Credit rating by CARE Ratings Limited
RATING
▲ Positive Development
LOW RISK
📅 Filed on BSE: 24 Jul 2026, 03:14 PM IST · BSE ID: 4921f81a-9e53-45da-87d9-74f8211738ad
View Original BSE Filing (PDF)
💡
In Simple Terms
The company's new debt and existing loans received top credit ratings, reflecting its strong financial health and market position.
🤖 AI Summary
- UltraTech Cement's proposed INR 5,000 crore NCDs assigned 'CARE AAA; Stable' rating.
- Existing INR 17,100 crore bank facilities reaffirmed at 'CARE AAA; Stable/ CARE A1+'.
- Ratings acknowledge strong market leadership and India's largest installed cement capacity.
- Company plans capacity expansion to over 242.5 MTPA by FY28-end.
- Robust financial profile cited, with net debt/PBILDT at 1.38x as of March 31, 2026.
🔢 Key Numbers — exact figures from BSE filing, not rounded
Proposed Non-convertible Debentures Amount
5,000.00 crore
Existing Bank Facilities Amount
17,100.00 crore
Long-term / Short-term bank facilities
14,700.00 crore
Long-term bank facilities
2,400.00 crore
Installed Cement Capacity
200.1 million tonnes per annum (MTPA)
Projected Cement Capacity by FY28-end
over 242.5 MTPA
Net debt to PBILDT (as of March 31, 2026)
1.38x
Net debt to PBILDT (as of March 31, 2025)
1.89x
🏢 How This Affects the Company
The highest credit ratings support the company's ability to access debt financing at favorable terms for its ongoing and future expansion plans.
This reaffirms UltraTech's strong financial health, with leverage expected to remain comfortable, supported by healthy profitability and internal accruals.
Capacity expansion plans of ~37 MTPA by FY28-end are supported by these ratings, reinforcing market leadership.
While ratings reflect strengths, the company remains exposed to industry cyclicality and input cost volatility, which are key monitorables.
👥 What This Means For Shareholders
✅
Action Required
No immediate action is required by shareholders based on this credit rating update.
👤
Who Is Affected
All shareholders are indirectly affected as strong credit ratings facilitate favorable debt financing, supporting the company's growth and financial stability.
🔍
Management Signal
Management's proactive engagement with rating agencies and successful securing of top ratings signals confidence in the company's financial strategy and operational execution.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
Follow-up announcements on debt issuance details for INR 5,000 crore NCDs.
Q2 FY27 results release for updated financial performance metrics.
Updates on capacity expansion progress to over 242.5 MTPA by FY28.
LOW RISK
Top-tier credit ratings reflect a strong financial profile and market position.
💡 Investor Takeaway
UltraTech Cement's proposed INR 5,000 crore NCDs received 'CARE AAA; Stable' rating. Existing bank facilities reaffirmed at 'CARE AAA; Stable/ CARE A1+'. Net debt/PBILDT stood at 1.38x as of March 31, 2026.
⚖️ Strengths & Concerns
✅ Positives
- Strong market leadership with India's largest installed cement capacity of 200.1 million tonnes per annum (MTPA) as of April 2026.
- Robust financial profile includes net debt/PBILDT at 1.38x as of March 31, 2026, down from 1.89x in the prior year.
⚠️ Concerns
- Exposure to cyclicality in the cement industry and volatility in input costs and realisations remains a key concern.
- Geopolitical tensions may lead to volatility in pet coke prices, potentially impacting operating costs.
📅 Company Track Record
In June 2026, CARE Ratings reaffirmed 'CARE AAA; Stable' on INR 17,100 crore bank facilities. In April 2026, CARE Ratings had also reaffirmed 'AAA/Stable' on bank facilities and projected net debt/PBILDT to improve to 1.3x in FY26.
Based on publicly available historical data. For context only.
❓ Frequently Asked Questions
What credit rating did CARE Ratings assign to UltraTech Cement's proposed NCDs?
CARE Ratings assigned 'CARE AAA; Stable' rating to UltraTech Cement's proposed issue of non-convertible debentures worth INR 5,000 crore.
What rating did CARE Ratings reaffirm for UltraTech Cement's bank facilities?
CARE Ratings reaffirmed its ratings of 'CARE AAA; Stable/ CARE A1+' on UltraTech Cement's bank facilities totaling INR 17,100 crore.
What was UltraTech Cement's net debt to PBILDT ratio as of March 31, 2026?
UltraTech Cement's net debt to PBILDT, including LCs and SDs, improved to 1.38x as of March 31, 2026.
What is UltraTech Cement's current installed cement capacity?
UltraTech Cement has the largest installed cement capacity in India at 200.1 million tonnes per annum (MTPA) as of April 2026.
Questions based on this BSE filing only. For information purposes.