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UltraTech Cement Q2 Review — Motilal Oswal Maintains 'Buy' Post Inline Earnings, Sees 17% Upside
UltraTech’s improved earnings, return ratios, and low-cost expansions warrant a higher valuation multiple, adds Motilal Oswal.
20 Oct 2025, 11:09 AM IST 
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UltraTech Cement’s market share currently stands at ~28% and will rise to ~32-33% in the next three years. (Photo: Vijay Sartape/ NDTV Profit)
UltraTech Cement’s Q2 FY26 earnings were in line with our estimates. Ebitda grew ~53% YoY to Rs 30.9 billion. Ebitda/tonne increased ~32% YoY to Rs 914 (estimated Rs 951). Operating profit margin expanded 3.3pp YoY to ~16% (vs our estimate of ~17%). PAT increased ~75% YoY to Rs 12.3 billion.
