NSE: ULTRACEMCO · BSE: 532538
ULTRATECH CEMENT LIMITED
Manufactures and sells grey cement and related building materials, operating as India's largest cement producer with consolidated capacity spread across 653 plants and offices in India and 7 internationally. In Q1 FY27, domestic grey cement volumes grew 13.1% year-on-year to 39.2 MT against industry growth of 7-8%, with capacity utilization at 81%; consolidated revenue from cement sales rose 16% to Rs 24,465 crore. Customers include infrastructure, housing, real estate and commercial construction segments, with management viewing demand as structurally rising on India's urbanization and a project pipeline covering ports, shipyards, data centres, metros and river-linking works. Other operating expenses form the largest cost line at 56.6% of revenue, followed by raw materials at 16.5%, depreciation at 5.2% and employee costs at 4.7%; a 10.9% capex-to-revenue ratio reflects heavy ongoing investment. Imported fuel, housed inside other opex, was a sharp negative in Q1 FY27, and management has guided to INR 130-140 per ton of sequential cost pressure in Q2 FY27 before easing in H2. An INR 17,000 crore capex programme will lift domestic grey cement capacity to 212 MT by March 2027 and 235 MT by March 2028. A new cables and wires business is on schedule for commissioning and product launch in Q3 FY27 within an INR 1,800 crore capex envelope (INR 888 crore already committed); recently acquired India Cements is being turned around with EBITDA per ton climbing sequentially from INR 386 to INR 603. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Grey cement (domestic and export), White cement and wall putty, Cables and wires. Cyclical, asset-heavy cement and building materials with heavy ongoing capacity expansion
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 52,599 | 63,240 | 70,908 | 75,955 | 88,512 |
| EBITDA (ex other income) | 11,514 | 10,620 | 12,897 | 12,460 | 16,882 |
| margin % | 21.9 | 16.8 | 18.2 | 16.4 | 19.1 |
| Owners' profit | 7,344 | 5,073 | 7,005 | 6,039 | 8,166 |
| EPS, as reported (₹) | 254.63 | 175.63 | 243.05 | 205.30 | 277.62 |
| ROE % · ROCE % | 14.5 · 14.6 | 9.3 · 12.1 | 11.6 · 14.0 | 8.2 · 9.1 | 10.1 · 11.9 |
| Debt / equity (x) | 0.20 | 0.18 | 0.17 | 0.31 | 0.28 |
| Cash from operations | 9,283 | 9,069 | 10,898 | 10,673 | 15,316 |
| Capex | (5,613) | (6,200) | (9,006) | (9,129) | (9,678) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15,635 | 17,193 | 23,063 | 21,275 | 19,607 | 21,830 | 25,799 | 24,648 |
| Profit before tax | 1,018 | 1,833 | 3,112 | 3,012 | 1,662 | 2,287 | 3,982 | 3,479 |
| Net profit | 825 | 1,474 | 2,475 | 2,221 | 1,238 | 1,729 | 3,000 | 2,604 |
| EPS (₹) | 28.45 | 50.99 | 84.38 | 75.67 | 41.87 | 58.66 | 101.41 | 88.36 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ULTRATECH CEMENT LIMITED ◆ | 3,29,452 | 38.5 | 4.08 | 20.1 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD | 1,97,360 | 34.5 | 1.16 | 16.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD | 87,273 | 19.8 | 1.21 | 12.2 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED | 83,056 | 51.0 | 3.56 | 15.9 | 7.5 | 9.4 | 9.2 | 23.8 |
| JK CEMENT LIMITED | 38,558 | 40.8 | 5.44 | 17.7 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED | 28,101 | 29.7 | 1.55 | 10.6 | 6.4 | 5.2 | 7.1 | 19.6 |
| ACC LIMITED | 21,387 | 11.2 | 1.04 | 6.2 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED | 17,308 | 26.9 | 2.14 | 10.3 | 8.6 | 7.1 | 11.3 | 14.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 38.5 | 27.7 | 19 of 29 | 36% |
| P/B | 4.1 | 1.3 | 31 of 34 | 9% |
| ROCE | 10.2 | 3.7 | 9 of 37 | 78% |
| ROE | 10.2 | 7.2 | 11 of 34 | 70% |
| Debt / Equity | 0.3 | 0.4 | 12 of 33 | 66% |
| EBITDA margin | 20.8 | 13.1 | 5 of 37 | 89% |
| Revenue growth | 15.8 | 7.8 | 11 of 37 | 72% |
| Profit growth | 17.2 | (24.7) | 10 of 37 | 75% |
| Market cap | 329452 | 1735 | 1 of 38 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Newspaper notice published regarding loss of share certificate | compliance | minimal | — | — |
| 27 Oct 2026 · Q2 FY27: volumes up 13.8%, net profit up 21%; price gains seen aiding Q3 | investor communications | medium | — | — |
| 26 Oct 2026 · UltraTech Cement reports Q2FY27 growth and FY28 capacity target | general | low | — | — |
| 22 Oct 2026 · Newspaper notice on reported loss of an UltraTech share certificate | compliance | minimal | — | — |
| 20 Oct 2026 · UltraTech Cement publishes September 2026 financial results | compliance | minimal | — | — |
| 19 Oct 2026 · UltraTech grants 3,536 stock options to employees under ESOP Scheme 2022 | general | low | — | — |
| 19 Oct 2026 · Audio recording of Q2 FY27 earnings call now available | investor communications | low | — | — |
| 19 Oct 2026 · UltraTech clarifies no trigger behind share price movement | compliance | minimal | — | — |
| 19 Oct 2026 · Vice Chairman K.K. Maheshwari to step down; MD K.C. Jhanwar redesignated as Vice Chairman | management changes | critical | — | — |
| 19 Oct 2026 · K.K. Maheshwari steps down as Vice Chairman; K.C. Jhanwar to take over from Jan 2027 | management changes | critical | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.