Ultratech Cement Ltd.

•

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

Market Cap₹ 3,21,082 Cr.

Current Price

High / Low₹ 13,110 / 10,325

Stock P/E42.4

Book Value₹ 2,609

Price to Book4.25

Dividend Yield2.20 %

ROCE12.7 %

ROE10.3 %

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

Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.70x)
Company has a consistent dividend-paying track record
Company generates healthy free cash flow
Company comfortably covers its interest (7.2x coverage)
Company maintains a comfortable, low leverage position

CONS

Recent results are weak - TTM profit is down 21.3% versus prior year
Company has delivered a poor profit growth of 6.7% over past five years
Recurring exceptional / one-off items are inflating headline profit
Expensive relative to growth - PEG of 3.0

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

Peer comparison

Construction MaterialsConstruction MaterialsCement & Construction Materials

Part ofNIFTY 50 NIFTY50 EQL WGT NIFTYLARGEMIDCAP250 NIFTY100 LOWVOL30 NIFTY100 EQL WGT

S.No.	Name
1.	ULTRACEMCO	10896.00	37.60	321082.42	2.20	2603.72	17.24	24648.20	15.85	13.25	20.35
2.	AMBUJACEM	396.05	22.49	98411.18	0.51	660.00	-31.93	9500.00	-7.67	6.24	16.78
3.	SHREECEM	22911.30	50.71	82665.68	0.65	531.12	-17.48	6233.13	18.03	10.61	20.41
4.	JKCEMENT	4989.80	40.78	38555.31	0.40	274.62	-15.31	4031.72	20.26	14.89	16.07
5.	DALBHARAT	1734.10	34.86	32525.81	0.52	192.00	-51.39	3890.00	6.99	8.15	20.69
6.	ACC	1257.80	12.37	23619.88	0.60	147.00	-60.84	5808.00	-4.59	11.60	7.90
7.	RAMCOCEM	865.45	31.71	20449.92	0.29	31.24	-63.06	2273.05	9.60	10.75	13.49
8.	JSWCEMENT	120.85	21.67	16476.27	0.41	153.43	111.23	1896.41	21.58	-4.21	16.41
9.	NUVOCO	335.15	31.01	11970.09	0.00	159.63	19.88	3128.71	8.91	7.11	18.16
10.	INDIACEM	351.65	117.82	10897.54	0.00	26.85	120.20	1019.42	-0.52	0.30	15.28
11.	STARCEMENT	191.50	20.94	7740.05	0.52	73.91	-24.71	942.89	3.39	8.42	20.63
12.	BIRLACORPN	836.25	11.63	6439.57	1.49	115.73	-3.21	2646.45	7.83	10.88	12.93

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	17,225	15,476	16,134	19,806	18,281	15,565	16,914	21,135	19,635	17,864	20,088	24,582	23,535
	14,225	13,025	12,985	15,786	15,323	13,623	14,128	16,525	15,433	15,094	16,579	19,624	20,404
Operating Profit	3,000	2,451	3,149	4,020	2,959	1,942	2,786	4,610	4,202	2,770	3,509	4,958	3,131
OPM %	17.42%	15.84%	19.52%	20.30%	16.19%	12.47%	16.47%	21.81%	21.40%	15.51%	17.47%	20.17%	13.31%
	209	158	140	82	94	187	209	115	154	73	1	45	121
Interest	192	211	237	227	291	358	417	400	370	396	433	431	396
Depreciation	720	768	754	786	890	926	933	991	975	1,002	1,024	1,054	1,051
Profit before Tax	2,297	1,631	2,298	3,090	1,872	845	1,646	3,335	3,011	1,445	2,053	3,518	3,253
Tax %	25.38%	25.14%	25.25%	27.12%	19.53%	19.53%	19.53%	19.56%	25.88%	26.37%	26.39%	26.14%	26.30%
Net Profit	1,714	1,221	1,718	2,252	1,507	680	1,324	2,682	2,232	1,064	1,511	2,599	2,397
	59.47	42.35	59.60	78.14	51.21	23.10	45.03	91.18	75.87	36.17	51.37	88.35	81.48

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	23,891	29,358	39,999	40,649	43,188	50,663	61,237	68,641	71,895	82,170	86,070
	18,922	23,475	32,920	31,997	32,224	39,727	50,952	56,021	59,599	66,730	71,701
Operating Profit	4,969	5,883	7,079	8,652	10,965	10,936	10,286	12,620	12,296	15,439	14,369
OPM %	20.80%	20.04%	17.70%	21.29%	25.39%	21.59%	16.80%	18.39%	17.10%	18.79%	16.69%
	646	373	383	727	640	612	505	590	605	273	239
Interest	571	1,191	1,648	1,704	1,275	798	756	867	1,465	1,630	1,656
Depreciation	1,268	1,764	2,321	2,455	2,434	2,457	2,773	3,027	3,739	4,055	4,131
Profit before Tax	3,776	3,302	3,492	5,220	7,896	8,293	7,262	9,316	7,697	10,027	10,268
Tax %	30.41%	32.42%	30.92%	-4.52%	32.35%	14.79%	31.82%	25.88%	19.54%	26.15%	26.27%
Net Profit	2,628	2,231	2,412	5,456	5,342	7,067	4,951	6,905	6,193	7,405	7,571
EPS	95.70	81.25	84.31	189.10	185.13	244.90	171.64	239.18	210.15	251.30	—
Dividend Payout %	10.45%	12.92%	13.09%	6.88%	19.99%	15.52%	22.16%	29.27%	36.88%	95.50%	—

COMPOUNDED SALES GROWTH

10 Years:: 13%
5 Years:: 14%
3 Years:: 10%

COMPOUNDED PROFIT GROWTH

10 Years:: 12%
5 Years:: 7%
3 Years:: 14%

STOCK PRICE CAGR

10 Years:: 11%
5 Years:: 7%
3 Years:: 9%
1 Year:: -12%

RETURN ON EQUITY

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

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	23,646	25,631	27,611	37,972	43,020	48,932	53,039	58,685	69,208	74,178
	5,665	17,262	20,619	19,077	16,771	10,700	8,827	9,069	19,943	20,030
Trade Payables	1,714	2,224	2,971	3,039	4,229	5,343	6,752	8,116	7,867	8,775
	7,982	8,981	17,794	11,441	16,107	15,397	19,508	20,472	24,027	24,564
Total Liabilities	39,281	54,373	69,271	71,817	80,416	80,662	88,415	96,631	1,21,340	1,27,841
	23,232	37,211	46,637	46,775	45,466	45,577	56,562	59,930	75,419	79,564
Capital Work in Progress	878	1,473	1,106	860	1,522	4,619	3,993	6,736	5,956	7,871
	7,409	6,163	7,065	10,083	17,570	11,725	9,433	9,237	16,503	17,559
	2,225	3,102	3,787	3,834	3,722	5,163	6,266	8,036	8,567	8,387
	0	0	0	0	0	0	0	3,497	4,378	4,862
Cash & Bank	2,218	199	656	311	1,877	260	1,071	770	800	302
	3,320	6,225	10,020	9,955	10,260	13,319	11,090	8,425	9,718	9,296
Total Assets	39,281	54,373	69,271	71,817	80,416	80,662	88,415	96,631	1,21,340	1,27,841

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5,454	4,457	6,817	9,146	12,839	10,224	10,881	10,899	9,576	14,398
Cash from Investing	-2,365	1,897	-4,000	-3,951	-8,984	789	-7,122	-7,830	-15,450	-9,815
Cash from Financing	-2,383	-5,501	-1,769	-4,591	-2,586	-9,501	-2,379	-2,861	5,566	-4,858
	-25	13	347	-283	-21	-42	257	208	-307	-275

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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

2026-09-09

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 '.

2026-09-01

Trading Window

2026-09-01 - UltraTech Cement Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015

2026-09-01

Commencement of commercial production/operations

2026-09-01 - UltraTech Cement Limited has informed the Exchange about Commencement of commercial production/operations

2026-08-21

Acquisition

2026-08-21 - UltraTech Cement Limited has informed the Exchange about Incorporation of UHG Holdings IFSC Private Limited.

2026-08-21

Copy of Newspaper Publication

2026-08-21 - UltraTech Cement Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-18

Shareholders meeting

2026-08-18 - UltraTech Cement Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 17, 2026. Further, the company has informed the Exchange regarding voting results.

News

Recent coverage and analyst commentary for ULTRACEMCO

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Ultratech Cement Ltd.

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Name

ULTRACEMCO

10896.00

37.60

321082.42

2.20

2603.72

17.24

24648.20

15.85

13.25

20.35

AMBUJACEM

396.05

22.49

98411.18

0.51

660.00

-31.93

9500.00

-7.67

6.24

16.78

SHREECEM

22911.30

50.71

82665.68

0.65

531.12

-17.48

6233.13

18.03

10.61

20.41

JKCEMENT

4989.80

40.78

38555.31

0.40

274.62

-15.31

4031.72

20.26

14.89

16.07

DALBHARAT

1734.10

34.86

32525.81

0.52

192.00

-51.39

3890.00

6.99

8.15

20.69

ACC

1257.80

12.37

23619.88

0.60

147.00

-60.84

5808.00

-4.59

11.60

7.90

RAMCOCEM

865.45

31.71

20449.92

0.29

31.24

-63.06

2273.05

9.60

10.75

13.49

JSWCEMENT

120.85

21.67

16476.27

0.41

153.43

111.23

1896.41

21.58

-4.21

16.41

NUVOCO

335.15

31.01

11970.09

0.00

159.63

19.88

3128.71

8.91

7.11

18.16

INDIACEM

351.65

117.82

10897.54

0.00

26.85

120.20

1019.42

-0.52

0.30

15.28

STARCEMENT

191.50

20.94

7740.05

0.52

73.91

-24.71

942.89

3.39

8.42

20.63

BIRLACORPN

836.25

11.63

6439.57

1.49

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

17,225

15,476

16,134

19,806

18,281

15,565

16,914

21,135

19,635

17,864

20,088

24,582

23,535

14,225

13,025

12,985

15,786

15,323

13,623

14,128

16,525

15,433

15,094

16,579

19,624

20,404

Operating Profit

3,000

2,451

3,149

4,020

2,959

1,942

2,786

4,610

4,202

2,770

3,509

4,958

3,131

OPM %

17.42%

15.84%

19.52%

20.30%

16.19%

12.47%

16.47%

21.81%

21.40%

15.51%

17.47%

20.17%

13.31%

209

158

140

187

209

115

154

121

Interest

192

211

237

227

291

358

417

400

370

396

433

431

396

Depreciation

720

768

754

786

890

926

933

991

975

1,002

1,024

1,054

1,051

Profit before Tax

2,297

1,631

2,298

3,090

1,872

845

1,646

3,335

3,011

1,445

2,053

3,518

3,253

Tax %

25.38%

25.14%

25.25%

27.12%

19.53%

19.56%

25.88%

26.37%

26.39%

26.14%

26.30%

Net Profit

1,714

1,221

1,718

2,252

1,507

680

1,324

2,682

2,232

1,064

1,511

2,599

2,397

59.47

42.35

59.60

78.14

51.21

23.10

45.03

91.18

75.87

36.17

51.37

88.35

81.48

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

23,891

29,358

39,999

40,649

43,188

50,663

61,237

68,641

71,895

82,170

86,070

18,922

23,475

32,920

31,997

32,224

39,727

50,952

56,021

59,599

66,730

71,701

Operating Profit

4,969

5,883

7,079

8,652

10,965

10,936

10,286

12,620

12,296

15,439

14,369

OPM %

20.80%

20.04%

17.70%

21.29%

25.39%

21.59%

16.80%

18.39%

17.10%

18.79%

16.69%

646

373

383

727

640

612

505

590

605

273

239

Interest

571

1,191

1,648

1,704

1,275

798

756

867

1,465

1,630

1,656

Depreciation

1,268

1,764

2,321

2,455

2,434

2,457

2,773

3,027

3,739

4,055

4,131

Profit before Tax

3,776

3,302

3,492

5,220

7,896

8,293

7,262

9,316

7,697

10,027

10,268

Tax %

30.41%

32.42%

30.92%

-4.52%

32.35%

14.79%

31.82%

25.88%

19.54%

26.15%

26.27%

Net Profit

2,628

2,231

2,412

5,456

5,342

7,067

4,951

6,905

6,193

7,405

7,571

EPS

95.70

81.25

84.31

189.10

185.13

244.90

171.64

239.18

210.15

251.30

—

Dividend Payout %

10.45%

12.92%

13.09%

6.88%

19.99%

15.52%

22.16%

29.27%

36.88%

95.50%

—

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

23,646

25,631

27,611

37,972

43,020

48,932

53,039

58,685

69,208

74,178

5,665

17,262

20,619

19,077

16,771

10,700

8,827

9,069

19,943

20,030

Trade Payables

1,714

2,224

2,971

3,039

4,229

5,343

6,752

8,116

7,867

8,775

7,982

8,981

17,794

11,441

16,107

15,397

19,508

20,472

24,027

24,564

Total Liabilities

39,281

54,373

69,271

71,817

80,416

80,662

88,415

96,631

1,21,340

1,27,841

23,232

37,211

46,637

46,775

45,466

45,577

56,562

59,930

75,419

79,564

Capital Work in Progress

878

1,473

1,106

860

1,522

4,619

3,993

6,736

5,956

7,871

7,409

6,163

7,065

10,083

17,570

11,725

9,433

9,237

16,503

17,559

2,225

3,102

3,787

3,834

3,722

5,163

6,266

8,036

8,567

8,387

3,497

4,378

4,862

Cash & Bank

2,218

199

656

311

1,877

260

1,071

770

800

302

3,320

6,225

10,020

9,955

10,260

13,319

11,090

8,425

9,718

9,296

Total Assets

39,281

54,373

69,271

71,817

80,416

80,662

88,415

96,631

1,21,340

1,27,841

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

5,454

4,457

6,817

9,146

12,839

10,224

10,881

10,899

9,576

14,398

Cash from Investing

-2,365

1,897

-4,000

-3,951

-8,984

789

-7,122

-7,830

-15,450

-9,815

Cash from Financing

-2,383

-5,501

-1,769

-4,591

-2,586

-9,501

-2,379

-2,861

5,566

-4,858

-25

347

-283

-21

-42

257

208

-307

-275

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

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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