Arthneeti

UltraTech Cement Q2 FY27 Share Price & Earnings Call Analysis

₹11,175.00+0.64% today
Market cap
₹3.29L Cr
P/E
38.17
ROE
11.10%
PEG
2.18
Price to sales
3.58
Debt to equity
0.31
52W high / low
₹13,052 / ₹10,362
Sales growth (5Y)
14.63%
EBITDA margin
19.17%
Net profit margin
9.26%
Promoter holding
58.48%
Sales (last year)
₹91,884 Cr

UltraTech Cement is engaged in the manufacturing and sale of Cement and Cement related product primarily across globe.[1]

Guidance scorecard · Q2 FY27 call

What UltraTech Cem.'s management guided
and where it ranks in Cement & Cement Products

#5of 17 in
Cement & Cement Products
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • UltraTech Cement targets double-digit volume growth for FY27, supported by strong market demand.
  • The company expects to exit FY28 with a capacity of approximately 235 million tons, up from 212 million tons in FY27, implying a capacity addition of 22-25 million tons next year.
  • Industry volume growth for the current quarter is anticipated at 7% to 8%, indicating steady demand.
  • UltraTech expects continued market share gains due to strong brand power, extensive distribution network, and premiumization strategy.
  • Pricing environment remains supportive due to cost inflation and demand momentum; pricing increases are planned but subject to market conditions.

2 more points from UltraTech Cem.'s call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what UltraTech Cem. said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Ongoing Capex Program: INR 17,000 crores planned over the next 2 to 2.5 years, aimed at capacity growth and structural cost advantages like green power expansion.
  • Capacity Growth: Targeting consolidated capacity beyond 242 million tons with grey cement capacity reaching 212.7 million tons by end of fiscal '27; further expansion planned in the next year.
  • Green Energy Investment: Currently at 1,897 MW renewable power, with plans to increase to 2.5 to 3 gigawatts soon.
  • India Cements Turnaround: Ongoing capex of about INR 2,000 crores for cost improvement, including waste heat recovery and equipment upgrades.

2 more points from UltraTech Cem.'s call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what UltraTech Cem. said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • Strong demand pipeline across infrastructure, housing, and urban real estate, driving volume growth.
  • Ongoing capex program with INR 17,000+ crores planned over 2-2.5 years for capacity expansion.
  • Commissioning of 12 million tons new capacity already underway; targeting 235 million tons capacity by March 2028 (up from 212 million tons in March 2027).
  • Large infrastructure projects underway implying cement-intensive demand: Maharashtra's INR 20,000 crores shipbuilding cluster, Odisha’s INR 50,000 crores deep seaport and shipyard projects, Tamil Nadu's INR 18,000 crores data centres and shipbuilding MoUs.
  • Metro expansions and rail corridor projects (Ahmedabad-Dholera semi high-speed rail, ongoing metros in major cities).

2 more points from UltraTech Cem.'s call on the order book

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Full Q1 FY27 analysis
Full Cement & Cement Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Cement & Cement Products
on management's own guidance

  1. BIGBLOC Const.Good growth
    2
  2. Strong growth
    1
  3. J K Cements LtdGood growth
    3
See all potential multibaggersWhere does UltraTech Cem. rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Cement & Cement Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹1.99L Cr34.6
2BIGBLOC Const.20–40%Up 2%+₹613 Cr364.4
3J K Cements Ltd20–40%Flat₹37,843 Cr38.8
410–20%Up 2%+₹1,289 Cr—
5UltraTech Cem.This stock10–20%Flat₹3.21L Cr37.3
610–20%Flat₹83,058 Cr50.9

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UltraTech Cem. announcements

All announcements →

Financials of UltraTech Cem.

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

UltraTech Cem.

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +59.96%59.96%59.98%59.99%60.00%59.23%59.23%59.23%59.28%59.33%59.33%58.48%
FIIs +18.20%17.74%18.15%17.95%16.98%15.17%15.23%15.33%14.44%13.61%12.36%12.20%
DIIs +13.68%14.14%13.83%14.08%15.15%16.79%16.85%16.65%17.45%18.42%19.69%20.86%
Government +0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%
Public +7.95%7.92%7.82%7.75%7.64%8.57%8.48%8.55%8.60%8.41%8.42%8.22%
Others +0.18%0.17%0.17%0.17%0.19%0.18%0.18%0.20%0.18%0.17%0.17%0.21%
No. of Shareholders3,42,4223,57,6273,53,5653,56,4053,59,7103,94,4624,06,1184,09,2664,12,5184,09,3504,16,6934,16,451

Financials of UltraTech Cem.

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +16,01216,74020,41918,81916,29417,77923,06321,27519,60721,83025,79924,64823,295
Expenses +13,46113,48516,30515,80114,26914,88518,45616,86916,51817,91920,20119,63319,576
Operating Profit2,5513,2554,1143,0172,0262,8934,6084,4063,0893,9115,5995,0153,719
OPM %16%19%20%16%12%16%20%21%16%18%22%20%16%
Other Income +1711467383226247931421744677118105
Interest234262261326393457475433459492487453552
Depreciation7987838159189809931,1251,1071,1481,1821,2081,2011,213
Profit before tax1,6902,3553,1111,8578791,6913,1013,0081,6562,2833,9813,4802,059
Tax %24%25%27%20%19%19%20%26%25%24%25%25%27%
Net Profit +1,2801,7752,2591,4937081,3632,4752,2211,2381,7293,0002,6041,501
EPS in Rs44.3961.5578.2251.7824.3447.0984.2375.5441.7958.55101.2288.2150.69

Financials of UltraTech Cem.

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +23,30625,15325,37530,97941,46242,43044,72652,59963,24070,90875,95588,51295,572
Expenses +18,88120,25220,16224,83434,11533,18433,15841,08452,62057,93063,40871,50777,328
Operating Profit4,4254,9015,2126,1457,3479,24611,56811,51410,62012,97912,54717,00418,244
OPM %19%19%21%20%18%22%26%22%17%18%17%19%19%
Other Income +350464648242350651619669507557647439346
Interest5875666401,2381,7781,9921,4869458239681,6511,8721,984
Depreciation1,2031,3771,3481,8482,4512,7232,7002,7152,8883,1454,0154,6444,804
Profit before tax2,9863,4213,8723,3013,4685,1838,0018,5247,4169,4227,52810,92711,803
Tax %30%28%30%33%31%-11%32%14%32%26%20%25%
Net Profit +2,1022,4802,7142,2242,4005,7515,4627,3345,0737,0046,0408,1888,835
EPS in Rs76.4790.3098.9080.9287.51199.40189.26254.42175.41242.65204.94277.10298.67
Dividend Payout %12%11%10%13%13%7%20%15%22%29%38%87%

Financials of UltraTech Cem.

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital274274275275275289289289289289295295295
Reserves18,76721,67124,11726,10733,47638,75543,88650,14754,03659,93970,41276,32973,293
Borrowings +9,82910,6168,47419,48025,33723,01921,71911,29911,05811,40324,10223,75529,289
Other Liabilities +9,1838,6319,34311,28017,43817,15120,28222,07725,99829,16738,82340,93642,222
Total Liabilities38,05341,19342,20957,14176,52579,21486,17683,81191,380100,797133,632141,315145,099
Fixed Assets +23,34325,30925,90439,71556,64557,15155,41255,48859,57962,87894,56498,794102,310
CWIP2,2501,4699211,5111,1539201,6874,7854,0406,8116,2348,7427,655
Investments4,5005,0956,6915,4472,9215,92912,1786,3367,2978,2495,1566,7405,232
Other Assets +7,9619,3198,69310,46815,80615,21516,90017,20320,46422,85927,67727,04029,902
Total Assets38,05341,19342,20957,14176,52579,21486,17683,81191,380100,797133,632141,315145,099

Financials of UltraTech Cem.

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +4,1904,5265,0053,8885,9568,97212,5009,2839,06910,89810,67315,316
Cash from Investing Activity +-2,144-3,673-2,5011,8661,165-4,192-8,8562,257-7,188-8,789-15,836-9,475
Cash from Financing Activity +-2,110-844-2,535-5,735-6,757-5,076-4,356-12,498-1,631-1,9265,076-5,954
Net Cash Flow-638-3118364-295-712-958250183-86-113
Free Cash Flow1,4812,3943,6372,0054,3087,28610,6623,6772,9632,0131,7235,805
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit98%110%110%77%91%107%119%94%96%97%95%98%

Financials of UltraTech Cem.

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days262825262520212122222825
Inventory Days266203195226214234207256248255255206
Days Payable154142150165165188234269271260248217
Cash Conversion Cycle1388970877466-69-0173513
Working Capital Days-82-83-38-50-48-60-83-56-56-52-64-57
ROCE %12%13%14%12%10%12%15%14%13%15%11%13%

Guidance history

How UltraTech Cem.'s guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlanned——
Q4 FY26 call →10–20%FlatPlanned——
Q3 FY26 call →10–20%FlatPlanned——
Q2 FY26 call →10–20%FlatPlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

50out of 100

Momentum score · price trend

50 out of 100 — Steady

Over the past year its share price has moved roughly in the middle of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−6.9%53%
Last 6 months−3.5%47%
Last 3 months−5.7%52%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For UltraTech Cem.: 0.4 × 53 + 0.4 × 47 + 0.2 × 52 = 50.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What UltraTech Cem.'s management said in earlier quarters

Others in Cement & Cement Products this season

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    Revenue for the quarter ended September 30, 2026 was ₹5,678 million, an 11.0% increase year-on-year (YoY) from ₹5,117 million in Q2 2025. Key results statement

  • Ambuja Cements Ltd (Q2 FY27)

    Consolidated Volume Q2 FY27:** 16.5 MnT, down 1% YoY (Page 23) . Key investor presentation takeaways from Ambuja Cements Ltd's Q2 FY27 investor presentation — a

  • ACC Ltd (Q2 FY27)

    Consolidated Volume (Q2 FY27):** 16.5 MnT, down 1% YoY from 16.6 MnT in Q2 FY26 (Page 23). Key investor presentation takeaways from ACC Ltd's Q2 FY27 investor p

  • JSW Cement Ltd (Q2 FY27)

    Q2 FY27 Revenue from Operations: ₹1,912.1 crore, up 33.1% YoY (Page 24) . Key investor presentation takeaways from JSW Cement Ltd's Q2 FY27 investor presentatio

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