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 ₹10standalone
₹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
- ₹82,170 cr
- FY2026 net profit
- ₹7,405 cr
- Net worth
- ₹74,663 cr
- Total debt
- ₹19,617 cr
- EPS (basic)
- ₹251.77
- 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
- +12.6%over 7 years
- Revenue growth
- +14.3%vs last year
- Net profit growth
- +19.6%vs last year
- Change in net profit since FY19
- +202%
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
- 19.2%
- 8-year range
- 17.3–27.2%
- ROE FY2026
- 10.3%
- ROCE FY2026
- 12.8%
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
- ₹19,617 cr
- Operating cash flow ÷ net profit
- 1.94×FY2026
- Free cash flow
- ₹4,971 cr
- Current ratio
- 0.71×
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 | 35,704 | 40,649 | 43,188 | 50,663 | 61,327 | 68,641 | 71,895 | 82,170 |
| Total income | 36,175 | 41,376 | 43,977 | 51,275 | 62,016 | 69,303 | 72,588 | 82,546 |
| EBITDA | 6,992 | 9,379 | 11,754 | 11,548 | 10,621 | 13,282 | 12,990 | 15,816 |
| Profit before tax | 3,562 | 5,220 | 7,896 | 8,293 | 7,246 | 9,316 | 7,697 | 10,027 |
| Net profit | 2,456 | 5,456 | 5,342 | 7,067 | 4,917 | 6,905 | 6,193 | 7,405 |
| EPS (₹) | 89.5 | 189.2 | 185.2 | 244.8 | 170.5 | 239.6 | 210.5 | 251.8 |
| Net worth | 27,948 | 38,296 | 43,353 | 49,271 | 52,937 | 59,095 | 69,678 | 74,663 |
| Total debt | 17,582 | 18,101 | 14,915 | 9,891 | 8,750 | 8,087 | 19,460 | 19,617 |
| Operating cash flow | — | — | 11,551 | 8,670 | 9,348 | 10,899 | 9,576 | 14,398 |
| Free cash flow | — | — | 9,745 | 3,314 | 3,517 | 1,900 | 677 | 4,971 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | 13.9 | 6.2 | 17.3 | 21.0 | 11.9 | 4.7 | 14.3 |
| Profit growth YoY | — | 122.2 | -2.1 | 32.3 | -30.4 | 40.4 | -10.3 | 19.6 |
| Profitability | ||||||||
| EBITDA margin % | 19.6 | 23.1 | 27.2 | 22.8 | 17.3 | 19.4 | 18.1 | 19.2 |
| Net margin % | 6.8 | 13.2 | 12.1 | 13.8 | 7.9 | 10.0 | 8.5 | 9.0 |
| Return on equity % | 8.8 | 16.5 | 13.1 | 15.3 | 9.6 | 12.3 | 9.6 | 10.3 |
| Return on capital % | 10.9 | 13.6 | 16.3 | 15.5 | 13.2 | 15.9 | 11.8 | 12.8 |
| Leverage & cash | ||||||||
| Debt to equity | 0.63 | 0.47 | 0.34 | 0.20 | 0.17 | 0.14 | 0.28 | 0.26 |
| Cash flow ÷ profit | — | — | 2.16 | 1.23 | 1.90 | 1.58 | 1.55 | 1.94 |
| Current ratio | 0.97 | 1.03 | 1.17 | 0.99 | 0.98 | 0.84 | 0.71 | 0.71 |