{ "company_id": "ULTRACEMCO", "company_name": "UltraTech Cement Limited", "cin": "L26940MH2000PLC128420", "isin": "INE481G01011", "nse_code": "ULTRACEMCO", "bse_code": "532538", "fy": "2024-25", "vintage_date": "2026-05-27", "registered_office_state": "Maharashtra", "primary_listing": "NSE/BSE", "brsr_source": { "primary_source_url": "https://www.ultratechcement.com/content/dam/ultratechcementwebsite/pdf/financials/annual-reports/integrated-and-sustainability-report-2024-25-single-page-view.pdf", "primary_source_type": "annual_report_brsr_section", "evidence_cache_path": "scripts/primary-source/evidence/ultratechcement-com/content-dam-ultratechcementwebsite-pdf-financials-annual-reports-integrated-and-/2026-05-27T04-14-27-674Z", "brsr_pages": "252-291", "fetched_date": "2026-05-27", "fetched_via": "direct", "secondary_validation_source": "https://www.ultratechcement.com/content/dam/ultratechcementwebsite/pdf/sustainability-reports/esg-factbook-fy-2024-25.pdf", "reporting_boundary": "consolidated", "boundary_note": "BRSR disclosures explicitly stated as consolidated basis (BRSR Section A item 13). Some Section A items (employees with India scope) noted as 'data specific to India'. Scope 3 explicitly excludes India Cements and Kesoram Cement Business." }, "identity": { "incorporated_year": 2000, "incorporation_date": "2000-08-24", "primary_business": "Cement & Cement Products", "nic_2_digit": "23", "nic_4_digit": "2394", "nse_industry": "Construction Materials", "promoter_group": "Aditya Birla Group", "holding_company": "Grasim Industries Limited", "holding_company_share_pct": 56.11, "market_cap_inr_cr_31_mar_2025": null, "market_cap_rank_31_mar_2025": null, "is_top_150_brsr_core_assurance_fy_2324": true, "is_top_250_brsr_core_assurance_fy_2425": true, "is_top_500_brsr_core_assurance_fy_2526_planned": true, "subsidiaries_count": 7, "joint_ventures_count": 1, "associates_count": 7, "subsidiaries_named": [ "Bhagwati Lime Stone Company Pvt Ltd", "Gotan Lime Stone Khanij Udyog Pvt Ltd", "Harish Cement Limited", "UltraTech Cement Lanka (Pvt) Limited", "UltraTech Cement Middle East Investments", "Letein Valley Cement Limited", "The India Cements Limited" ] }, "operations": { "revenue_from_operations_inr_cr": 75955.13, "revenue_from_operations_basis": "consolidated_net_revenue", "revenue_from_operations_source_page": "ESG Factbook p.1; BRSR Section A item 16 — turnover stated as ₹70,857 cr (likely standalone)", "turnover_inr_cr": 70857, "turnover_basis": "BRSR Section A item 24(ii); likely standalone", "turnover_source_page": "BRSR Section A item 24(ii) p.255", "net_worth_inr_cr": 69678, "net_worth_source_page": "BRSR Section A item 24(iii) p.255", "paid_up_capital_inr_cr": 1358.18, "exports_pct_of_turnover": 0.41, "plants_count_national": 549, "plants_breakdown_national": { "integrated_cement_units": 34, "grinding_units": 30, "white_cement_unit": 1, "wall_care_putty_units": 2, "bulk_terminals": 9, "ready_mix_concrete_units": 395, "building_product_division_units": 78 }, "offices_count_national": 10, "plants_count_international": 7, "plants_breakdown_international": { "clinkerization_unit": 1, "grinding_units": 4, "white_cement_unit": 1, "bulk_terminal": 1 }, "states_with_operations": "28 States and 6 Union Territories", "international_operations": true, "international_operations_countries": [ "UAE", "Bahrain", "Sri Lanka" ], "primary_customer_types": [ "Individual Home Builders", "Dealers", "Real Estate Developers", "Infrastructure Companies", "Institutional Buyers" ] }, "workforce": { "employees_permanent_total": 21456, "employees_permanent_male": 20066, "employees_permanent_female": 1390, "employees_permanent_female_share_pct": 6.0, "employees_other_than_permanent_total": 7128, "employees_other_than_permanent_male": 6725, "employees_other_than_permanent_female": 403, "employees_total": 28584, "workers_permanent_total": 6474, "workers_permanent_male": 6452, "workers_permanent_female": 22, "workers_other_than_permanent_total": 55109, "workers_other_than_permanent_male": 53774, "workers_other_than_permanent_female": 1335, "workers_total": 61583, "total_workforce": 90167, "differently_abled_employees_total": 36, "differently_abled_workers_total": 31, "median_remuneration_male_employees_inr_lakh": 9.80, "median_remuneration_female_employees_inr_lakh": 6.95217, "median_remuneration_male_workers_inr_lakh": 5.74107, "median_remuneration_female_workers_inr_lakh": 3.37004, "median_remuneration_ratio_female_to_male_employees": 0.7094, "median_employee_remuneration_inr_lakh": 7.78, "mean_employee_compensation_inr_lakh": 12.16, "mean_gender_pay_gap_pct": 21.3, "median_gender_pay_gap_pct": 20.9, "turnover_rate_employees_pct": 9.78, "turnover_rate_workers_pct": 5.07, "voluntary_turnover_pct": 8.0, "wages_above_or_equal_minimum_wage_employees_pct": 100.0, "calculated_total_permanent_workforce": 27930, "calculated_female_permanent_workforce_share_pct": 5.06, "union_membership_workers_pct": 84, "new_hires_total": 3197, "internal_fill_rate_pct": 53 }, "wellbeing_social": { "wellbeing_spend_as_pct_revenue": 0.29, "wellbeing_spend_source_page": "BRSR Section C Principle 3 Q1(c) p.264", "insurance_health_coverage_pct_permanent_employees": 100.0, "insurance_accident_coverage_pct_permanent_employees": 100.0, "insurance_maternity_coverage_pct_permanent_female_employees": 100.0, "insurance_paternity_coverage_pct_permanent_male_employees": 89.0, "day_care_facility_coverage": "Not disclosed (0% reported)", "maternity_leave_weeks": 26, "paternity_leave_days": 5, "return_to_work_rate_female_pct": 100, "retention_rate_female_pct": 68, "complaints_posh_received": 6, "complaints_posh_pending_at_year_end": 2, "complaints_posh_upheld": 6, "complaints_posh_pct_female_employees_workers": 0.19, "complaints_child_labour_received": 0, "complaints_forced_labour_received": 0, "complaints_discrimination_received": 0, "complaints_wages_received": 0, "complaints_other_human_rights_received": 0, "complaints_health_safety_received": 57, "complaints_working_conditions_received": 0, "grievances_from_communities": 0, "grievances_from_shareholders": 153, "grievances_from_employees_workers": 1128, "grievances_from_customers": 3420, "training_employees_human_rights_pct": 4.9, "training_workers_human_rights_pct": 2.4, "training_hours_avg_per_fte": 23.90, "training_cost_avg_per_fte_inr": 1058, "total_training_hours_permanent_employees": 453577.4, "employee_engagement_score_pct": 94, "employee_engagement_participation_pct": 97, "iso_45001_certified_sites_pct": 99, "ltifr_employees_per_million_person_hours": 0.21, "ltifr_workers_per_million_person_hours": 0.19, "fatalities_employees": 2, "fatalities_workers": 6, "fatalities_total": 8, "recordable_injuries_employees": 15, "recordable_injuries_workers": 77, "high_consequence_injuries_employees": 9, "high_consequence_injuries_workers": 38 }, "environment_principle_6": { "energy": { "total_energy_consumption_tj": 357164.77, "total_energy_consumption_source_page": "BRSR Section C Principle 6 Q1 p.278", "total_energy_consumption_source_unit": "TJ (reported directly); ESG Factbook reports 9,92,13,229.81 MWh = 357,167,627 GJ (~consistent)", "non_renewable_energy_tj": 347596.57, "renewable_energy_tj": 9568.20, "renewable_share_pct": 2.68, "renewable_electricity_tj": 4075.20, "renewable_fuel_tj": 5493.00, "non_renewable_electricity_tj": 9894.06, "non_renewable_fuel_tj": 337702.51, "energy_intensity_kj_per_inr_turnover": 470.23, "energy_intensity_tj_per_t_cementitious": 0.00262, "renewable_energy_capacity_gw": 1.02, "whrs_capacity_mw": 351, "is_designated_consumer_pat": true, "pat_designated_units_count": 49, "energy_assurance_provider": "BDO India LLP" }, "ghg_emissions": { "scope_1_tco2e": 81107852, "scope_1_source_page": "BRSR Section C Principle 6 Q7 p.280", "scope_2_location_based_tco2e": 2703494.58, "scope_2_location_based_source_page": "ESG Factbook p.13", "scope_2_market_based_tco2e": 1884213.56, "scope_2_market_based_source_page": "BRSR Section C Principle 6 Q7 p.280 (BRSR reports market-based as Scope 2)", "scope_2_basis_in_brsr": "market_based", "scope_3_total_tco2e": 12711286.88, "scope_3_total_source_page": "BRSR Section C Principle 6 Leadership Q2 p.285", "scope_3_per_inr_turnover_kg_co2_per_inr": 0.017, "scope_3_categories_disclosed_count": 8, "scope_3_categories_note": "Eight categories disclosed: 7 upstream + 1 downstream; sub-category breakdown not granularised in BRSR. Scope 3 excludes India Cements and Kesoram Cement Business per company footnote.", "scope_3_contribution_to_total_pct": 13, "scope_1_plus_2_intensity_kg_co2_per_inr_turnover": 0.109, "scope_1_plus_2_intensity_kg_co2_per_t_cementitious": 609.08, "scope_1_net_intensity_kg_co2_per_t_cementitious": 549, "scope_1_net_intensity_baseline_2017_kg_co2_per_t": 632, "scope_1_net_intensity_reduction_from_baseline_pct": 13, "ghg_methodology": "GHG Protocol Corporate Standard + GCCA Cement CO2 and Energy Protocol v3.1", "ghg_assurance_provider": "BDO India LLP", "ghg_assurance_level": "Reasonable Assurance (for BRSR Core indicators); Limited Assurance for non-BRSR-Core ESG Factbook indicators", "ghg_assurance_standard": "ISAE 3000 (Revised) + ISAE 3410", "sbti_validated_target": true, "sbti_scope_1_intensity_reduction_target_pct": 27, "sbti_scope_2_intensity_reduction_target_pct": 69, "sbti_target_year": 2032, "sbti_base_year": 2017, "net_zero_target_year": 2050, "internal_carbon_price_usd_per_tco2": 10, "internal_carbon_price_type": "shadow", "avoided_emissions_renewable_energy_tco2": 1135864, "avoided_emissions_whrs_tco2": 1678175, "avoided_emissions_blended_cements_tco2": 21057134 }, "water": { "water_withdrawal_kl": 31459067, "water_withdrawal_source_page": "BRSR Section C Principle 6 Q3 p.279", "water_withdrawal_surface_kl": 4081714, "water_withdrawal_groundwater_kl": 6920187, "water_withdrawal_third_party_kl": 601702, "water_withdrawal_seawater_desalinated_kl": 1121107, "water_withdrawal_others_kl": 18734357, "water_consumption_kl": 30656924, "water_discharge_kl": 0, "water_intensity_kl_per_inr_turnover": 0.0404, "water_intensity_kl_per_t_cementitious": 0.225, "water_stressed_areas_operations": true, "water_stressed_areas_named": [ "Shambhupura (Rajasthan)", "Tadipatri (Andhra Pradesh)", "Kovaya (Gujarat)", "Nathdwara (Rajasthan)", "Neem Ka Thana (Rajasthan)", "Kharia Khangar (Rajasthan)" ], "water_stressed_areas_withdrawal_kl": 5658854, "water_stressed_areas_consumption_kl": 4699413, "water_stressed_areas_rainwater_kl": 2836919, "water_stressed_rainwater_share_pct": 60.37, "zero_liquid_discharge_implemented_pct_sites": 100, "water_assurance_provider": "BDO India LLP" }, "air_emissions": { "nox_tonnes": 92709.30, "sox_tonnes": 28633.96, "particulate_matter_tonnes": 8336.53, "mercury_status": "Below Detection Limit (USEPA-29 protocol)", "air_emissions_source_page": "BRSR Section C Principle 6 Q6 p.280", "air_emissions_assurance_provider": "BDO India LLP", "nox_intensity_kg_per_t_cementitious": 0.68, "sox_intensity_kg_per_t_cementitious": 0.21, "pm_intensity_kg_per_t_cementitious": 0.061, "intensity_calculation_basis": "Calculated using cementitious production 136,257,223 t" }, "waste": { "waste_total_tonnes": 2923264, "waste_plastic_tonnes": 1141, "waste_e_waste_tonnes": 215, "waste_bio_medical_tonnes": 3, "waste_construction_demolition_tonnes": 0, "waste_battery_tonnes": 216, "waste_radioactive_tonnes": 0, "waste_other_hazardous_tonnes": 1203, "waste_other_non_hazardous_tonnes": 2920486, "waste_recovered_tonnes": 2902991, "waste_recycled_tonnes": 52926, "waste_reused_tonnes": 2850065, "waste_recovered_share_pct": 99.31, "waste_disposed_tonnes": 2.27, "waste_intensity_t_per_t_cementitious": 0.021, "waste_intensity_kg_per_inr_turnover": 0.0038, "zero_waste_to_landfill_certified": true, "waste_assurance_provider": "BDO India LLP" }, "biodiversity": { "operations_in_protected_areas": true, "ecologically_sensitive_areas_count": 5, "ecologically_sensitive_areas_named": [ "Jafrabad Cement Works (CRZ Area)", "Sewagram Cement Works (CRZ Area)", "Gujarat Cement Works (CRZ Area)", "Sidhi Cement Works (Forest Area)", "Baga Cement Works (Forest Area)" ], "biodiversity_management_plan_published": true, "sites_with_bmp_count": 23, "sites_assessed_count": 24, "total_sites_count": 25, "biodiversity_target": "No Net Loss by 2050" }, "compliance": { "non_compliance_with_environmental_laws_events": 0, "environmental_penalty_inr_cr": 0 } }, "brsr_core_9_attributes": { "ghg_emission_intensity_per_revenue_kg_per_inr": 0.109, "ghg_emission_intensity_per_revenue_unit": "kg CO2 per rupee of turnover (Scope 1 + Scope 2)", "ghg_emission_intensity_per_revenue_assurance_status": "Reasonable", "ghg_emission_intensity_per_revenue_dqs": 5, "energy_footprint_per_revenue_kj_per_inr": 470.23, "energy_footprint_assurance_status": "Reasonable", "energy_footprint_dqs": 5, "water_footprint_per_revenue_kl_per_inr": 0.0404, "water_footprint_assurance_status": "Reasonable", "water_footprint_dqs": 5, "job_creation_in_smaller_towns_rural_pct_wages": 47.46, "job_creation_in_smaller_towns_semi_urban_pct_wages": 5.12, "job_creation_in_smaller_towns_urban_pct_wages": 10.47, "job_creation_in_smaller_towns_metropolitan_pct_wages": 36.94, "job_creation_smaller_towns_assurance_status": "Reasonable", "job_creation_smaller_towns_dqs": 5, "spend_on_wellbeing_pct_revenue": 0.29, "spend_on_wellbeing_assurance_status": "Reasonable", "spend_on_wellbeing_dqs": 5, "ltifr_per_million_person_hours_employees": 0.21, "ltifr_per_million_person_hours_workers": 0.19, "ltifr_assurance_status": "Reasonable", "ltifr_dqs": 5, "gross_wages_paid_to_women_pct_total_wages": 4.06, "gross_wages_women_assurance_status": "Reasonable", "gross_wages_women_dqs": 5, "complaints_received_total_count": 1185, "complaints_received_breakdown_note": "Sum of human-rights complaints (6 POSH) + Principle 3 working-conditions/H&S (57) + employee/worker grievances (1,128); excludes customer complaints (3,420) and shareholder (153). Per-revenue ratio not directly reported by company.", "complaints_assurance_status": "Reasonable", "complaints_dqs": 4, "input_material_from_msme_smaller_producers_pct": 16, "input_material_from_within_india_pct": 75, "input_material_msme_assurance_status": "Reasonable", "input_material_msme_dqs": 5, "aggregate_brsr_core_dqs_average": 4.89 }, "cement_sector_specific": { "grey_cement_capacity_mtpa_consolidated": 188.88, "cementitious_material_production_t": 136257223, "cementitious_material_production_source_page": "ESG Factbook p.12", "cement_production_total_mt": null, "clinker_production_total_mt": null, "calculated_clinker_factor_pct": 67.9, "clinker_factor_source": "disclosed", "clinker_factor_source_page": "Integrated Report p.47 — UltraTech directly discloses 67.9% clinker factor", "clinker_factor_reduction_yoy_pct": 2.4, "thermal_substitution_rate_pct": 5.7, "thermal_substitution_rate_source_page": "Integrated Report p.47; risk register p.39 confirms 5.7%", "thermal_substitution_rate_yoy_increase_pct": 9.6, "alternative_fuel_total_t": 2100000, "alternative_fuel_types_used": [ "industrial waste (0.08 lakh t)", "agro-waste (6.75 lakh t)", "municipal solid waste (14.12 lakh t)", "biomass", "RDF" ], "co_processed_waste_total_t": 2090000, "whrs_capacity_mw": 351, "captive_renewable_energy_capacity_mw": 1020, "renewable_ppa_capacity_mw": null, "rec_purchases_mwh": null, "low_carbon_cement_product_share_pct": null, "low_carbon_cement_product_examples": [ "Portland Pozzolana Cement (PPC)", "Portland Slag Cement (PSC)", "Composite Cement (CC)", "UltraTech Enviroplus" ], "low_carbon_cement_blended_revenue_inr_cr": 53016.68, "low_carbon_cement_avoided_emissions_own_ops_tco2": 21057134, "low_carbon_cement_avoided_emissions_third_party_tco2": 1112680389.52, "green_pro_certified_products_count": 70, "lca_epd_published_products_count": 4, "carbon_capture_pilots_status": "Pilot — partnerships with UCLA (ZeroCAL), IIT Madras + BITS Pilani (DST CCU call), Coolbrook, GCCA Innovation Challenge consortium", "ccs_pilot_capacity_tpd": 1, "fly_ash_utilisation_t": null, "fly_ash_utilisation_note": "100% fly ash from own power plants utilised in cement-making", "slag_utilisation_t": null, "recycled_input_material_pct": 21.73, "sustainable_sourcing_pct_inputs": 31, "recycled_and_alternative_raw_materials_mt": 44.15, "natural_raw_materials_used_in_rmc_t": 9820915.89, "alternative_materials_in_rmc_t": 523162.00, "cbam_transitional_declaration_filed": null, "cbam_in_scope_exports_to_eu_tonnes": null, "cbam_exposure_qualitative_disclosure": "Company explicitly monitors CBAM in its risk register (Climate & Sustainability risk, p.38) as a regulatory landscape risk requiring proactive response; total exports = 0.41% of turnover. Quantitative CBAM-specific data not disclosed." }, "governance_disclosure": { "board_size": 10, "independent_directors_count": null, "independent_directors_share_pct": null, "women_directors_count": 3, "women_directors_share_pct": 30, "kmp_count": 4, "esg_committee_exists": true, "esg_committee_name": "Risk Management and Sustainability Committee", "esg_committee_chair_independent": true, "esg_committee_members_named": [ "Mr. Anjani Kumar Agrawal (Independent Director)", "Mr. K. C. Jhanwar (Managing Director)", "Mr. Atul Daga (CFO)" ], "highest_authority_brsr": "Mr. K. C. Jhanwar (Managing Director, DIN: 01743559)", "ctso_sustainability_kpi_weight_in_pay_pct": 40, "anti_corruption_policy_published": true, "human_rights_policy_published": true, "supplier_code_of_conduct_published": true, "whistleblower_policy_published": true, "policies_cover_all_9_ngrbc_principles": true, "all_policies_board_approved": true, "external_policy_evaluation_agency": "Ernst and Young Associates LLP", "director_attendance_at_board_meetings_pct_floor": 85, "anti_bribery_disciplinary_actions_fy25": 0, "conflict_of_interest_complaints_fy25": 0, "regulatory_fines_or_penalties_fy25": "Nil", "median_employee_remuneration_inr_lakh": 7.78, "iso_14001_certified_sites_pct": 99, "iso_45001_certified_sites_pct": 99, "iso_27001_certified": true }, "assurance": { "brsr_core_assurance_required_fy_2425": true, "brsr_core_assurance_obtained_fy_2425": true, "brsr_core_assurance_provider": "BDO India LLP", "brsr_core_assurance_level": "Reasonable", "brsr_core_assurance_standard_followed": "ISAE 3000 (Revised) + ISAE 3410", "brsr_core_assurance_partner": "Indra Guha (Partner, Sustainability & ESG, BDO India LLP, Gurugram)", "brsr_core_assurance_signed_date": "2025-09-10", "esg_factbook_assurance_obtained": true, "esg_factbook_assurance_provider": "BDO India LLP", "esg_factbook_assurance_level": "Limited", "esg_factbook_assured_indicators_count": 8, "esg_factbook_assured_indicators_named": [ "Energy Consumption (MWh)", "Scope 2 GHG emissions (location + market)", "Mercury emissions", "Tier-1 supplier KPIs", "Supplier assessment program coverage", "Supplier corrective action plans coverage", "Supplier capacity-building program coverage", "Gender pay gaps (mean + median + bonus)" ], "ghg_specific_assurance_separate": false, "ghg_specific_assurance_standard": "ISAE 3410 (covered within BDO engagement)", "double_materiality_assessment_assured": true, "double_materiality_assessment_year": "FY 2023-24 (3-year cycle)" }, "voluntary_frameworks": { "gri_report_published_fy_2425": true, "gri_standards_version_used": "GRI Standards 2021", "ifrs_s1_voluntary_disclosure": null, "ifrs_s2_voluntary_disclosure": null, "tcfd_disclosure_published": true, "tcfd_report_url": "https://www.ultratechcement.com/.../UltraTech-TCFD-report.pdf", "cdp_climate_response_filed": null, "cdp_water_response_filed": null, "cdp_climate_score_disclosed": null, "sbti_validated_target": true, "sbti_validation_status": "Validated (1.5°C-aligned per Scope 1 27% and Scope 2 69% intensity reduction by 2032 from 2017 base)", "sbti_near_term_target_year": 2032, "sbti_long_term_target_year": null, "net_zero_target_year": 2050, "net_zero_alignment_framework": "GCCA Concrete Future Roadmap (net zero by 2050)", "transition_plan_published": true, "transition_plan_disclosure_framework": "TCFD + GCCA Roadmap + SBTi-validated targets", "gcca_founding_member": true, "re100_member": true, "ep100_member": true, "ep100_target_achievement": "Achieved EP100 target (doubling energy productivity from 2010 baseline) ahead of 2035 committed timeline", "carbon_pricing_leadership_coalition_member": true, "wbcsd_member": true, "no_net_loss_biodiversity_commitment": true }, "trade_association_contributions_inr": { "cma_inr": 29568000, "gcca_inr": 24153943, "gcca_india_inr": 800000, "cii_inr": 379500, "innovandi_inr": 9718415, "ficci_inr": 194680, "total_inr": 64814538, "political_contributions_inr": 0, "lobbying_contributions_inr": 0, "charitable_contributions_inr": 0 }, "supply_chain": { "tier_1_suppliers_total": 16309, "tier_1_significant_suppliers": 135, "significant_suppliers_share_of_spend_pct": 42, "suppliers_assessed_count": 155, "significant_suppliers_assessed_pct": 100, "suppliers_with_negative_impacts_count": 42, "suppliers_with_capacity_building_count": 363, "supplier_assessment_framework": "SMETA 4-pillar + GCCA guidelines", "local_procurement_pct_fy25": 75 }, "qc_metadata": { "scraped_by": "Claude (Opus 4.7) manual extraction from primary sources", "scraped_date": "2026-05-27", "parser_version": "v0.2 manual", "fields_extracted_approx": 230, "fields_disclosed_by_company_approx": 195, "fields_calculated_approx": 5, "fields_not_disclosed_approx": 30, "disclosure_completeness_pct": 84.8, "calculated_disclosure_quality_score_aggregate": 4.89, "cross_validation_status": "pass", "cross_validation_log_ref": "qc-log.md#ULTRACEMCO-2425", "restatement_detected": false, "manual_review_completed": false, "manual_review_date": null, "manual_reviewer": null, "notes": [ "Scope 2 ambiguity: BRSR Section C Q7 reports 18,84,213.56 tCO2 as Scope 2 (this is the MARKET-based figure). ESG Factbook discloses both location-based (2,703,494.58 tCO2) and market-based (1,884,213.56 tCO2). Schema treats market-based as primary in BRSR-reported field but retains both. This is a material disclosure-quality nuance — companies typically report location-based per BRSR template; UltraTech's BRSR uses market-based, lower figure.", "Reporting boundary mismatch: BRSR header states 'consolidated' but turnover figure (₹70,857 cr) in Section A item 24 is lower than ESG Factbook's consolidated revenue (₹75,955.13 cr). The lower figure likely reflects standalone basis. Operations data (employees, workers, plants) appears consolidated. Schema flags this.", "Scope 3 explicitly excludes India Cements (newly acquired Dec-2024 subsidiary, 81.49% stake) and Kesoram Cement Business — material exclusion footnote. Eight Scope 3 categories disclosed but sub-category breakdown not provided in BRSR.", "TSR (Thermal Substitution Rate) discrepancy: Risk register (p.39) cites 5.7%; ESG Factbook narrative cites 5.7%; Integrated Report p.47 cites 5.7% with 9.6% YoY increase. Consistent at 5.7% for FY 2024-25. Far below GCCA peer median (~22%) and UltraTech's own 2030 target of 10%.", "Independent directors count: Board has 10 members with 3 women (30%); BRSR does not directly disclose independent director count in Section A demographics; would require Corporate Governance Report cross-reference (not extracted here).", "BRSR Core assurance is Reasonable (highest standard), provided by BDO India LLP under ISAE 3000 (Revised) + ISAE 3410, signed 10 Sep 2025 by Indra Guha. Voluntary ESG Factbook assurance is Limited level for 8 indicator clusters.", "Most interesting findings: (1) Scope 1 net intensity 549 kg CO2/t cementitious — 13% reduction from 2017 base of 632; SBTi target is 27% by 2032. (2) Internal carbon price USD 10/tCO2 (shadow), under review post-CCTS notification. (3) WHRS 351 MW + renewables 1.02 GW; EP100 target achieved ahead of 2035 timeline. (4) 99% of waste reused/recycled, zero-waste-to-landfill certified. (5) MSME sourcing 16% (BRSR Core attribute).", "Open questions for manual review: (a) Independent director count + remuneration ratio (Corporate Governance Report section, not BRSR Section A). (b) Why does the BRSR report market-based Scope 2 as 'the' Scope 2 — does this comply with BRSR Core 2023 guidance which generally expects location-based? (c) Where is the full Scope 3 category-by-category breakdown (Categories 1-15)?", "PRIMARY-SOURCE PDF AUDIT 2026-05-27 (Ravi manual + Claude) on UltraTech Integrated and Sustainability Report 2024-25 (530-page PDF) pages 252-305:", "(1) Section A item 13 reporting boundary: CONSOLIDATED — different from Ambuja standalone. Consolidation FY 2024-25 includes Kesoram Cement Business (NCLT scheme appointed date 1 April 2024) and India Cements (81.49% acquired 24 December 2024). YoY metrics not strictly like-for-like.", "(2) Section A item 14: Assurance provider BDO India LLP; item 15: Reasonable Assurance of BRSR Core Indicators. P1 EI 11 separate policy review: Ernst and Young Associates LLP.", "(3) Total workforce CORRECTION: previously labeled 62,237 is OTP-only count (7,128 employees OTP + 55,109 workers OTP). Actual total workforce per BRSR Section A item 20: 28,584 employees + 61,583 workers = 90,167 grand total. Permanent only = 27,930.", "(4) Turnover: BRSR Section A item 24(ii) ₹70,857 cr; ESG Factbook ₹75,955.13 cr (consolidated net revenue). ₹70,857 is BRSR-disclosed.", "(5) Scope 1: 81,107,852 tCO2e verbatim. Scope 2: 1,884,213.56 tCO2e — METHODOLOGY FLAG: this is MARKET-BASED. ESG Factbook explicitly states Location-based 2,703,494.58 and Market-based 1,884,213.56. UltraTech uses market-based in BRSR; most peers use location-based.", "(6) Scope 1+2 intensity per t cementitious: 609.08 kg CO2/t (BRSR Section C Q7 gross, BDO India LLP assured). 549 kg/t = NET CO2 intensity narrative (page 287) tracked against 2017 baseline 632 for SBTi 27% target.", "(7) SBTi-validated targets: Scope 1 -27% AND Scope 2 -69% by 2032 vs 2017. Article previously mentioned only Scope 1 -27%.", "(8) Scope 3: 12,711,286.88 tCO2e FY 2024-25 vs 8,250,584.95 FY 2023-24 (+54% YoY). Excludes India Cements and Kesoram Cement Business per footnote page 285.", "(9) Safety FY 2024-25: 8 total fatalities (2 employees + 6 workers; FY 2023-24 was 5 worker fatalities only). LTIFR deterioration: Employees 0.12→0.21 (+75%), Workers 0.07→0.19 (+170%). High-consequence injuries: 9 employees + 38 workers.", "(10) POSH FY 2024-25: 6 complaints filed, all 6 upheld (100% upheld rate; vs 11 filed and 9 upheld FY 2023-24). 0.19% of female workforce. Highest POSH-upheld count in 14-entity sample.", "(11) Total energy: 357,164.77 TJ FY 2024-25. Renewable share: 2.68% (9,568.20 TJ renewable / 357,164.77 TJ total). Energy intensity: 2.62 GJ/t cementitious.", "(12) Water withdrawal: 31,459,067 kL. Water intensity: 225 L/t cementitious. ZLD across 100% cement manufacturing units and bulk terminals.", "(13) Air emissions: NOx 92,709.30 tonnes (vs Ambuja 11,608 — UltraTech 8x larger absolute), SOx 28,633.96, PM 8,336.53, Mercury BDL.", "(14) MSME procurement: 16% (up from 11%) — lower than Ambuja 23.99%. Indian-sourced: 75% (up from 69%).", "(15) MATERIAL CONTINGENT LIABILITY: CCI cartel penalty ₹1,685.13 crore total (₹1,616.83 cr Aug 2016 + ₹68.30 cr Jan 2017 orders). NCLAT appeals disallowed. Supreme Court stay granted 5 Oct 2018. ₹161.68 cr (10%) deposited as asset. Pending before Supreme Court of India.", "(16) M&A consolidation: Kesoram Cement Business (NCLT Kolkata 14 Nov 2024 + Mumbai 26 Nov 2024; RoC 26 Dec 2024; appointed date 1 April 2024 retrospective). India Cements 81.49% effective 24 Dec 2024. Both consolidated FY 2024-25.", "(17) GHG reporting criteria: GHG Protocol + GCCA Cement CO2 and Energy Protocol Version 3.1.", "(18) Financial statement auditors: B S R and Co. LLP (Vikas R Kasat, ICAI Mem 105317, UDIN 25105317BMOOEF7177) + KKC and Associates LLP (Hasmukh B Dedhia, ICAI Mem 033494, UDIN 25033494BMJKDH9434). Joint statutory; signoff Mumbai 28 April 2025. Separate from BDO BRSR Core assurance.", "(19) Subsidiaries (Section A item 23): Grasim Industries holds 56.11% in UltraTech (parent). UltraTech holds 100% in Bhagwati Lime Stone, Gotan Lime Stone Khanij Udyog, Harish Cement, UltraTech Cement Lanka, UltraTech Cement Middle East Investments, Letein Valley Cement. India Cements 81.49% effective 24-Dec-2024.", "(20) Plant footprint: 34 integrated cement units + 30 grinding units + 1 white cement + 2 wall care putty + 9 bulk terminals + 395 RMC units + 78 BPD units = 559 national + 7 international = 566 total globally. Vastly larger than Ambuja (15 cement plants).", "(21) ZeroCAL pilot with UCLA confirmed verbatim page 281 — first company globally to implement ZeroCAL at industrial scale." ], "cross_validation_completed_date": "2026-05-28" } }