Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Oct - Newspaper Advertisement regarding the Notice of Special Window for Transfer and Dematerialisation of Physical Securities
Source: Bse
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.
₹10,650
-257.00 · -2.36%
Market cap ₹3,13,834 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result19 Oct, 01:45 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Materials P/E 28.8 (n=19)
Technical timing lens
Trend score and candlestick chart
26Bearishfull bear SMA stack · SMA20 -3.5% / mo · MACD + · near 52W low · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 26
Sector RS: 26
Sector 3M: -9.3% vs Nifty 500 -5.6%
Materials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ULTRACEMCOD candles · FIT view-11.2%Latest close ₹10650.00 on 2026-10-19
Bar
-2.5%
RSI
43
MACD hist
26.58
52W pos
12%
2026-10-19O ₹10925.00H ₹11219.00L ₹10551.00C ₹10650.00Vol 6.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ULTRACEMCONifty CommoditiesNifty 500
- ULTRACEMCO
- -10.5%
- Nifty 500
- -5.6%
- Nifty Commodities
- -9.0%
- Vs Nifty 500
- -5.0 pp
Chart stats
19 Oct 2026- From 52W high
- -18.8%
- 52W range position
- 12%
- ATR (14)
- 2.4%
- Volume vs 20D
- 2.09x
- Avg traded value
- ₹323 Cr
- 20D price channel
- ₹10,426 - ₹11,219
₹13,110
₹10,325 - ₹13,110
₹252.1
Latest completed session
20-session average
23.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST34
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average52
Revenue +18.8% · PAT +21.3% YoY
Technical
Bearish26
Price trend and sector-relative-strength timing.
Valuation
Legacy model-82.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence81
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Average · 52/100margin compression · Rev +19% YoY · PAT +21% YoY
Filed 19 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹23,295.1 Cr | +18.8% | -5.5% |
| EBITDA | ₹3,721.3 Cr | +20.5% | -25.8% |
| Operating margin | 16.0% | -3 bps | -438 bps |
| PAT | ₹1,501.4 Cr | +21.3% | -42.3% |
| PAT margin | 6.5% | +14 bps | -411 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 35.66
- P/B
- 4.13
- EV/EBITDA
- 15.28
- Market Cap
- 313834.20Cr
Profitability
- ROE
- 11.10%
- ROCE
- 12.70%
- ROA
- 6.07%
- Dividend Y
- 2.23%
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
- 4.96
- Book Value
- 2600.00
Cash Flow
- FCF Yield
- 1.84%
- FCF Positive Y
- 11/5
- OCF
- 15316.00 Cr
- EPS TTM
- 298.67
Shareholding
- Promoter Hold
- 58.48%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 15%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 88.5k+16.5% vs prev
Net Profit
₹ CrLatest: 8,188+35.6% vs prev
Return on Equity
%Latest: 10.7+25.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 43. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.7% over last month) — short-term momentum negative.
- RSI(14) at 43 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
41
RS percentile
Stage 4 Downtrend
1M return
-3.3%
3M return
-10.5%
6M return
-12.7%
1Y return
-10.7%
RS 1D
-3
RS 20D
+6
Sector rank
#18
Industry rank
-
Stage evidence
- Price is 6.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.3%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 90.92-1.35%
RS vs Nifty 50091
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth10/25
Quality3/20
Balance Sheet10/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
34
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
34/100 · legacy band WATCHLIST
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 -82.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 3/20; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
35.7
PB
4.1
EV/EBITDA
15.3
ROE
11.1%
ROCE
12.7%
FCF Yield
1.8%
Debt/Equity
0.3
MoS
-82.4%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
34
Previous: 34
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-82.4%
Previous: -82.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
35
35
35
35
35
35
35
35
35
35
34
34
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹4,179.98
-154.8% MoS
Growth-justified P/E
19.6
Growth-justified Value
₹5,839
-82.4% MoS
PEG
3.07
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SHYAMMETL
Large
Shyam Metalics and Energy Limited
Capital Goods
match 145
30
28.3
9.7%
-147%
OVERVALUED
SCHNEIDER
Large
Schneider Electric Infrastructure Limited
Capital Goods
match 144
44
148.0
38.2%
-274%
WATCHLIST
TECHNOE
Large
Techno Electric & Engineering Company Limited
Capital Goods
match 144
40
25.5
12.0%
-4%
WATCHLIST
SUPRAJIT
Small
Suprajit Engineering Limited
Capital Goods
match 142
33
33.7
13.1%
-178%
WATCHLIST
PITTIENG
Small
Pitti Engineering Limited
Capital Goods
match 142
37
34.1
12.5%
+24%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-24T03:41:20.147Z
Management commentary snapshot
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.
Current business mix
Sales by Customer Segment
Latest issuer-disclosed distribution across 3 reported categories.
Retail65.5%
Institutional31.0%
RMC3.5%
Growth engines
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.
Capacity and execution
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).
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
81Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
171 docs text-extracted · 35 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
93rd percentile
overall median 67 · Materials: 100th pctile, median 70 · Large: 82nd pctile, median 73
Evidence depth
Financial-only
171 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 58.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.8%.
- ▸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.
Continue researching UltraTech Cement Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Oct - Intimation regarding Earnings Call of UltraTech Cement Limited
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 23 Sep - Newspaper Advertisement regarding loss of share certificate
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Sep - Newspaper Advertisement regarding loss of share certificate
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Sep - Newspaper Advertisement regarding Postal Ballot Notice
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.