UltraTech Cement Crosses 200 MTPA with 3 New Plants; Can It Compete with China’s CNBM?

Synopsis: – On April 17, 2026, UltraTech Cement commissioned three new grinding units to cross 200 MTPA, becoming the world’s largest cement company outside China. Only state-backed CNBM, at 530 MTPA, stands ahead. With a ₹16,000 crore expansion already in motion toward 240 MTPA, UltraTech isn’t slowing down.

Shares of India’s largest cement manufacturer came into focus on April 20, 2026, after the Aditya Birla Group flagship announced the commissioning of three grinding units with a combined capacity of 8.7 MTPA, a disclosure filed simultaneously with BSE and NSE on the same day. The event pushed the company’s India capacity past the 200 MTPA threshold, a milestone no cement producer outside China has previously reached.

With a market capitalization of Rs. 350,255 crore, the shares of UltraTech Cement were trading at Rs. 11,898 per share as of April 20th  with a 52-week range of Rs. 13,110.35 to Rs. 10,325. It is trading at a P/E of 45.7.

The 200 MTPA Milestone

The three newly commissioned plants located in Shahjahanpur (Uttar Pradesh), Patratu (Jharkhand), and Vizag (Andhra Pradesh) bring UltraTech’s India tally to 200.1 MTPA and its consolidated global capacity to 205.5 MTPA, with the remaining 5.4 MTPA contributed by operations in the UAE, Bahrain, and Sri Lanka. 

The geographic spread of the new units is deliberate: North India’s construction pipeline, Jharkhand’s heavy industrial activity, and Andhra Pradesh’s urbanizing coastline each represent distinct demand pools. The pace of getting here is worth noting. It took UltraTech 36 years to hit 100 MTPA; that milestone came in 2019. The next 100 MTPA followed in under seven years, a compression in timeline that reflects both internal execution and a sustained infrastructure spending cycle from the government.

The China Gap and What 240 MTPA Means

China National Building Material Group (CNBM), the world’s largest cement producer by capacity, commands 530 million tonnes per annum globally, more than 2.5 times UltraTech’s current consolidated capacity of 205.5 MTPA. That gap will not close soon. Projects currently underway, backed by a capex outlay exceeding Rs. 16,000 crore, are expected to push the company’s consolidated capacity to over 240 MTPA. At that scale, the gap with CNBM narrows to roughly 290 MTPA, still wide, but the direction of travel is clear.

Business Overview

UltraTech Cement Limited, incorporated in 2000 and part of the Aditya Birla Group, is India’s largest cement manufacturer with a strong pan-India presence and international operations in the UAE, Bahrain, and Sri Lanka. The company operates an integrated business model across grey cement, white cement, ready-mix concrete (RMC), and construction chemicals, catering to housing, infrastructure, and commercial segments. Its RMC network spans 425 plants across 163 cities, reflecting deep urban penetration.

For Q3 FY26, the company reported revenue from operations of Rs. 21,506 crore, EBITDA of Rs. 4,051 crore, and PAT of Rs. 1,725 crore. The business is supported by a diversified sales mix across trade and non-trade channels, with strong infrastructure demand across regions. 

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