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UltraTech Cement Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹7,427.60Overvalued by 30.67%vs CMP ₹10,714.00

P/E (40.6) × ROE (9.3%) × BV (₹2,444.00) × DY (0.72%)

₹3,915.35Overvalued by 63.46%vs CMP ₹10,714.00
MoS: -173.6% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹7,460.5322%Over (-30.4%)
Graham NumberEarnings₹3,781.9916%Over (-64.7%)
Earnings PowerEarnings₹852.2613%Over (-92%)
DCFCash Flow₹2,054.4713%Over (-80.8%)
Net Asset ValueAssets₹2,444.467%Over (-77.2%)
EV/EBITDAEnterprise₹4,849.529%Over (-54.7%)
Earnings YieldEarnings₹2,601.107%Over (-75.7%)
ROCE CapitalReturns₹4,023.417%Over (-62.4%)
Revenue MultipleRevenue₹3,866.335%Over (-63.9%)
Consensus (9 models)₹3,915.35100%Overvalued
Key Drivers: Wide model spread (₹852–₹7,461) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 0.4%

*Investments are subject to market risks

Analyst Summary

UltraTech Cement Ltd operates in the Cement segment, NSE: ULTRACEMCO | BSE: 532538, current market price is ₹10,714.00, market cap is 3,15,719 Cr.. At a glance, stock P/E is 40.6, ROE is 9.29 %, ROCE is 10.9 %, book value is 2,444, dividend yield is 0.72 %. The latest intrinsic value estimate is ₹3,915.35, around 63.5% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹75,955 Cr versus the prior period change of 7.1%, while latest net profit is about ₹6,040 Cr with a prior-period change of -13.8%. The 52-week range shown on this page is 13,110/10,325, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisUltraTech Cement Ltd. is a Public Limited Listed company incorporated on 24/08/2000 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is…

This summary is generated from the stock page data available for UltraTech Cement Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

66
UltraTech Cement Ltd scores 66/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health61/100 · Moderate
ROCE 10.9% AverageROE 9.3% AverageD/E 0.40 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money65/100 · Strong
FII holding stable No changeDII holding up 0.66% MF buyingPromoter holding at 59.3% Stable
Earnings Quality60/100 · Moderate
OPM stable around 18% SteadyWorking capital: -64 days (improving) Efficient
Quarterly Momentum80/100 · Strong
Revenue (4Q): +17% YoY GrowingProfit (4Q): +32% YoY Strong
Industry Rank70/100 · Strong
P/E 40.6 vs industry 274.7 Cheaper than peersROCE 10.9% vs industry 8.9% Above peersROE 9.3% vs industry 85.5% Below peers3Y sales CAGR: 13% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:51 am

Market Cap 3,15,719 Cr.
Current Price 10,714
Intrinsic Value₹3,915.35
High / Low 13,110/10,325
Stock P/E40.6
Book Value 2,444
Dividend Yield0.72 %
ROCE10.9 %
ROE9.29 %
Face Value 10.0
PEG Ratio91.58

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for UltraTech Cement Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
UltraTech Cement Ltd 3,15,719 Cr. 10,714 13,110/10,32540.6 2,4440.72 %10.9 %9.29 % 10.0
Grasim Industries Ltd 1,76,446 Cr. 2,593 2,980/2,46538.3 1,4640.39 %7.50 %3.95 % 2.00
Ambuja Cements Ltd 1,03,903 Cr. 420 625/39427.0 2280.48 %10.5 %8.73 % 2.00
Shree Cement Ltd 83,942 Cr. 23,265 32,508/22,55048.5 6,0780.47 %7.17 %5.69 % 10.0
J K Cements Ltd 39,716 Cr. 5,140 7,566/4,51037.8 8390.29 %14.0 %13.9 % 10.0
Industry Average34,326.20 Cr1,677.64274.74574.270.69%8.92%85.54%7.13

All Competitor Stocks of UltraTech Cement Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 15,52118,66217,73716,01216,74020,41918,81916,29417,77923,06321,27519,60721,830
Expenses 13,18515,34014,68813,46113,48516,30515,80114,26914,88518,45616,86916,51817,919
Operating Profit 2,3363,3223,0492,5513,2554,1143,0172,0262,8934,6084,4063,0893,911
OPM % 15%18%17%16%19%20%16%12%16%20%21%16%18%
Other Income 13012317717114673832262479314217446
Interest 215191211234262261326393457475433459492
Depreciation 7237627497987838159189809931,1251,1071,1481,182
Profit before tax 1,5272,4922,2671,6902,3553,1111,8578791,6913,1013,0081,6562,283
Tax % 30%33%25%24%25%27%20%19%19%20%26%25%24%
Net Profit 1,0631,6701,6901,2801,7752,2591,4937081,3632,4752,2211,2381,729
EPS in Rs 36.6657.7158.4944.3961.5578.2251.7824.3447.0984.2375.5441.7958.55

Last Updated: February 3, 2026, 6:16 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 7:16 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 20,73023,30625,15325,37530,97941,46242,43044,72652,59963,24070,90875,95585,775
Expenses 16,69518,88120,25220,16224,83434,11533,18433,15841,08452,62057,93063,15869,762
Operating Profit 4,0354,4254,9015,2126,1457,3479,24611,56811,51410,62012,97912,79716,013
OPM % 19%19%19%21%20%18%22%26%22%17%18%17%19%
Other Income 322350464648242350651619669507557397455
Interest 3615875666401,2381,7781,9921,4869458239681,6511,860
Depreciation 1,1391,2031,3771,3481,8482,4512,7232,7002,7152,8883,1454,0154,561
Profit before tax 2,8582,9863,4213,8723,3013,4685,1838,0018,5247,4169,4227,52810,047
Tax % 23%30%28%30%33%31%-11%32%14%32%26%20%
Net Profit 2,2132,1022,4802,7142,2242,4005,7515,4627,3345,0737,0046,0407,663
EPS in Rs 80.4476.4790.3098.9080.9287.51199.40189.26254.42175.41242.65204.94260.11
Dividend Payout % 11%12%11%10%13%13%7%20%15%22%29%38%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-5.02%17.98%9.44%-18.05%7.91%139.62%-5.03%34.27%-30.83%38.06%-13.76%
Change in YoY Net Profit Growth (%)0.00%23.00%-8.55%-27.49%25.97%131.71%-144.65%39.30%-65.10%68.89%-51.83%

UltraTech Cement Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:13%
5 Years:12%
3 Years:13%
TTM:8%
Compounded Profit Growth
10 Years:12%
5 Years:1%
3 Years:-5%
TTM:0%
Stock Price CAGR
10 Years:16%
5 Years:26%
3 Years:25%
1 Year:10%
Return on Equity
10 Years:12%
5 Years:12%
3 Years:10%
Last Year:9%

Last Updated: September 5, 2025, 1:50 pm

Balance Sheet

Last Updated: December 10, 2025, 3:35 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 274274274275275275289289289289289295295
Reserves 16,90818,76721,67124,11726,10733,47638,75543,88650,14754,03659,93970,41271,738
Borrowings 7,3329,82910,6168,47419,48025,33723,01921,71911,29911,05811,40324,10225,215
Other Liabilities 7,6719,1838,6319,34311,28017,43817,15120,28222,07725,99829,16738,82340,058
Total Liabilities 32,18538,05341,19342,20957,14176,52579,21486,17683,81191,380100,797133,632137,305
Fixed Assets 18,10023,34325,30925,90439,71556,64557,15155,41255,48859,57962,87894,56495,930
CWIP 2,1862,2501,4699211,5111,1539201,6874,7854,0406,8116,2347,206
Investments 4,8624,5005,0956,6915,4472,9215,92912,1786,3367,2978,2495,1565,098
Other Assets 7,0377,9619,3198,69310,46815,80615,21516,90017,20320,46422,85927,67729,072
Total Assets 32,18538,05341,19342,20957,14176,52579,21486,17683,81191,380100,797133,632137,305

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 3,4554,1904,5265,0053,8885,9568,97212,5009,2839,06910,89810,673
Cash from Investing Activity + -2,342-2,144-3,673-2,5011,8661,165-4,192-8,8562,257-7,188-8,789-15,836
Cash from Financing Activity + -949-2,110-844-2,535-5,735-6,757-5,076-4,356-12,498-1,631-1,9265,076
Net Cash Flow 164-638-3118364-295-712-958250183-86
Free Cash Flow 1,1521,4812,3943,6372,0054,3087,28610,6623,7432,9632,0131,723
CFO/OP 102%98%110%110%77%91%107%119%94%96%97%94%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-3.00-5.00-6.00-3.00-13.00-18.00-14.00-10.000.00-1.001.00-12.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 292628252625202121222228
Inventory Days 251266203195226214234207256248255255
Days Payable 252154142150165165188234269271260248
Cash Conversion Cycle 281388970877466-69-01735
Working Capital Days -20-82-83-38-50-48-60-83-56-56-52-64
ROCE %12%12%13%14%12%10%12%15%14%13%15%11%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 59.96%59.96%59.96%59.96%59.96%59.98%59.99%60.00%59.23%59.23%59.23%59.28%
FIIs 14.77%15.81%16.65%18.20%17.74%18.15%17.95%16.98%15.17%15.23%15.33%14.44%
DIIs 16.93%15.95%15.04%13.68%14.14%13.83%14.08%15.15%16.79%16.85%16.65%17.45%
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 8.14%8.09%8.11%7.95%7.92%7.82%7.75%7.64%8.57%8.48%8.55%8.60%
Others 0.15%0.14%0.18%0.18%0.17%0.17%0.17%0.19%0.18%0.18%0.20%0.18%
No. of Shareholders 3,66,4373,49,2813,47,9043,42,4223,57,6273,53,5653,56,4053,59,7103,94,4624,06,1184,09,2664,12,518

Shareholding Pattern Chart

No. of Shareholders

UltraTech Cement Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
ICICI Prudential Large Cap Fund 2,085,267 3.41 2643.492,107,9622026-03-24 00:03:21-1.08%
Kotak Flexicap Fund 1,375,000 3.07 1743.09N/AN/AN/A
Axis Large Cap Fund 697,749 2.73 884.54641,1472026-03-12 02:53:378.83%
Nippon India Large Cap Fund 575,475 1.42 729.53625,4752026-02-23 03:19:06-7.99%
Axis ELSS Tax Saver Fund 575,288 2.2 729.29697,4452026-02-23 02:15:05-17.51%
ICICI Prudential Balanced Advantage Fund 475,848 0.85 603.23252,5762026-03-24 00:03:2188.4%
ICICI Prudential Business Cycle Fund 410,449 3.21 520.33398,4492026-03-24 00:03:213.01%
ICICI Prudential Multicap Fund 368,008 2.86 466.52N/AN/AN/A
Kotak Large & Midcap Fund 350,000 1.44 443.7330,0002026-02-23 03:19:066.06%
Canara Robeco Large Cap Fund 333,152 2.47 422.34328,1522026-03-12 02:53:371.52%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 205.30243.05175.63254.64189.40
Diluted EPS (Rs.) 205.13242.87175.54254.53189.33
Cash EPS (Rs.) 341.56350.80275.64348.06282.69
Book Value[Excl.RevalReserv]/Share (Rs.) 2399.422086.231883.691747.051530.59
Book Value[Incl.RevalReserv]/Share (Rs.) 2399.422086.231883.691747.051530.59
Revenue From Operations / Share (Rs.) 2577.552456.202190.581822.111549.48
PBDIT / Share (Rs.) 451.39470.59385.29416.47426.19
PBIT / Share (Rs.) 315.14361.64285.25322.42332.65
PBT / Share (Rs.) 255.83325.62256.75289.70272.14
Net Profit / Share (Rs.) 205.31241.85175.60254.01189.14
NP After MI And SOA / Share (Rs.) 204.94242.65175.41254.42189.26
PBDIT Margin (%) 17.5119.1517.5822.8527.50
PBIT Margin (%) 12.2214.7213.0217.6921.46
PBT Margin (%) 9.9213.2511.7215.8917.56
Net Profit Margin (%) 7.969.848.0113.9412.20
NP After MI And SOA Margin (%) 7.959.878.0013.9612.21
Return on Networth / Equity (%) 8.5411.639.3214.5612.36
Return on Capital Employeed (%) 9.1614.1212.1114.6114.63
Return On Assets (%) 4.516.945.548.766.33
Long Term Debt / Equity (X) 0.220.080.090.100.30
Total Debt / Equity (X) 0.320.170.180.200.40
Asset Turnover Ratio (%) 0.640.730.710.600.54
Current Ratio (X) 0.730.860.880.861.17
Quick Ratio (X) 0.430.550.600.590.97
Inventory Turnover Ratio (X) 8.499.491.461.411.31
Dividend Payout Ratio (NP) (%) 33.4015.6321.5714.526.86
Dividend Payout Ratio (CP) (%) 20.0610.7813.7410.604.59
Earning Retention Ratio (%) 66.6084.3778.4385.4893.14
Cash Earning Retention Ratio (%) 79.9489.2286.2689.4095.41
Interest Coverage Ratio (X) 8.0614.0313.5212.738.28
Interest Coverage Ratio (Post Tax) (X) 4.728.297.168.594.75
Enterprise Value (Cr.) 363558.87290900.97228788.60200424.86210253.91
EV / Net Operating Revenue (X) 4.794.103.623.814.70
EV / EBITDA (X) 27.3321.4120.5716.6717.09
MarketCap / Net Operating Revenue (X) 4.463.973.483.624.35
Retention Ratios (%) 66.5984.3678.4285.4793.13
Price / BV (X) 4.794.674.053.784.40
Price / Net Operating Revenue (X) 4.463.973.483.624.35
EarningsYield 0.010.020.020.030.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

UltraTech Cement Ltd. is a Public Limited Listed company incorporated on 24/08/2000 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L26940MH2000PLC128420 and registration number is 128420. Currently Company is involved in the business activities of Manufacture of cement, lime and plaster. Company's Total Operating Revenue is Rs. 71894.98 Cr. and Equity Capital is Rs. 294.68 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Cement'B' Wing, Ahura Centre, 2nd Foor, Mumbai Maharashtra 400093Contact not found
Management
NamePosition Held
Mr. Kumar Mangalam BirlaChairman & Non-Exe.Director
Mr. K K MaheshwariVice Chairman & Non Exe.Dire
Mr. K C JhanwarManaging Director
Mrs. Rajashree BirlaNon Executive Director
Mrs. Alka BharuchaIndependent Director
Mr. Sunil DuggalIndependent Director
Mr. Vivek AgrawalWhole Time Director
Mr. Anjani AgrawalIndependent Director
Dr. Vikas BaliaIndependent Director
Ms. Anita RamachandranIndependent Director

FAQ

What is the intrinsic value of UltraTech Cement Ltd and is it undervalued?

As of 24 April 2026, UltraTech Cement Ltd's intrinsic value is ₹3915.35, which is 63.46% lower than the current market price of ₹10,714.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (9.29 %), book value (₹2,444), dividend yield (0.72 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of UltraTech Cement Ltd?

UltraTech Cement Ltd is trading at ₹10,714.00 as of 24 April 2026, with a FY2026-2027 high of ₹13,110 and low of ₹10,325. The stock is currently near its 52-week low. Market cap stands at ₹3,15,719 Cr..

How does UltraTech Cement Ltd's P/E ratio compare to its industry?

UltraTech Cement Ltd has a P/E ratio of 40.6, which is below the industry average of 274.74. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is UltraTech Cement Ltd financially healthy?

Key indicators for UltraTech Cement Ltd: ROCE of 10.9 % is moderate. Dividend yield is 0.72 %.

Is UltraTech Cement Ltd profitable and how is the profit trend?

UltraTech Cement Ltd reported a net profit of ₹6,040 Cr in Mar 2025 on revenue of ₹75,955 Cr. Compared to ₹7,334 Cr in Mar 2022, the net profit shows a declining trend.

Does UltraTech Cement Ltd pay dividends?

UltraTech Cement Ltd has a dividend yield of 0.72 % at the current price of ₹10,714.00. The company pays dividends, though the yield is modest.

Last Updated: April 2, 2026, 3:51 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532538 | NSE: ULTRACEMCO
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in UltraTech Cement Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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