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The fairest way to compare UltraTech Cement with ACC or another cement stock is to build a quarter-by-quarter scorecard, not to rank companies by revenue alone. Put the same consolidation basis and fiscal quarter side by side, then compare year-on-year and sequential revenue, cement volume, EBITDA or PBIDT per tonne, operating margin, capacity utilisation, energy and freight costs, green-power share, capacity additions and net debt/EBITDA. Per-tonne profitability and utilisation usually tell you more about operating quality than absolute scale.
UltraTech’s Q4 FY26 results illustrate why. For the quarter ended 31 March 2026, it reported net sales of ₹25,467 crore, PBIDT of ₹5,688 crore, normalized PAT of ₹3,011 crore, operating PBIDT of ₹1,253 per tonne, a 22% operating margin and 89% capacity utilisation for India grey cement. ACC’s Q4 FY26 comparison point was ₹7,146 crore of revenue, ₹627 crore of operating EBITDA, ₹525 EBITDA per tonne, an 8.8% operating margin and approximately 80% utilisation. Those figures indicate a large difference in current per-tonne earnings, but they do not by themselves prove which stock is the better investment: accounting scope, geography, product mix, energy prices, acquisitions and new capacity must be reconciled first.
Start with a like-for-like quarterly scorecard
Choose one fiscal quarter and one reporting perimeter for every company. In India, the most useful comparison is usually the consolidated result for the same quarter, such as Q4 FY26 (the quarter ended 31 March 2026). Record whether each number is consolidated or standalone, whether it is reported or normalized, and whether the company has changed its group structure since the prior-year comparison.
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| Layer | Quarterly measures | Why it matters |
|---|---|---|
| Growth | Consolidated revenue, revenue YoY, revenue sequential change, cement volume and volume growth | Separates demand and pricing momentum from a one-quarter earnings swing |
| Profitability | EBITDA or PBIDT, EBITDA/PBIDT per tonne, operating margin | Per-tonne figures remove much of the distortion caused by different company sizes |
| Operations | Capacity utilisation, power and fuel cost, freight cost, alternative-fuel use, green-power share, commissioned capacity | Shows whether a margin is supported by structural cost advantages or temporary conditions |
| Balance sheet | Net debt/EBITDA, capex, operating cash generation and acquisition effects | Tests whether expansion and shareholder returns are financially sustainable |
Do not mix a company’s consolidated EBITDA with a peer’s standalone EBITDA, or a group-wide volume with an India-only volume. If a company reports PBIDT while another reports EBITDA, retain the labels and explain the difference; do not silently present them as identical measures.
Calculate growth in both directions
Year-on-year growth
Year-on-year (YoY) growth compares a quarter with the same quarter in the previous fiscal year and controls for monsoon, construction and festival seasonality. Use:
YoY growth (%) = (current-quarter value − year-ago value) ÷ year-ago value × 100
For UltraTech, Q4 FY26 net sales of ₹25,467 crore versus ₹22,788 crore in Q4 FY25 imply approximately 11.8% YoY growth. PBIDT rose from ₹4,721 crore to ₹5,688 crore, or approximately 20.5%, while normalized PAT increased from ₹2,484 crore to ₹3,011 crore, or approximately 21.2%. The faster growth in PBIDT than sales is an initial sign of operating leverage, but it still needs to be checked against price, mix and cost movements.
ACC’s cited Q4 FY26 data supplies the current-quarter revenue, volume and operating EBITDA, but not a Q4 FY25 comparator in the stated figures. Mark its Q4 YoY growth as “not stated” rather than manufacturing a percentage. A missing comparison is more useful to the reader when it is visibly missing.
Sequential change
Sequential change compares the current quarter with the immediately preceding quarter:
Sequential change (%) = (current quarter − previous quarter) ÷ previous quarter × 100
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UltraTech’s consolidated net sales increased from ₹21,506 crore in Q3 FY26 to ₹25,467 crore in Q4, a calculated sequential rise of approximately 18.4%. PBIDT increased from ₹4,051 crore to ₹5,688 crore, about 40.4%, and normalized PAT from ₹1,792 crore to ₹3,011 crore, about 68.0%. Operating PBIDT per tonne rose from ₹1,051 in Q3 (excluding India Cements) to ₹1,253 in Q4, approximately 19.2%.
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These sequential calculations need a scope warning. UltraTech’s Q3 FY26 release says the results were restated after the Kesoram scheme and that some year-on-year comparisons exclude India Cements and Kesoram because they were not part of UltraTech for the full prior period. Q3’s per-tonne figure also excludes India Cements, while the Q4 volume and utilisation figures cited for India grey cement include the enlarged operating base. Treat the Q3-to-Q4 movement as directional unless the exact segment and consolidation definitions match.
Use per-tonne profitability before absolute earnings
EBITDA or PBIDT per tonne
Per-tonne earnings answer the operating question that total profit cannot: how much cash operating profit is generated from each tonne sold? The basic calculation is:
EBITDA per tonne = operating EBITDA (₹ crore) × 10 ÷ cement volume (million tonnes)
The factor of 10 converts crore rupees per million tonnes into rupees per tonne. Use the company’s own disclosed per-tonne number when available, because volume definitions may differ (cement sold, grey cement only, or a broader product set).
| Q4 FY26 metric | UltraTech | ACC | Interpretation |
|---|---|---|---|
| Revenue or net sales | ₹25,467 crore net sales | ₹7,146 crore revenue | UltraTech is much larger; scale alone is not a quality verdict |
| Operating EBITDA/PBIDT | ₹5,688 crore PBIDT | ₹627 crore operating EBITDA | Different labels; keep the reported terminology |
| Per-tonne operating profit | ₹1,253 operating PBIDT per tonne | ₹525 EBITDA per tonne | The more decision-useful cross-company profitability measure, subject to scope and mix checks |
| Operating margin | 22% | 8.8% | Shows profit relative to revenue, but mix and accounting classification matter |
| Cement volume | 42.41 million tonnes India grey-cement sales volume | 11.9 million tonnes cement volume | Confirm product and geographic perimeter before ranking |
| Capacity utilisation | 89% | About 80% | Higher utilisation can lower fixed cost per tonne, but only if pricing and costs hold |
On the stated Q4 figures, UltraTech’s per-tonne operating profit is ₹728 higher than ACC’s (₹1,253 minus ₹525), or about 2.4 times ACC’s figure. This is a useful observation, not a complete investment conclusion. UltraTech’s number is PBIDT per tonne and ACC’s is EBITDA per tonne; the companies may include different businesses, geographies, depreciation-related classifications or volume definitions.
Operating margin as a cross-check
Calculate margin as operating profit divided by revenue. UltraTech’s disclosed Q4 FY26 operating margin was 22%, while ACC disclosed 8.8%. A per-tonne and margin comparison that point in the same direction is stronger than either metric alone. If they diverge, investigate premium products, non-cement revenue, freight pass-throughs or exceptional income before drawing a conclusion.
Read utilisation together with capacity additions
Utilisation is the share of available capacity used during the period. It is a demand-capture and fixed-cost measure, not a stand-alone growth score. A high rate can indicate strong dispatches and efficient asset use; a low rate can be temporary when a company has just commissioned a plant or is entering a new market.
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UltraTech reported 89% utilisation for India grey cement in Q4 FY26. ACC reported approximately 80%. The 9-percentage-point gap suggests stronger current loading for UltraTech, but compare the capacity denominator and the timing of commissioning. A plant added late in a quarter can depress utilisation mechanically even if demand is healthy.
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Separate existing-asset performance from expansion
UltraTech’s FY26 scale indicators were 145.0 million tonnes of India grey-cement volume, 200.1 MTPA of domestic grey-cement capacity after additions in April 2026, and 205.5 MTPA of global capacity including international operations. The 200.1 MTPA figure is a post-April-2026 capacity indicator, not necessarily the capacity available throughout the 31 March quarter. Keep it in an expansion column rather than using it to recalculate Q4 utilisation.
When a peer adds capacity, track three separate effects:
- Volume opportunity: the additional tonnes that can be sold as regional demand grows.
- Near-term dilution: idle or partly loaded assets can reduce utilisation and raise fixed cost per tonne.
- Funding burden: construction spending, commissioning costs and debt can weaken cash flow before earnings arrive.
Compare utilisation over at least four quarters after a commissioning event. A high utilisation rate with falling per-tonne EBITDA can indicate price competition or cost inflation; a low utilisation rate with rising per-tonne EBITDA may reflect a premium mix or temporary pricing strength.
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Power, fuel and alternative fuel
Cement is energy-intensive. Extract each company’s power-and-fuel cost per tonne, thermal substitution or alternative-fuel rate, waste-heat recovery and renewable or green-power share when disclosed. A lower energy cost can support per-tonne EBITDA even if revenue growth is modest. Conversely, a margin increase caused by a temporary fuel-price decline should not be treated as a permanent structural advantage.
Use the same basis for every company: consolidated versus standalone, cement-only versus all products, and reported versus normalized. If a release gives only a percentage change and not a rupee-per-tonne figure, record the percentage and leave the comparable rupee field as “not stated.”
Freight and distribution
Freight is affected by lead distance, rail and road mix, coastal or inland dispatches, and regional pricing. Compare freight cost per tonne where available, then map the company’s plants and markets. A producer with a high average freight bill may still earn attractive margins if it serves premium urban markets; a low freight bill can conceal weak pricing in a crowded region.
Green-power share
Green-power share is both a cost and a transition indicator. Record the percentage of electricity from renewable power, captive sources, waste-heat recovery or other lower-carbon arrangements, and note whether the figure covers the entire group or only selected plants. Do not infer a lower current cost solely from a higher green-power percentage; contracts, capital charges and regional tariffs can change the economics.
Reconcile reported, normalized and exceptional results
Before ranking companies, bridge reported profit to the operating number used in your scorecard. Identify impairment, restructuring, acquisition accounting, scheme-related items, gains on asset sales, insurance proceeds and unusual tax effects. Keep two columns:
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- Reported: the number published in the statutory or investor release.
- Normalized: the number after clearly identified one-off items are removed, with the adjustment described.
UltraTech’s Q4 FY26 normalized PAT was ₹3,011 crore. Its Q3 FY26 release notes restatement after the Kesoram scheme and warns that some prior-period comparisons exclude India Cements and Kesoram. Those qualifications belong beside the figures in the spreadsheet, not in a footnote several pages away. If a peer does not publish a normalized figure, do not create one using an unverified assumption.
Acquisitions also change the denominator. A company that acquires a business midway through the year can show apparent volume and revenue growth simply because more months are consolidated. Present organic and reported growth separately when management discloses both; otherwise label the acquisition effect as unquantified.
Check leverage, capex and cash generation
Net debt/EBITDA
Net debt/EBITDA approximates how many years of current EBITDA would be needed to repay net debt, before interest, taxes and investment. Lower leverage generally gives more room for a downturn or a capacity programme, but the ratio is sensitive to the EBITDA period used and to acquisitions.
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UltraTech reported net debt/EBITDA of 0.94x at 31 March 2026. Compare this with each peer’s period-end ratio using the same trailing or annualized EBITDA convention. Do not compare UltraTech’s year-end ratio with a peer’s quarterly annualized ratio without labeling the mismatch.
Capex intensity and cash conversion
Track capex as a percentage of revenue and as rupees per tonne of installed capacity. Then compare operating cash flow with EBITDA. A company can post excellent EBITDA per tonne while consuming cash because inventories, receivables, interest or expansion spending are rising. Capacity growth is valuable only when the balance sheet can carry the construction period and the new assets can reach economic utilisation.
Account for portfolio and geography
Per-tonne figures are not interchangeable when product mix differs. Record the share of premium or blended cement, ready-mix concrete, white cement, building products and other businesses. Premium products can lift EBITDA per tonne; a commodity-heavy regional mix may have lower margins but stronger volume resilience.
Also capture trade versus non-trade sales, regional exposure and dealer concentration. Cement prices and freight can move in opposite directions across India. A company concentrated in one state may outperform in one quarter because of local infrastructure work and underperform when rains or a new competitor changes the market. UltraTech’s global capacity figure includes international operations, while the cited Q4 volume and utilisation are India grey-cement measures; do not combine those columns.
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- Fix the period: use the same fiscal quarter, such as Q4 FY26 ended 31 March 2026, for every company.
- Fix the perimeter: choose consolidated or standalone and document whether subsidiaries, acquisitions and schemes are included.
- Enter reported data: revenue, cement volume, operating EBITDA or PBIDT, per-tonne profit, margin, utilisation, debt and capex.
- Enter prior periods: add the year-ago quarter and immediately preceding quarter, retaining “not stated” where a company has not disclosed a comparable value.
- Normalize carefully: list one-off items and restatements in a separate adjustment column rather than overwriting reported results.
- Calculate ratios: revenue growth, volume growth, sequential changes, margin, per-tonne profit, net debt/EBITDA and capex intensity.
- Annotate operating drivers: price, mix, energy, freight, alternative fuel, green power, regional demand and commissioning dates.
- Score trends, not one quarter: review at least four quarters and mark each metric as improving, stable or deteriorating.
- Recheck the filing: update the scorecard when the next exchange filing or investor release changes a figure, segment definition or corporate structure.
How to interpret common combinations
High utilisation and low EBITDA per tonne
This combination can mean the company is filling plants by cutting prices, absorbing high fuel or freight costs, or selling a less profitable mix. Check realization per tonne and cost per tonne before calling high utilisation a strength.
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Low utilisation and high EBITDA per tonne
Possible explanations include premium products, favorable regional pricing, unusually low fuel costs or a newly commissioned plant whose fixed costs have not yet been spread across full capacity. Test whether the per-tonne result persists for several quarters.
Revenue growth but flat volume
Pricing or mix is doing the work. That can be positive if price increases stick, but it can reverse if competitors add capacity or demand weakens.
Volume growth but falling margin
Demand may be healthy while the company sacrifices price, enters a distant market, faces fuel inflation or adds capacity faster than it can load. Look at freight, energy and regional realization.
UltraTech and ACC: what the FY26 snapshot says
| FY26 or Q4 FY26 measure | UltraTech | ACC | Use in analysis |
|---|---|---|---|
| Q4 cement volume | 42.41 million tonnes India grey-cement sales volume | 11.9 million tonnes | Compare only after confirming the geographic and product scope |
| Q4 revenue/net sales | ₹25,467 crore net sales | ₹7,146 crore revenue | Scale context, not a quality ranking |
| Q4 operating profit | ₹5,688 crore PBIDT | ₹627 crore operating EBITDA | Keep PBIDT and EBITDA labels visible |
| Q4 per-tonne profit | ₹1,253 operating PBIDT per tonne | ₹525 EBITDA per tonne | Most useful first-pass profitability comparison, subject to normalization |
| Q4 operating margin | 22% | 8.8% | Cross-check against per-tonne results |
| Q4 utilisation | 89% | About 80% | Assess with commissioning and regional demand |
| FY26 volume | 145.0 million tonnes India grey-cement volume | 43.9 million tonnes | Annual scale; do not substitute for quarterly trend |
| FY26 revenue | not stated in the cited figures | ₹25,962 crore | Do not infer a missing UltraTech annual number from quarterly data |
| FY26 operating EBITDA/PBIDT | not stated in the cited figures | ₹2,950 crore operating EBITDA | ACC’s annual EBITDA per tonne was ₹672 |
| FY26 per-tonne profit | not stated in the cited figures | ₹672 EBITDA per tonne | ACC’s annual average exceeds its Q4 ₹525, showing quarterly mix and seasonality matter |
| Period-end net debt/EBITDA | 0.94x at 31 March 2026 | not stated in the cited figures | Use the same date and convention for peers |
ACC’s Q4 EBITDA per tonne of ₹525 was ₹147, or about 21.9%, below its FY26 average of ₹672. That gap is a reminder not to annualize one quarter without checking seasonality, pricing and cost movement. ACC Whole-Time Director and CEO Vinod Bahety attributed the quarter’s performance to brand penetration and disciplined execution amid global volatility and energy-cost pressure; management commentary is useful context, but the reported metrics remain the basis for the scorecard.
Build a decision rule without hiding uncertainty
A simple ranking can assign equal weight to four areas: two-year or four-quarter per-tonne profitability trend, volume and revenue growth, utilisation adjusted for new capacity, and balance-sheet resilience. Add a separate cost score for power, fuel, freight and green-power progress. Do not award a point when the underlying value is not comparable; mark it unresolved and explain why.
For a stock decision, require the operating thesis to survive three tests: the margin advantage remains after normalizing one-offs; volume growth does not depend solely on newly acquired tonnes; and expansion does not push leverage or cash burn beyond the company’s stated tolerance. A single quarter can identify a change that deserves investigation, but a run of comparable quarters is what establishes a durable advantage.
Quarterly checklist
- Same quarter, fiscal year and consolidation basis?
- Revenue and volume shown both YoY and sequentially?
- EBITDA/PBIDT per tonne calculated on the same volume definition?
- Reported and normalized results separated?
- Acquisitions, scheme restatements and exceptional items flagged?
- Utilisation denominator adjusted for plants commissioned during the period?
- Power, fuel, freight, alternative-fuel and green-power data captured?
- Premium mix, trade mix and geography recorded?
- Net debt/EBITDA, capex and cash generation checked?
- Latest exchange filing reviewed before acting on the comparison?
The FY26 snapshot places UltraTech ahead of ACC on the stated Q4 per-tonne operating profit, margin and utilisation measures, while also showing why scale must be separated from economics. The defensible conclusion is not that one stock always wins; it is that a repeatable, scope-matched quarterly scorecard can reveal whether a lead comes from pricing, mix, cost, utilisation, financial structure or a temporary reporting effect.
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