UltraTech Cement Ltd logo

UltraTech Cement Ltd

ULTRACEMCO NSE

Key Fundamentals

LargecapCementConstruction
Market Cap
3.4L Cr
Volatility
Moderate
P/E Ratio
40.4
EBITDA
₹17,598 Cr
Return on Equity
10.15%
Debt to Equity
0.31
Book Value
₹2,600.24
EPS
₹243.84
52W High
₹13,110
52W Low
₹10,325

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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58 extracted metrics + investor summaries across FY01–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 51.1%

Weaknesses

2
  • Stock is trading at 4.57 times its book value
  • Company has a low return on equity of 10.7% over last 3 years.

Growth Rate

Revenue Growth
16.15% ↗
Net Income Growth
35.58% ↗
Cash Flow Change
43.50% ↗
ROE
24.24% ↗
ROCE
31.35% ↗
EBITDA Margin (Avg.)
13.90% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 10h ago
AI opinion · based on fundamentals
Risk medium

UltraTech Cement is India's largest cement producer with 192 MTPA grey cement capacity and 135.8 MnT sales volume in FY25. The company trades at a PE of 40.7x and 4.55x book value with a market cap of ₹3.44 lakh crore, while delivering compounded sales growth of 17% TTM and profit growth of 27% TTM, though FY25 net profit declined to ₹6,039 crore from ₹7,005 crore due to higher interest and depreciation from aggressive capacity additions.

Bull Case 8
  • Largest cement player in India and largest globally by sales volume (ex-China) with 192.26 MTPA capacity, providing unmatched scale advantages and pricing power
  • Compounded sales growth of 17% TTM and 15% over 5 years demonstrates consistent top-line momentum across cycles
  • Compounded profit growth of 27% TTM indicates strong operating leverage kicking in after capacity additions
  • Aggressive capacity expansion with 22.8 MTPA additional capacity announced in October 2025 at ₹10,255 crore capex, positioning for India's infrastructure spending cycle
  • Healthy dividend payout of 51.1% including special dividends (₹240 special dividend in Q4 FY26), with current yield of 2.02% — attractive for a capital-intensive business
  • 10-year stock CAGR of 12% and 3-year CAGR of 14% shows consistent long-term wealth creation
  • Q4 FY25 consolidated revenue grew 14% YoY to ₹22,788 crore with EBITDA up 11% to ₹4,721 crore, showing volume-led growth trajectory
  • Market share expected to increase approximately 450 bps to ~27% by FY27E, consolidating dominance in a fragmented industry
Bear Case 8
  • PE ratio of 40.7x is elevated for a commodity-cyclical business, leaving limited margin of safety if cement prices soften
  • Trading at 4.55x book value despite low return on equity of 10.7% over 3 years — valuation appears stretched relative to capital efficiency
  • FY25 net profit declined to ₹6,039 crore from ₹7,005 crore YoY due to increased interest and depreciation from capacity additions, showing near-term earnings dilution
  • ROE has remained flat at 11% across 3, 5, and 10-year periods, indicating limited improvement in capital efficiency despite scale gains
  • 1-year stock CAGR of -4% reflects market's concern about near-term earnings pressure and rich valuations
  • Compounded profit growth over 5 years is only 8% versus 15% sales growth, suggesting margin compression during expansion phases
  • Cement is a commodity business exposed to pricing cycles — EBITDA per tonne at ₹1,126 in Q4 FY25 was broadly flat, indicating limited pricing power in competitive markets
  • Capacity utilization pressure as 42.6 MTPA was added in FY25 alone through organic and inorganic growth, requiring sustained demand to absorb new supply

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 4h ago
Positives 5
  • Record Q1 profit, volume surge Jul 23

    UltraTech posted record Q1FY27 results with 13.1% volume growth and ₹2,604 crore PAT. Capacity reached 200.1 million tons with brand migration complete.

  • ₹17,000 Cr capex for expansion Jul 21

    UltraTech plans ~₹17,000 crore capex over 2-2.5 years to push capacity beyond 242 MTPA, targeting double-digit volume growth in FY27 and net debt/EBITDA under 1x.

  • Solar stake for green power Aug 12

    Acquired 26% stake in Solaris Horizon Energy for ₹27.75 crore to secure 65 MW AC solar power for Chhattisgarh plants, supporting its 2.5-3 GW green power target.

  • Cables & wires diversification Jul 21

    UltraTech announced entry into cables and wires business launching Q3 FY27, representing strategic diversification beyond core cement operations.

  • ₹240 per share dividend Jul 26

    Board proposed ₹240 per share dividend for FY 2025-26, subject to AGM approval on August 17 with record date July 30, 2026.

Neutral 5
  • ₹5,000 Cr NCD issuance at ~7.23% Aug 3

    Completed private placement of ₹5,000 crore unsecured NCDs in three series (2.5-5 year tenors) at 7.22-7.25% coupon, listed on NSE.

  • Institutional block trades continue Jul 24

    Multiple block trades recorded on NSE between Jul 15-24 ranging from ₹17.96 to ₹26.65 crore at prices between ₹11,770-₹12,101 per share, indicating sustained institutional activity.

  • Leadership succession announced Jul 26

    Jayant Dua appointed Managing Director from January 1, 2027 for four years, succeeding K.C. Jhanwar. Vivek Agrawal re-appointed as CMO from Jan 2027.

  • 1.66 lakh stock options granted Jul 20

    Granted 1,66,582 stock options under ESOS 2022 vesting over 3 years at exercise price of ₹11,727 per share.

  • FY26 BRSR report filed Jul 24

    Submitted Business Responsibility and Sustainability Report for FY26 disclosing consolidated ESG metrics and governance details.

TL;DR: UltraTech Cement is firing on all cylinders with record Q1FY27 profits, 13.1% volume growth, and aggressive capacity expansion to 242+ MTPA backed by ₹17,000 crore capex. No material headwinds are visible in recent news flow. The company is diversifying into cables & wires while strengthening its green energy footprint. With strong institutional interest and a healthy dividend payout, the trend remains firmly positive heading into FY27.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
17,737
16,012
16,740
20,419
18,819
16,294
17,779
23,063
21,275
19,607
21,830
25,799
24,648
Expenses
14,688
13,461
13,485
16,305
15,801
14,269
14,885
18,456
16,869
16,518
17,919
20,201
19,633
Operating Profit
3,049
2,551
3,255
4,114
3,017
2,026
2,893
4,608
4,406
3,089
3,911
5,599
5,015
OPM %
17%
16%
19%
20%
16%
12%
16%
20%
21%
16%
18%
22%
20%
Other Income
177
171
146
73
83
226
247
93
142
174
46
77
118
Interest
211
234
262
261
326
393
457
475
433
459
492
487
453
Depreciation
749
798
783
815
918
980
993
1,125
1,107
1,148
1,182
1,208
1,201
PBT
2,267
1,690
2,355
3,111
1,857
879
1,691
3,101
3,008
1,656
2,283
3,981
3,480
Tax %
25%
24%
25%
27%
20%
19%
19%
20%
26%
25%
24%
25%
25%
Net Profit
1,690
1,280
1,775
2,259
1,493
708
1,363
2,475
2,221
1,238
1,729
3,000
2,604
EPS in Rs
58.49
44.39
61.55
78.22
51.78
24.34
47.09
84.23
75.54
41.79
58.55
101
88.21
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
23,306
25,153
25,375
30,979
41,462
42,430
44,726
52,599
63,240
70,908
75,955
88,512
91,884
Expenses
18,881
20,252
20,162
24,834
34,115
33,184
33,158
41,084
52,620
57,930
63,408
71,507
74,270
Operating Profit
4,425
4,901
5,212
6,145
7,347
9,246
11,568
11,514
10,620
12,979
12,547
17,004
17,614
OPM %
19%
19%
21%
20%
18%
22%
26%
22%
17%
18%
17%
19%
19%
Other Income
350
464
648
242
350
651
619
669
507
557
647
439
416
Interest
587
566
640
1,238
1,778
1,992
1,486
945
823
968
1,651
1,872
1,891
Depreciation
1,203
1,377
1,348
1,848
2,451
2,723
2,700
2,715
2,888
3,145
4,015
4,644
4,738
PBT
2,986
3,421
3,872
3,301
3,468
5,183
8,001
8,524
7,416
9,422
7,528
10,927
11,400
Tax %
30%
28%
30%
33%
31%
-11%
32%
14%
32%
26%
20%
25%
—
Net Profit
2,102
2,480
2,714
2,224
2,400
5,751
5,462
7,334
5,073
7,004
6,040
8,188
8,571
EPS in Rs
76.47
90.3
98.9
80.92
87.51
199
189
254
175
243
205
277
290
Div. Payout %
12%
11%
10%
13%
13%
7%
20%
15%
22%
29%
38%
87%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
274
274
275
275
275
289
289
289
289
289
295
295
Reserves
18,767
21,671
24,117
26,107
33,476
38,755
43,886
50,147
54,036
59,939
70,412
76,329
Borrowings
9,829
10,616
8,474
19,480
25,337
23,019
21,719
11,299
11,058
11,403
24,102
23,755
Other Liabilities
9,183
8,631
9,343
11,280
17,438
17,151
20,282
22,077
25,998
29,167
38,823
40,936
Total Liabilities
38,053
41,193
42,209
57,141
76,525
79,214
86,176
83,811
91,380
1,00,797
1,33,632
1,41,315
Fixed Assets
23,343
25,309
25,904
39,715
56,645
57,151
55,412
55,488
59,579
62,878
94,564
98,794
CWIP
2,250
1,469
921
1,511
1,153
920
1,687
4,785
4,040
6,811
6,234
8,742
Investments
4,500
5,095
6,691
5,447
2,921
5,929
12,178
6,336
7,297
8,249
5,156
6,740
Other Assets
7,961
9,319
8,693
10,468
15,806
15,215
16,900
17,203
20,464
22,859
27,677
27,040
Total Assets
38,053
41,193
42,209
57,141
76,525
79,214
86,176
83,811
91,380
1,00,797
1,33,632
1,41,315
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
4,190
4,526
5,005
3,888
5,956
8,972
12,500
9,283
9,069
10,898
10,673
15,316
Investing
-2,144
-3,673
-2,501
1,866
1,165
-4,192
-8,856
2,257
-7,188
-8,789
-15,836
-9,475
Financing
-2,110
-844
-2,535
-5,735
-6,757
-5,076
-4,356
-12,498
-1,631
-1,926
5,076
-5,954
Net Cash Flow
-63
8
-31
18
364
-295
-712
-958
250
183
-86
-113
Free Cash Flow
1,481
2,394
3,637
2,005
4,308
7,286
10,662
3,677
2,963
2,013
1,723
5,805
CFO/OP
98
110
110
77
91
107
119
94
96
97
95
98
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
26
28
25
26
25
20
21
21
22
22
28
25
Inventory Days
266
203
195
226
214
234
207
256
248
255
255
206
Days Payable
154
142
150
165
165
188
234
269
271
260
248
217
Cash Conversion Cycle
138
89
70
87
74
66
-6
9
0
17
35
13
Working Capital Days
-82
-83
-38
-50
-48
-60
-83
-56
-56
-52
-64
-57
ROCE %
12%
13%
14%
12%
10%
12%
15%
14%
13%
15%
11%
13%

Shareholding Pattern

As of Jun 2026
Promoters 59.33%
DIIs 19.69%
FIIs 12.86%
Public 5.58%
Others 2.50%
Government 0.05%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
59.96%
59.96%
59.96%
59.96%
59.96%
59.96%
59.96%
59.96%
59.96%
59.96%
59.96%
59.96%
59.95%
59.99%
59.99%
60.00%
59.23%
59.23%
59.23%
59.29%
59.33%
59.33%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.01%
0.01%
0.00%
17.17%
0.01%
18.26%
18.65%
18.47%
17.48%
15.71%
15.72%
15.82%
14.93%
14.11%
12.86%
DIIs
13.74%
14.39%
14.51%
15.15%
16.38%
18.16%
17.30%
17.50%
17.03%
16.05%
15.15%
13.68%
14.24%
13.93%
14.19%
15.16%
16.80%
16.85%
16.65%
17.45%
18.42%
19.69%
Government
0.08%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
Public
5.45%
5.51%
5.52%
5.52%
5.92%
6.24%
5.96%
5.71%
5.55%
5.42%
5.41%
5.28%
5.40%
5.26%
5.24%
5.22%
5.37%
5.39%
5.58%
5.62%
5.55%
5.58%
Others
20.77%
20.09%
19.96%
19.33%
17.69%
15.60%
16.72%
16.77%
17.40%
18.51%
2.26%
21.03%
2.09%
2.12%
2.05%
2.09%
2.84%
2.75%
2.67%
2.66%
2.54%
2.50%
No. of Shareholders
0
3,04,256
3,13,102
3,23,875
3,31,319
3,95,972
4,33,196
4,15,403
3,66,437
3,49,281
3,47,904
3,42,422
3,57,627
3,53,565
3,56,405
3,59,710
3,94,462
4,06,118
4,09,266
4,12,518
4,09,350
4,16,693

Documents

1
Concall - Apr 2017 Apr 2017
2
Concall - Aug 2017 Aug 2017
3
Concall - Sep 2017 Sep 2017
4
Concall - Oct 2017 Oct 2017
5
Concall - Dec 2017 Dec 2017

Frequently Asked Questions about UltraTech Cement Ltd

What does UltraTech Cement Ltd do?
UltraTech Cement is engaged in the manufacturing and sale of Cement and Cement related product primarily across globe.[1]
Where is UltraTech Cement Ltd (ULTRACEMCO) listed?
UltraTech Cement Ltd is listed on the Indian stock exchanges. It is listed on NSE: ULTRACEMCO and BSE: 532538. You can view its live share price, financials, and ratios on Tapetide.
Which sector does UltraTech Cement Ltd belong to?
UltraTech Cement Ltd operates in the Construction sector within the Cement industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of UltraTech Cement Ltd?
UltraTech Cement Ltd has a market capitalisation of approximately ₹344273.68 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of UltraTech Cement Ltd?
The Price-to-Earnings (PE) ratio of UltraTech Cement Ltd is 40.40. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of UltraTech Cement Ltd?
Over the past 52 weeks, UltraTech Cement Ltd has traded between a low of ₹10,325 and a high of ₹13,110. This range helps investors understand the stock's price volatility and recent trading levels.
Does UltraTech Cement Ltd pay dividends?
Yes, UltraTech Cement Ltd has a dividend yield of 2.02%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of UltraTech Cement Ltd?
UltraTech Cement Ltd has a Return on Equity (ROE) of 10.15%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research UltraTech Cement Ltd on Tapetide?
On Tapetide, you can view UltraTech Cement Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

UltraTech Cement is engaged in the manufacturing and sale of Cement and Cement related product primarily across globe.[1]

Website ultratechcement.com
CEO Mr. Kailash Chandra Jhanwar B.Com, C.S (Inter), FCA
Listed 2004-08-24
Face Value ₹ 10
Issued Size 29,46,79,171

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