New Delhi, Jan. 27 -- Cement pricing disappointed in the December quarter (Q3FY26), but UltraTech Cement Ltd still delivered a comfortable earnings beat. Consolidated Ebitda jumped 36% year-on-year to Rs.3,916 crore, ahead of consensus, even as grey cement realizations fell about 6%. Strong volume growth and lower costs lifted Ebitda per tonne to Rs.1,007 from Rs.856 a year ago.

The driver was scale and cost discipline. Cement volumes rose 15% sequentially to 38.9 million tonnes, including contributions from India Cements and Kesoram, signalling market share gains. At the same time, UltraTech is becoming less sensitive to pricing swings as costs decline. Of the planned Rs.300-350 per tonne savings over time, about Rs.86 per tonne was del...