{"id":15191,"date":"2026-07-28T15:35:46","date_gmt":"2026-07-28T10:05:46","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=15191"},"modified":"2026-07-28T16:01:34","modified_gmt":"2026-07-28T10:31:34","slug":"ultratech-cement-to-raise-%e2%82%b95000-crore-via-ncds-ahead-of-rbi-decision","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/ultratech-cement-to-raise-%e2%82%b95000-crore-via-ncds-ahead-of-rbi-decision\/","title":{"rendered":"UltraTech Cement to Raise \u20b95,000 Crore via NCDs Ahead of RBI Decision"},"content":{"rendered":"<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">\ud83d\udcdd Quick Summary:<\/div>\n<h2 class=\"gpi-custom-widget-h2-content\"><span class=\"ez-toc-section\" id=\"Aditya_Birla_Group_flagship_taps_the_debt_market_for_its_largest-ever_rupee_NCD_issue_days_before_the_RBIs_next_monetary_policy_review\"><\/span><strong>Aditya Birla Group flagship taps the debt market for its largest-ever rupee NCD issue, days before the RBI&#8217;s next monetary policy review.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>UltraTech Cement, the largest manufacturer of cement in India, is planning to raise around \u20b95,000 crore through the issuance of non-convertible debentures (NCDs). If it goes through, this will be the largest rupee-denominated bond issuance by the company. <\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ultratech-cement-to-raise-%e2%82%b95000-crore-via-ncds-ahead-of-rbi-decision\/#Aditya_Birla_Group_flagship_taps_the_debt_market_for_its_largest-ever_rupee_NCD_issue_days_before_the_RBIs_next_monetary_policy_review\" >Aditya Birla Group flagship taps the debt market for its largest-ever rupee NCD issue, days before the RBI&#8217;s next monetary policy review.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ultratech-cement-to-raise-%e2%82%b95000-crore-via-ncds-ahead-of-rbi-decision\/#Why_the_Timing_Matters_RBI_Policy_Meeting\" >Why the Timing Matters: RBI Policy Meeting<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ultratech-cement-to-raise-%e2%82%b95000-crore-via-ncds-ahead-of-rbi-decision\/#Deal_Structure_What_We_Know_So_Far\" >Deal Structure: What We Know So Far<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ultratech-cement-to-raise-%e2%82%b95000-crore-via-ncds-ahead-of-rbi-decision\/#Ultratechs_Financial_Background\" >Ultratech\u2019s Financial Background<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ultratech-cement-to-raise-%e2%82%b95000-crore-via-ncds-ahead-of-rbi-decision\/#Why_This_Matters_for_the_Cement_Sector\" >Why This Matters for the Cement Sector<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ultratech-cement-to-raise-%e2%82%b95000-crore-via-ncds-ahead-of-rbi-decision\/#What_to_Watch_Next\" >What to Watch Next<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ultratech-cement-to-raise-%e2%82%b95000-crore-via-ncds-ahead-of-rbi-decision\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<p>The proposal was approved by its finance committee on July 23, 2026, with bankers reporting that the company is in the process of engaging the services of lead debt syndicate members and order managers to issue the NCD just before the next meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI).&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_the_Timing_Matters_RBI_Policy_Meeting\"><\/span><strong>Why the Timing Matters: RBI Policy Meeting<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The MPC meeting is scheduled for August 3-5, 2026, with the decision on interest rates to be announced on the final day. Corporates tend to place their large bond issuances prior to the policy review, mainly due to the likelihood of diminishing interest in the <a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/mid-2026-bond-investment-timing-guide\/\" type=\"post\" id=\"15033\">bond market<\/a> and shifting yields after the RBI announces its position on interest rates. The repo rate has not been changed from 5.25% since the June 2026 review after 125 basis points worth of cuts, which commenced in February 2025. The RBI has held a neutral stance since then.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Deal_Structure_What_We_Know_So_Far\"><\/span><strong>Deal Structure: What We Know So Far<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Instrument:<\/strong> Unsecured, listed, rated, redeemable, rupee-denominated, non-convertible, non-cumulative debentures<\/li>\n\n\n\n<li><strong>Size:<\/strong> Up to \u20b95,000 crore, via up to 500,000 debentures<\/li>\n\n\n\n<li><strong>Face value:<\/strong> \u20b9100,000 per debenture<\/li>\n\n\n\n<li><strong>Placement:<\/strong> Private placement, in one or more tranches<\/li>\n\n\n\n<li><strong>Coupon rate &amp; tenure:<\/strong> Not yet disclosed; expected to be announced tranche-wise<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ultratechs_Financial_Background\"><\/span><strong>Ultratech\u2019s Financial Background<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The fundraising plan comes days after UltraTech posted a strong set of June-quarter (Q1 FY27) numbers:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Metric<\/strong><\/td><td><strong>Q1 FY27<\/strong><\/td><td><strong>YoY Change<\/strong><\/td><\/tr><tr><td><strong>Consolidated net profit<\/strong><\/td><td>\u20b92,603.72 crore<\/td><td>+17.23%<\/td><\/tr><tr><td><strong>Revenue from operations<\/strong><\/td><td>\u20b924,648.20 crore<\/td><td>+15.85%<\/td><\/tr><tr><td><strong>Net debt (as of June 2026)<\/strong><\/td><td>\u20b915,875 crore<\/td><td>\u2014<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p><em>Source: UltraTech Cement Q1 FY27 results, company filings.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Latest Bond News:<\/h3>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/bmc-municipal-bonds-2026-mumbai-civic-body-eyes-indias-largest-ever-rs-9500-crore-bond-issue\/\" aria-label=\"BMC Municipal Bonds 2026: Mumbai Civic Body Eyes India&#8217;s Largest-Ever Rs 9,500 Crore Bond Issue\u00a0\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/28155753\/BMC-Municipal-Bonds-2026-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"BMC Municipal Bonds 2026\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/28155753\/BMC-Municipal-Bonds-2026-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/28155753\/BMC-Municipal-Bonds-2026-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/28155753\/BMC-Municipal-Bonds-2026-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/28155753\/BMC-Municipal-Bonds-2026-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/28155753\/BMC-Municipal-Bonds-2026.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/bmc-municipal-bonds-2026-mumbai-civic-body-eyes-indias-largest-ever-rs-9500-crore-bond-issue\/\">BMC Municipal Bonds 2026: Mumbai Civic Body Eyes India&#8217;s Largest-Ever Rs 9,500 Crore Bond Issue\u00a0<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ultratech-cement-to-raise-%e2%82%b95000-crore-via-ncds-ahead-of-rbi-decision\/\" aria-label=\"UltraTech Cement to Raise \u20b95,000 Crore via NCDs Ahead of RBI Decision\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/28153529\/Ultratech-Cement-to-raise-5000-cr-via-NCDs-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Ultratech Cement to raise 5000 cr via NCDs\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/28153529\/Ultratech-Cement-to-raise-5000-cr-via-NCDs-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/28153529\/Ultratech-Cement-to-raise-5000-cr-via-NCDs-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/28153529\/Ultratech-Cement-to-raise-5000-cr-via-NCDs-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/28153529\/Ultratech-Cement-to-raise-5000-cr-via-NCDs-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/28153529\/Ultratech-Cement-to-raise-5000-cr-via-NCDs.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/ultratech-cement-to-raise-%e2%82%b95000-crore-via-ncds-ahead-of-rbi-decision\/\">UltraTech Cement to Raise \u20b95,000 Crore via NCDs Ahead of RBI Decision<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/guide\/high-yield-microfinance-sdi-bonds-what-investors-should-know\/\" aria-label=\"High-Yield Microfinance &amp; SDI Bonds: What Investors Should Know\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/27112257\/High-Yield-Microfinance-SDI-Bonds-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"High Yield Microfinance SDI Bonds\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/27112257\/High-Yield-Microfinance-SDI-Bonds-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/27112257\/High-Yield-Microfinance-SDI-Bonds-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/27112257\/High-Yield-Microfinance-SDI-Bonds-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/27112257\/High-Yield-Microfinance-SDI-Bonds-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/27112257\/High-Yield-Microfinance-SDI-Bonds.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/guide\/high-yield-microfinance-sdi-bonds-what-investors-should-know\/\">High-Yield Microfinance &amp; SDI Bonds: What Investors Should Know<\/a><\/li>\n<\/ul>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_This_Matters_for_the_Cement_Sector\"><\/span><strong>Why This Matters for the Cement Sector<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>UltraTech leads India&#8217;s cement industry with:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>205.5 MTPA<\/strong> grey cement capacity<\/li>\n\n\n\n<li><strong>3.2 MTPA<\/strong> white cement\/putty capacity<\/li>\n\n\n\n<li>Plans to enter the <strong>cables and wires<\/strong> business this fiscal, marking a diversification push beyond core cement operations<\/li>\n<\/ul>\n\n\n\n<p>UltraTech plans to use the money collected from the NCD Issue for expanding the company\u2019s capacity, refinancing, and general corporate purposes. This is in line with UltraTech\u2019s history of using the domestic bond market to fund its growth. UltraTech got shareholder approval in 2015 for the issuance of NCDs worth up to \u20b99,000 crore and has raised small amounts of NCDs (in the range of \u20b9300\u20131,000 crore) in subsequent years.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_to_Watch_Next\"><\/span><strong>What to Watch Next<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Announcement of coupon rate and tenure for individual tranches<\/li>\n\n\n\n<li>Credit rating assigned to the NCD issue<\/li>\n\n\n\n<li>Investor response amid RBI&#8217;s August 3\u20135 policy stance<\/li>\n\n\n\n<li>Progress on the cables and wires foray<\/li>\n<\/ul>\n\n\n<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">Ready to Invest?<\/div>\n<div class=\"gpi-custom-widget-content\">\n<p>Visit <a href=\"https:\/\/goldenpi.com\/\">GoldenPi<\/a> to explore current bond options. Compare yields, ratings, and tenures in one place and invest online with as little as \u20b930,000.<\/p>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Fixed returns do not constitute guaranteed or assured returns. Investments in corporate debt securities and municipal debt securities\/securitized debt instruments are subject to credit risks, market risks, and default risks, including delay and\/or default in payment. Read all the offer-related documents carefully. This blog\/article should not be construed as financial advice or as an offer or recommendation to buy or sell any security or any products\/services of\/on GoldenPi or any product\/services of its third-party client(s). For a detailed calculation of YTM, visit our website.&nbsp;<a href=\"https:\/\/delivery.goldenpi.com\/XPRBSN?id=162365=ch0GCFVXBVBUH1QDUlZXUlgBVgNSUwJVWgQGDFJQAVsEUwRfBldSBFVUAglRBFJSAA0ZBgxfQFBbERxBFSNTV10FU1cTDBgFDg5OAFIKVVFQBlZTVwQBBgFSAg0aC0BMQRIMFkwBUwoIFVdDHBwCCw1QAAsTWBpSVwgebDYxdmt\/Xl9dHxMF&amp;fl=WRVCSRBfGUkETltfVwNLAxVbCQwNWhpYVkpFGwMOBRcEWQMNUEoHSQJaV1BQAQQHTAZXA1IcAAMOBBxWB1IMFQUEVQxXXAEFBVQEUkpTVlMCUFEHU1JVAwhUAFECAQZaVFEADVAAVQBXVFRUUw==\" target=\"_blank\" rel=\"noreferrer noopener\">T&amp;C\u2019s Apply<\/a>.<\/p>\n\n\n\n<script type=\"application\/ld+json\">\n[\n  {\n    \"@context\": \"https:\/\/schema.org\",\n    \"@type\": \"NewsArticle\",\n    \"@id\": \"https:\/\/goldenpi.com\/blog\/bond-news\/ultratech-cement-to-raise-\u20b95000-crore-via-ncds-ahead-of-rbi-decision\/#article\",\n    \"isPartOf\": {\n      \"@id\": \"https:\/\/goldenpi.com\/blog\/bond-news\/ultratech-cement-to-raise-\u20b95000-crore-via-ncds-ahead-of-rbi-decision\/\"\n    },\n    \"headline\": \"UltraTech Cement to Raise \u20b95,000 Crore via NCDs Ahead of RBI Decision\",\n    \"description\": \"UltraTech Cement plans to raise \u20b95,000 crore through non-convertible debentures (NCDs) ahead of the RBI's monetary policy decision. 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