What is the size, tenor structure, and coupon rates of UltraTech Cement's planned rupee bond issuance, according to the bankers cited in the report?

UltraTech Cement plans to raise an aggregate 50 billion rupees ($517.80 million) through rupee-denominated bonds with three tenors: two-and-a-half years, three-and-a-half years, and five years. It targets 15 billion rupees each for the shorter tranches at annual coupons of 7.22% and 7.23%, respectively, and 20 billion rupees for the five-year tranche at an annual coupon of 7.25%. The issuance is intended to be completed before the Reserve Bank of India’s monetary policy decision on August 5, and the bonds carry a AAA rating from Crisil.

How does UltraTech Cement’s current bond issuance plan compare to its previous debt raising activity in March 2025, and what is its existing bond liability profile?

In March 2025, UltraTech raised 10 billion rupees each through three-year and five-year bonds at an annual coupon of 7.34%, totaling 20 billion rupees — significantly less than the planned 50 billion rupees in the current issuance. As of the report, the company has 35 billion rupees of bonds outstanding, including 5 billion rupees due within one month, indicating near-term refinancing needs and a strategic move to lock in funding ahead of potential rate changes following the RBI’s upcoming policy decision.

UltraTech Cement Plans Biggest Rupee Debt Funding, Bankers Say

Jul 26, 2026

India's largest cement producer UltraTech Cement plans to raise 50 billion rupees via AAA-rated bonds ahead of the central bank's policy decision, marking its largest debt funding effort.

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