1. UltraTech green power - 2.5 to 3 GW "very shortly" On track - At the Q1 FY27 call, management expected green power to reach anywhere between 2.5 to 3 gigawatts "very shortly", from a current 1,897 MW. In Q1 FY27, green power of 1,897 MW met about 47% of power needs, with 71 MW renewables and 19 MW WHRS commissioned in the quarter.
2. UltraTech EBITDA/ton - INR1,400 by Q4 FY28 On track - At the Q1 FY27 call, management reiterated the INR1,400 per ton EBITDA milestone for the January-March '28 quarter, "without any war". In Q1 FY27, operating EBITDA per ton was steady above INR1,200, against INR1,296 excluding acquired assets in Q4 FY26.
3. UltraTech net debt/EBITDA - below 1x in FY27 On track - At the Q1 FY27 call, management said it is confident the company will end this year with net debt to EBITDA below 1x, having started the year at 0.94. In Q1 FY27, net debt/EBITDA stood at 0.87x.
4. UltraTech FY27 volume growth - double-digit On track - At the Q4 FY26 call, management said it would target double-digit volume growth for fiscal '27, confirmed for grey cement at the Q1 FY27 call. In Q1 FY27, domestic volume growth was \~13.1%.
5. UltraTech dividend - INR240/share for FY26 Pending - At the Q4 FY26 call, the Board recommended a dividend of INR240 a share for fiscal '26. No evidence of shareholder approval or payment appears in the record.
6. India Cements non-core asset sales - up to INR500 cr minimum On track - At the Q3 FY26 call, management guided further non-core land parcel sale proceeds of "up to INR500 crores minimum" for India Cements. By Q3 FY26, close to INR200-250 crores had been realized from the Indonesia coal mining sale, with the disposal journey targeted for completion by Q4 '28.
7. India Cements capex program - INR1,592 cr efficiency + INR422 cr expansion On track - At the Q2 FY26 call, management guided INR422 crores for 0.24 crore tons at Chennai and Rajasthan with IRR upwards of 20%, plus an INR1,592 crore program for debottlenecking, 21 MW WHRS and 192 MW renewables, reiterated as INR1,592 crores plus INR400 crores expansion at the Q4 FY26 call. By Q3 FY26, INR601 crores were committed and INR144 crores spent; by Q1 FY27, about INR2,000 crores were being deployed.
8. UltraTech capacity - 24-24.5 crore tons by FY29 On track - At the Q2 FY26 call, management committed to a program to reach about 24-24.5 crore tons of capacity by fiscal '29, later revised to over 24.25 crore tons by fiscal '28 with 3.7 crore tons added, backed by about INR17,000 crores of capex. In Q1 FY27, total capacity was 20.55 crore tons, with around 1.2 crore tons commissioned in the quarter.
9. UltraTech FY26 capex - \~INR10,000 crores Delivered - At the Q3 FY26 call, management guided 9-month FY26 capex of INR7,000-7,200 crores plus INR2,000-2,500 crores in Q4, i.e., \~INR9,500-10,000 crores for FY26. At the Q1 FY27 call, fiscal '26 was reported completed with about INR9,500 crores deployed on the capex program.
10. UltraTech lead distance - 375 km target Delivered - At the Q3 FY26 call, management reaffirmed the lead distance target of 375 kilometers from a 400-kilometer base. Lead distance fell from 384 km in Q4 FY25 to 370 km in Q1 FY26, reached 363 km in Q3 FY26 and 367 km in Q4 FY26 - already better than the 375 km target.
11. UltraTech clinker conversion ratio - 1.54x by FY28 On track - At the Q4 FY25 call, management targeted a clinker conversion ratio of 1.54 by end of fiscal '27, later clarified as the middle of FY27-FY28 and confirmed as a fiscal '28 target. The ratio improved from 1.44 in Q4 FY25 to 1.49 in Q1 FY26, 1.48x in Q4 FY26 and 1.5 in Q1 FY27.
12. UltraTech net debt/EBITDA - below 1x by FY26 end Delivered - At the Q3 FY26 call, management guided consolidated net debt/EBITDA would reach 1x and be in 0.8-0.9x by the end of FY26. Net debt/EBITDA was 1.08x in Q3 FY26, 0.94x consolidated at Q4 FY26 and 0.87x in Q1 FY27.
13. UltraTech cost efficiency - INR300/ton by FY27, raised to >INR300 by FY28 On track - At the Q4 FY25 call, UltraTech committed to upwards of INR300 per ton in efficiency improvement by FY27, with INR86 delivered in FY25; the target was later raised to higher than INR300 by fiscal '28. INR185 per ton had been delivered by Q4 FY26, with the INR100 mark expected to be crossed in FY26.
14. Cables and wires - launch in Q3 FY27 (Oct-Dec 2026) On track - At the Q4 FY25 call, management committed to start cables and wires revenues by December '26, with the launch repeatedly reaffirmed for the October-December '26 quarter through Q1 FY27. In Q1 FY27, the facility setup was complete, trial runs commenced, approvals in place, and INR888 crores spent or committed of INR1,800 crores approved.
15. UltraTech capacity - 20 crore tons by FY26 exit Delivered - At the Q2 FY26 call, management guided that the company will exit FY26 with 20 crore tons of capacity. On the Q4 FY26 call, management confirmed UltraTech crossed 20 crore tons of cement capacity in India at the start of fiscal '27, a full year ahead of its own targets.
16. Kesoram brand transition - full rebranding by June 2026 Delivered - At the Q4 FY25 call, management said the Kesoram brand would be rebranded to UltraTech "over a period of time", with the Q2 FY26 call setting completion by end of June '26. Conversion moved from 55% in Q2 FY26 to 69% in December '25, and 100% brand migration was completed at end of March '26, ahead of schedule.
17. India Cements brand transition - 100% UltraTech by end of FY27 Delivered - At the Q4 FY25 call, management committed to converting the India Cements brand fully to UltraTech via tolling by end of fiscal '27, later tightened to "not later than June '26". Conversion moved from 31% in Q2 FY26 to 58% in December '25, and 100% brand migration was completed at end of March '26, a quarter early.
18. India Cements EBITDA/ton - INR500 in FY26, INR800 in FY27, 4-digit in FY28 On track - At the Q4 FY25 call, management targeted India Cements crossing EBITDA per ton of INR500 during FY26, INR800 in FY27 and a 4-digit mark thereafter, later restated as INR1,000 per ton by end of fiscal '28. EBITDA per ton rose from INR40 in Q4 FY25 to INR497 in Q4 FY26 (INR670 effective with tolling) and INR603 in Q1 FY27.
19. Efficiency CAPEX - Rs.500 cr over \~15 months, savings of Rs.150-175/ton Missed - At the Q4 FY24 call, management committed to a CAPEX plan of \~500 crores for efficiency improvement with company-level savings of Rs.150 to Rs.175 per ton once completed over the next \~15 months. India Cements was acquired by UltraTech in December 2024, and the program was superseded by UltraTech's INR1,592 crore initiative, with no evidence the savings target was achieved under the original plan.
20. Parli Grinding Unit sale - profit booking in Q1 FY25 Delivered - At the Q4 FY24 call, management committed that profit from the Parli Grinding Unit sale, sold for 315 crores, would be booked in Q1 FY25. In Q1 FY25, PBT was ₹78 crores after the Parli sale profit versus a loss of ₹99 crores, and the FY25 annual report confirms the divestment to UltraTech for ₹315 crores during Q1 FY25.
21. Working capital debt issue - Rs.250 cr Pending - At the Q3 FY24 call, management planned a debt issue augmenting working capital by about 250 crores, to take care of the entire next year's operation and remove the working capital overhang. No evidence in the record confirms the issue was completed; the Q4 FY24 call mentions about 700-750 crores of total outgo, of which 300 for working capital.
22. 25 MW solar power plant - Tamil Nadu, slated for Q4 FY25 Missed - At the Q3 FY24 call, management said it was putting up a 25-megawatt solar power plant in Tamil Nadu with board clearance, giving a benefit after 8 to 9 months. The FY24 annual report placed installation towards the last quarter of FY25; that deadline has long lapsed as of September 2026 with no confirmation of completion in the record, though FY26 plans show 263 MW of RE power.
23. H2 FY24 cement sales - 55-60 lakh tons Missed - At the Q2 FY24 call, management guided that the company expects to sell "around 55-60 lakh tons" of cement going forward, in H2 FY24 context. Q3 FY24 volume was 19.85 lakh tons, Q4 FY24 volumes declined \~12% year-on-year, and FY24 volume of about 9.46 million tonnes implies H2 of \~44.2 lakh tons, below the target.
24. Sankarnagar cement mill - capitalization in October 2023 Delivered - At the Q2 FY24 call, management said the Sankarnagar cement mill / vertical roller mill "will get capitalized in the month of October", after earlier guidance of completion by Q2 FY24. The FY24 annual report confirms the project was completed during the third quarter of FY24, and the Q4 FY24 call confirms capitalization in FY24.
25. Chilamkur WHRS - 8 MW completion by FY24 end Missed - At the Q1 FY24 call, management targeted \~Rs.80-90 crores of spend on the Chilamkur WHRS in FY24, to be completed before end of the financial year, after the 8 MW, \~Rs.100 crore plant was announced at the Q4 FY23 call. In Q2 FY24 the 8 MW Chilamkur unit was still work-in-progress, and the FY26 annual report lists ₹7,624.06 lakh yet to be spent as overdue CWIP.
26. FY24 debt repayment - Rs.400 cr Delivered - At the Q1 FY24 call, management guided FY23-24 current maturities of Rs.400 crores, with Rs.300 crores to be repaid between July 1, 2023 and March 31, 2024 from internal accruals, later restated as about Rs.400 crores total with Rs.200 crores done by Q2 FY24. Total debt fell from Rs.2,947 crores at Q1 FY24 end to Rs.2,693 crores at December 2023 and around Rs.2,600 crores at FY24 end, with no delay or default recorded.
27. BCG variable cost reduction - Rs.200/ton by March 2024 Partial - At the Q1 FY24 call, management committed that BCG would reduce variable cost by Rs.200 per ton without any CAPEX, with full benefit by end of March FY24, backed by a bank guarantee; this was raised to "at least Rs.250 per ton" over 10-12 months at the Q2 FY24 call. In FY24, savings of about Rs.184 per ton were achieved in three plants based on BCG suggestions.
28. Fuel cost - below Rs.2/kCal by Q2 FY24 Delivered - At the Q1 FY24 call, management guided that average fuel cost would come down below Rs.2 per kCal by next quarter, post Q2 FY24. Fuel cost was Rs.2.04 per kCal in Q2 FY24, then 1.99 in Q3 FY24 and 1.95 in Q4 FY24.
29. FY24 South volume growth - double-digit Missed - At the Q3 FY23 call, management expected FY24 volume growth in the South to remain "at around double-digit numbers", citing the pre-election year. FY24 sales volume fell to 94.57 lakh tonnes from 98.93 lakh tonnes, with Q4 FY24 company volumes down \~12% on working capital constraints while the South industry grew close to 9-10%.
30. Blended cement mix - 65% target Missed - At the Q3 FY23 call, management set a blended cement mix target of 65%, versus current 55%, with the increase to come mostly from the trade segment. Blended share moved from 55-45 in Q3 FY23 to around 60-62% in Q1 FY24, around 63% in Q3 FY24 and 62% for FY24, never reaching 65% in any disclosed quarter.
31. Plant refurbishment - Rs.1,500 cr+ variable cost reduction program Missed - At the Q3 FY23 call, management committed to a plant refurbishment program with cost "between Rs.1,500 Crores and upwards", funded without borrowing, later scaled to about Rs.600 crores over 18-20 months and then \~Rs.500 crores plus routine capex by the Q4 FY24 call. In FY24 no efficiency programs were carried out beyond BCG-led savings of about Rs.184 per ton in three plants, and the full program was not completed before UltraTech's December 2024 acquisition.
32. India Cements total capital expenditure - ₹467.68 crores over three years Missed - In the FY21 annual report, the company budgeted total capital expenditure of ₹467.68 crores over the next three years. By the Q4 FY23 call the capex estimate was about Rs.600 crores over 18-20 months, and \~Rs.350 crores aggregate by the Q1 FY24 call, with the original budget superseded by larger programs.
33. India Cements Springway Mining sale - balance ₹103 cr by December 31, 2022 Delivered - At the announcement dated 9th November 2022, the balance ₹103 crore of the ₹476.87 crore SMPL sale consideration was expected to be received by December 31, 2022. By the Q4 FY23 call, about Rs.600 crores had been received and utilized, with about Rs.3 crores pending.
34. India Cements gross debt/EBITDA - improvement expected by FY22 end Missed - At the announcement dated 25th February 2022, gross debt/EBITDA of 4.04x in FY21 was expected to improve by end of fiscal 2022, an expectation revised to elevated due to lower than expected FY22 profitability. By November 2022, net debt to PBILDT had deteriorated from 4.10x at March 31, 2021 to more than 7x as on March 31, 2022, expected to remain high as on March 31, 2023.
35. Asset monetization - surplus land sales to fund liquidity Partial - At the Q4 FY22 call, management committed to monetizing unneeded assets, mainly land, in phases at a proper price, not as a distress sale, with the Q4 FY23 call expecting about 400-500 acres of surplus land to be monetized. In H1 FY24, almost Rs.200 crores of advances were recovered and land sold, with about Rs.240 crores of extra money coming in overall, but no evidence confirms the 400-500 acre target was fully achieved.
36. Debt repayment - FY23 scheduled obligations of \~Rs.500 cr Delivered - At the Q4 FY22 call, management committed that debt repayments would be done as per schedule, with a FY23 scheduled repayment obligation of about Rs.500 crores. At the Q4 FY23 call, management committed to repay about Rs.450 crores plus interest with no default, and the FY23 annual report confirms the company met all its obligations to banks and financial institutions.
37. Price hikes - Rs.55/bag total by July 2022 Missed - At the Q4 FY22 call, management committed to executing a full Rs.55/bag price increase - Rs.20 on 1st June, Rs.15 on 15th June and Rs.20 on 1st July 2022 - stating it would adequately cover all cost increases. In April 2022 almost no increase was taken, prices stayed around Rs.300 through Q1 FY23, and October 2022 increases were zero in several regions and Rs.30-40/bag in southern states, with no evidence the full Rs.55/bag was ever realized.
38. UltraTech dividend - INR240/share for FY26 Pending - At the Q4 FY26 call, the Board recommended a dividend of INR240 a share for fiscal '26. No evidence of shareholder approval or payment appears in the record.