UltraTech Cement logo

UltraTech Cement

ULTRACEMCO NSE

Key Fundamentals

LargecapCementConstruction
Market Cap
3.2L Cr
Volatility
Moderate
P/E Ratio
36.96
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

Tapetide Score

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

Key Insights

Strengths

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

Weaknesses

2
  • Stock is trading at 4.12 times its book value
  • Company has a low return on equity of 10.7% over last 3 years.

Growth Rate

Revenue Growth
16.15% higher than 3Y
Net Income Growth
35.58% higher than 3Y
Cash Flow Change
43.5% higher than 3Y
ROE
24.24% higher than 3Y
ROCE
31.35% higher than 3Y
EBITDA Margin (Avg.)
13.9% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

UltraTech Cement is a large-cap cement producer with a market capitalisation of about ₹3,27,182 crore. It trades at a P/E of 38.1x and a P/B of 4.26x. Recent growth is strong, with TTM sales up 17% and TTM profit up 27%, but return on equity has stayed at about 11% over 3, 5 and 10 years, and the stock has fallen 8% over the past year.

Bull Case 7
  • Profit growth is speeding up. TTM compounded profit growth of 27% is well above the 3-year rate of 17% and the 5-year rate of 8%, which points to better operating leverage recently.
  • Revenue growth is also rising. TTM sales growth of 17% is above the 3-year CAGR of 12%, which suggests strong volume or pricing traction.
  • Growth has been steady over the long run. Sales and profit have both compounded at 13% over 10 years, which shows the business can grow through several cement cycles.
  • Shareholder payouts are healthy. The company pays out 51.1% of profits as dividends, and the reported dividend yield is 2.17%, which gives some cash return while holding the stock.
  • Its size is a major advantage. With a market cap of about ₹3,27,182 crore, it is one of the largest companies in the Indian commodities space, which supports cost leadership, pricing power and access to capital.
  • Top-line growth has been strong over 5 years. A 5-year sales CAGR of 15% is ahead of the 10-year sales CAGR of 13%, which indicates capacity additions are turning into revenue.
  • Long-term returns have been positive. The stock has compounded at 11% over 10 years and 11% over 3 years, roughly in line with profit growth over those periods.
Bear Case 8
  • The valuation is rich for a cyclical business. A P/E of 38.1x implies an earnings yield of only about 2.6%, which is high for a capital-intensive commodity business with cyclical earnings.
  • Book value is expensive relative to returns. The stock trades at 4.26x book value while 3-year ROE is only 10.7%, so the premium assumes a big improvement in capital efficiency.
  • ROE has not improved. It has stayed at about 11% over the last year and over 3, 5 and 10 years, which suggests heavy capex and acquisitions have not yet lifted returns on equity.
  • Margins have been under pressure. The 5-year profit CAGR of 8% is well below the 5-year sales CAGR of 15%, which points to cost inflation or pricing pressure over that period.
  • Recent price performance is weak. The stock has fallen 8% over the past year despite 27% TTM profit growth, which may reflect concerns about valuation, competition or cycle timing.
  • Medium-term returns have trailed revenue growth. The 5-year stock CAGR of 8% is below the 5-year sales CAGR of 15%, which may be de-rating or dilution from acquisitions.
  • Leverage cannot be checked from this data. Debt-to-equity and ROCE are not available, so balance-sheet risk from recent capacity expansion cannot be verified against the 10.7% ROE.
  • Recent growth may not last in a commodity cycle. TTM profit growth of 27% is more than three times the 5-year profit CAGR of 8%, so current earnings may be near a cyclical high and could revert.

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

AI News Digest

1d ago
Headwinds 5
  • Valuation de-rating, stock off highs Sep 21

    Shares are down 17% from their 52-week high and more than 7% since January. The one-year forward EV/EBITDA multiple has fallen from a peak of 26x to about 13.7x.

  • Adverse HC ruling in CCI case Sep 8

    A High Court rejected UltraTech's plea to remove a builder association from Competition Commission of India proceedings. The builder body stays a party, which keeps the antitrust overhang in place.

  • Variable cost inflation pressure Sep 21

    Recent rises in variable costs have squeezed the business. Margins depend on whether the September cement price hikes stick and pass those costs on.

  • Ultravolt payoff is slow, says ICICI Sep 3

    ICICI Securities kept a HOLD with a ₹12,138 target and said wires and cables is unlikely to move the needle soon. HDFC Securities expects the segment to turn EBITDA positive only in FY29E, with about 2% revenue share at first.

  • Price war risk in wires Sep 3

    Incumbents fell sharply on the launch: RR Kabel -8.92%, KEI -7.79%, Polycab -6.40%. That points to aggressive competition and possible pricing pressure in a ₹1 trillion market.

Positives 6
  • 4.6 mtpa added, 210.1 mtpa global Sep 24

    UltraTech commissioned a 3.6 mtpa greenfield plant at Petnikota (AP) plus 1.0 mtpa from debottlenecking, taking domestic capacity to 204.7 mtpa and global capacity to 210.1 mtpa. The FY27 target is 212.7 mtpa.

  • HSBC Buy, ₹14,200 target Sep 21

    The stock rose 4.08% to ₹11,105 and led Sensex gainers after HSBC reiterated Buy with a ₹14,200 target, about 29% upside. 38 of 42 analysts rate it Buy, and the consensus target is ₹13,956.

  • HDFC Sec raises target to ₹14,500 Sep 8

    HDFC Securities kept its BUY and raised the target to ₹14,500, based on 17x Sep'28E consolidated EBITDA. It sees wires and cables reaching 6% of revenue by FY31E.

  • Ultravolt launched ahead of schedule Sep 3

    The ₹1,800 crore wires and cables business at Jhagadia, Bharuch started commercial production on Sep 1, 2026, ahead of the December timeline. Installed capacity is about 1.1 million km, with plans to triple it in five years. Shares rose 1.54% to ₹11,396.20.

  • Strong Q1 FY27 earnings base Sep 3

    Q1 FY27 consolidated net profit rose 16.77% YoY to ₹2,599.28 crore, and revenue grew 15.85% to ₹24,648 crore. FY26 operating cash flow was ₹15,320 crore.

  • ₹13,000 crore green-power push Sep 10

    UltraTech, Ambuja and Dalmia Bharat plan a combined ₹13,000 crore investment in green power to cut energy costs. The target is margin improvement of up to 160 bps.

Neutral 4
  • 600+ EV trucks by Dec 2026 Sep 2

    Contracts signed with Tata Motors, Ashok Leyland, Sany and others cover 5 million MT of clinker a year across seven states. The fleet is projected to cut CO2 by more than 117,000 tonnes and displace 39 million litres of diesel each year.

  • Ashish Chandra named manufacturing chief Sep 11

    Ashish Chandra was appointed Chief Manufacturing Officer effective Sep 16, 2026. He takes over the full role in April 2027, succeeding E R Raj Narayanan.

  • Vivek Agrawal re-appointment vote Sep 11

    Shareholders are asked to re-appoint Vivek Agrawal as WTD and CMO for two years, with an annual incentive cap of ₹5 crore. Voting opens Sep 12, 2026.

  • Jefferies and BofA investor meets Sep 9

    UltraTech is attending the Jefferies India Forum on Sep 16 and the BofA Asia Pacific Conference on Sep 21-22, 2026. The company said no UPSI will be shared.

TL;DR: UltraTech is executing well. It has reached 210.1 mtpa of global capacity, Q1 FY27 profit grew 16.8%, and Ultravolt started early, which keeps most brokerages bullish (38 of 42 Buy, HSBC ₹14,200, HDFC ₹14,500). The risks are a 17% drop from the 52-week high, EV/EBITDA compressing to about 13.7x, variable cost inflation, the ongoing CCI case, and a wires business that won't add to EBITDA before FY29. Sentiment is getting better after the de-rating, and the next leg depends on whether the September price hikes hold and the remaining capacity toward 212.7 mtpa is commissioned by FY27.

Quarterly Results

Particulars 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

Particulars 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

Particulars 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

Particulars 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

Particulars 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%

Insights

Beta

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

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Shareholding Pattern

Others2.50%Govt.0.05%Promot.59.33%Public5.58%FIIs12.86%DIIs19.69%As ofJun 2026

Documents

Frequently Asked Questions about UltraTech Cement

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 trades as ULTRACEMCO on the NSE and under code 532538 on the BSE.
Which sector does UltraTech Cement Ltd belong to?
UltraTech Cement Ltd is classified under the Construction sector, in the Cement industry.
What is the market capitalisation of UltraTech Cement Ltd?
UltraTech Cement Ltd has a market capitalisation of ₹3,15,808 Cr, which places it in the Large Cap band.
What is the PE ratio of UltraTech Cement Ltd?
UltraTech Cement Ltd trades at a PE ratio of 36.96, on earnings per share of ₹243.84, against a book value of ₹2,600.24 per share.
What is the 52-week high and low of UltraTech Cement Ltd?
Over the last 52 weeks UltraTech Cement Ltd has traded between ₹10,325 and ₹13,110.
Does UltraTech Cement Ltd pay dividends?
UltraTech Cement Ltd has a dividend yield of 2.19%.
What is the Return on Equity (ROE) of UltraTech Cement Ltd?
UltraTech Cement Ltd reported a return on equity of 10.15%. Its debt-to-equity ratio is 0.31.

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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