Guidance ledger · Q4 FY26

UltraTech Cement Limited ULTRACEMCO

3 revisions on record · 0 lowered · 3 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↑ raised Efficiency improvement program target Q3 FY26 → Q4 FY26

~~INR300 per ton committed~~ → Higher than INR300 per ton by FY28

“we will deliver higher than INR300 is what we're looking at. So yes, we are looking at a number higher than INR300 per ton.”

↑ raised Volume growth target FY27 Q3 FY26 → Q4 FY26

~~7% to 8% sustainable long-term~~ → Double-digit UltraTech growth target for FY27

“We would target double-digit growth.”

↑ raised Shareholder returns / dividend payout Q3 FY26 → Q4 FY26

~~No dividend commitment~~ → INR240 per share declared; payout trajectory 10% to 37% of profits

“has recommended a dividend of INR240 a share for fiscal '26.”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.