Ultratech Cement Ltd.

•

ultratechcement.com / www.adityabirla.comBSE: 532538NSE: ULTRACEMCO

Market Cap₹ 3,24,029 Cr.

Current Price

High / Low₹ 13,110 / 10,325

Stock P/E37.9

Book Value₹ 2,682

Price to Book4.14

Dividend Yield2.18 %

ROCE13.3 %

ROE11.1 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Construction Materials

Buy

Construction materials remain supported by healthy building activity. Core industries cement growth accelerated to 13.1% YoY (2026-07), while finished steel consumption was 8.0% YoY (2026-06); steel output itself was softer at 2.9% YoY (2026-07). FPI positioning is still mildly negative at INR -497 crore over 3 months to 2026-08-31, but the fundamental demand backdrop remains constructive.

Confidence

69%

View full sector analysis →

PROS

Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.74x)
Company has a consistent dividend-paying track record
Company generates healthy free cash flow
Company comfortably covers its interest (6.8x coverage)
Company maintains a comfortable, low leverage position

CONS

Recurring exceptional / one-off items are inflating headline profit
Company has delivered a poor profit growth of 9.0% over past five years
Expensive relative to growth - PEG of 2.2

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Construction MaterialsConstruction MaterialsCement & Construction Materials

Part ofNIFTY 50 NIFTYLARGEMIDCAP250 NIFTY100 LOWVOL30 NIFTY100 EQL WGT NIFTY TOTAL MKT

S.No.	Name
1.	ULTRACEMCO	10996.00	37.95	324029.22	2.18	2603.72	17.24	24648.20	15.85	13.25	20.35
2.	AMBUJACEM	391.00	22.20	97156.35	0.51	660.00	-31.93	9500.00	-7.67	6.24	16.78
3.	SHREECEM	22588.80	50.00	81502.08	0.66	531.12	-17.48	6233.13	18.03	10.61	20.41
4.	JKCEMENT	4841.40	39.56	37408.65	0.41	274.62	-15.31	4031.72	20.26	14.89	16.07
5.	DALBHARAT	1749.20	35.17	32809.04	0.51	192.00	-51.39	3890.00	6.99	8.15	20.69
6.	ACC	1246.15	12.26	23401.11	0.60	147.00	-60.84	5808.00	-4.59	11.60	7.90
7.	RAMCOCEM	866.40	31.75	20472.37	0.29	31.24	-63.06	2273.05	9.60	10.75	13.49
8.	JSWCEMENT	118.80	21.30	16196.78	0.42	153.43	111.23	1896.41	21.58	-4.21	16.41
9.	NUVOCO	330.20	30.56	11793.30	0.00	159.63	19.88	3128.71	8.91	7.11	18.16
10.	INDIACEM	346.30	116.03	10731.74	0.00	26.85	120.20	1019.42	-0.52	0.30	15.28
11.	STARCEMENT	195.35	21.36	7895.66	0.51	73.91	-24.71	942.89	3.39	8.42	20.63
12.	BIRLACORPN	825.30	11.48	6355.25	1.51	115.73	-3.21	2646.45	7.83	10.88	12.93

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	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
	14,688	13,461	13,485	16,305	15,801	14,267	14,884	18,445	16,865	16,513	17,914	20,199	21,286
Operating Profit	3,049	2,551	3,255	4,114	3,017	2,027	2,895	4,618	4,410	3,094	3,915	5,600	3,362
OPM %	17.19%	15.93%	19.44%	20.15%	16.03%	12.44%	16.28%	20.03%	20.73%	15.78%	17.94%	21.71%	13.64%
	174	167	140	64	80	226	247	93	142	174	46	77	144
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
Profit before Tax	2,263	1,686	2,349	3,101	1,854	881	1,693	3,112	3,012	1,662	2,287	3,982	3,480
Tax %	25.48%	24.28%	24.70%	27.47%	19.60%	19.45%	19.37%	20.12%	26.12%	25.15%	24.20%	24.62%	25.19%
Net Profit	0	0	0	0	1,695	825	1,474	2,475	2,221	1,238	1,729	3,000	2,604
	58.57	44.46	61.66	78.35	50.81	23.89	46.21	84.38	75.67	41.87	58.66	101.41	88.36

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	25,375	30,979	41,609	42,430	44,726	52,599	63,240	70,908	75,955	88,512	91,884
	20,162	24,833	34,262	33,183	33,158	41,084	52,620	57,940	63,398	71,491	75,912
Operating Profit	5,212	6,145	7,347	9,247	11,568	11,514	10,620	12,969	12,557	17,020	15,972
OPM %	20.54%	19.84%	17.66%	21.79%	25.86%	21.89%	16.79%	18.29%	16.53%	19.23%	17.38%
	648	242	350	651	486	508	503	545	647	439	441
Interest	640	1,238	1,778	1,992	1,498	945	823	968	1,651	1,872	1,891
Depreciation	1,348	1,848	2,451	2,723	2,700	2,715	2,888	3,145	4,015	4,644	4,738
Profit before Tax	3,872	3,301	3,468	5,183	7,858	8,364	7,416	9,422	7,528	10,927	11,411
Tax %	29.92%	32.62%	30.79%	-10.96%	32.31%	14.23%	31.59%	25.67%	19.77%	25.06%	24.79%
Net Profit	2,714	2,224	2,400	5,751	5,319	7,174	5,073	7,004	6,040	8,188	8,583
EPS	98.88	80.92	84.00	199.49	189.33	254.53	175.54	242.65	204.94	277.10	—
Dividend Payout %	10.11%	12.98%	13.14%	6.52%	19.55%	14.94%	21.66%	28.85%	37.82%	86.61%	—

COMPOUNDED SALES GROWTH

10 Years:: 13%
5 Years:: 15%
3 Years:: 12%

COMPOUNDED PROFIT GROWTH

10 Years:: 13%
5 Years:: 8%
3 Years:: 17%

STOCK PRICE CAGR

10 Years:: 11%
5 Years:: 7%
3 Years:: 9%
1 Year:: -11%

RETURN ON EQUITY

10 Years:: 12%
5 Years:: 12%
3 Years:: 11%
Last Year:: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	275	275	275	289	289	289	289	289	295	295
Minority Interest	10	16	12	8	6	-3	56	56	3,187	4,089
	24,096	26,089	28,065	38,719	43,842	50,097	53,956	59,817	70,237	76,138
	8,008	19,322	25,320	22,734	19,935	10,895	10,203	11,436	23,624	23,095
Trade Payables	1,849	2,385	3,160	3,363	4,548	5,863	7,209	8,478	9,327	10,237
	7,972	9,054	19,695	14,101	17,556	16,671	19,669	20,722	26,962	27,461
Total Liabilities	42,209	57,141	76,525	79,214	86,176	83,811	91,380	1,00,797	1,33,632	1,41,315
	25,904	39,715	56,645	57,151	55,412	55,488	59,579	62,878	94,564	98,794
Capital Work in Progress	921	1,510	1,149	910	1,681	4,777	4,035	6,783	6,188	8,276
	6,691	5,447	2,921	5,929	12,178	6,336	7,297	8,249	5,156	6,740
	2,401	3,268	4,099	4,183	4,018	5,596	6,612	8,330	9,563	9,694
	0	0	0	0	0	0	0	4,278	5,890	6,029
Cash & Bank	2,249	219	740	540	2,008	359	1,150	783	1,673	1,384
	4,045	6,982	10,972	10,501	10,880	11,256	12,708	9,497	10,597	10,399
Total Assets	42,209	57,141	76,525	79,214	86,176	83,811	91,380	1,00,797	1,33,632	1,41,315

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5,749	4,731	6,666	9,864	13,791	10,838	10,193	10,898	10,673	15,316
Cash from Investing	-2,480	1,862	1,059	-4,192	-8,856	2,257	-7,187	-8,788	-16,504	-9,480
Cash from Financing	-2,535	-5,735	-6,756	-5,076	-4,356	-12,498	-1,631	-1,926	5,076	-5,954
	-10	14	316	-296	-713	-958	250	184	-755	-118

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
59.99	59.99	60.00	59.23	59.23	59.23	59.29	59.33	59.33
18.14	17.94	16.97	15.17	15.23	15.33	14.44	13.61	12.36
13.83	14.08	15.05	16.79	16.85	16.65	17.45	18.42	19.69
0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05
7.48	7.41	7.42	8.21	8.15	8.25	8.28	8.08	8.08

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-12

Copy of Newspaper Publication

2026-09-12 - UltraTech Cement Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-11

Rumour Verification - Regulation 30(11)

2026-09-11 - UltraTech Cement Limited has informed the Exchange about Rumour Verification - Regulation 30(11)

2026-09-11

Shareholders meeting

2026-09-11 - UltraTech Cement Limited has informed the Exchange regarding Notice of Postal Ballot

2026-09-11

Cessation

2026-09-11 - UltraTech Cement Limited has informed the Exchange regarding Relinquishment of position as Chief Manufacturing Officer of the Company by Mr. E R Raj Narayanan on March 31, 2027.

2026-09-11

Appointment

2026-09-11 - UltraTech Cement Limited has informed the Exchange regarding Appointment of Mr. Ashish Chandra as Chief Manufacturing Officer (Designate) of the Company w.e.f. September 16, 2026.

2026-09-09

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-09 - UltraTech Cement Limited has informed the Exchange about Schedule of meet

2026-09-09

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-09 - UltraTech Cement Limited has informed the Exchange about Schedule of meet

2026-09-03

Updates

2026-09-03 - UltraTech Cement Limited has informed the Exchange regarding 'Aditya Birla Group launches wires and cables business; Ultravolt marks the Group s fourth new business foray in three years'.

2026-09-02

Updates

2026-09-02 - UltraTech Cement Limited has informed the Exchange regarding 'UltraTech to scale up supply chain electrification with 600+ heavy-duty electric truck fleet '.

News

Recent coverage and analyst commentary for ULTRACEMCO

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Ultratech Cement Ltd.

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Name

ULTRACEMCO

10996.00

37.95

324029.22

2.18

2603.72

17.24

24648.20

15.85

13.25

20.35

AMBUJACEM

391.00

22.20

97156.35

0.51

660.00

-31.93

9500.00

-7.67

6.24

16.78

SHREECEM

22588.80

50.00

81502.08

0.66

531.12

-17.48

6233.13

18.03

10.61

20.41

JKCEMENT

4841.40

39.56

37408.65

0.41

274.62

-15.31

4031.72

20.26

14.89

16.07

DALBHARAT

1749.20

35.17

32809.04

0.51

192.00

-51.39

3890.00

6.99

8.15

20.69

ACC

1246.15

12.26

23401.11

0.60

147.00

-60.84

5808.00

-4.59

11.60

7.90

RAMCOCEM

866.40

31.75

20472.37

0.29

31.24

-63.06

2273.05

9.60

10.75

13.49

JSWCEMENT

118.80

21.30

16196.78

0.42

153.43

111.23

1896.41

21.58

-4.21

16.41

NUVOCO

330.20

30.56

11793.30

0.00

159.63

19.88

3128.71

8.91

7.11

18.16

INDIACEM

346.30

116.03

10731.74

0.00

26.85

120.20

1019.42

-0.52

0.30

15.28

STARCEMENT

195.35

21.36

7895.66

0.51

73.91

-24.71

942.89

3.39

8.42

20.63

BIRLACORPN

825.30

11.48

6355.25

1.51

115.73

-3.21

2646.45

7.83

10.88

12.93

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

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

14,688

13,461

13,485

16,305

15,801

14,267

14,884

18,445

16,865

16,513

17,914

20,199

21,286

Operating Profit

3,049

2,551

3,255

4,114

3,017

2,027

2,895

4,618

4,410

3,094

3,915

5,600

3,362

OPM %

17.19%

15.93%

19.44%

20.15%

16.03%

12.44%

16.28%

20.03%

20.73%

15.78%

17.94%

21.71%

13.64%

174

167

140

226

247

142

174

144

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

Profit before Tax

2,263

1,686

2,349

3,101

1,854

881

1,693

3,112

3,012

1,662

2,287

3,982

3,480

Tax %

25.48%

24.28%

24.70%

27.47%

19.60%

19.45%

19.37%

20.12%

26.12%

25.15%

24.20%

24.62%

25.19%

Net Profit

1,695

825

1,474

2,475

2,221

1,238

1,729

3,000

2,604

58.57

44.46

61.66

78.35

50.81

23.89

46.21

84.38

75.67

41.87

58.66

101.41

88.36

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

25,375

30,979

41,609

42,430

44,726

52,599

63,240

70,908

75,955

88,512

91,884

20,162

24,833

34,262

33,183

33,158

41,084

52,620

57,940

63,398

71,491

75,912

Operating Profit

5,212

6,145

7,347

9,247

11,568

11,514

10,620

12,969

12,557

17,020

15,972

OPM %

20.54%

19.84%

17.66%

21.79%

25.86%

21.89%

16.79%

18.29%

16.53%

19.23%

17.38%

648

242

350

651

486

508

503

545

647

439

441

Interest

640

1,238

1,778

1,992

1,498

945

823

968

1,651

1,872

1,891

Depreciation

1,348

1,848

2,451

2,723

2,700

2,715

2,888

3,145

4,015

4,644

4,738

Profit before Tax

3,872

3,301

3,468

5,183

7,858

8,364

7,416

9,422

7,528

10,927

11,411

Tax %

29.92%

32.62%

30.79%

-10.96%

32.31%

14.23%

31.59%

25.67%

19.77%

25.06%

24.79%

Net Profit

2,714

2,224

2,400

5,751

5,319

7,174

5,073

7,004

6,040

8,188

8,583

EPS

98.88

80.92

84.00

199.49

189.33

254.53

175.54

242.65

204.94

277.10

—

Dividend Payout %

10.11%

12.98%

13.14%

6.52%

19.55%

14.94%

21.66%

28.85%

37.82%

86.61%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

275

289

295

Minority Interest

-3

3,187

4,089

24,096

26,089

28,065

38,719

43,842

50,097

53,956

59,817

70,237

76,138

8,008

19,322

25,320

22,734

19,935

10,895

10,203

11,436

23,624

23,095

Trade Payables

1,849

2,385

3,160

3,363

4,548

5,863

7,209

8,478

9,327

10,237

7,972

9,054

19,695

14,101

17,556

16,671

19,669

20,722

26,962

27,461

Total Liabilities

42,209

57,141

76,525

79,214

86,176

83,811

91,380

1,00,797

1,33,632

1,41,315

25,904

39,715

56,645

57,151

55,412

55,488

59,579

62,878

94,564

98,794

Capital Work in Progress

921

1,510

1,149

910

1,681

4,777

4,035

6,783

6,188

8,276

6,691

5,447

2,921

5,929

12,178

6,336

7,297

8,249

5,156

6,740

2,401

3,268

4,099

4,183

4,018

5,596

6,612

8,330

9,563

9,694

4,278

5,890

6,029

Cash & Bank

2,249

219

740

540

2,008

359

1,150

783

1,673

1,384

4,045

6,982

10,972

10,501

10,880

11,256

12,708

9,497

10,597

10,399

Total Assets

42,209

57,141

76,525

79,214

86,176

83,811

91,380

1,00,797

1,33,632

1,41,315

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

5,749

4,731

6,666

9,864

13,791

10,838

10,193

10,898

10,673

15,316

Cash from Investing

-2,480

1,862

1,059

-4,192

-8,856

2,257

-7,187

-8,788

-16,504

-9,480

Cash from Financing

-2,535

-5,735

-6,756

-5,076

-4,356

-12,498

-1,631

-1,926

5,076

-5,954

-10

316

-296

-713

-958

250

184

-755

-118

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

59.99

60.00

59.23

59.29

59.33

18.14

17.94

16.97

15.17

15.23

15.33

14.44

13.61

12.36

13.83

14.08

15.05

16.79

16.85

16.65

17.45

18.42

19.69

0.05

7.48

7.41

7.42

8.21

8.15

8.25

8.28

8.08

Ultratech Cement Ltd.

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Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Ultratech Cement Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI