UltraTech Cement's consolidated revenue/EBITDA increased ~19%/20% YoY to Rs 23,300 crore/Rs 3,700 crore. EBITDA/t increased ~7% YoY to Rs 97,400 crore (estimate Rs 94,800 crore). The brokerage highlighted that the cement major reported robust volume growth and witnessed strong improvement in capacity utilisation. Cement prices have recovered since Sep'26 and seen improvement in early-Oct'26. However, cost pressure remains a key near-term challenge. UltraTech continues to extend its lead over peers across capacity, market share, cost leadership, and cash flow generation.
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Motilal Oswal Report
Domestic brokerage firm Motilal Oswal has reiterated its 'Buy' rating on UltraTech Cement post its Q2 results, with a Rs 13,220 target price, implying 24% upside from the report's CMP of Rs 10,650.
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The brokerage highlighted that the cement major reported robust volume growth and witnessed strong improvement in capacity utilisation. Cement prices have recovered since Sep'26 and seen improvement in early-Oct'26. However, cost pressure remains a key near-term challenge.
UltraTech continues to extend its lead over peers across capacity, market share, cost leadership, and cash flow generation.
Motilal Oswal estimates a compound annual growth rate of 13%/14%/15% in consolidated revenue/Ebitda/PAT over FY26-28 and estimates its consolidated volume CAGR at ~10% and Ebitda/tonne of Rs 1,130/Rs 1,186 in FY27/FY28 vs Rs 1,103 in FY26.
The net debt-to-Ebitda ratio is estimated to remain range-bound between 0.8x and 1.0x.
The brokerage estimate its RoE/RoCE to increase to ~13%/12% by FY28 from ~11%/10% in FY26, led by an improvement in profitability and lower costs for expansions.
UltraTech Cement Q2 Fy27 Results higlhights
- UltraTech Cement's consolidated revenue/EBITDA increased ~19%/20% YoY to Rs 23,300 crore/Rs 3,700 crore. EBITDA/t increased ~7% YoY to Rs 97,400 crore (estimate Rs 94,800 crore).
- Operating profit margin expanded ~20bp YoY to ~16%.
- Adjusted PAT grew ~22% YoY to Rs 1,500 crore.
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