UltraTech Cement shares gain 2% after Q1 results. Why Nuvama, other brokerages raised target?

UltraTech Cement shares rose 2% after reporting a 17% YoY jump in consolidated net profit to Rs 2,599 crore for Q1 FY27, with revenue up 16% YoY at Rs 24,648 crore. Brokerages including Nuvama (target raised to Rs 15,209), JM Financial (Rs 14,500), and Motilal Oswal (Rs 13,800) reiterated Buy ratings citing strong volume growth guidance and market share gains. The company also announced a Rs 1,800 crore foray into the wires and cables business, targeted for Q3 launch, alongside domestic cement capacity expansion plans of 207 mt by FY27 and 237 mt by FY28.