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UltraTech Cement

ULTRACEMCO NSE
₹11,816.00 +116.00 (+0.99%)
P/E
39.56
View as Markdown
MCP
Close 4 Nov 2026 ₹11,816.00 −94.00 −0.79% 1Y
Start ₹11,910.00

Key Fundamentals

LargecapCement & Cement ProductsConstruction Materials

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
12.70%
Debt to Equity
0.31
EPS (TTM)
₹298.67
Book Value
₹2,497.20
Market Cap
—
P/E (TTM)
39.56
P/B
4.73
ROE
11.10%
Dividend Yield
2.05%
EBITDA
₹17,598 Cr
52W High
₹13,110.00
52W Low
₹10,325.00
Day Range
₹11,600.00 – ₹11,830.00
Volume
2,73,181

Peer Comparison

Commodities › Construction › Cement › Cement & Cement Products

UltraTech Cement peer comparison
UltraTech Cement (this company)
₹11,816.0039.56₹3,46,219 Cr4.732.05%11.10%12.70%₹95,572 Cr₹8,834 Cr
Grasim Industries
₹3,138.0037.92₹2,11,790 Cr2.050.32%4.98%8.01%₹1,84,029 Cr₹11,261 Cr
Ambuja Cements
₹375.9521.09₹92,920 Cr1.570.54%8.85%5.61%₹39,867 Cr₹5,222 Cr
Shree Cement
₹24,175.0053.51₹86,846 Cr3.660.63%7.51%10.30%₹21,896 Cr₹1,637 Cr
JK Cement
₹5,076.3041.48₹39,409 Cr5.340.39%15.60%15.10%₹14,401 Cr₹939 Cr
Dalmia Bharat
₹1,407.0028.29₹26,437 Cr1.480.29%6.11%7.59%₹15,058 Cr₹953 Cr
ACC
₹1,185.3011.66₹22,384 Cr1.080.64%10.90%11.20%₹25,442 Cr₹1,908 Cr
Median 7 companies₹3,138.0037.92₹86,846 Cr2.050.54%8.85%10.30%₹25,442 Cr₹1,908 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

52 Average

Data confidence 100/100

Category scores

Quality
56
Good
Returns, margins, earnings quality 22% weight
Valuation
56
Good
Cheap vs sector & own history 24% weight
Growth
68
Strong
Sales & profit trajectory 9% weight
Financial Health
43
Weak
Solvency, leverage, coverage 9% weight
Momentum
48
Average
Trend strength, vol-adjusted 12% weight
Ownership
48
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

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

Weaknesses

3
  • Stock is trading at 4.20 times its book value
  • Promoter holding has decreased over last quarter: -0.85%
  • Company has a low return on equity of 10.7% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish4213
OscillatorsBearish423
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
68.56
Neutral
MACD (12,26,9)
147.70
Bullish
SMA (50)
11,069.48
Bullish
SMA (200)
11,617.60
Bullish

As of

Analyst Rating

Based on 37 analysts
BUY86%

32 of 37 analysts rate Buy, 3 Hold, 2 Sell.

As of

BUY
32
86%
HOLD
3
8%
SELL
2
5%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+13.41%
5Y+14.63%
3Y+11.86%
1Y+16.53%
TTM+16.94%

Net profit

Net profit growth by window
10Y+12.69%
5Y+8.43%
3Y+17.30%
1Y+35.56%
TTM+21.06%

Operating cash flow

Operating cash flow growth by window
10Y+12.96%
5Y+4.15%
3Y+19.09%
1Y+43.50%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−0.27 pp
5Y−6.65 pp
3Y+2.42 pp
1Y+2.69 pp
TTM+0.74 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹25,375 Cr
Mar 2018₹30,979 Cr
Mar 2019₹41,462 Cr
Mar 2020₹42,430 Cr
Mar 2021₹44,726 Cr
Mar 2022₹52,599 Cr
Mar 2023₹63,240 Cr
Mar 2024₹70,908 Cr
Mar 2025₹75,955 Cr
Mar 2026₹88,512 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹2,714 Cr
Mar 2018₹2,224 Cr
Mar 2019₹2,400 Cr
Mar 2020₹5,751 Cr
Mar 2021₹5,462 Cr
Mar 2022₹7,334 Cr
Mar 2023₹5,073 Cr
Mar 2024₹7,004 Cr
Mar 2025₹6,040 Cr
Mar 2026₹8,188 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹4,762 Cr +24.6% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk medium

UltraTech Cement Ltd trades at ₹11,387 as of 2026-11-02 with a market cap of ₹3,29,834 crore and a P/E of 38.13x. The company has delivered 17% compounded sales growth over three years and 21% TTM profit growth, while carrying a modest debt-to-equity ratio of 0.31. The stock sits roughly 13% below its 52-week high of ₹13,110.

Bull Case 7
  • TTM profit growth stands at 21%, accelerating from the 5-year compounded profit growth rate of 8%, indicating improving earnings momentum.
  • Compounded sales growth of 15% over five years and 17% TTM reflects sustained top-line expansion across cycles.
  • Debt-to-equity ratio of 0.31 is conservative for a capital-intensive cement business, providing financial flexibility for capacity expansion.
  • The company maintains a healthy dividend payout of 51.1%, and the current dividend yield of 2.17% is notable for a large-cap cement producer.
  • 10-year compounded sales and profit growth of 13% each demonstrate a long track record of consistent compounding.
  • ROCE of 11.9% as of 2026-11-02 indicates reasonable capital efficiency for a heavy-asset business with ongoing expansion programmes.
  • The stock is trading at ₹11,387, which is approximately 10% above its 52-week low of ₹10,325, having corrected meaningfully from the 52-week high of ₹13,110.
Bear Case 6
  • P/E of 38.13x is elevated for a cyclical cement manufacturer, implying the market is pricing in substantial future growth.
  • Return on equity of 10.15% — and a 3-year average of roughly 11% — is modest relative to the premium valuation the stock commands.
  • Promoter holding decreased by 0.85% over the last quarter, which may signal reduced promoter confidence or dilution.
  • The stock has delivered a 1-year return of -14%, underperforming during a period when the broader market was comparatively resilient.
  • 3-year and 5-year stock CAGR of 8% each lag behind the company's own earnings growth rates, suggesting valuation compression over time.
  • 5-year compounded profit growth of only 8% versus 15% sales growth over the same period points to margin pressure during that stretch.

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

AI News Digest

9h ago

TL;DR: UltraTech delivered strong 14% volume growth and 21% YoY profit growth in Q2 FY27, outpacing the industry, but cost inflation in fuel and raw materials compressed margins sharply on a sequential basis, with EBITDA/tonne dropping from ₹1,214 to ₹974. The near-term catalyst is October cement prices tracking 5% above Q2 averages, which should support Q3 earnings recovery. Key risks are sustained fuel cost inflation from the West Asia crisis and potential overcapacity as 150-160 MTPA of industry capacity comes online by FY28. The trend is cautiously improving if price hikes stick post-festive season and fuel costs stabilize in H2 FY27.

Headwinds 5
  • Fuel and raw material surge Oct 19

    Power and fuel expenses rose 24% YoY to ₹5,511 crore and raw material costs jumped 24.4% to ₹4,208 crore in Q2 FY27. Unit operating cost rose ~8% QoQ to ₹370/tonne driven by fuel costs of ₹210/tonne.

  • EBITDA/tonne dropped sharply QoQ Oct 19

    EBITDA per tonne fell to ₹974 in Q2 FY27 from ₹1,214 in Q1 FY27, a 20% sequential decline due to monsoon seasonality and cost inflation outpacing pricing power.

  • Profit down 43% sequentially Oct 19

    Net profit fell 43% QoQ from ₹2,599 crore in Q1 to ₹1,494 crore in Q2 FY27, with net profit margin compressing to 7% from 11% in the prior quarter.

Positives 6
  • Q2 volumes up 14% YoY Oct 19

    Domestic grey cement volumes grew 13.8% to 35.94 million tonnes in Q2 FY27, well ahead of industry demand growth of ~10%. Capacity utilisation improved to 71% from 66% YoY.

  • Revenue and profit grew strongly Oct 19

    Consolidated net sales rose 19% YoY to ~₹23,300 crore and PAT jumped 21.3% to ₹1,494 crore. PBT grew 24.3% to ₹2,059 crore and EPS increased to ₹50.78 from ₹41.87.

  • October prices up 5% over Q2 Oct 21

    October spot cement prices are ~5% above the Q2 FY27 average, with trade prices already up 7-10% per bag in late September. Full benefit of hikes expected in Q3 earnings.

Neutral 5
  • MD leadership transition Jan 2027 Oct 19

    K.C. Jhanwar steps down as MD on Dec 31, 2026 and becomes Non-Executive Vice Chairman from Jan 1, 2027. Jayant Dua takes over as MD after serving as MD (Designate) since Apr 1, 2026.

  • ₹1,400 EBITDA/tonne target by Mar 2028 Oct 19

    Management reaffirmed confidence in reaching ₹1,400 EBITDA per tonne by March 2028, up from current ₹974. Net debt/EBITDA expected to stay below 1x.

  • Capacity expansion to 235 MTPA Oct 19

    Grey cement capacity expected to reach 212.7 MTPA by FY27-end and ~235 MTPA by March 2028, with ₹17,000 crore capex planned over 2-2.5 years.

Quarterly Results

₹ Cr
ULTRACEMCO quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
16,012
16,740
20,419
18,819
16,294
17,779
23,063
21,275
19,607
21,830
25,799
24,648
23,295
Expenses
13,461
13,485
16,305
15,801
14,269
14,885
18,456
16,869
16,518
17,919
20,201
19,633
19,576
Operating Profit
2,551
3,255
4,114
3,017
2,026
2,893
4,608
4,406
3,089
3,911
5,599
5,015
3,719
OPM %
16%
19%
20%
16%
12%
16%
20%
21%
16%
18%
22%
20%
16%
Other Income
167
146
73
83
226
247
102
142
174
46
77
118
105
Interest
234
262
261
326
393
457
475
433
459
492
487
453
552
Depreciation
798
783
815
918
980
993
1,125
1,107
1,148
1,182
1,208
1,201
1,213
PBT
1,686
2,355
3,111
1,857
879
1,691
3,112
3,008
1,656
2,283
3,981
3,480
2,061
Tax %
24%
25%
27%
20%
19%
19%
20%
26%
25%
24%
25%
25%
27%
Net Profit
1,280
1,775
2,259
1,493
708
1,363
2,475
2,221
1,238
1,729
3,000
2,604
1,501
EPS (₹)
44.39
61.55
78.22
51.78
24.34
47.09
84.23
75.54
41.79
58.55
101
88.21
50.69

Profit & Loss

₹ Cr
ULTRACEMCO profit and loss, annual, ₹ crore
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
95,572
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
77,328
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
18,244
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
346
Interest
587
566
640
1,238
1,778
1,992
1,486
945
823
968
1,651
1,872
1,984
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
4,804
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
11,803
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
8,835
EPS (₹)
76.47
90.3
98.9
80.92
87.51
199
189
254
175
243
205
277
299
Div. Payout %
12%
11%
10%
13%
13%
7%
20%
15%
22%
29%
38%
87%
—

Balance Sheet

₹ Cr
ULTRACEMCO balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
ULTRACEMCO cash flow, annual, ₹ crore
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/EBITDA
98
110
110
77
91
107
119
94
96
97
95
98

Ratios

ULTRACEMCO financial ratios, annual
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

Log in to view UltraTech Cement insights

74 extracted metrics across FY01–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 58.48%
  • DIIs 20.86%
  • FIIs 12.69%
  • Public 5.52%
  • Others 2.40%
  • Government 0.05%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 PE ratio of UltraTech Cement Ltd?
UltraTech Cement Ltd trades at a PE ratio of 39.56 as of 4 Nov 2026, on earnings per share of ₹298.67, against a book value of ₹2,497.2 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 as of 4 Nov 2026.
Does UltraTech Cement Ltd pay dividends?
UltraTech Cement Ltd has a dividend yield of 2.05%.
What is the Return on Equity (ROE) of UltraTech Cement Ltd?
UltraTech Cement Ltd reported a return on equity of 11.10%. 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.

Website ultratechcement.com
CEO Mr. Kailash Chandra Jhanwar B.Com, C.S (Inter), FCA
Listed 24 Aug 2004
Face Value ₹10

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