Loading…
India's largest cement maker, part of the Aditya Birla Group, producing grey cement, ready-mix concrete and building products nationwide.
India's largest cement maker, part of the Aditya Birla Group, producing grey cement, ready-mix concrete and building products nationwide.
Sells cement by weight through dealers and directly to builders, at prices set region by region, since cement is costly to haul far. Much of its growth has come from buying other producers' plants, including Jaypee's cement assets, Binani Cement and Century Textiles' cement arm, and in 2024 a controlling stake in India Cements. The Aditya Birla Group controls it.
In one line: India's version of a dominant national cement major like Cemex.
Moat: narrow (scale, distribution, cost advantage). Largest domestic capacity and distribution network give cost and reach advantages in a regional, freight-sensitive market.
Headquarters: Mumbai, India · Founded: 1983 · Employees: 95,490
Size UltraTech Cement (ULTRACEMCO.NS) is an India Industrials company (Construction Materials) with a market value of $38.8B, the 23rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹12,450 on 6 Nov 2026.
Performance Over six months the shares gained 2.5%, against -14.8% for the median peer and 0.0% for the India market (cap-weighted) — 3rd highest of 18 in its peer set.
Growth Revenue grew 17.8% over the last twelve months (peer median +8.0%); the operating margin is 14.1% (peer median 8.8%).
Valuation It trades at 38.0× forward earnings against a peer median of 31.2× (7th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 36% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +21 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.9 points below its cost of capital (15.3% WACC).
Credit UltraTech Cement has 1 bond outstanding ($400M), rated Baa3 by the agencies.
Next results Next results expected around 18 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹956B | ₹876B | ₹751B | ₹700B | ₹627B |
| Revenue growth | — | +17% | +7% | +12% | — |
| Gross profit | ₹463B | ₹332B | ₹274B | ₹263B | ₹224B |
| EBITDA | ₹183B | ₹162B | ₹117B | ₹121B | ₹101B |
| Net income | ₹88.0B | ₹81.7B | ₹60.4B | ₹70.0B | ₹50.6B |
| Free cash flow | n/a | ₹39.8B | ₹4.08B | ₹12.0B | ₹24.5B |
| Capital expenditure | n/a | ₹96.8B | ₹91.3B | ₹90.1B | ₹62.0B |
| Total debt | ₹293B | ₹238B | ₹241B | ₹114B | ₹111B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| UltraTech Cement ULTRACEMCO.NS | $38.8B | +2% | +18% | 14% | 38.0× | 35.8% |
| Ambuja Cements AMBUJACEM.NS | $10.3B | -13% | +6% | 4% | 44.1× | n/a |
| ACC ACC.NS | $2.46B | -13% | +8% | 4% | 22.9× | n/a |
| Shree Cement SHREECEM.NS | $9.63B | -2% | +14% | 8% | 51.4× | 38.8% |
| Dalmia Bharat DALBHARAT.NS | $2.92B | -26% | +6% | 9% | 31.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ULTRACEMCO.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.8% | +3.8% | highest of 18 |
| 6-month return | +2.5% | -14.8% | 3rd highest of 18 |
| Distance from 52-week high | -5.0% | -33.6% | highest of 18 |
| Revenue growth (TTM) | +17.8% | +8.0% | 3rd highest of 18 |
| Operating margin | 14.1% | 8.8% | 4th highest of 18 |
| Forward P/E | 38.0× | 31.2× | 7th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 35.8% | 20.2% | 3rd most demanding of 11 |
| Growth delivered (Del g) | +14.6% | +9.1% | 4th highest of 11 |
| Hurdle (Req g minus delivered) | +21.2 pp | +8.9 pp | 3rd most demanding of 11 |
| ROIC minus cost of capital | -5.9 pp | -6.0 pp | 9th highest of 18 |
| EV / EBITDA | 21.7× | 14.4× | 3rd most expensive of 18 |
| Net debt / EBITDA | 1.4× | 1.6× | 8th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| UltraTech Cement ULTRACEMCO.NS | India | $38.8B | +2% | +18% | 14% | 38.0× | 35.8% | +14.6% |
| Grasim Industries GRASIM.NS | India | $23.3B | +9% | +20% | 21% | 65.8× | -3.9% | +18.1% |
| Ambuja Cements AMBUJACEM.NS | India | $10.3B | -13% | +6% | 4% | 44.1× | n/a | n/a |
| Shree Cement SHREECEM.NS | India | $9.63B | -2% | +14% | 8% | 51.4× | 38.8% | +9.4% |
| J.K. Cement JKCEMENT.NS | India | $4.28B | -7% | +17% | 11% | 37.7× | n/a | n/a |
| Dalmia Bharat DALBHARAT.NS | India | $2.92B | -26% | +6% | 9% | 31.2× | n/a | n/a |
| ACC ACC.NS | India | $2.46B | -13% | +8% | 4% | 22.9× | n/a | n/a |
| Ramco Cements RAMCOCEM.NS | India | $2.05B | -15% | +9% | 6% | 70.1× | 31.6% | +11.2% |
| JSW Cement JSWCEMENT.NS | India | $1.78B | -1% | +13% | 12% | 32.2× | n/a | n/a |
| Nuvoco Vistas NUVOCO.NS | India | $1.29B | +2% | +11% | 8% | 20.8× | 17.8% | +8.9% |
| India Cements INDIACEM.NS | India | $1.14B | -15% | +5% | 5% | 25.6× | n/a | n/a |
| Vesuvius India VESUVIUS.NS | India | $782M | -31% | +4% | 13% | 22.1× | 30.4% | +21.6% |
| Star Cement STARCEMENT.NS | India | $739M | -28% | +15% | 14% | 19.2× | 4.9% | +16.8% |
| Birla BIRLACORPN.NS | India | $673M | -16% | +4% | 9% | 13.8× | 5.7% | +7.6% |
| JK Lakshmi Cement JKLAKSHMI.NS | India | $598M | -32% | +5% | 8% | 13.2× | 14.5% | +7.4% |
| Prism Johnson PRSMJOHNSN.NS | India | $538M | -24% | +1% | 3% | 79.9× | 22.6% | +5.7% |
| Midwest MIDWESTLTD.NS | India | $383M | -29% | +3% | 21% | 23.4× | 39.8% | +8.7% |
| Monolithisch India MONOLITH.NS | India | $307M | +136% | +39% | 26% | 48.2× | n/a | n/a |
UltraTech Cement has 1 bond outstanding with $400M face value. The agencies rate it Baa3.