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UltraTech Cement Limited (ULTRACEMCO)

Construction Materials · Cement & Cement Products · NSE · Updated 16 June 2026

₹11,466 ↓ 0.25% (1Y)

🎯 Key Takeaways

UltraTech Cement is in a strategic transition phase, shifting from pure cement manufacturing toward integrated green energy solutions while maintaining its core profitability. The company is actively investing in renewable energy infrastructure to secure sustainable power supply, signaling a long-term pivot toward decarbonization.
Revenue grew 11.3% QoQ to ₹21,830 in Q3FY26.
⚠️ Margin pressure persists despite revenue recovery, as seen in declining OPM from 20.7% in Q1FY26 to 17.9% in Q3FY26, which management has not fully at

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 transition phase, shifting from pure cement manufacturing toward integrated green energy solutions while maintaining its core profitability. The company is actively investing in renewable energy infrastructure to secure sustainable power supply, signaling a long-term pivot toward decarbonization. Despite flat year-on-year growth, its margins remain resilient, supported by operational efficiency and backward integration into clean energy.

📰 What's Happening

In June 2026, UltraTech Cement announced the acquisition of a 13.99% equity stake in FPEL SERVICES PRIVATE LIMITED for Rs.12.09 crore to secure green energy supply and reduce captive power costs, marking its first direct entry into wind power generation. The board approved this material related party transaction with 99.99% shareholder support via remote e-voting. Additionally, Independent Director Alka Bharucha completed her second term on 8 June 2026, a routine transition with no operational impact. Shareholders must submit PAN, bank details, and tax forms by 20 July 2026 to claim dividend tax exemptions or reduced rates under new compliance rules.

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

Quarterly revenue shows volatility, with Q3FY26 revenue at ₹21,830 crore slightly down from Q4FY25’s ₹23,063 crore but up from Q2FY26’s ₹19,607 crore, indicating seasonal demand patterns. Operating profit margin improved to 17.9% in Q3FY26 from 15.8% in Q2FY26 but declined from 20.7% in Q1FY26, reflecting input cost pressures despite stable pricing. Net profit and EPS dipped in Q3FY26 to ₹1,729 crore and ₹58.66, down from ₹2,221 crore and ₹75.67 in Q1FY26, suggesting margin compression ahead of the upcoming financial results announcement. The trend underscores the need for operational discipline as the company integrates its green energy investments.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue or margin expectations in the latest filings, but the acquisition of FPEL Services is framed as a strategic enabler for long-term cost reduction and regulatory compliance in renewable energy usage. Completion of the transaction is anticipated within 180 days, after which operational synergies may begin to materialize. The board’s focus remains on sustainable growth, with no indication of aggressive expansion or share buybacks in the near term.

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 stable equity of ₹295 crore over the latest two fiscal years, with reserves growing from ₹61,076 crore to ₹71,738 crore, indicating retained earnings accumulation. Borrowings increased to ₹24,246 crore from ₹23,031 crore, reflecting modest capital expenditure financing, likely tied to green energy infrastructure investments. Total assets rose to ₹1.37 lakh crore from ₹1.34 lakh crore, signaling incremental asset base expansion without significant leverage spikes, suggesting a conservative capital structure with room for targeted investments.

💰 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. Margin pressure persists despite revenue recovery, as seen in declining OPM from 20.7% in Q1FY26 to 17.9% in Q3FY26, which management has not fully attributed to specific cost drivers. 2. The green energy investment, while strategically aligned, introduces execution and integration risks with no immediate financial impact reported. 3. Regulatory and tax compliance requirements for dividends demand timely shareholder action, with non-compliance risking higher TDS and reduced net receipts. 4. Commodity and input cost volatility remains a structural risk, especially as the company expands into energy-intensive renewable projects.

📋 Recent Filings

🧠 Analyst's Read

UltraTech Cement is executing a deliberate shift toward sustainable energy infrastructure without compromising its core cement profitability. Investors should monitor the integration progress of the FPEL stake and its impact on captive power costs in the upcoming quarters, while watching for margin stabilization amid seasonal demand fluctuations.

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 2026-06-16.