UltraTech Cement is engaged in the manufacturing and sale of Cement and Cement related product primarily across globe.[1]
Market LeadershipThe company is the 3rd largest cement company in the world, excluding China. It is also the largest cement manufacturer in India witha 28% shareof the grey cement capacity.[1]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | UltraTech Cem. | 12184.00 | 49.18 | 359145.99 | 0.64 | 1063.85 | 56.53 | 17864.43 | 14.77 | 11.66 | 75548.31 | 19.02 | 7302.09 | 1063.85 | 5.07 | 5.73 | 0.30 |
| 2. | Grasim Inds | 2837.10 | 44.61 | 193050.61 | 0.35 | 1498.04 | 68.24 | 39899.58 | 16.59 | 7.50 | 159663.26 | 20.07 | 4327.58 | 553.48 | 1.94 | 1.69 | 2.06 |
| 3. | Ambuja Cements | 562.00 | 24.18 | 138928.80 | 0.36 | 2302.28 | 233.64 | 9174.49 | 21.48 | 10.50 | 38772.67 | 18.83 | 5746.21 | 1935.75 | 2.47 | 7.02 | 0.02 |
| 4. | Shree Cement | 27320.00 | 57.33 | 98550.88 | 0.40 | 309.82 | 303.60 | 4761.07 | 17.44 | 6.71 | 20146.65 | 23.33 | 1718.89 | 308.51 | 4.39 | 3.97 | 0.10 |
| 5. | J K Cements | 5975.00 | 44.66 | 46218.02 | 0.25 | 159.25 | 275.56 | 3019.20 | 17.93 | 13.99 | 12883.19 | 18.56 | 1034.93 | 160.53 | 7.12 | 5.11 | 1.00 |
| 6. | Dalmia BharatLtd | 2121.20 | 35.76 | 39800.60 | 0.42 | 239.00 | 413.04 | 3417.00 | 10.69 | 5.58 | 14325.00 | 20.13 | 1112.86 | 236.00 | 2.25 | 2.48 | 0.40 |
| 7. | ACC | 1755.40 | 10.20 | 32964.18 | 0.43 | 1119.26 | 401.44 | 5931.67 | 27.99 | 17.44 | 24060.83 | 14.84 | 3230.72 | 1119.23 | 1.65 | 9.46 | 0.02 |
| – | Median: 35 Co. | 203.0 | 30.66 | 2843.07 | 0.19 | 19.74 | 116.51 | 601.53 | 16.48 | 6.63 | 2494.44 | 11.92 | 56.39 | 20.11 | 2.29 | 1.69 | 0.6 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 15,008 | 16,134 | 16,914 | 17,225 | 18,281 | 19,635 | 18,112 | 19,806 | 21,135 | 13,482 | 15,476 | 15,565 | 17,864 |
Expenses | 12,863 | 12,985 | 14,128 | 14,225 | 15,323 | 15,433 | 14,881 | 15,786 | 16,525 | 11,766 | 13,025 | 13,623 | 15,094 |
Operating Profit | 2,145 | 3,149 | 2,786 | 3,000 | 2,959 | 4,202 | 3,231 | 4,020 | 4,610 | 1,716 | 2,451 | 1,942 | 2,770 |
Other Income | 158 | 140 | 209 | 209 | 94 | 154 | 151 | 82 | 115 | 165 | 158 | 187 | 73 |
Profit before tax | 1,456 | 2,298 | 1,646 | 2,297 | 1,872 | 3,011 | 2,475 | 3,090 | 3,335 | 1,051 | 1,631 | 845 | 1,445 |
Tax % | 32% | 25% | 20% | 25% | 20% | 26% | 33% | 27% | 20% | 32% | 25% | 20% | 26% |
Net Profit | 994 | 1,718 | 1,324 | 1,714 | 1,507 | 2,232 | 1,658 | 2,252 | 2,682 | 718 | 1,221 | 680 | 1,064 |
EPS in Rs | 34.44 | 59.51 | 45.87 | 59.39 | 52.18 | 75.74 | 57.42 | 78.01 | 91.02 | 24.89 | 42.28 | 23.54 | 36.10 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 19,384 | 21,911 | 23,709 | 23,891 | 29,358 | 39,999 | 40,649 | 43,188 | 50,663 | 61,237 | 68,641 | 71,895 | 75,548 |
Expenses | 15,566 | 17,716 | 19,082 | 18,922 | 23,475 | 32,920 | 31,997 | 32,224 | 39,727 | 50,952 | 56,011 | 59,349 | 61,181 |
Operating Profit | 3,818 | 4,195 | 4,627 | 4,969 | 5,883 | 7,079 | 8,652 | 10,965 | 10,936 | 10,286 | 12,630 | 12,546 | 14,368 |
Other Income | 329 | 372 | 481 | 646 | 373 | 383 | 727 | 625 | 612 | 505 | 580 | 355 | 552 |
Interest | 319 | 547 | 512 | 571 | 1,191 | 1,648 | 1,704 | 1,259 | 798 | 756 | 867 | 1,465 | 1,582 |
Depreciation | 1,052 | 1,133 | 1,297 | 1,268 | 1,764 | 2,321 | 2,455 | 2,434 | 2,457 | 2,773 | 3,027 | 3,739 | 3,901 |
Profit before tax | 2,776 | 2,886 | 3,299 | 3,776 | 3,302 | 3,492 | 5,220 | 7,896 | 8,293 | 7,262 | 9,316 | 7,697 | 9,436 |
Net Profit | 2,144 | 2,015 | 2,370 | 2,628 | 2,231 | 2,412 | 5,456 | 5,342 | 7,067 | 4,951 | 6,905 | 6,193 | 7,302 |
EPS in Rs | 78.20 | 73.42 | 86.37 | 95.72 | 81.25 | 87.84 | 189.02 | 185.07 | 244.80 | 171.52 | 239.18 | 210.15 | 248.73 |
Dividend Payout % | 12% | 12% | 11% | 10% | 13% | 13% | 7% | 20% | 16% | 22% | 29% | 37% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 274 | 274 | 274 | 275 | 275 | 275 | 289 | 289 | 289 | 289 | 289 | 295 | 295 |
Reserves | 16,823 | 18,583 | 21,357 | 23,666 | 25,648 | 33,023 | 38,008 | 43,064 | 48,982 | 53,119 | 58,807 | 69,383 | 70,457 |
Borrowings | 5,199 | 7,414 | 8,250 | 6,240 | 17,420 | 20,637 | 18,282 | 18,314 | 10,776 | 9,704 | 9,011 | 20,360 | 21,559 |
Other Liabilities | 7,457 | 8,943 | 8,409 | 9,100 | 11,030 | 15,337 | 15,239 | 18,749 | 20,615 | 25,303 | 28,525 | 31,302 | 31,746 |
Total Liabilities | 29,754 | 35,215 | 38,291 | 39,281 | 54,373 | 69,271 | 71,817 | 80,416 | 80,662 | 88,415 | 96,631 | 121,340 | 124,058 |
Fixed Assets | 15,872 | 20,947 | 22,688 | 23,232 | 37,211 | 46,637 | 46,775 | 45,466 | 45,577 | 56,562 | 59,930 | 75,419 | 76,758 |
Gross Block | 24,998 | 31,874 | 23,912 | 25,674 | 41,355 | 53,012 | 55,516 | 56,505 | 58,820 | 73,090 | 79,348 | 98,258 | – |
Accumulated Depreciation | 9,126 | 10,927 | 1,224 | 2,442 | 4,144 | 6,376 | 8,741 | 11,039 | 13,244 | 16,528 | 19,418 | 22,839 | – |
CWIP | 2,042 | 2,074 | 1,416 | 878 | 1,474 | 1,111 | 870 | 1,528 | 4,627 | 3,998 | 6,765 | 6,002 | 6,934 |
Investments | 5,392 | 5,209 | 5,793 | 7,409 | 6,163 | 7,065 | 10,083 | 17,570 | 11,725 | 9,433 | 9,237 | 16,503 | 15,759 |
Other Assets | 6,449 | 6,985 | 8,394 | 7,762 | 9,525 | 14,459 | 14,089 | 15,853 | 18,734 | 18,421 | 20,699 | 23,416 | 24,606 |
Total Assets | 29,754 | 35,215 | 38,291 | 39,281 | 54,373 | 69,271 | 71,817 | 80,416 | 80,662 | 88,415 | 96,631 | 121,340 | 124,058 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 3,242 | 4,083 | 4,354 | 4,723 | 3,618 | 6,116 | 8,259 | 11,549 | 8,670 | 9,757 | 10,899 | 9,576 |
Cash from Investing Activity | -2,210 | -1,879 | -3,757 | -2,365 | 1,897 | -3,988 | -3,951 | -8,984 | 789 | -7,122 | -7,830 | -15,373 |
Cash from Financing Activity | -897 | -2,267 | -582 | -2,383 | -5,501 | -1,769 | -4,591 | -2,586 | -9,501 | -2,379 | -2,861 | 5,566 |
Net Cash Flow | 135 | -63 | 15 | -25 | 13 | 360 | -283 | -21 | -42 | 257 | 208 | -230 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 24 | 20 | 22 | 20 | 21 | 21 | 17 | 19 | 20 | 19 | 19 | 22 |
Inventory Days | 262 | 282 | 209 | 202 | 242 | 207 | 204 | 180 | 220 | 247 | 262 | 249 |
Days Payable | 269 | 159 | 145 | 155 | 173 | 162 | 162 | 205 | 228 | 266 | 265 | 228 |
Cash Conversion Cycle | 18 | 143 | 86 | 66 | 90 | 66 | 59 | -5 | 12 | 0 | 16 | 43 |
Working Capital Days | -14 | -62 | -95 | -49 | -60 | -37 | -37 | -78 | -38 | -59 | -54 | -59 |
ROCE % | 13% | 13% | 13% | 14% | 13% | 11% | 12% | 16% | 15% | 13% | 16% | 12% |
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Stock Analysis
UltraTech Cement Limited is India's largest cement producer and the third largest globally (excluding China), engaged in manufacturing and selling cement and related products.
Aggressive capacity expansion plans, including a ₹10,255 crore capex for 22.8 MTPA by FY28, integration of recent acquisitions, operational efficiencies, and strong domestic demand driven by infrastructure and housing are key growth drivers. Stable credit ratings from major agencies support expansion.
Currently no data available for Order Book.
The company is subject to multiple GST demands from various authorities, though it states no material financial impact. Additionally, credit rating agencies note potential risks related to increased leverage and negative free cash flow due to significant ongoing capital expenditures.
The company is scheduled to announce its Q3 FY26 financial results on January 24, 2026.
Corporate Announcements
