UltraTech Cement
UltraTech Cement
Commodities F&OKey Fundamentals
LargecapCementConstructionTapetide 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 4.23 times its book value
- Company has a low return on equity of 10.7% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoUltraTech Cement Ltd, with a market cap of ~₹3.20 lakh crore, is India's largest cement manufacturer. The company has delivered a 17% TTM sales growth and 27% TTM profit growth, but trades at a PE of 38x and 4.25x book value, while its return on equity has remained flat at around 11% over the past decade.
- Strong TTM profit growth of 27%, significantly ahead of its 10-year compounded profit CAGR of 13%, indicating margin expansion
- Consistent 10-year compounded sales CAGR of 13%, reflecting sustained volume and pricing gains across cycles
- TTM revenue growth accelerated to 17%, above the 5-year sales CAGR of 15%, suggesting demand momentum
- Healthy dividend payout ratio of 51.1%, with a current dividend yield of 2.19%, providing income to shareholders
- 10-year stock CAGR of 11%, demonstrating long-term wealth creation track record
- Stable ROE of 11% maintained consistently over 3-year, 5-year, and 10-year periods, showing earnings predictability
- 5-year compounded profit CAGR of 8% has sharply re-accelerated to 27% TTM, pointing to an improving profitability cycle
- PE ratio of 38x is elevated for a commodity/cement business, leaving limited margin of safety if earnings disappoint
- Stock is trading at 4.25x book value, well above typical valuations for capital-intensive cement companies
- 1-year stock return of -11% indicates recent underperformance despite strong underlying profit growth
- Return on equity of ~10.7-11% over the last 3 years is modest for a company commanding a 38x PE multiple
- 5-year compounded profit CAGR of only 8% suggests earnings growth has been uneven, with recent acceleration yet to prove its durability
- As a commodity sector player, UltraTech remains exposed to input cost volatility in fuel, limestone, and power, which can compress margins quickly
- 3-year stock CAGR of 9% meaningfully lags the 3-year profit CAGR of 17%, suggesting the market has been de-rating the stock
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- HC rejects CCI case exclusion plea Sep 8
High Court denied UltraTech's request to exclude a builder association from CCI proceedings, keeping the competition case alive with the builder body continuing as a party.
- Ultravolt W&C launch, ₹1,800cr invested Sep 3
UltraTech launched Ultravolt wires and cables brand with ₹1,800 crore investment and 1.1 million km capacity at Bharuch, Gujarat. Production commenced Sep 1, ahead of Dec timeline. HDFC Securities targets 6% revenue contribution by FY31E; shares rose 1.54% to ₹11,396.
- HDFC Securities raises target to ₹14,500 Sep 8
HDFC Securities maintained BUY with target price raised to ₹14,500 (17x Sep'28E consolidated EBITDA), citing strong distribution network and Ultravolt upside. ICICI Securities also revised target up to ₹12,138 with HOLD rating.
- ₹13,000cr green power investment plan Sep 10
UltraTech, Ambuja, and Dalmia Bharat plan a combined ₹13,000 crore green power investment targeting up to 160 bps margin improvement through energy cost reduction.
- Nirmal Bang BUY, 9% volume CAGR Aug 20
Nirmal Bang maintained BUY with ₹13,700 target. Projects 9% volume CAGR over FY26-28E, capacity expansion from 197 to 240+ MTPA by FY28-end, and EBITDA/MT improving from ₹1,103 in FY26E to ₹1,337 in FY28E.
- Strong Q1 FY27 financials Sep 3
Consolidated net profit jumped 16.77% YoY to ₹2,599.28 crore in Q1 FY27, revenue climbed 15.85% YoY to ₹24,648 crore, and operating cash flow reached ₹15,320 crore in FY26.
- 600+ EV trucks by Dec 2026 Sep 2
UltraTech deploying 600+ EV trucks across seven states to transport 5 million MT clinker annually, reducing CO2 by 117,000+ tonnes and displacing 39 million litres of diesel per year.
- CMO re-appointment & leadership change Sep 11
Shareholder vote open Sep 12–Oct 11 for Vivek Agrawal's CMO re-appointment (Jan 2027–Dec 2028) at up to ₹19 lakh/month basic. Ashish Chandra appointed CMO Designate effective Sep 16, assuming full role Apr 1, 2027.
- Investor meets at Jefferies & BofA Sep 9
UltraTech participating in 2026 Jefferies India Forum on Sep 16 and BofA Asia Pacific Conference on Sep 21-22. No UPSI to be shared at either event.
- Q2 board meeting set for Oct 19 Sep 1
Board meeting scheduled for October 19, 2026 to consider and approve Q2 FY27 financial results.
- AGM held, new directors appointed Aug 17
26th AGM held on Aug 17, 2026 with appointments of Vikram Bhalla and Jayant Dua as directors. FY26 financials were adopted.
TL;DR: UltraTech is executing well on both its core cement business and strategic diversification. Q1 FY27 showed 16.8% profit growth, multiple brokerages maintain BUY ratings with targets up to ₹14,500, and the Ultravolt W&C launch with ₹1,800 crore backing adds a new growth vector. The lone headwind is an unresolved CCI competition case. With capacity scaling to 240+ MTPA, green power investments targeting 160 bps margin gains, and the W&C segment projected to reach 6% of revenue by FY31E, the trend is clearly positive heading into Q2 results on Oct 19.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY01–FY27.
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Company Information
UltraTech Cement is engaged in the manufacturing and sale of Cement and Cement related product primarily across globe.[1]
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