Cement & Cement Products
Valuation | |
|---|---|
| Market Cap | 3.65 LCr |
| Price/Earnings (Trailing) | 48.94 |
| Price/Sales (Trailing) | 4.46 |
| EV/EBITDA | 24.83 |
| Price/Free Cashflow | 235.48 |
| MarketCap/EBT | 37.92 |
| Enterprise Value | 3.89 LCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | 3.7% |
| Price Change 1M | 7.3% |
| Price Change 6M | -1% |
| Price Change 1Y | 16.4% |
| 3Y Cumulative Return | 18.8% |
| 5Y Cumulative Return | 17.8% |
| 7Y Cumulative Return | 18.3% |
| 10Y Cumulative Return | 16.7% |
| Revenue (TTM) |
| 81.84 kCr |
| Rev. Growth (Yr) | 24.8% |
| Earnings (TTM) | 7.41 kCr |
| Earnings Growth (Yr) | 50% |
Profitability | |
|---|---|
| Operating Margin | 12% |
| EBT Margin | 12% |
| Return on Equity | 9.75% |
| Return on Assets | 5.39% |
| Free Cashflow Yield | 0.42% |
Cash Flow & Liquidity |
|---|
| 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 | 4.5 |
| Interest/Cashflow Ops | 7.64 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 77.5 |
| Dividend Yield | 0.63% |
| Shares Dilution (1Y) | 2.1% |
| Shares Dilution (3Y) | 2.1% |
Profitability: Recent profitability of 9% is a good sign.
Balance Sheet: Strong Balance Sheet.
Growth: Good revenue growth. With 40.6% growth over past three years, the company is going strong.
Momentum: Stock price has a strong positive momentum. Stock is up 7.3% in last 30 days.
Smart Money: Smart money has been increasing their position in the stock.
Technicals: Bullish SharesGuru indicator.
Past Returns: In past three years, the stock has provided 18.8% return compared to 12.5% by NIFTY 50.
Insider Trading: There's significant insider buying recently.
Size: It is among the top 200 market size companies of india.
No major cons observed.
Profitability: Recent profitability of 9% is a good sign.
Balance Sheet: Strong Balance Sheet.
Growth: Good revenue growth. With 40.6% growth over past three years, the company is going strong.
Momentum: Stock price has a strong positive momentum. Stock is up 7.3% in last 30 days.
Smart Money: Smart money has been increasing their position in the stock.
Technicals: Bullish SharesGuru indicator.
Past Returns: In past three years, the stock has provided 18.8% return compared to 12.5% by NIFTY 50.
Insider Trading: There's significant insider buying recently.
Size: It is among the top 200 market size companies of india.
No major cons observed.
Investor Care | |
|---|---|
| Dividend Yield | 0.63% |
| Dividend/Share (TTM) | 77.5 |
| Shares Dilution (1Y) | 2.1% |
| Earnings/Share (TTM) | 252.91 |
Financial Health | |
|---|---|
| Current Ratio | 0.68 |
| Debt/Equity | 0.32 |
Technical Indicators | |
|---|---|
| RSI (14d) | 70.49 |
| RSI (5d) | 90.16 |
| RSI (21d) | 73.07 |
| MACD Signal | Buy |
| Stochastic Oscillator Signal | Sell |
| SharesGuru Signal | Buy |
| RSI Signal | Sell |
| RSI5 Signal | Sell |
| RSI21 Signal | Sell |
| SMA 5 Signal | Buy |
| SMA 10 Signal |
Updated Dec 28, 2025
Recent fluctuations in UltraTech Cement's share price reflect market volatility.
Concerns over the construction sector may affect investor sentiment towards the company.
Traded volumes suggest a cautious approach from investors amid uncertain market conditions.
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.
In the Q2 FY26 Earnings Call, UltraTech Cement Limited's management provided an optimistic outlook for the company's growth trajectory. They reported that sales exceeded 31 million tons for the quarter ending September 2025, despite adverse weather conditions. The brand experienced a remarkable year-over-year growth of 13.2%. Growth metrics indicated a 22.3% increase when not accounting for recently acquired assets, and 6.8% growth inclusive of India Cements and Kesoram's operations.
Management highlighted that the upcoming quarters would mix existing high-performance assets (166.76 million tons capacity) with rapidly ramping acquired assets (Kesoram at 10.75 million tons and India Cements at 14.75 million tons). They project brand conversions to be completed by June 2026.
On cost management, various one-off expenses negatively impacted EBITDA, leading to a lower cost per ton expected to decrease by around INR100 in the upcoming quarter due to reduced maintenance shutdowns. Current EBITDA per ton stands at INR966 for existing assets, with India Cements and Kesoram reported at INR386 and INR755, respectively.
On expansion plans, UltraTech aims to achieve a capacity of 200 million tons by the end of FY26, targeting increased operations in northern and western markets with a proposed addition of 22.8 million tons of capacity. They reiterated a commitment to maintaining clinker investments, aiming for a conversion factor of 1.6x by 2029. The expansion will primarily be funded through internal accruals, with minimal borrowing intended.
Management also noted the expected debut of their cables and wires business in Q3 CY26 and cautioned on a demand trend where rural markets should continue to thrive. Additionally, they anticipate that government infra projects and urban housing demand will drive steady cement consumption moving forward. Overall industry growth is projected at 6-7% for the full year.
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 NIFTY INFRASTRUCTURE ETF | 2.05% |
| NPS TRUST-A/C TATA PENSION FUND MANAGEMENT PRIVATE | 1.96% |
| Pilani Investment and Industries Corporation Limited | 1.5% |
| Government of Singapore - E | 1.34% |
| PT. Indo Bharat Rayon | 0.78% |
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 | 1.37 LCr | 41.12 kCr | +2.30% | +2.50% | 24.27 | 3.33 | - | - |
| SHREECEM | Shree Cements | 1 LCr |
Comprehensive comparison against sector averages
ULTRACEMCO metrics compared to Cement
| Category | ULTRACEMCO | Cement |
|---|---|---|
| PE | 48.94 | 31.05 |
| PS | 4.46 | 2.37 |
| Growth | 14.4 % | 11.2 % |
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.
| SMA 20 Signal | Buy |
| SMA 50 Signal | Buy |
| SMA 100 Signal | Buy |
ULTRACEMCO vs Cement (2021 - 2026)
UltraTech Cement's share price remains robust, indicating investor confidence.
Restructuring • 16 Jan 2026 Sale of subsidiary |
Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 • 16 Jan 2026 Certificate under Regulation 74(5) of SEBI (DP) Regulations, 2018 |
Analyst / Investor Meet • 02 Jan 2026 Intimation regarding Earnings Call of UltraTech Cement Limited |
General • 31 Dec 2025 Disclosures w.r.t. orders passed by GST Authority |
General • 28 Dec 2025 Disclosure w.r.t. Orders passed by GST Authority |
General • 24 Dec 2025 Commissioning of cement capacity at Dhule and Nathdwara |
This information is AI-generated and may contain inaccuracies. Please verify from multiple sources.
Question 1: "Just on this expansion plan that you've announced. So, like after this, I just wanted to know how much more scope is there given that this is just focused on North and West?"
Answer: We aim to reach about 240-245 million tons by Fiscal '29, with an additional scope of 20-25 million tons possible beyond that. There are opportunities not just for brownfield expansions, but also greenfield clinker-based units as we continuously acquire mining rights and land.
Question 2: "Out of the INR 200 per ton, which you summed up under various items, how much of it will go away essentially in Q3?"
Answer: We expect maintenance costs to decrease significantly, with at least INR 100 per ton likely to come down in Q3.
Question 3: "On industry demand, on your best estimate, how was the demand in the second quarter? Do you think the earlier guidance of 6% to 7% industry growth is achievable?"
Answer: I definitely believe that our earlier guidance is achievable. Demand is strong and we are witnessing overall volume growth of around 4.5% to 5% for this quarter, so I'm confident.
Question 4: "On the commissioning timeline for the expansions. Will it get bunched up in FY '28, or will it be spread over '28, '29, '30?"
Answer: The commissioning of expansions will not be bunched up. It will be evenly spread out, and we will provide a detailed schedule in the next quarter.
Question 5: "Where do you see stronger demand over the second half of the year; between government capex and individual homebuyers?"
Answer: The rural markets indicate strong growth, and the individual homebuyer segment is seeing significant demand, bolstered by government announcements for new infrastructure projects.
Question 6: "Is there any kind of a window or timeline for which we're not allowed to increase prices post-GST?"
Answer: There are no restrictions on increasing prices. Prices may rise if there's notable demand, cost pressure, or material shortages, but no specific timeline limits our ability to adjust prices.
Question 7: "What would be the total capex number for the next two years on ongoing projects?"
Answer: We anticipate a minimum outgo of about INR 10,000 crores per year for our ongoing projects.
Question 8: "On Kesoram, given the decline in EBITDA, will this be offset by improvements from rebranding to UltraTech?"
Answer: Yes, there is an offset expected from rebranding. While we've seen some declines, converting to the UltraTech brand provides at least an INR 15 to INR 20 delta on pricing.
Question 9: "You mentioned a premiumization benefit out of GST. Can you explain that?"
Answer: Premiumization occurs as affordability improves due to GST. Consumers might shift from lower-tier brands to UltraTech once premium products are within reach, enhancing our market position.
Question 10: "What amount of clinker capacity are you planning to add cumulatively in the 22 million tons capex?"
Answer: We plan to add a total of about 15.68 million tons in clinker capacity, which includes specific plants and debottlenecking across various regions.
| Hindalco Industries Limited |
| 0.43% |
| Shri Kumar Mangalam Birla | 0.1% |
| 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% |
| Rajratna Holdings Pvt. Limited | 0% |
| Vaibhav Holdings Pvt. Limited | 0% |
Distribution across major stakeholders
Distribution across major institutional holders
| 20.83 kCr |
| +6.90% |
| +9.50% |
| 40.28 |
| 4.82 |
| - |
| - |
| JKCEMENT | J.K. CEMENT | 45.47 kCr | 13.62 kCr | +5.20% | +29.50% | 44.58 | 3.34 | - | - |
| DALBHARAT | DALMIA BHARAT | 40.56 kCr | 14.57 kCr | +4.40% | +24.20% | 36.05 | 2.78 | - | - |
| ACC | ACC | 32.97 kCr | 25.15 kCr | -0.30% | -11.70% | 9.88 | 1.31 | - | - |
| RAMCOCEM | The Ramco Cements | 25.33 kCr | 8.73 kCr | +1.80% | +20.70% | 68.49 | 2.9 | - | - |
| -1.5% |
| 18,120 |
| 18,405 |
| 20,044 |
| 15,605 |
| 14,837 |
| 16,128 |
| Profit Before exceptional items and Tax | -45.5% | 1,662 | 3,050 | 3,121 | 1,833 | 1,018 | 2,107 |
| Exceptional items before tax | 97.5% | 0 | -38.38 | -9.35 | 0 | 0 | 32 |
| Total profit before tax | -44.8% | 1,662 | 3,012 | 3,112 | 1,833 | 1,018 | 2,139 |
| Current tax | -52.4% | 331 | 695 | 358 | 278 | 118 | 370 |
| Deferred tax | -5.5% | 87 | 92 | 268 | 80 | 73 | 77 |
| Total tax | -46.9% | 418 | 787 | 626 | 358 | 191 | 447 |
| Total profit (loss) for period | -44.3% | 1,238 | 2,221 | 2,475 | 1,474 | 825 | 1,695 |
| Other comp. income net of taxes | 765.5% | 252 | 30 | -65.31 | 79 | 525 | 131 |
| Total Comprehensive Income | -33.8% | 1,490 | 2,251 | 2,409 | 1,553 | 1,350 | 1,827 |
| Earnings Per Share, Basic | -45.3% | 41.87 | 75.67 | 84.38 | 50.99 | 28.45 | 58.87 |
| Earnings Per Share, Diluted | -45.3% | 41.84 | 75.61 | 84.31 | 50.94 | 28.43 | 58.82 |
| Debt equity ratio | 0% | 032 | 03 | 031 | 0 | 0 | 021 |
| Debt service coverage ratio | -4.9% | 0.0332 | 0.0783 | 0.0446 | 0.06 | 0.06 | 0.0547 |
| Interest service coverage ratio | -2.5% | 0.0687 | 0.0915 | 0.0673 | 0.09 | 0.08 | 0.1368 |
| 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 | - | - |
General • 23 Dec 2025 Newspaper Advertisement regarding the Notice of Special Window for Re-lodgement of Transfer Requests of Physical shares |