FY27 base-case growth 12-15%

UltraTech Operating EBITDA per Tonne (Domestic) — Unit economics peaked at the FY21 cycle high and compressed through FY23-FY25 as fuel and pricing converged unfavourably; the Q3 FY26 reading shows the structural recovery taking hold ahead of the FY28 incremental cost-savings target of ₹250-300/MT.