THE PAST FEW YEARS have truly tested the resilience of UltraTech Cement and its managing director, K.C. Jhanwar. The industry environment shifted faster than anyone could have anticipated — from price pressures and fuel volatility to a dramatically changing operating landscape. Yet, Jhanwar turned every challenge into an opportunity to learn, adapt, and emerge stronger.

“The last fiscal was one of the toughest periods, when cement prices softened even as input costs stayed high. It would have been easy to focus on short-term fixes, but we chose a different path,” recalls Jhanwar. He concentrated on improving operating efficiency and defending market position through stronger customer engagement. The focus helped UltraTech, which is a part of the Aditya Birla Group, achieve higher-than-industry capacity utilisation, and the company’s brand equity and extensive market reach ensured steady volumes and a resilient product mix despite the pricing environment. “It reaffirmed our belief that scale combined with speed is the key enabler in the challenging market context,” says Jhanwar.

Another major challenge was managing sharp fluctuations in fuel and freight costs. Energy prices swung unpredictably, but the team responded with remarkable agility, says Jhanwar. “We improved procurement efficiency through high-level engagement with key suppliers, and shortened logistics lead distances through better route planning and the use of rail and coastal shipping. These measures helped us manage cost volatility and strengthened long-term competitiveness.”

Amid these turbulences, UltraTech faced its most demanding task — the integration of the acquired entities, Kesoram and India Cements, within tight timelines. “Bringing in two legacy organisations, aligning processes, and uniting people under one culture required both speed and sensitivity. We developed a 100-day integration roadmap focussed on stabilising operations first and unlocking synergies after. Within months, both assets were running smoothly and contributing to performance,” says Jhanwar.

Thanks to Jhanwar’s unwavering focus, UltraTech’s net sales hit ₹75,955 crore, compared with ₹70,908 crore, according to database provider Capitaline. Average Ebitda margin stood at 16.39% at the end of FY25. Net profit, however, dipped to ₹6,039 crore in FY25, from ₹7,005 crore in FY24.

With agility firmly in place, Jhanwar is now preparing to achieve the next milestone — 200 million tonnes per year (MTPA) of grey cement capacity. “It took UltraTech nearly 35 years to reach 100 MTPA, and just five years to move from 100 to 150 MTPA. Today, our capacity stands at 192.26 MTPA, making us the world’s second-largest cement company by capacity, outside China. We remain firmly on track to cross 200 MTPA in FY26,” he says.

Over the past three years, under Jhanwar’s leadership, UltraTech has undergone one of the most dynamic phases in the company’s history. Its approach to growth has been both disciplined and forward-looking — anchored in profitability, sustainability, and technological advancement. Jhanwar has steered UltraTech with a clear focus on long-term value creation while keeping sustainability at the core. The company’s recent performance reflects this strategy. In FY25 alone, UltraTech added a record-breaking 42.6 MTPA of grey cement capacity, bolstered by the acquisitions of India Cements and Kesoram Cement, which together contributed 25.2 million tonnes (MT). Both acquisitions were integrated within 100 days — a feat achieved through a structured roadmap emphasising people integration, operational excellence, and fiscal discipline.

Besides strengthening its core business, UltraTech has also scaled up its presence in emerging segments such as ready-mix concrete (RMC) and speciality building products. With 400 RMC plants across 160-plus cities, the company is positioning itself as a comprehensive building solutions provider. Its robust logistics backbone — enhanced through real-time digital tools, electric vehicle deployment, and the innovative use of coastal and inland waterways — ensures UltraTech’s reach extends to every corner of the country.

“We have pioneered several innovative logistics initiatives for the industry. We are the first to deploy EV trucks at scale for commercial product transport. We’ve also led the use of coastal and inland waterways for raw material movement. More recently, we partnered with CONCOR (Container Corp. of India Ltd) to strengthen green logistics through rail-based bulk cement transport using specialised tank containers,” Jhanwar notes.

Digitisation has become central to UltraTech’s competitiveness. The company’s “Utec by UltraTech” platform integrates physical and digital customer touchpoints, offering end-to-end construction solutions. This “phygital” ecosystem reflects the company’s ambition to expand its share in what Jhanwar describes as the “construction wallet”.

Sustainability runs through every layer of UltraTech’s operations. By FY25, UltraTech had reduced its net carbon emissions to 549 kg per tonne of cementitious material, from 632 kg in 2017. Its circular economy efforts resulted in the use of 44 million tonnes of alternative and recycled materials, while its water stewardship initiatives have made it nearly five times water positive. It aims to source 85% of its power from green energy by 2030.

In line with its net-zero 2050 goal, UltraTech became the first in India’s industrial sector to surpass 1GW (gigawatt) of renewable capacity. Around 1,557MW (megawatt) of green power now meets 40.5% of its energy needs.

Looking ahead, the blueprint for 2030 revolves around disciplined growth and a deepening role in India’s infrastructure story. The company has earmarked ₹9,000-10,000 crore for FY26 towards capacity expansion, logistics efficiency, and sustainability initiatives. Over the next five years, its strategy will centre on three pillars — expanding and deepening its manufacturing footprint and market reach, accelerating sustainability across operations, and driving customer-centric innovation, says Jhanwar. “We plan to scale our footprint for better customer service and lower carbon intensity. In parallel, we’ll continue investing in increasing the share of green energy and leverage digital technologies to make operations smarter and more efficient.”

Jhanwar believes three fundamental shifts will redefine India’s cement industry — the scale of infrastructure development, the demand for sustainable materials, and the integration of technologies. UltraTech is preparing for this transformation by investing heavily in automation, artificial intelligence (AI), and predictive analytics — tools that enhance efficiency, safety, and transparency across the value chain.

In fact, technology has emerged as a powerful enabler of UltraTech’s resilience. Automation and AI-driven systems are improving plant reliability and energy management, while digital logistics platforms ensure real-time coordination across thousands of daily shipments. On the customer front, the “Utec by UltraTech” initiative connects directly with home builders through a single digital interface, offering guidance at every stage of construction.

Jhanwar is betting on India’s growth potential over the next decade. With per capita cement consumption still below the global average, the company sees vast headroom for expansion. He identifies three key avenues for future growth: deepening market penetration across rural and urban India, scaling sustainable and value-added construction solutions, and enhancing customer experience through digital platforms.

As one of the world’s fastest-growing major economies, India is witnessing large-scale investments in infrastructure, housing, and industrial development, says Jhanwar. “Per capita cement consumption in India is significantly lower than the global average, providing tremendous headroom for long-term growth. For a company like UltraTech, which is deeply embedded in India’s construction ecosystem, this presents a once-in-a-generation opportunity to scale impact while contributing to nation-building meaningfully.”

UltraTech’s RMC and specialty building products divisions are central to this transformation, offering next-generation materials that combine durability, speed, and sustainability. As green cement and circular materials gain traction, UltraTech aims to lead the sector’s shift towards environmentally conscious building practices.

Financial prudence continues to underpin its growth philosophy. UltraTech funds most of its expansions through internal accruals, maintaining a strong balance sheet while pursuing one of the largest capacity build-ups in the sector. The company’s disciplined capital allocation ensures every project contributes meaningfully to long-term shareholder value and national development.

Jhanwar views consolidation in the cement industry as a natural outcome of India’s rapid growth and infrastructure ambitions. “As the country’s leading cement manufacturer, we see consolidation as an opportunity to build greater efficiency, deepen market reach, and enhance customer service,” he says.

According to him, UltraTech’s mergers and acquisitions follow a disciplined, strategic, and value-driven approach. “Our acquisitions are not just about increasing capacity — they must be value accretive to the business.”

“While acquisitions help us enter or strengthen regional markets, organic growth remains equally important. Our capacity expansion projects are highly competitive in terms of cost and execution time, enabling us to expand quickly and efficiently. By combining organic expansion with strategic acquisitions, we’re positioning UltraTech to meet India’s growing cement demand while creating long-term value for stakeholders,” he adds. While India remains its core market, the company has a growing international presence in the Middle East and Sri Lanka.

Reflecting on his leadership journey, Jhanwar credits several senior leaders from the Aditya Birla Group, especially chairman Kumar Mangalam Birla, for shaping his approach. “He provides a huge mind space, enabling us to speak freely and share our views.” The best advice he ever received — and the one he often shares with young leaders — is to keep the business simple, focus on strategic drivers, and empower teams to make accountable decisions.

Beyond the boardroom, Jhanwar values family time above everything else. Holidays with loved ones, he says, offer the balance and renewal essential to sustaining high-performance leadership. Under his stewardship, UltraTech Cement is not just scaling new highs in capacity and reach — it is setting benchmarks for responsible growth. The company’s commitment to technology, sustainability, and disciplined execution continues to redefine what it means to build for the future — not just for business, but also for the nation.