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UltraTech Cement (ULTRACEMCO) INR

At a glance: strengths & risks
✓Revenue growing (+17%)✓Profit growing (+35%)✓Margins improving (18%→20%)

Sector: Cement

IN_ULTRACEMCO

Price chart

11 400 INRDay -1.63%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
11 400 INR · -1.63%
Market cap
3353.3 bn INR

Growth

Δ revenue y/y
15.9%
Δ EBITDA y/y
13.7%

Multiples

P/E (LTM)
41.1x
3y avg: 46.8x
P/B (FY)
4.4x
P/E (ann.)
32.3x
EV/EBITDA (LTM)
21.2x
3y avg: 24.8x
EV/EBITDA (ann.)
17.8x

Cash return

Dividend yield
2.1%
FCF yield (LTM)
1.7%

Value creation

fundamental value/yr, % of market cap
Value created / year
+9.7%
↓ details

Liquidity

Daily turnover (listing)
186.1 mln INR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B INR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB INROperating profitB INRD&AB INREBITDAB INRNet profitB INROperating CFB INRCapex + M&AB INRAssetsB INREquityB INRROE (annualized)Net debtB INRSource
2026-06-30Q2 2026 (3M)PARTIAL246.5
y/y 15.9%
38.1
y/y 15.5%
12.0
y/y 8.5%
50.2
y/y 13.7%
26.0
y/y 16.8%
———
y/y —
807.1
y/y 9.2%
13.2%≈ 224.3—
2026-03-31FY 2026 (12M)OK—
y/y 16.6%
—
y/y 45.4%
—
y/y 15.7%
—
y/y 35.8%
—
y/y 35.2%
——1413.8
y/y 5.7%
766.2
y/y 8.4%
10.7%224.3—
2025-12-31Q4 2025 (3M)PARTIAL218.3
y/y 27.0%
27.3
y/y 38.7%
11.8
y/y —
39.2
y/y 98.7%
17.3
y/y 17.4%
———
y/y —
759.7
y/y 21.0%
3.0%≈ 135.0—
2025-09-30Q3 2025 (3M)OK196.1
y/y 25.4%
19.5
y/y 74.7%
10.7
y/y —
30.2
y/y 170.8%
12.3
y/y 50.2%
——1373.1
y/y 27.6%
759.7
y/y 21.0%
6.6%135.0Link
2025-06-30Q2 2025 (3M)PARTIAL212.8
y/y 17.7%
33.0
y/y 50.4%
11.1
y/y —
44.1
y/y 100.8%
22.3
y/y 31.2%
———
y/y —
738.9
y/y 22.6%
12.3%≈ 225.6—
2025-03-31FY 2025 (12M)OK—
y/y 7.3%
—
y/y -12.9%
—
y/y 27.6%
—
y/y -2.9%
—
y/y -13.8%
——1337.0
y/y 32.6%
707.1
y/y 17.4%
9.0%225.6—
2024-12-31Q4 2024 (3M)PARTIAL171.9
y/y 2.7%
19.7
y/y -20.3%
—
y/y —
19.7
y/y -20.3%
14.7
y/y -17.3%
———
y/y —
627.7
y/y 11.7%
3.1%≈ 47.9Link
2024-09-30Q3 2024 (3M)OK156.3
y/y -2.4%
11.1
y/y -36.4%
—
y/y —
11.1
y/y -36.4%
8.2
y/y -36.0%
——1076.1
y/y 14.5%
627.7
y/y 11.7%
5.3%47.9Link
2024-06-30Q2 2024 (3M)PARTIAL180.7
y/y —
22.0
y/y —
—
y/y —
22.0
y/y —
17.0
y/y —
———
y/y —
602.8
y/y —
11.3%≈ 97.4Link
2024-03-31FY 2024 (12M)OK—
y/y 12.0%
—
y/y 27.6%
—
y/y 8.9%
—
y/y 22.4%
—
y/y 38.3%
——1008.0
y/y 10.3%
602.3
y/y 10.9%
12.0%97.4—
2023-12-31Q4 2023 (3M)PARTIAL167.4
y/y —
24.7
y/y —
—
y/y —
24.7
y/y —
17.8
y/y —
———
y/y —
562.0
y/y —
4.2%≈ 47.6Link
2023-09-30Q3 2023 (3M)OK160.1
y/y —
17.5
y/y —
—
y/y —
17.5
y/y —
12.8
y/y —
——939.9
y/y —
562.0
y/y —
9.3%47.6Link
2023-03-31FY 2023 (12M)OK623.4
y/y —
75.8
y/y —
28.9
y/y —
104.7
y/y —
50.6
y/y —
90.7-62.0913.9
y/y —
543.2
y/y —
—95.3—

Revenue & EBITDA

RevenueEBITDA

Quarterly values (INR mln)

0100 000200 000300 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Net debt / cash (INR mln)

050 000100 000150 000200 000250 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q4

Profit and cash

Profit is cash-backed
In a typical year of 2022–2026 operating cash flow came to 1.77x of reported net profit; after capex, 0.50x.
year20222023202420252026
cash flow / profit1.26x1.79x1.56x1.77x1.88x
accruals, % of assets—-4.4%-3.9%-3.5%-5.1%
net debt / EBITDA 1.3x · capex 2.3x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +9.7%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (50 154 − 44 103) × 3.29
19 880
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (3 353 290 + 224 262) ÷ 164 777
21.7x
3. Target multiple
(Current EV/EBITDA + 11) ÷ 2
= (21.7 + 11) ÷ 2
16.4x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 1 376 + 0 + 0 − 0
1 376
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (19 880 × 16.4 + 1 376) ÷ 3 353 290
+9.7%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • FCF (LTM) approximated by latest FY (ended 2026-03-31, before the latest reported period 2026-06-30)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +17% vs +7% the year before — a +9.3 pp move. 3-year CAGR +12%.
revenue growth by year: 2024 +12% · 2025 +7% · 2026 +17%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-07-30240 INREx-dividend: 240 INR per sharePaidYahoo Finance (ex-div)
2025-07-2577.5 INREx-dividend: 77.5 INR per sharePaidYahoo Finance (ex-div)
2024-07-3070 INREx-dividend: 70 INR per sharePaidYahoo Finance (ex-div)
2023-07-2738 INREx-dividend: 38 INR per sharePaidYahoo Finance (ex-div)
2022-08-0238 INREx-dividend: 38 INR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of UltraTech Cement (ULTRACEMCO) — from primary filings.

Frequently asked questions

What is UltraTech Cement (ULTRACEMCO)'s P/E ratio?
UltraTech Cement (ULTRACEMCO) trades at a P/E of 41.1x (price to trailing 12-month earnings).
What is UltraTech Cement (ULTRACEMCO)'s EV/EBITDA?
UltraTech Cement (ULTRACEMCO) trades at 21.2x EV/EBITDA.
What is UltraTech Cement (ULTRACEMCO)'s P/B ratio?
UltraTech Cement (ULTRACEMCO) trades at a P/B of 4.4x.
What is UltraTech Cement (ULTRACEMCO)'s dividend yield?
UltraTech Cement (ULTRACEMCO)'s trailing 12-month dividend yield is 2.1%.
What is UltraTech Cement (ULTRACEMCO)'s return on equity (ROE)?
UltraTech Cement (ULTRACEMCO)'s ROE is 13.2%.
What is UltraTech Cement (ULTRACEMCO)'s market capitalization?
UltraTech Cement (ULTRACEMCO)'s market cap is 3353.3 bn INR.

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