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UltraTech Cement - Motilal Oswal Reiterates 'Buy' On The Stock, Sees 20% Upside — Here's Why
Being the largest player in the industry with a pan-India presence, Motilal Oswal expects UltraTech to benefit from the cement demand recovery and price hikes.
18 Feb 2025, 09:11 AM IST 
UltraTech’s large scale of operation, ability to outperform the industry’s growth rate, and self-reliance on organic expansions warrant higher multiples.
(Image used for representational purpose. Photo Source: UltraTech Cement website)
UltraTech Cement has successfully built capacity (capacity CAGR stood at ~10% over FY15-24 versus the industry CAGR of ~5%), leveraged this capacity through higher utilization (average of ~76% over FY15-24 versus industry average at ~67%), and generated strong cash flows.
