StrengthTalking point
Profit outpacing revenue
Profit grew 35.6% while revenue grew 16.5%, so the company kept more of each rupee of revenue as profit.
Importance 65 / 95 · growth
UltraTech Cement · Research view
UltraTech Cement Ltd
NSE: ULTRACEMCOBSE: 532538ISIN INE481G01011Face value ₹10consolidated
₹10,799
−0.44% · 2026-10-01 · 52-wk ₹10,362–₹13,052
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Book value compounding
Net worth compounded at 16.1% a year over 7 years (₹28,401 → ₹80,712).
Importance 55 / 95 · financial health
Context
Higher P/E than peers
Trades at 37.13× earnings — 109% above the cement and cement products median of 17.77×.
Importance 54 / 95 · valuation
Section 03 · The company
Who is this company?
Classified by the exchange under Commodities › Construction Materials › Cement & Cement Products › Cement & Cement Products.
- Market cap
- ₹3.18 L cr
- FY2026 revenue
- ₹88,512 cr
- FY2026 net profit
- ₹8,188 cr
- Net worth
- ₹80,712 cr
- Total debt
- ₹22,781 cr
- EPS (basic)
- ₹277.62
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 3 cement & cement products.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 35.6% while revenue grew 16.5%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +13.1%over 7 years
- Revenue growth
- +16.5%vs last year
- Net profit growth
- +35.6%vs last year
- Change in net profit since FY19
- +237%
Revenue compounded at 13.1% a year over 7 years (₹37,379 → ₹88,512).
Over 7 years profit compounded at 18.9% a year while revenue compounded at 13.1% a year — though FY2020 saw a one-off step-change of 139% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Net profit grew 35.6% year on year (FY2025 → FY2026).
Revenue grew 16.5% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹2,604 cr, up 17.2% from ₹2,221 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 revenue was ₹24,648 cr, up 15.9% from ₹21,275 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹3,945 cr, up 13.2% from ₹3,484 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 15,635 | — | 825 | — | 5.3% |
| Q3 FY25 | 17,193 | +2.7% | 1,474 | −17.0% | 8.6% |
| Q4 FY25 | 23,063 | +13.0% | 2,475 | +9.6% | 10.7% |
| Q1 FY26 | 21,275 | +17.7% | 2,221 | +31.0% | 10.4% |
| Q2 FY26 | 19,607 | +25.4% | 1,238 | +50.0% | 6.3% |
| Q3 FY26 | 21,830 | +27.0% | 1,729 | +17.4% | 7.9% |
| Q4 FY26 | 25,799 | +11.9% | 3,000 | +21.2% | 11.6% |
| Q1 FY27 | 24,648 | +15.9% | 2,604 | +17.2% | 10.6% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹91,884 crTTM
- EBITDA
- ₹18,153 crTTM
- EBIT
- ₹13,415 crTTM
- PBT
- ₹11,410 crTTM
- Net profit
- ₹8,571 crTTM
C. Corporate actions
30 Jul 2026DividendFinal Dividend - Rs. - 240.0000 — ₹240.00/share
25 Jul 2025DividendFinal Dividend - Rs. - 77.5000 — ₹77.50/share
30 Jul 2024DividendFinal Dividend - Rs. - 70.0000 — ₹70.00/share
27 Jul 2023DividendFinal Dividend - Rs. - 38.0000 — ₹38.00/share
2 Aug 2022DividendFinal Dividend - Rs. - 38.0000 — ₹38.00/share
2 Aug 2021DividendDividend - Rs. - 37.0000 — ₹37.00/share
29 Jul 2020DividendFinal Dividend - Rs. - 13.0000 — ₹13.00/share
10 Jul 2019DividendDividend - Rs. - 11.5000 — ₹11.50/share
10 Jul 2018DividendDividend - Rs. - 10.5000 — ₹10.50/share
10 Jul 2017DividendDividend - Rs. - 10.0000 — ₹10.00/share
4 Jul 2016DividendDividend - Rs. - 9.5000 — ₹9.50/share
14 Aug 2015DividendDividend - Rs. - 9.0000 — ₹9.00/share
24 Jul 2014DividendDividend - Rs. - 9.0000 — ₹9.00/share
17 Jul 2013DividendDividend - Rs. - 9.0000 — ₹9.00/share
17 Aug 2012DividendDividend - Rs. - 8.0000 — ₹8.00/share
25 Aug 2011DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share
21 Jun 2010DividendDividend - Rs. - 6.0000 — ₹6.00/share
9 Jul 2009DividendDividend - Rs. - 5.0000 — ₹5.00/share
9 Jul 2008DividendDividend - Rs. - 5.0000 — ₹5.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE of 10.6% is well above the cement and cement products median of 8.3%.
Rule ROE_ABOVE_PEER_MEDIAN
- EBITDA margin now
- 19.9%
- 8-year range
- 17.5–27.5%
- ROE FY2026
- 10.6%
- ROCE FY2026
- 12.9%
ROE improved from 9.0% to 10.6% year on year.
EBITDA margin improved from 17.5% to 19.9% of revenue.
EBITDA margin has ranged from 17.5% to 27.5% over 7 years and sits at 19.9% now.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 16.1% a year over 7 years (₹28,401 → ₹80,712).
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- ₹22,781 cr
- Operating cash flow ÷ net profit
- 1.87×FY2026
- Free cash flow
- ₹5,805 cr
- Current ratio
- 0.74×
Operating cash flow has matched or exceeded reported profit in 6 of the last 6 profit-making years (latest 1.87×).
Free cash flow has been positive in 6 of the last 6 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 3 cement & cement products (FY2026, consolidated).
Revenue growth
ULTRACEMCO · 2nd of 3 · set median 16.5%
EBITDA margin
ULTRACEMCO · 1st of 3 · set median 18.1%
Return on equity
ULTRACEMCO · 1st of 3 · set median 8.3%
P/E ratio
ULTRACEMCO · 3rd of 3 · set median 17.8×
Context
Trades at 37.13× earnings — 109% above the cement and cement products median of 17.77×.
Rule PE_ABOVE_PEERS
- P / E
- 37.1×TTM to Jun 26
- P / B
- 3.9×latest book
- P / S
- 3.5×TTM sales
- Earnings yield
- 2.7%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 38.9× · P/S 3.6× · ROE 10.6%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- −10.7%
- 3-year return
- +30.8%
- 5-year return
- +44.3%
- From 52-wk high
- −17.3%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹11,474
- vs 200-day avg
- Below₹11,705
- RSI (14)
- 39.2neutral
- MACD histogram
- 14.7
- From 52-wk high
- −17.3%
- From 52-wk low
- +4.2%
- 30-day volatility
- 20.3%ann.
- 6-month return
- −2.3%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
Nothing is flagged for review for this company.
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 37,379 | 42,125 | 44,726 | 52,599 | 63,240 | 70,908 | 75,955 | 88,512 |
| Total income | 37,817 | 42,773 | 45,460 | 53,107 | 63,743 | 71,525 | 76,699 | 89,089 |
| EBITDA | 7,226 | 9,931 | 12,302 | 12,022 | 11,123 | 13,586 | 13,302 | 17,598 |
| Profit before tax | 3,538 | 5,244 | 7,855 | 8,363 | 7,412 | 9,400 | 7,539 | 10,943 |
| Net profit | 2,432 | 5,810 | 5,462 | 7,334 | 5,073 | 7,004 | 6,040 | 8,188 |
| EPS (₹) | 88.7 | 201.6 | 189.4 | 254.6 | 175.6 | 243.1 | 205.3 | 277.6 |
| Net worth | 28,401 | 39,123 | 44,180 | 50,432 | 54,380 | 60,283 | 73,893 | 80,712 |
| Total debt | 22,275 | 21,353 | 17,784 | 10,203 | 9,901 | 10,298 | 23,031 | 22,781 |
| Operating cash flow | — | — | 12,506 | 9,283 | 9,069 | 10,898 | 10,673 | 15,316 |
| Free cash flow | — | — | 10,581 | 3,743 | 2,963 | 2,013 | 1,723 | 5,805 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | 12.7 | 6.2 | 17.6 | 20.2 | 12.1 | 7.1 | 16.5 |
| Profit growth YoY | — | 139.0 | -6.0 | 34.3 | -30.8 | 38.1 | -13.8 | 35.6 |
| Profitability | ||||||||
| EBITDA margin % | 19.3 | 23.6 | 27.5 | 22.9 | 17.6 | 19.2 | 17.5 | 19.9 |
| Net margin % | 6.4 | 13.6 | 12.0 | 13.8 | 8.0 | 9.8 | 7.9 | 9.2 |
| Return on equity % | 8.6 | 17.2 | 13.1 | 15.5 | 9.7 | 12.2 | 9.0 | 10.6 |
| Return on capital % | 10.0 | 13.0 | 15.7 | 15.2 | 13.2 | 15.5 | 11.1 | 12.9 |
| Leverage & cash | ||||||||
| Debt to equity | 0.78 | 0.55 | 0.40 | 0.20 | 0.18 | 0.17 | 0.31 | 0.28 |
| Cash flow ÷ profit | — | — | 2.29 | 1.27 | 1.79 | 1.56 | 1.77 | 1.87 |
| Current ratio | 0.95 | 0.86 | 1.13 | 0.87 | 0.88 | 0.86 | 0.73 | 0.74 |