Despite the differing ratings, all four brokerages highlighted UltraTech Cement's ability to outperform the broader industry on volumes. However, higher pet coke prices, rising operating costs and uncertainty over the sustainability of cement price increases emerged as common concerns. ICICI Securities maintained its Hold rating but cut its target price to Rs 11,000 from Rs 12,138.
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ICICI Securities, PL Capital, Systematix, Axis Securities Report
UltraTech Cement Ltd.'s strong volume growth in the second quarter of FY27 has failed to fully offset concerns over rising fuel costs, prompting PL Capital, ICICI Securities, Axis Securities, Systematix to lower their target prices while retaining their existing ratings.
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ICICI Securities maintained its Hold rating but cut its target price to Rs 11,000 from Rs 12,138.
Axis Securities retained Buy while reducing its target to Rs 13,250 from Rs 14,000, Systematix recommended Buy with a target of Rs 15,000.
PL Capital also maintained Buy, marginally lowering its target to Rs 14,623 from Rs 14,691. The revised targets imply potential upside of around 3%, 24% and 37%, respectively, from the brokerages' reference price of Rs 10,650.
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Despite the differing ratings, all four brokerages highlighted UltraTech Cement's ability to outperform the broader industry on volumes. However, higher pet coke prices, rising operating costs and uncertainty over the sustainability of cement price increases emerged as common concerns.
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