UltraTech Cement’s (UTCEM) 3QFY26 EBITDA was above our estimate, led by higher-than-estimated volume growth and lower-than-estimated opex/t. Consol. EBITDA grew ~35% YoY to INR39.2b (~6% beat). EBITDA/t increased ~6% YoY to INR1,007 (estimated INR1,009).