advice
ForgeUp Filings provides AI-generated summaries of public BSE exchange announcements (equity segment) for informational purposes only. Nothing here constitutes investment advice or a recommendation to buy, sell, or hold any security. ForgeUp is not a SEBI-registered investment advisor. All financial numbers are sourced directly from BSE filings and shown as-is. Past data is historical only. Please consult a qualified financial advisor before making investment decisions. Data sourced from BSE India public disclosures.
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