UltraTech Cement Ltd

₹ 11,986 0.82%

28 Jul 11:50 a.m.

ultratechcement.com BSE: 532538 NSE: ULTRACEMCO

About

UltraTech Cement is engaged in the manufacturing and sale of Cement and Cement related product primarily across globe.^[1]

Key Points

Market Leadership
The company is the 3rd largest cement company in the world, excluding China. It is also the largest cement manufacturer in India with a 28% share of the grey cement capacity. ^[1]

Website BSE NSE

Market Cap ₹ 3,53,217 Cr.
Current Price ₹ 11,986
High / Low ₹ 13,110 / 10,325
Stock P/E 40.9
Book Value ₹ 2,600
Dividend Yield 2.01 %
ROCE 12.7 %
ROE 11.1 %
Face Value ₹ 10.0

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Pros

Company has been maintaining a healthy dividend payout of 51.1%

Cons

Stock is trading at 4.56 times its book value
Company has a low return on equity of 10.7% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Construction Materials Cement & Cement Products Cement & Cement Products

Part of BSE Sensex Nifty 50 BSE 500 BSE 100 BSE 200 BSE Dollex 200 Nifty 500 BSE Dollex 30 Nifty 100 BSE Dollex 100 Nifty Infrastructure Nifty 200 Nifty Commodities Nifty Low Volatility 50 Nifty Shariah 25 Nifty 100 Equal Weight BSE Commodities BSE India Manufacturing Index BSE SENSEX 50 BSE 100 ESG Index (INR) BSE 250 LargeMidCap Index BSE Dividend Stability Index BSE Low Volatility Index Nifty 50 Equal Weight Nifty 100 Low Volatility 30 BSE 100 LargeCap TMC Index Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty100 ESG Nifty Total Market Nifty Alpha Low-Volatility 30 Nifty50 Shariah Nifty500 Shariah Nifty500 Multicap Infrastructure 50:30:20 Nifty100 Enhanced ESG BSE Select Business Groups BSE 200 Equal Weight BSE Sensex Sixty 65:35 BSE Sensex Sixty BSE Sensex Equal Weight NIFTY Housing Nifty India Select 5 Corporate Groups Nifty500 Equal Weight Nifty Core Housing Nifty Rural Nifty500 LargeMidSmall Equal-Cap Weighted BSE India 150 BSE India Sector Leaders Nifty500 Low Volatility 50 BSE 1000 Nifty Conglomerate 50 Nifty India FPI 150 Nifty India Infrastructure & Logistics

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	17,737	16,012	16,740	20,419	18,819	16,294	17,779	23,063	21,275	19,607	21,830	25,799	24,648
	14,688	13,461	13,485	16,305	15,801	14,269	14,885	18,456	16,869	16,518	17,919	20,201	19,633
Operating Profit	3,049	2,551	3,255	4,114	3,017	2,026	2,893	4,608	4,406	3,089	3,911	5,599	5,015
OPM %	17%	16%	19%	20%	16%	12%	16%	20%	21%	16%	18%	22%	20%
	177	171	146	73	83	226	247	93	142	174	46	77	118
Interest	211	234	262	261	326	393	457	475	433	459	492	487	453
Depreciation	749	798	783	815	918	980	993	1,125	1,107	1,148	1,182	1,208	1,201
Profit before tax	2,267	1,690	2,355	3,111	1,857	879	1,691	3,101	3,008	1,656	2,283	3,981	3,480
Tax %	25%	24%	25%	27%	20%	19%	19%	20%	26%	25%	24%	25%	25%
	1,690	1,280	1,775	2,259	1,493	708	1,363	2,475	2,221	1,238	1,729	3,000	2,604
EPS in Rs	58.49	44.39	61.55	78.22	51.78	24.34	47.09	84.23	75.54	41.79	58.55	101.22	88.21
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	23,306	25,153	25,375	30,979	41,462	42,430	44,726	52,599	63,240	70,908	75,955	88,512	91,884
	18,881	20,252	20,162	24,834	34,115	33,184	33,158	41,084	52,620	57,930	63,408	71,507	74,270
Operating Profit	4,425	4,901	5,212	6,145	7,347	9,246	11,568	11,514	10,620	12,979	12,547	17,004	17,614
OPM %	19%	19%	21%	20%	18%	22%	26%	22%	17%	18%	17%	19%	19%
	350	464	648	242	350	651	619	669	507	557	647	439	416
Interest	587	566	640	1,238	1,778	1,992	1,486	945	823	968	1,651	1,872	1,891
Depreciation	1,203	1,377	1,348	1,848	2,451	2,723	2,700	2,715	2,888	3,145	4,015	4,644	4,738
Profit before tax	2,986	3,421	3,872	3,301	3,468	5,183	8,001	8,524	7,416	9,422	7,528	10,927	11,400
Tax %	30%	28%	30%	33%	31%	-11%	32%	14%	32%	26%	20%	25%
	2,102	2,480	2,714	2,224	2,400	5,751	5,462	7,334	5,073	7,004	6,040	8,188	8,571
EPS in Rs	76.47	90.30	98.90	80.92	87.51	199.40	189.26	254.42	175.41	242.65	204.94	277.10	289.77
Dividend Payout %	12%	11%	10%	13%	13%	7%	20%	15%	22%	29%	38%	87%

Compounded Sales Growth
10 Years:	13%
5 Years:	15%
3 Years:	12%
TTM:	17%

Compounded Profit Growth
10 Years:	13%
5 Years:	8%
3 Years:	17%
TTM:	27%

Stock Price CAGR
10 Years:	12%
5 Years:	9%
3 Years:	13%
1 Year:	-3%

Return on Equity
10 Years:	11%
5 Years:	11%
3 Years:	11%
Last Year:	11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	274	274	275	275	275	289	289	289	289	289	295	295
Reserves	18,767	21,671	24,117	26,107	33,476	38,755	43,886	50,147	54,036	59,939	70,412	76,329
	9,829	10,616	8,474	19,480	25,337	23,019	21,719	11,299	11,058	11,403	24,102	23,755
	9,183	8,631	9,343	11,280	17,438	17,151	20,282	22,077	25,998	29,167	38,823	40,936
Total Liabilities	38,053	41,193	42,209	57,141	76,525	79,214	86,176	83,811	91,380	100,797	133,632	141,315
	23,343	25,309	25,904	39,715	56,645	57,151	55,412	55,488	59,579	62,878	94,564	98,794
CWIP	2,250	1,469	921	1,511	1,153	920	1,687	4,785	4,040	6,811	6,234	8,742
Investments	4,500	5,095	6,691	5,447	2,921	5,929	12,178	6,336	7,297	8,249	5,156	6,740
	7,961	9,319	8,693	10,468	15,806	15,215	16,900	17,203	20,464	22,859	27,677	27,040
Total Assets	38,053	41,193	42,209	57,141	76,525	79,214	86,176	83,811	91,380	100,797	133,632	141,315

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4,190	4,526	5,005	3,888	5,956	8,972	12,500	9,283	9,069	10,898	10,673	15,316
	-2,144	-3,673	-2,501	1,866	1,165	-4,192	-8,856	2,257	-7,188	-8,789	-15,836	-9,475
	-2,110	-844	-2,535	-5,735	-6,757	-5,076	-4,356	-12,498	-1,631	-1,926	5,076	-5,954
Net Cash Flow	-63	8	-31	18	364	-295	-712	-958	250	183	-86	-113
Free Cash Flow	1,481	2,394	3,637	2,005	4,308	7,286	10,662	3,677	2,963	2,013	1,723	5,805
CFO/OP	98%	110%	110%	77%	91%	107%	119%	94%	96%	97%	95%	98%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	26	28	25	26	25	20	21	21	22	22	28	25
Inventory Days	266	203	195	226	214	234	207	256	248	255	255	206
Days Payable	154	142	150	165	165	188	234	269	271	260	248	217
Cash Conversion Cycle	138	89	70	87	74	66	-6	9	-0	17	35	13
Working Capital Days	-82	-83	-38	-50	-48	-60	-83	-56	-56	-52	-64	-57
ROCE %	12%	13%	14%	12%	10%	12%	15%	14%	13%	15%	11%	13%

Insights

In beta

Mar 2014

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Grey Cement Sales Volume
Million Tons

	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx
	xx	xx	xx	xx	xx	xx	xx	xx	xx	xx
	xx.xx	xx.xx	xx.xx	xxx.xx	xxx.xx	xxx.xx		xxx.xx	xxx.xx	xxx.xx	xxx.xx
				x.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
			xxx			xxx			xxx	xxx	xxx
			x,xxx	x,xxx		x,xxx			x,xxx	x,xxx
				xx				xxx	xxx	xxx	xxx
x.xx								x.xx	x.xx	x.xx

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Capacity Utilization
%

Cement Capacity
MTPA (Million Tons Per Annum)

Green Power Mix
% ・Standalone data

RMC (Ready Mix Concrete) Plants
Number

UBS (UltraTech Building Solutions) Outlets
Number

WHRS Capacity
MW ・Standalone data

Clinker Conversion Ratio
times ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	59.96%	59.96%	59.96%	59.98%	59.99%	60.00%	59.23%	59.23%	59.23%	59.28%	59.33%	59.33%
	16.65%	18.20%	17.74%	18.15%	17.95%	16.98%	15.17%	15.23%	15.33%	14.44%	13.61%	12.36%
	15.04%	13.68%	14.14%	13.83%	14.08%	15.15%	16.79%	16.85%	16.65%	17.45%	18.42%	19.69%
	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%
	8.11%	7.95%	7.92%	7.82%	7.75%	7.64%	8.57%	8.48%	8.55%	8.60%	8.41%	8.42%
	0.18%	0.18%	0.17%	0.17%	0.17%	0.19%	0.18%	0.18%	0.20%	0.18%	0.17%	0.17%
No. of Shareholders	3,47,904	3,42,422	3,57,627	3,53,565	3,56,405	3,59,710	3,94,462	4,06,118	4,09,266	4,12,518	4,09,350	4,16,693

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	62.16%	61.98%	61.69%	60.04%	59.96%	59.96%	59.96%	59.96%	59.23%	59.33%	59.33%
	21.87%	22.27%	20.00%	16.48%	17.28%	14.03%	14.77%	17.74%	15.17%	13.61%	12.36%
	5.51%	5.78%	7.79%	14.15%	13.74%	16.39%	16.93%	14.14%	16.79%	18.42%	19.69%
	0.07%	0.03%	0.04%	0.07%	0.08%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%
	10.39%	9.94%	10.41%	9.18%	8.87%	9.48%	8.14%	7.92%	8.57%	8.41%	8.42%
	0.00%	0.00%	0.07%	0.07%	0.07%	0.09%	0.15%	0.17%	0.18%	0.17%	0.17%
No. of Shareholders	2,90,577	2,57,871	2,55,205	3,09,688	3,04,256	3,95,972	3,66,437	3,57,627	3,94,462	4,09,350	4,16,693

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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