MarketFriction

UltraTech Cement Ltd

NSE ULTRACEMCO · BSE 532538 · Cement & Cement Products
₹10,710.00 -2.25%
NSE close2026-10-01
52 week range10,325.00 - 13,110.00
Market cap₹3,19,108 Cr.
P/E37.0
Results 19-10 Nifty 50Nifty 100Nifty 200Nifty 500Nifty InfrastructureNifty Commodities No price band Delivery 57.1%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales16,01216,74020,41918,81916,29417,77923,06321,27519,60721,83025,79924,648
Expenses13,46113,48516,30515,80114,26914,88518,45616,86916,51817,91920,20119,633
Operating Profit2,5513,2554,1143,0172,0262,8934,6084,4063,0893,9115,5995,015
OPM %16%19%20%16%12%16%20%21%16%18%22%20%
Other Income1711467383226247931421744677118
Interest234262261326393457475433459492487453
Depreciation7987838159189809931,1251,1071,1481,1821,2081,201
Profit before tax1,6902,3553,1111,8578791,6913,1013,0081,6562,2833,9813,480
Tax %24%25%27%20%19%19%20%26%25%24%25%25%
Net Profit1,2801,7752,2591,4937081,3632,4752,2211,2381,7293,0002,604
EPS in Rs44.3961.5578.2251.7824.3447.0984.2375.5441.7958.55101.2288.21
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales25,15325,37530,97941,46242,43044,72652,59963,24070,90875,95588,51291,884
Expenses20,25220,16224,83434,11533,18433,15841,08452,62057,93063,40871,50774,270
Operating Profit4,9015,2126,1457,3479,24611,56811,51410,62012,97912,54717,00417,614
OPM %19%21%20%18%22%26%22%17%18%17%19%19%
Other Income464648242350651619669507557647439416
Interest5666401,2381,7781,9921,4869458239681,6511,8721,891
Depreciation1,3771,3481,8482,4512,7232,7002,7152,8883,1454,0154,6444,738
Profit before tax3,4213,8723,3013,4685,1838,0018,5247,4169,4227,52810,92711,400
Tax %28%30%33%31%-11%32%14%32%26%20%25%
Net Profit2,4802,7142,2242,4005,7515,4627,3345,0737,0046,0408,1888,571
EPS in Rs90.3098.9080.9287.51199.40189.26254.42175.41242.65204.94277.10289.77
Dividend Payout %11%10%13%13%7%20%15%22%29%38%87%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth13%15%12%17%
Compounded Profit Growth13%8%17%27%
Stock Price CAGR11%8%9%-11%
Return on Equity11%11%11%11%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital274274275275275289289289289289295295
Reserves18,76721,67124,11726,10733,47638,75543,88650,14754,03659,93970,41276,329
Borrowings9,82910,6168,47419,48025,33723,01921,71911,29911,05811,40324,10223,755
Other Liabilities9,1838,6319,34311,28017,43817,15120,28222,07725,99829,16738,82340,936
Total Liabilities38,05341,19342,20957,14176,52579,21486,17683,81191,380100,797133,632141,315
Fixed Assets23,34325,30925,90439,71556,64557,15155,41255,48859,57962,87894,56498,794
CWIP2,2501,4699211,5111,1539201,6874,7854,0406,8116,2348,742
Investments4,5005,0956,6915,4472,9215,92912,1786,3367,2978,2495,1566,740
Other Assets7,9619,3198,69310,46815,80615,21516,90017,20320,46422,85927,67727,040
Total Assets38,05341,19342,20957,14176,52579,21486,17683,81191,380100,797133,632141,315
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity4,1904,5265,0053,8885,9568,97212,5009,2839,06910,89810,67315,316
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/OP98%110%110%77%91%107%119%94%96%97%95%98%
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%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters59.96%59.96%59.96%59.98%59.99%60.00%59.23%59.23%59.23%59.28%59.33%59.33%
FIIs16.65%18.20%17.74%18.15%17.95%16.98%15.17%15.23%15.33%14.44%13.61%12.36%
DIIs15.04%13.68%14.14%13.83%14.08%15.15%16.79%16.85%16.65%17.45%18.42%19.69%
Government0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%
Public8.11%7.95%7.92%7.82%7.75%7.64%8.57%8.48%8.55%8.60%8.41%8.42%
Others0.18%0.18%0.17%0.17%0.17%0.19%0.18%0.18%0.20%0.18%0.17%0.17%
No. of Shareholders3,47,9043,42,4223,57,6273,53,5653,56,4053,59,7103,94,4624,06,1184,09,2664,12,5184,09,3504,16,693

Fundamentals

Market Cap₹ 3,19,108 Cr.
Current Price₹ 10,829
Stock P/E37.0
Book Value₹ 2,600
ROCE12.7 %
ROE11.1 %
Dividend Yield2.22 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)17%
Compounded Profit Growth (TTM)27%
Consolidated figures.
Valuation
Market capRs 315,600 Cr
Enterprise valueRs 337,970 Cr
P/E (TTM)36.96x
Price to book4.12x
Price to sales3.43x
EV / EBITDA18.75x
EV / EBIT25.43x
EV / sales3.68x
Price to cash flow20.61x
Earnings yield2.71%
Dividend yield2.24%
P/E, 3-year average45.04x
P/B, 3-year average4.53x
P/E, 5-year average40.90x
P/B, 5-year average4.29x
Profitability
Operating margin (excl. other income)19.21%
Operating margin (incl. other income)19.71%
EBITDA margin19.62%
Pre-tax margin12.41%
Net profit margin9.29%
Net margin, latest quarter10.55%
ROE11.08%
ROCE13.11%
ROA5.94%
ROE, 3-year average10.85%
ROCE, 3-year average13.10%
ROA, 3-year average6.13%
ROE, 5-year average11.55%
ROCE, 5-year average13.42%
ROA, 5-year average6.56%
ROIC (approx.)10.06%
Tax rate25.06%
Other income / net worth0.57%
Growth
Sales growth (latest year)16.53%
Profit growth (latest year)35.21%
Sales CAGR, 3 years11.86%
Sales CAGR, 5 years14.63%
Profit CAGR, 3 years17.26%
Profit CAGR, 5 years8.37%
Sales growth QoQ-4.46%
Profit growth QoQ-12.86%
Sales growth YoY (latest quarter)15.85%
Profit growth YoY (latest quarter)16.77%
Per share
EPS (TTM)Rs 289.78
EPS (latest year)Rs 277.10
EPS (latest quarter)Rs 88.21
EPS, 3-year averageRs 241.56
EPS, 5-year averageRs 230.91
Book value per shareRs 2,600.25
Sales per shareRs 3,118.13
Cash flow per shareRs 519.75
Free cash flow per shareRs 197.00
Dividend per share (latest year)Rs 240.00
Dividend per share, 3-year averageRs 129.17
Dividend per share, 5-year averageRs 92.70
Dividends
Dividend payout86.61%
Dividend payout, 3-year average51.09%
Dividend payout, 5-year average37.98%
Efficiency
Asset turnover0.63x
Fixed asset turnover0.90x
Inventory turnover4.43x
Inventory days82 days
Debtor days25 days
Debtors turnover14.68x
Creditor days217 days
Cash conversion cycle13 days
Working capital days-57 days
Leverage
Total debtRs 23,755 Cr
Cash and bankRs 1,384 Cr
Net debtRs 22,371 Cr
Debt to equity0.31x
Net debt / EBITDA1.24x
Interest coverage7.03x
Current ratio (filing 2026-03-31)0.74x
Quick ratio (filing 2026-03-31)0.46x
Trade payables (filing 2026-03-31)Rs 10,237 Cr
Owners' fund to total sources54.22%
Debt to assets16.81%
Cash flow
Cash from Operating Activity (latest year)Rs 15,316 Cr
Cash from Investing Activity (latest year)Rs -9,475 Cr
Cash from Financing Activity (latest year)Rs -5,954 Cr
Net Cash Flow (latest year)Rs -113 Cr
Free cash flow (latest year)Rs 5,805 Cr
FCFE (approx.: FCF + change in debt)Rs 5,458 Cr
Cash from ops / profit, 5 years1.64x
Sales to cash flow5.78x
Statement figures
Net sales (TTM)Rs 91,884 Cr
Net sales (latest year)Rs 88,512 Cr
Sales (latest quarter)Rs 24,648 Cr
Operating profit excl. other income (latest year)Rs 17,004 Cr
Operating profit (latest quarter)Rs 5,015 Cr
Other income (TTM)Rs 416 Cr
EBITDA (TTM)Rs 18,029 Cr
PBDT (TTM)Rs 16,138 Cr
Profit before tax (TTM)Rs 11,400 Cr
Tax (latest year)Rs 2,739 Cr
Net profit (TTM)Rs 8,539 Cr
Net profit (latest year)Rs 8,166 Cr
Net profit (latest quarter)Rs 2,599 Cr
Depreciation (TTM)Rs 4,738 Cr
Depreciation (latest quarter)Rs 1,201 Cr
Interest (TTM)Rs 1,891 Cr
Cost of goods sold (latest year)Rs 42,941 Cr
Total expenditure (latest year)Rs 71,507 Cr
Total income (latest year)Rs 88,950 Cr
Share capitalRs 295 Cr
ReservesRs 76,329 Cr
Shareholders' fundsRs 76,624 Cr
Total assetsRs 141,315 Cr
Net blockRs 98,794 Cr
Capital work in progressRs 8,742 Cr
InvestmentsRs 6,740 Cr
ReceivablesRs 6,029 Cr
InventoryRs 9,694 Cr
Other liabilitiesRs 40,936 Cr
Shares outstanding (crore)29.47
Ownership
Promoter holding59.33% (+0.10 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 37.0 is at the 26th percentile of its own 9.4-year range (median 46.5, low 19.9, high 63.1).
P/B 4.12 is at the 26th percentile (median 4.60).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodULTRACEMCONifty 50Difference
1 week-3.1%-2.8% -0.3 pts
1 month-6.1%-6.8% +0.7 pts
3 months-8.6%-7.6% -1.0 pts
6 months-0.3%+0.4% -0.7 pts
1 year-11.8%-9.9% -1.9 pts
2 years-10.5%-13.6% +3.1 pts
3 years+29.7%+14.2% +15.6 pts
5 years+43.1%+27.9% +15.2 pts
429 mutual fund schemes hold about ₹29,271 Cr. Over three months 297 bought more and 62 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
ICICI Pru Large Cap Fund2.91%2,333 +19%
Kotak Flexi Cap Fund2.79%1,574 +10%
Kotak Flexi Cap Fund2.79%1,567 +10%
HDFC Flexi Cap Fund0.87%988 +100%
ICICI Pru Large & Mid Cap Fund2.60%872 +95%
ICICI Pru Value Fund1.43%857 +12%
Axis ELSS-Tax Saver Fund2.28%746 +16%
Axis Large Cap Fund2.26%710 +2%
ICICI Pru Balanced Advantage Fund(M0.68%514 -10%
HDFC Balanced Advantage Fund0.46%494 +100%
ICICI Pru Multi Cap Fund2.45%479 +4%
ICICI Pru Multi Cap Fund2.45%460 +4%
ICICI Pru Business Cycle Fund2.71%431 +13%
ICICI Pru Aggressive Hybrid Fund(A0.78%411 +9%
Kotak Large & Mid Cap Fund1.24%401 +8%
Canara Rob Large Cap Fund2.34%400 +9%
SBI Large Cap Fundd0.72%395 +11%
Aditya Birla SL Large Cap Fund1.33%395 +9%
UTI Nifty 50 Index Fund1.23%363 +11%
ICICI Pru ELSS-Tax Saver Fund2.23%319 +34%
HDFC Nifty 50 Index Fund1.23%297 +11%
ICICI Pru India Opp Fund0.75%287 +52%
Kotak Arbitrage Fund(M0.37%277 -61%
Kotak Balanced Advantage Fund1.58%276 +97%
Franklin India Flexi Cap Fund1.38%267 +11%

Red flags

F-score 8 of 8
lookRegulator order or action Regulator order or action 2026-03-31: UltraTech Cement Limited has informed the Exchange about Order passed by Additional Commissioner, Central Goods and Services Tax, Dehradun,
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2024-05-24Birla Group Holdings Private LimitPromoter Groupother1Scheme of Amalgamation/M
2021-08-17Mr. K. SridharEmployees/Designated Employeother590Rs 0.24 CrESOP
2021-08-13Arun SalviEmployees/Designated Employeother400Rs 0.16 CrESOP
2021-08-13Shailendra GuptaEmployees/Designated Employeother462Rs 0.19 CrESOP
2021-08-04Mr. Keshav HegdeEmployees/Designated Employeother1,781Rs 0.48 CrESOP
2021-07-30UltraTech Employee Welfare TrustOtherbuy39,461Rs 30.35 CrMarket Purchase
2021-07-29UltraTech Employee Welfare TrustOtherbuy18,000Rs 13.86 CrMarket Purchase
2021-07-28UltraTech Employee Welfare TrustOtherbuy4,537Rs 3.43 CrMarket Purchase
2021-07-27UltraTech Employee Welfare TrustOtherbuy6,665Rs 5.04 CrMarket Purchase
2021-07-27Mr. Sunil TiwariEmployees/Designated Employesell400Rs 0.30 CrMarket Sale
2021-07-26Mr. Rajiv Kumar SaxenaEmployees/Designated Employesell200Rs 0.15 CrMarket Sale
2021-07-26UltraTech Employee Welfare TrustOtherbuy8,057Rs 6.09 CrMarket Purchase
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹24,648 Cr +15.9% vs Jun 2025. Net profit ₹2,604 Cr +17.2%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-30Dividend - Rs 240 Per Share
2025-07-25Dividend - Rs 77.50 Per Sh
2024-07-30Annual General Meeting/Dividend - Rs 70 Per Share
2023-07-27Annual General Meeting/Dividend - Rs 38 Per Share
2022-08-02Annual General Meeting/Dividend - Rs 38 Per Share
2021-08-02 Annual General Meeting/Dividend - Rs 37 Per Share
2020-07-29 Annual General Meeting/Dividend - Rs 13 Per Share
2019-07-10 Annual General Meeting/Dividend - Rs 11.50 Per Share
2018-07-10 Annual General Meeting/Dividend- Rs 10.50 Per Share
2017-07-10 Annual General Meeting/Dividend - Rs 10 Per Share
2016-07-04 Annual General Meeting/ Dividend -Rs 9.50/- Per Share
2015-08-14Annual General Meeting/ Dividend - Rs 9/- Per Share
2014-07-24Annual General Meeting/Dividend - Rs.9/- Per Share
2013-07-17Annual General Meeting And Dividend Rs.9/- Per Share
2012-08-17Annual General Meeting And Dividend Rs.8/- Per Share
2011-08-25Dividend Rs 6 Per Share
2010-06-21Final Dividend-Rs.6/- Per Share
2009-07-09Agm/Div-Rs.5/- Per Share
2008-07-09Agm/Dividend - 50%
2007-07-11Agm
2007-03-15Int Div-Rs.4/- Per Share Purpose Revised
2006-08-14Div-Rs.1.75/- Per Sh
DateTypeWhat it says
2026-10-01Rumour Verification - RegulaRumour Verification - Regulation 30(11)
2026-10-01Concall / analyst meetSchedule of meet
2026-09-30Rumour Verification - RegulaRumour Verification - Regulation 30(11)
2026-09-29Rumour Verification - RegulaRumour Verification - Regulation 30(11)
2026-09-24Rumour Verification - RegulaRumour Verification - Regulation 30(11)
2026-09-23UpdatesCompany Update: Commissioning of cement capacity.
2026-09-22Rumour Verification - RegulaRumour Verification - Regulation 30(11)
2026-09-21Rumour Verification - RegulaRumour Verification - Regulation 30(11)
2026-09-18Rumour Verification - RegulaRumour Verification - Regulation 30(11)
2026-09-15Rumour Verification - RegulaRumour Verification - Regulation 30(11)
2026-09-11Rumour Verification - RegulaRumour Verification - Regulation 30(11)
2026-09-11Shareholder meetingNotice of Postal Ballot
2026-09-11CessationRelinquishment of position as Chief Manufacturing Officer of the Company by Mr. E R Raj Narayanan on March 31, 2027.
2026-09-11AppointmentAppointment of Mr. Ashish Chandra as Chief Manufacturing Officer (Designate) of the Company w.e.f. September 16, 2026.
2026-09-09Concall / analyst meetSchedule of meet
2026-09-09Concall / analyst meetSchedule of meet
2026-09-03UpdatesAditya Birla Group launches wires and cables business; Ultravolt marks the Group s fourth new business foray in three years.
2026-09-02UpdatesUltraTech to scale up supply chain electrification with 600+ heavy-duty electric truck fleet .
2026-09-01Commencement of commercial pCommencement of commercial production/operations
2026-08-21AcquisitionIncorporation of UHG Holdings IFSC Private Limited.
2026-08-18Shareholder meetingVoting results.
2026-08-17Credit RatingCredit Rating
2026-08-17UpdatesChairman s Speech at the 26th Annual General Meeting of the Company.
2026-08-17Shareholder meetingProceedings of Annual General Meeting held on August 17, 2026
2026-08-14UpdatesCorporate Dossier of UltraTech Cement Limited.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.47
Max pain (expiry 2026-10-27)11,000
Largest call open interest at11,500
Largest put open interest at11,000
Implied volatility, at the money22.5%
Underlying at snapshot10,710.00
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-29100
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-08-13NCLTUltratech Cement Ltd Vs Okamura Homes Pvt Ltd
2021-07-29NCLTM/s. Ultratech Cement Ltd. Vs M/s. SKC Infratech Pvt. Ltd.
2021-05-12NCLTUltratech Cement Ltd Vs Jaatvedas Construction Co. Pvt Ltd
2021-04-19NCLTM/s. Ultratech Cement Ltd. Vs M/s. SKC Infratech Pvt. Ltd.
2021-03-24NCLTM/s. Ultratech Cement Ltd. Vs M/s. SKC Infratech Pvt. Ltd.
2021-02-24NCLTM/s. Ultratech Cement Ltd. Vs M/s. SKC Infratech Pvt. Ltd.
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03