Cement & Cement Products
Valuation | |
|---|---|
| Market Cap | 3.76 LCr |
| Price/Earnings (Trailing) | 49.02 |
| Price/Sales (Trailing) | 4.36 |
| EV/EBITDA | 24.28 |
| Price/Free Cashflow | 235.48 |
| MarketCap/EBT | 37.37 |
| Enterprise Value | 4.01 LCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | 0.40% |
| Price Change 1M | 4.7% |
| Price Change 6M | 5.1% |
| Price Change 1Y | 10.2% |
| 3Y Cumulative Return | 21.5% |
| 5Y Cumulative Return | 15% |
| 7Y Cumulative Return | 20% |
| 10Y Cumulative Return | 16.3% |
| Revenue (TTM) |
| 86.37 kCr |
| Rev. Growth (Yr) | 26% |
| Earnings (TTM) | 7.66 kCr |
| Earnings Growth (Yr) | 17.4% |
Profitability | |
|---|---|
| Operating Margin | 12% |
| EBT Margin | 12% |
| Return on Equity | 10.09% |
| Return on Assets | 5.58% |
| Free Cashflow Yield | 0.42% |
| Cash Flow from Investing (TTM) | -16.5 kCr |
| Cash Flow from Operations (TTM) | 10.67 kCr |
| Cash Flow from Financing (TTM) | 5.08 kCr |
| Cash & Equivalents | 112.15 Cr |
| Free Cash Flow (TTM) | 1.54 kCr |
| Free Cash Flow/Share (TTM) | 52.4 |
Balance Sheet | |
|---|---|
| Total Assets | 1.37 LCr |
| Total Liabilities | 61.34 kCr |
| Shareholder Equity | 75.97 kCr |
| Current Assets | 23.76 kCr |
| Current Liabilities | 34.9 kCr |
| Net PPE | 77.47 kCr |
| Inventory | 10.47 kCr |
| Goodwill | 7.8 kCr |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.18 |
| Debt/Equity | 0.32 |
| Interest Coverage | 4.42 |
| Interest/Cashflow Ops | 7.64 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 77.5 |
| Dividend Yield | 0.61% |
| Shares Dilution (1Y) | 2.1% |
| Shares Dilution (3Y) | 2.1% |
Balance Sheet: Strong Balance Sheet.
Growth: Good revenue growth. With 42% growth over past three years, the company is going strong.
Smart Money: Smart money has been increasing their position in the stock.
Profitability: Recent profitability of 9% is a good sign.
Size: It is among the top 200 market size companies of india.
Past Returns: Outperforming stock! In past three years, the stock has provided 21.5% return compared to 13% by NIFTY 50.
No major cons observed.
Balance Sheet: Strong Balance Sheet.
Growth: Good revenue growth. With 42% growth over past three years, the company is going strong.
Smart Money: Smart money has been increasing their position in the stock.
Profitability: Recent profitability of 9% is a good sign.
Size: It is among the top 200 market size companies of india.
Past Returns: Outperforming stock! In past three years, the stock has provided 21.5% return compared to 13% by NIFTY 50.
No major cons observed.
Investor Care | |
|---|---|
| Dividend Yield | 0.61% |
| Dividend/Share (TTM) | 77.5 |
| Shares Dilution (1Y) | 2.1% |
| Earnings/Share (TTM) | 260.58 |
Financial Health | |
|---|---|
| Current Ratio | 0.68 |
| Debt/Equity | 0.32 |
Technical Indicators | |
|---|---|
| RSI (14d) | 65.36 |
| RSI (5d) | 55.76 |
| RSI (21d) | 61.96 |
| MACD Signal | Buy |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Buy |
| RSI Signal | Hold |
| RSI5 Signal | Hold |
| RSI21 Signal | Hold |
| SMA 5 Signal | Buy |
| SMA 10 Signal |
Updated Feb 6, 2026
JM Financial highlights UltraTech Cement as their top stock pick, assigning it a 'Buy' rating with a target price of Rs 14,500.
Pan-India average cement prices have increased by 1.5-2% MoM, indicating strong demand.
Industry demand is projected to sustain momentum, supported by government infrastructure initiatives and housing projects.
Summary of UltraTech Cement's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Management provided a positive outlook for UltraTech Cement, emphasizing significant demand driven by robust government infrastructure projects across India. Key forward-looking points include:
Demand Growth: Management expects a continuous solid demand pipeline due to substantial government investments in various regions, including:
Capacity Expansion: UltraTech plans to add approximately 8 to 9 million tons of capacity by the end of the current quarter and an additional 12 million tons in FY '27.
Financial Projections:
Internal Growth Funding: The company is funding its expansion through internal accruals, maintaining operational efficiency and a strong balance sheet.
Operational Performance: Management highlighted an improved clinker conversion to 1.49, with expectations to reach targets of 1.54 by mid-FY27.
Strategic Positioning: UltraTech is leveraging its pan-India presence and expanding retail footprint to capture incremental demand efficiently while safeguarding margins.
Long-Term Vision: With India's growing infrastructure needs, management expresses confidence in sustained growth beyond FY27 and forecasts that UltraTech will play a critical role in this development.
Overall, the management remains optimistic about UltraTech's potential in a rapidly growing market, reinforced by strategic investments and operational efficiencies.
Understand UltraTech Cement ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| Grasim Industries Limited | 56.11% |
| ICICI PRUDENTIAL SENSEX ETF | 2.26% |
| NPS TRUST A/C - SBI PENSION FUND - UPS - CG SCHEM | 2.18% |
| SBI ARBITRAGE OPPORTUNITIES FUND | 1.51% |
| Pilani Investment and Industries Corporation Limited | 1.5% |
| KOTAK INFRASTRUCTURE & ECONOMIC REFORM FUND | 1.25% |
Detailed comparison of UltraTech Cement against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| AMBUJACEM | Ambuja Cements | 1.32 LCr | 40.8 kCr | -5.40% | +2.20% | 35.42 | 3.23 | - | - |
| SHREECEM | Shree Cements | 98.09 kCr |
Comprehensive comparison against sector averages
ULTRACEMCO metrics compared to Cement
| Category | ULTRACEMCO | Cement |
|---|---|---|
| PE | 49.02 | 34.02 |
| PS | 4.36 | 2.36 |
| Growth | 19.8 % | 12.4 % |
UltraTech Cement is a leading company in the Cement & Cement Products industry, with the stock ticker ULTRACEMCO and a notable market capitalization of Rs. 349,731.2 Crores. Headquartered in Mumbai, India, it was incorporated in 2000 and operates as a subsidiary of Grasim Industries Limited.
The company primarily focuses on the manufacture and sale of a diverse range of products including clinker, cement, and related items. Its product offerings encompass:
Cement Types: Ordinary Portland, Portland pozzolana, composite, Portland slag, water-repellent, and white cement.
Specialty Products: Wall care putty, ready-mix concrete, concrete blocks, and dry mix mortars, which include tile and marble binders, plasters and mortars, industrial and precision grouts, and flooring screeds.
Waterproofing Systems: Both liquid and cementitious solutions.
UltraTech Cement is also involved in the generation of electricity through wind and solar energy.
Additionally, the company operates retail stores under the UltraTech Home Expert Store brand, which offer a wide array of building materials such as TMT steel bars, paints, waterproofing solutions, plumbing materials, and flooring options like marble and granite. It provides mobile concrete labs for technical assessments, along with Vastu, pest control, and water testing services, as well as home loans.
The product brands include UltraTech, Enviroplus, Décor, MaxSheen, DuraFacad, iFloors, and several others. UltraTech Cement also exports its products to regions such as the United Arab Emirates, Bahrain, and Sri Lanka.
With a trailing twelve-month revenue of Rs. 72,082.9 Crores, the company demonstrates a robust financial performance with a revenue growth of 39.4% over the past three years. UltraTech Cement also distributes dividends to its investors, boasting a dividend yield of 0.62% annually, having returned Rs. 70 in dividends per share in the last twelve months.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Buy |
| SMA 20 Signal | Buy |
| SMA 50 Signal | Buy |
| SMA 100 Signal | Buy |
ULTRACEMCO vs Cement (2021 - 2026)
This information is AI-generated and may contain inaccuracies. Please verify from multiple sources.
Here are the major questions and detailed answers from the Q&A section of the UltraTech Cement Limited Q3 FY26 earnings call transcript:
Question: "What do you think industry's stance will be in this kind of a high expansion scenario?" Answer: "I believe that with the ongoing demand footprint and new initiatives, cement will be easily absorbed. As long as demand remains strong, we will not see any issues with pricing."
Question: "What will happen with the India Cements EBITDA per ton improvement in Q4 '27?" Answer: "Most of the improvement will come from brand conversions, efficiency programs, and rising prices in southern markets. We need all factors"”prices, efficiency, and capacity utilization"”to align positively."
Question: "Can you provide guidance on capacity addition for Q4 and the next two years?" Answer: "We expect an additional 8 to 9 million tons in Q4, with approximately 12 million tons coming in FY '27, and the remaining in FY '28."
Question: "How has rural demand recovered in Q3 and expectations for the upcoming quarters?" Answer: "Rural demand remains buoyant, as indicated by our strong trade ratios. I anticipate solid rural demand in Q4 as well."
Question: "What is your outlook on industry demand growth for Q3?" Answer: "We expect an all-India demand growth between 9% to 10% for Q3, with 6.5% to 7% for the first nine months of the fiscal year."
Question: "What is the clinker conversion ratio for the quarter?" Answer: "Our clinker conversion ratio stands at 1.49 for the current quarter."
Question: "Will there be any impact of increasing input costs in Q4?" Answer: "While costs may fluctuate, I don't expect significant increases. Our fuel costs remain stable, and raw material costs have matured."
Question: "What are your thoughts on pricing dynamics in Southern India?" Answer: "I foresee strong institutional demand stabilizing cement pricing in the South, potentially turning it into a region with a more consistent upward pricing trend."
Question: "Can you clarify the capex spend for the year and next?" Answer: "We've spent INR 7,000 crores to INR 7,200 crores in the first nine months, and expect to spend INR 2,000 crores to INR 2,500 crores in Q4, bringing the total to about INR 10,000 crores for the fiscal year."
Question: "What numbers should we expect for employee costs and EBITDA per ton in Q4?" Answer: "While I expect we will do better than our current performance, I wouldn't offer specific EBITDA per ton guidance. Employee costs are up due to annual compensation increases and new capacity addition."
These summaries encapsulate the essence of the exchange while maintaining critical numerical and contextual details.
| Government of Singapore - E |
| 1.18% |
| PT. Indo Bharat Rayon | 0.78% |
| Hindalco Industries Limited | 0.43% |
| Shri Kumar Mangalam Birla | 0.15% |
| Thai Rayon Public Co. Ltd. | 0.07% |
| PT. Sunrise Bumi Textiles | 0.05% |
| Aditya Birla Real Estate Limited | 0.05% |
| Birla Institute of Technology and Science | 0.04% |
| PT. Elegant Textile Industry | 0.03% |
| Padmavati Investment Private Limited | 0.02% |
| Birla Group Holdings Pvt. Limited | 0.02% |
| Century Enka Limited | 0.01% |
| Smt. Rajashree Birla | 0.01% |
| IGH Holdings Private Limited | 0% |
Distribution across major stakeholders
Distribution across major institutional holders
| 20.83 kCr |
| -1.80% |
| -4.30% |
| 39.33 |
| 4.71 |
| - |
| - |
| JKCEMENT | J.K. CEMENT | 44.28 kCr | 13.62 kCr | -0.30% | +16.10% | 43.42 | 3.25 | - | - |
| DALBHARAT | DALMIA BHARAT | 40.39 kCr | 14.92 kCr | +1.80% | +14.10% | 34.05 | 2.71 | - | - |
| ACC | ACC | 31.48 kCr | 25.11 kCr | -4.30% | -18.10% | 11.88 | 1.25 | - | - |
| RAMCOCEM | The Ramco Cements | 27.44 kCr | 8.73 kCr | +7.90% | +29.00% | 74.21 | 3.14 | - | - |
General • 06 Feb 2026 Newspaper Advertisement regarding the Notice of Special Window for Transfer and Dematerialisation of Physical Securities |
General • 05 Feb 2026 Commissioning of cement capacity |
General • 05 Feb 2026 Corporate Dossier of UltraTech Cement Limited |
Allotment of ESOP / ESPS • 04 Feb 2026 Grant of Stock Options - UltraTech Cement Limited Employee Stock Options Scheme 2022 |
Analyst / Investor Meet • 04 Feb 2026 Intimation regarding Investor meet of UltraTech Cement Limited |
Analyst / Investor Meet • 03 Feb 2026 Intimation regarding Investor meet of UltraTech Cement Limited |
General • 03 Feb 2026 Disclosure w.r.t. Orders passed by GST Authority |
| 8.1% |
| 19,589 |
| 18,120 |
| 18,405 |
| 20,044 |
| 15,605 |
| 14,837 |
| Profit Before exceptional items and Tax | 43% | 2,377 | 1,662 | 3,050 | 3,121 | 1,833 | 1,018 |
| Exceptional items before tax | - | -89.23 | 0 | -38.38 | -9.35 | 0 | 0 |
| Total profit before tax | 37.6% | 2,287 | 1,662 | 3,012 | 3,112 | 1,833 | 1,018 |
| Current tax | 27.6% | 422 | 331 | 695 | 358 | 278 | 118 |
| Deferred tax | 51.2% | 131 | 87 | 92 | 268 | 80 | 73 |
| Total tax | 32.6% | 554 | 418 | 787 | 626 | 358 | 191 |
| Total profit (loss) for period | 39.7% | 1,729 | 1,238 | 2,221 | 2,475 | 1,474 | 825 |
| Other comp. income net of taxes | -134.6% | -85.92 | 252 | 30 | -65.31 | 79 | 525 |
| Total Comprehensive Income | 10.3% | 1,644 | 1,490 | 2,251 | 2,409 | 1,553 | 1,350 |
| Earnings Per Share, Basic | 41.1% | 58.66 | 41.87 | 75.67 | 84.38 | 50.99 | 28.45 |
| Earnings Per Share, Diluted | 41.1% | 58.62 | 41.84 | 75.61 | 84.31 | 50.94 | 28.43 |
| Debt equity ratio | 0% | 03 | 032 | 03 | 031 | 0 | 0 |
| Debt service coverage ratio | 2.3% | 0.0553 | 0.0332 | 0.0783 | 0.0446 | 0.06 | 0.06 |
| Interest service coverage ratio | 0.8% | 0.0765 | 0.0687 | 0.0915 | 0.0673 | 0.09 | 0.08 |
| 13.4% |
| 3,299 |
| 2,910 |
| 2,562 |
| 2,359 |
| 2,182 |
| 2,336 |
| Finance costs | 69.1% | 1,465 | 867 | 755 | 798 | 1,259 | 1,704 |
| Depreciation and Amortization | 23.5% | 3,739 | 3,027 | 2,619 | 2,457 | 2,434 | 2,455 |
| Other expenses | 4.3% | 43,733 | 41,923 | 37,799 | 28,808 | 22,503 | 22,800 |
| Total Expenses | 8.2% | 64,803 | 59,915 | 54,770 | 42,982 | 35,917 | 36,156 |
| Profit Before exceptional items and Tax | -17.1% | 7,785 | 9,388 | 7,246 | 8,293 | 8,060 | 5,220 |
| Exceptional items before tax | -22% | -88.08 | -72 | 0 | 0 | -164 | 0 |
| Total profit before tax | -17.4% | 7,697 | 9,316 | 7,246 | 8,293 | 7,896 | 5,220 |
| Current tax | -64% | 802 | 2,226 | 2,046 | 1,214 | 1,415 | 919 |
| Deferred tax | 281% | 702 | 185 | 283 | 13 | 1,139 | -1,154.41 |
| Total tax | -37.6% | 1,504 | 2,411 | 2,329 | 1,227 | 2,554 | -235.78 |
| Total profit (loss) for period | -10.3% | 6,193 | 6,905 | 4,917 | 7,067 | 5,342 | 5,456 |
| Other comp. income net of taxes | 817.3% | 600 | -82.51 | -93.22 | -18.26 | 64 | -48.67 |
| Total Comprehensive Income | -0.4% | 6,792 | 6,822 | 4,824 | 7,048 | 5,406 | 5,407 |
| Earnings Per Share, Basic | -12.2% | 210.52 | 239.58 | 170.53 | 490 | 185.2 | 189.15 |
| Earnings Per Share, Diluted | -12.2% | 210.35 | 239.4 | 170.44 | 489.8 | 185.13 | 189.099 |
| Debt equity ratio | 0.1% | 028 | 014 | 017 | 02 | 04 | 048 |
| Debt service coverage ratio | -0.1% | 0.0521 | 0.0529 | 0.0718 | 0.0311 | 0.0146 | 0.0125 |
| Interest service coverage ratio | -6.8% | 0.0796 | 0.1383 | 0.126 | 0.1272 | 0.0766 | 0.0419 |
| Capital work-in-progress |
| 16.4% |
| 6,934 |
| 5,956 |
| 6,350 |
| 6,736 |
| 5,211 |
| 3,807 |
| Goodwill | 0% | 5,890 | 5,890 | 5,134 | 5,134 | 2,209 | 2,209 |
| Non-current investments | -1.8% | 13,393 | 13,645 | 5,720 | 3,754 | 8,143 | 7,056 |
| Loans, non-current | 0.1% | 8.02 | 8.01 | 6.96 | 8.31 | 8.33 | 9.22 |
| Total non-current financial assets | -1.5% | 15,978 | 16,229 | 7,289 | 5,204 | 9,289 | 8,177 |
| Total non-current assets | 2.6% | 104,011 | 101,413 | 80,323 | 75,581 | 68,906 | 65,036 |
| Total assets | 2.2% | 124,058 | 121,340 | 101,593 | 96,631 | 89,595 | 86,901 |
| Borrowings, non-current | -4.5% | 13,235 | 13,860 | 7,047 | 4,474 | 4,335 | 4,535 |
| Total non-current financial liabilities | -9.4% | 13,481 | 14,876 | 7,931 | 5,502 | 5,414 | 5,640 |
| Provisions, non-current | 3.5% | 731 | 706 | 670 | 645 | 623 | 596 |
| Total non-current liabilities | -2.3% | 23,237 | 23,779 | 15,294 | 12,575 | 11,557 | 11,716 |
| Borrowings, current | 33.4% | 7,469 | 5,600 | 6,523 | 3,614 | 4,820 | 4,216 |
| Total current financial liabilities | 11.5% | 21,613 | 19,377 | 19,316 | 17,056 | 17,042 | 15,613 |
| Provisions, current | 0.3% | 331 | 330 | 226 | 243 | 201 | 182 |
| Current tax liabilities | 50% | 2,938 | 1,959 | 1,906 | 1,983 | 1,590 | 1,361 |
| Total current liabilities | 7.8% | 30,069 | 27,884 | 26,084 | 24,961 | 23,415 | 22,248 |
| Total liabilities | 3.2% | 53,306 | 51,662 | 41,378 | 37,536 | 34,972 | 33,964 |
| Equity share capital | 0% | 295 | 295 | 289 | 289 | 289 | 289 |
| Total equity | 1.5% | 70,752 | 69,678 | 60,215 | 59,095 | 54,624 | 52,937 |
| Total equity and liabilities | 2.2% | 124,058 | 121,340 | 101,593 | 96,631 | 89,595 | 86,901 |
| -13.8% |
| 10,811 |
| 12,546 |
| 10,469 |
| 10,224 |
| - |
| - |
| Income taxes paid (refund) | -25.1% | 1,234 | 1,647 | 1,121 | 1,554 | - | - |
| Net Cashflows From Operating Activities | -12.1% | 9,576 | 10,899 | 9,348 | 8,670 | - | - |
| Cashflows used in obtaining control of subsidiaries | 13853% | 9,210 | 67 | 0 | 0 | - | - |
| Proceeds from sales of PPE | - | 156 | 0 | 90 | 64 | - | - |
| Purchase of property, plant and equipment | 0.6% | 9,055 | 8,999 | 5,922 | 5,419 | - | - |
| Proceeds from sales of investment property | -100.8% | 0 | 121 | 0 | 0 | - | - |
| Proceeds from sales of long-term assets | - | -576.35 | 0 | 0 | 0 | - | - |
| Purchase of other long-term assets | - | 925 | 0 | 0 | 0 | - | - |
| Dividends received | -104.4% | 0.78 | 5.99 | 5.9 | 6.92 | - | - |
| Interest received | 102.6% | 317 | 157 | 476 | 279 | - | - |
| Other inflows (outflows) of cash | -102.4% | 0 | 43 | -529.43 | -66.18 | - | - |
| Net Cashflows From Investing Activities | -97.3% | -15,450.04 | -7,830 | -6,753.57 | 789 | - | - |
| Proceeds from issuing shares | - | 31 | 0 | 0 | 8.67 | - | - |
| Payments to acquire or redeem entity's shares | 0% | 100 | 100 | 115 | 91 | - | - |
| Proceeds from exercise of stock options | 14.9% | 2 | 1.87 | 4.7 | 4.36 | - | - |
| Proceeds from borrowings | 2103.6% | 9,675 | 440 | 85 | 171 | - | - |
| Repayments of borrowings | -52.3% | 550 | 1,153 | 445 | 7,531 | - | - |
| Payments of lease liabilities | 50% | 202 | 135 | 112 | 160 | - | - |
| Dividends paid | 84% | 2,012 | 1,094 | 1,091 | 1,065 | - | - |
| Interest paid | 52.9% | 1,278 | 836 | 704 | 838 | - | - |
| Other inflows (outflows) of cash | -106.7% | 0 | 16 | 8.08 | 0 | - | - |
| Net Cashflows from Financing Activities | 294.5% | 5,566 | -2,860.52 | -2,370.09 | -9,500.93 | - | - |
| Net change in cash and cash eq. | -248.9% | -307.24 | 208 | 225 | -42 | - | - |