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UltraTech’s reported FY25 Indian capacity shows its scale, but the available figures do not establish that it is more profitable, less risky, or better valued than Shree Cement. The latest figures cited here also cover different periods: UltraTech has FY26 annual results, while the available Shree disclosure is a Q1 FY26 announcement. A fair comparison must match the year, geography, reporting scope, and metric.

What the latest figures do—and do not—show

The figures below are useful reference points, not a same-period league table. UltraTech’s FY25 and FY26 financial results are company-reported annual figures; its capacity and production figures are for India in FY25. Shree’s cited results page includes an announcement for the quarter ended 30 June 2025, not matching full-year FY26 results.

Company and period Geography and measure Reported figures How to read them
UltraTech, FY25 India; installed capacity, production and utilisation 183.36 MTPA installed capacity; 127.44 million tonnes produced; 78% utilisation Company-reported FY25 measures, not a current capacity snapshot. Capacity is not the same as production or sales. UltraTech FY25 annual report filed with NSE
UltraTech, FY25 Annual financial results; consolidated Net sales ₹74,936 crore; PBIDT ₹13,302 crore; PAT excluding exceptional items ₹6,115 crore Keep the period and treatment of exceptional items attached to the figures. UltraTech FY25 results
UltraTech, Q4 FY25 Operating EBITDA per tonne ₹1,270 per tonne, excluding acquired assets A period-specific company measure. Compare it with another company only after matching the quarter or year, acquired-asset treatment and denominator. UltraTech Q4 FY25 results
UltraTech, FY26 Annual financial results Net sales ₹87,384 crore; PBIDT ₹17,598 crore; PAT excluding exceptional items ₹8,305 crore The year ended 31 March 2026. These newer figures cannot be ranked against Shree’s older or quarterly figures as though periods matched. UltraTech Q4 FY26 results
Shree Cement, Q1 FY26 Quarter ended 30 June 2025 The cited page lists the results announcement and describes year-on-year improvement in profit and EBITDA; matched full-year figures are not provided here. Use the dated release for the quarter’s actual reported values; do not treat the announcement as a full-year comparison. Shree Cement press releases

PBIDT means profit before depreciation, interest and tax. It is a reported earnings measure, not a substitute for checking how each company defines EBITDA, what operations are included, or whether exceptional items have been excluded.

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How to compare Shree Cement and UltraTech fairly

Start with disclosures for the same fiscal year and the same reporting basis—consolidated or standalone. Then compare like with like across operating scale, earnings, financial position and valuation. A capacity number by itself cannot answer which business has stronger economics.

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Scale and utilisation

Check whether capacity and output refer to India or worldwide operations, and whether the figure covers grey cement only or includes other cement businesses. Distinguish year-end installed capacity from average capacity during the year, and check whether recently commissioned or acquired plants are included. Utilisation is meaningful only when the numerator, denominator and company methodology are aligned; shutdowns and newly commissioned plants can affect it.

Profitability and cost per tonne

For financial performance, align revenue, EBITDA or PBIDT, margins and profit after tax to the same period and reporting scope. Check the treatment of exceptional items and acquired operations. Per-tonne earnings can help explain operating economics, but only when both companies use comparable cost and volume denominators. For costs, compare the same categories—such as fuel, power and freight—on the same geographic and accounting basis.

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Balance sheet and returns

Compare net debt, leverage, interest burden and capital employed at the same balance-sheet date. Verify how leases and acquisitions are treated. Returns measures also need a consistent definition of capital employed and earnings; a larger producer is not automatically a higher-return business.

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Footprint, product mix and sustainability

Plant and grinding locations, distribution reach and product mix help explain where companies can serve customers, but capacity alone does not establish local availability or brand preference. Sustainability comparisons likewise require the same reporting year, organisational boundary, unit and denominator. The companies publish sustainability materials, but the cited sources do not establish matched current emissions or energy figures: Shree Cement sustainability reports and UltraTech sustainability.

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Valuation

A stock comparison needs market capitalisation and valuation multiples measured on the same date, with a consistent share-price basis and earnings period. Adjust for exceptional items where relevant. Without that matched, dated comparison, the operating figures above do not support a claim that either company’s shares are more attractive.

What the sector context adds

UltraTech’s FY25 Integrated and Sustainability Report estimates Indian installed cement capacity at 655 million tonnes as of 31 March 2025 and says nearly 30 million tonnes of capacity was added during FY25. These are figures attributed to the company’s industry estimate, not presented as an independently verified government count. They put UltraTech’s reported India capacity in a fast-expanding national market; they do not establish demand, pricing power or the economics of any individual producer. UltraTech Integrated and Sustainability Report 2024–25.

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How to use Shree Cement’s older comparison table

Shree Cement’s investor page displays comparative figures labeled 2022–23, including capacity, power capacity, revenue, EBITDA, profit, net worth and market capitalisation. That table can provide historical context, but its date label matters: it should not be presented as current or compared directly with UltraTech’s FY25 or FY26 figures. For newer Shree numbers, use a dated annual report or results release and match its period and scope to UltraTech’s disclosure. Shree Cement investor relations.

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Can the available figures rank all Indian cement companies?

No. The evidence here supports context about UltraTech and guidance for comparing Shree, but it does not provide matched, current annual metrics for other Indian producers. A reliable ranking would require comparable disclosures for each company and a stated criterion—such as capacity, profitability, leverage, returns or valuation. Those criteria can produce different rankings, so there is no defensible single “best” company based on capacity alone.

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