UltraTech Cement Limited (ULTRACEMCO)

Construction Materials · Cement & Cement Products · NSE · Updated 14 July 2026

₹11,571 ↓ 7.55% (1Y)

🎯 Key Takeaways

UltraTech Cement is in a strategic growth and sustainability transformation phase, leveraging its dominant market position and strong financial foundation to expand capacity and invest in green energy. Management is actively reshaping the company’s long-term profile through capacity additions, renewable energy integration, and capital structure optimization, signaling a shift from pure volume growth to value-driven, sustainable expansion.
Revenue grew 11.3% QoQ to ₹21,830 in Q3FY26.
⚠️ Cyclical demand and input cost volatility remain key risks, as highlighted by CARE in its rating rationale.

Market Cap

₹3.38 L Cr

P/E Ratio

44.1

P/B Ratio

4.79

ROE

10.8%

ROCE

12.3%

Debt/Equity

0.33

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

UltraTech Cement is in a strategic growth and sustainability transformation phase, leveraging its dominant market position and strong financial foundation to expand capacity and invest in green energy. Management is actively reshaping the company’s long-term profile through capacity additions, renewable energy integration, and capital structure optimization, signaling a shift from pure volume growth to value-driven, sustainable expansion.

📰 What's Happening

In Q1 FY27, UltraTech Cement announced its earnings call for July 20, 2026, to discuss results, continuing its regular investor engagement cycle. Earlier, on June 25, 2026, CARE reaffirmed its AAA rating with a Stable outlook, citing improved debt coverage (1.38x) and net worth growth to ₹62,917 crore, validating financial resilience. On June 10, 2026, the company acquired a 13.99% stake in FPEL Services Private Limited for ₹1.21 crore to secure green energy supply and reduce captive power costs, marking its first direct foray into wind power generation. The Board also noted the routine exit of Independent Director Alka Bharucha after her second term, with no operational impact.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26
Revenue	20,419	18,070	15,635	17,193	23,063	21,275	19,607	21,830
Operating Profit	4,178	3,238	2,239	3,131	4,711	4,552	3,268	3,962
OPM %	20.1%	16.8%	12.9%	16.8%	20.0%	20.7%	15.8%	17.9%
Net Profit	2,259	1,695	825	1,474	2,475	2,221	1,238	1,729
EPS	₹78.35	₹58.87	₹28.45	₹50.99	₹84.38	₹75.67	₹41.87	₹58.66

Operating performance shows mixed momentum: revenue rose to ₹21,830 crore in Q3FY26 from ₹19,607 crore in Q2FY26, but net profit declined to ₹1,729 crore from ₹2,221 crore in Q1FY26, and earnings per share fell to ₹58.66 from ₹75.67. This suggests margin pressure despite revenue growth, likely due to input cost volatility or strategic investments. The company’s operating margin dipped to 17.9% in Q3FY26 from 20.7% in Q1FY26, indicating short-term headwinds despite long-term ambitions.

🔮 Management Outlook & What's Next

Management has set clear sustainability and expansion targets, including achieving 85% green power capacity by FY30 and 100% renewable energy use by 2050, alongside a planned 37 MTPA capacity addition by FY28. These goals are tied to regulatory alignment and cost efficiency, particularly in captive power procurement. The acquisition of FPEL Services is explicitly framed as a step toward securing renewable energy supply, reflecting a strategic pivot toward decarbonization and long-term operational resilience.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	2023-2024	2023-2024	2024-2025	2024-2025	2025-2026
Equity Capital	289	289	289	295	295
Reserves	55,858	59,939	61,076	70,412	71,738
Borrowings	10,319	10,298	15,922	23,031	24,246
Total Liabilities	37,788	40,519	44,841	59,804	61,338
Fixed Assets	47,727	50,126	54,567	76,015	77,472
Investments	5,435	7,280	7,465	4,856	4,824
Total Assets	93,991	1.01 L Cr	1.08 L Cr	1.34 L Cr	1.37 L Cr

The balance sheet shows steady capital growth, with equity and reserves rising to ₹71,738 crore and total assets reaching ₹1.37 lakh crore in 2025-26. Borrowings increased to ₹24,246 crore, but debt coverage improved to 1.38x, indicating better leverage management. The company is investing in expansion while maintaining a conservative capital structure, supported by strong net worth and improving interest coverage (9.09x), enabling sustained investment in capacity and green initiatives.

💰 Cash Flow Statement (₹ Cr)

Item	2020-2021
Operating	+12,506
Investing	-8,119
Financing	-4,389
Net Cash Flow	—

⚖️ Peer Comparison — Cement & Cement Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
UltraTech Cement Limited	3.38 L Cr	44.1	12.3%	10.8%	0.33
Grasim Industries Limited	2.00 L Cr	21.1	4.9%	4.6%	1.88
Ambuja Cements Limited	1.07 L Cr	23.3	4.6%	7.7%	0.00
SHREE CEMENT LIMITED	90,094	73.6	—	—	—
JK Cement Limited	42,219	58.6	—	—	—
Dalmia Bharat Limited	32,402	57.5	—	—	—
ACC Limited	25,592	12.0	11.0%	10.4%	0.00
The Ramco Cements Limited	21,650	57.2	—	—	—
JSW Cement Limited	16,793	0.0	—	—	—
The India Cements Limited	12,401	-56.7	—	—	—

🔗 Peer Stock Analyses

GRASIM AMBUJACEM SHREECEM JKCEMENT DALBHARAT

⚠️ Risk Factors

1. Cyclical demand and input cost volatility remain key risks, as highlighted by CARE in its rating rationale. 2. Margin compression in recent quarters may pressure profitability if cost control does not improve. 3. Execution risk around planned capacity additions and renewable energy targets could impact capital efficiency. 4. Regulatory and policy shifts in renewable energy incentives may affect the economics of green investments.

📋 Recent Filings

🧠 Analyst's Read

UltraTech Cement is transitioning from a volume-driven growth model to a strategic, sustainability-focused expansion, supported by strong financials and a stable credit profile. Investors should monitor margin recovery in upcoming quarters and progress on green energy integration as key indicators of execution momentum.

Based on filing content and financial data. Not a recommendation.

✨ Deep Dive with AI on ULTRACEMCO

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-14.

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