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Model Note · ULTRATECH CEMENT LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ULTRATECH CEMENT LIMITED Discounted cash flow · base FY26
ULTRATECH CEMENT LIMITED
Value per share, this model₹6,087
CMP 2026-09-10₹11,000.00
Difference(44.7)%
Growth the CMP implies32.8%/yr
This note states the assumptions and the arithmetic of one model of ULTRATECH CEMENT LIMITED, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
16.5% a year
FY26 16.5% · 5-yr CAGR 14.6%
EBITDA margin
19.1%
FY26 19.1% · 5-yr average 18.5%
Depreciation · capex, % of revenue
5.2% · 10.9%, fading to 1.2× depreciation
FY26 5.2% · 10.9%
Working capital, % of added revenue · tax
6.2% · 25%
23 working-capital days · effective 25.0%
Discount rate
11.00%
1-yr beta 1.28
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹22,426 · ₹0 · ₹0 cr
FY26 net debt ₹22,426 cr
Shares
29.47 crore
29.47 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
88,512
1,03,116
1,20,130
1,39,952
1,63,044
1,89,946
growth %
16.5
16.5
16.5
16.5
16.5
16.5
EBITDA
16,882
19,695
22,945
26,731
31,141
36,280
Depreciation
(4,644)
(5,362)
(6,247)
(7,277)
(8,478)
(9,877)
NOPAT
9,178
10,750
12,524
14,590
16,997
19,802
less capex
(9,678)
(11,240)
(11,695)
(11,994)
(12,073)
(11,853)
less working-capital build
—
(905)
(1,055)
(1,229)
(1,432)
(1,668)
Free cash flow to firm
—
3,967
6,021
8,645
11,970
16,158
Present value
3,765
5,148
6,659
8,308
10,103
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · ULTRATECH CEMENT LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
33,984
PV of the terminal value (83% of EV)
1,67,812
Enterprise value
2,01,796
less net debt
(22,426)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,79,370
÷ 29.47 crore shares
₹6,087
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
6,325
6,893
7,574
8,406
9,446
10.5%
5,733
6,205
6,762
7,431
8,248
11.0%
5,227
5,624
6,087
6,634
7,291
11.5%
4,789
5,127
5,517
5,972
6,509
12.0%
4,407
4,697
5,029
5,412
5,859
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
