UltraTech Cement Limited (ULTRACEMCO)
Large CapMaterials stocks · Large cap · NSE
UltraTech Cement Limited is a leading Indian cement manufacturer with a domestic capacity of 200.1 million tons. The company is actively expanding its capacity, integrating acquired assets, and diversifying into new growth areas like cables and wires, leveraging its strong brand and extensive distribution network.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 42/100margin compression · Rev +16% YoY · PAT +17% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹24,648 Cr | +15.8% | -4.5% |
| EBITDA | ₹5,015 Cr | +13.8% | -10.4% |
| Operating margin | 20.0% | -100 bps | -200 bps |
| PAT | ₹2,604 Cr | +17.2% | -13.2% |
| PAT margin | 10.6% | +12 bps | -107 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
UltraTech reports highest ever Q1 performance with 13.1% domestic volume growth, 81% capacity utilization, and 17.2% PAT increase, despite imported fuel cost shocks.
Management delivered strong Q1 FY27 results, outperforming industry volume growth and maintaining profitability despite significant fuel cost shocks. Capacity expansion and integration of acquired assets are on track, supporting future growth. The new Cables & Wires venture is progressing as committed, adding a new growth engine.
Sales by Customer Segment
Latest issuer-disclosed distribution across 3 reported categories.
Capacity Expansion
Commissioned 8.7 MT new capacity in Q1 FY27, taking domestic capacity to 200.1 MT. Projects for INR 17,000 crores capex will expand consolidated capacity beyond 242 MT.
Acquired Assets Turnaround
India Cements' EBITDA per ton climbed to INR 603 in Q1 FY27, with 100% brand migration to UltraTech and ongoing cost improvement capex.
Premiumization & Brand Power
Premiumization engine and blended cement in the trade mix continue to compound realizations. Brand growth was 21.3% YoY, converting B/C category customers to UltraTech.
New Business Venture
Cables & Wires project is on schedule and budget, with facility setup complete, trial runs commenced, and product launch reaffirmed for Q3 FY27.
Cement Capacity Commissioned
8.7 million tons of new capacity commissioned in Q1 FY27 (Shahjahanpur, Visakhapatnam, Patratu), increasing domestic capacity to 200.1 MT and total to 205.5 MT.
Future Cement Capacity
Projects under execution with INR 17,000 crores capex will take consolidated capacity beyond 242 MT in 2-2.5 years, with grey cement reaching 212.7 MT by end of FY27.
Green Power Capacity
71 MW of renewables and 19 MW of WHRS commissioned in Q1 FY27, contributing to a total of 1,897 MW green power.
Cables & Wires Launch
Facility setup complete, trial runs commenced, and product launch reaffirmed for Q3 FY27 (October-December '26 quarter).
Robust Demand Pipeline
Double-digit volume growth in Q1 FY27, with a rich demand pipeline across infrastructure, housing, and urban real estate.
Government Support & Macro Resilience
Indian government strategies support industry, benchmark lending rates remain attractive, improving housing affordability and lowering cost of capital for developers.
Urbanization Trend
India's urbanization level is expected to reach 39% by 2030 from 35%, indicating long-term construction and development potential.
Supportive Price Environment
Cement prices were constructive in Q1 FY27, with industry expecting prices to hold steady through monsoon due to cost increases and demand momentum.
Imported Fuel Cost Shock
Absorbed the sharpest imported fuel cost shock in recent memory during Q1 FY27 due to the West Asia conflict, with crude crossing $100 and coal costs hitting the roof.
Monsoon Season Impact
Q2 FY27 may look optically softer due to seasonal monsoon slowdown and cost effects of West Asia disruption, with expected cost increase of INR 130-140 per ton.
Industrial Diesel Price Spike
Limestone raising costs increased significantly (13-14% QoQ) due to industrial diesel prices rising from INR 78-80 to INR 150s per liter during the war period.
Geopolitical Instability
The West Asia conflict caused significant imported fuel cost shocks and uncertainty, impacting ocean freight insurance premiums.
Demand Slowdown
Management identifies a structural slowdown in demand as the biggest potential challenge, though not currently foreseen given urbanization trends.
Pricing Power Sustainability
While prices were constructive, the ability to fully pass through cost escalations and maintain pricing power amidst capacity additions remains a watch point.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall performance against seasonal fluctuations, as seen in volume and PAT growth. QoQ is important for tracking sequential momentum, cost absorption, and the ramp-up of acquired assets.
Domestic Grey Cement Volume Growth
Grew 13.1% YoY in Q1 FY27, ahead of industry's estimated 7-8% growth, translating into market share gains.
Capacity Utilization
Achieved 81% in Q1 FY27 on an enlarged 200-million-ton base, up from 76% in the same period last year.
Operating EBITDA
Recorded INR 5,146 crores, the highest ever for an April-June quarter, up 12% YoY.
PAT
Stood at INR 2,604 crores, an increase of 17.2% over the last year's same period.
FY27 Volume Growth Target
Management is targeting double-digit volume growth for FY27, confident in the strong demand pipeline.
India Cements Turnaround Target
Confident that India Cements will achieve an EBITDA of INR 1,000 per ton by Q4 FY28, with full benefit of capex program.
Cables & Wires Launch Commitment
Reaffirms commissioning and product launch of the Cables & Wires business in Q3 FY27 (October-December '26 quarter) as committed.
Net Debt to EBITDA Outlook
Confident that the company will end FY27 with Net Debt to EBITDA below 1x, funding growth capex with internal accruals.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Industry Volume Growth | Marketing intel suggests 7-8% for Q1 FY27. | Sustained double-digit industry growth to support UltraTech's market share gains and capacity utilization. |
| India Cements EBITDA per Ton | INR 603 in Q1 FY27. | Sequential improvement towards the target of INR 1,000 per ton by Q4 FY28, driven by capex and integration. |
| Cables & Wires Product Launch | Facility setup complete, trial runs commenced. | Successful product launch in Q3 FY27 and initial market acceptance/revenue contribution. |
| Net Debt to EBITDA | 0.87x at Q1 FY27 end. | Maintenance of Net Debt to EBITDA below 1x, indicating disciplined capital allocation amidst significant capex. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
36Bearishfull bear SMA stack · SMA20 -2.6% / mo · MACD −
Technical chart
ULTRACEMCOdaily · 1Y · AUTO-7.2%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 42.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~2.7% over last month) — short-term momentum negative.
- RSI(14) at 42 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 13% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 2.3% of the 30-week proxy.
- The 30-week proxy changed -1.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 34 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 34 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
- Cash flow contributes 5/10 to the score.
Main drags
- Fair-value margin of safety is negative at -101.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 3/20; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 100th percentile within Materials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 59.3%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Materials: 100th pctile, median 70 · Large: 83rd pctile, median 73
166 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 59.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.7%.
- ▸11 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 39.00
- P/B
- 4.39
- EV/EBITDA
- 16.10
- Market Cap
- 336170.00Cr
Profitability
- ROE
- 11.10%
- ROCE
- 12.70%
- ROA
- 6.07%
- Dividend Y
- 2.10%
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 8.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 17.00%
Balance Sheet
- Debt/Equity
- 0.31
- Interest Coverage
- 9.31×
- Altman Z
- 5.13
- Book Value
- 2600.00
Cash Flow
- FCF Yield
- 1.74%
- FCF Positive Y
- 11/5
- OCF
- 15316.00 Cr
- EPS TTM
- 289.77
Shareholding
- Promoter Hold
- 59.33%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 39%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Materials, ranked by similarity
Peers
Business-comparable peers in Materials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.