UltraTech Cement Ltd.
Cement · NSE
52-week range
₹10,325 – ₹13,110
From 52w high
-8.8%
RSI (14)
54.3
vs SMA 50 / 200
↑ 50 · ↓ 200
UltraTech Cement trades at 11,950, below its 200-DMA of 12,071.79, with a trailing PE of 43.1 against a forward PE of 27.3, implying market expectation of near-term earnings growth. The company crossed 200 MTPA cement capacity in April 2026 — the largest outside China — while carrying a D/E of 29.43 with a rising debt trend and an ROE of 10.59% that has not crossed 15% in available history.
- ✓FCF was positive in 4 of available historical years, indicating the core business has generated cash despite significant capacity expansion outlay.
- ✓Forward PE of 27.3 represents a 37% compression versus the trailing PE of 43.1, reflecting analyst expectations of near-term earnings improvement.
- ✓Analyst rating of 1.44 across 39 analysts (1-5 scale, lower = more constructive) is among the more constructive readings in this coverage universe.
- ✓UltraTech crossed 200 MTPA installed capacity in April 2026 and announced 3 additional grinding units adding 8.7 MTPA, a scale that peers in the 6-stock comparison group have not matched.
- ✗D/E of 29.43 with a rising debt trend is the most significant balance-sheet concern; sustained leverage at this level constrains financial flexibility if cement demand softens.
- ✗ROE of 10.59% has never exceeded 15% in available history, and quality score of 31 ranks lowest among 6 cement peers — capital allocation has not translated into peer-leading returns on equity.
- ✗Current price is below the 200-DMA (12,071.79) and has declined 6.68% over 3 months, with the 52-week drawdown at -8.85% from the high.
- ✗A tax demand of 8.09 billion rupees was reported in early May 2026, introducing a contingent liability whose ultimate resolution and provisioning treatment remain unknown.
- ·Q4 FY2026 results coverage appeared on 8 May 2026 (Mint); specific revenue and margin outcomes from that quarter are not yet represented in the data set.
- ·UltraTech reached the 200 MTPA capacity threshold in April 2026, a scale milestone placing it above all non-Chinese global cement producers per Business Today reporting.
- ·A 8.09 billion rupee tax demand notice was reported on 6 May 2026 — the company has not yet disclosed its contestation plan or provisioning treatment in the available news set.
- ?Does the rising D/E trend reflect a deliberate capacity-led growth phase with a planned deleveraging timeline, or is debt accumulation ongoing without a clear FCF-backed repayment path?
- ?How has cement realisation per tonne and EBITDA per tonne trended over the past 4 quarters — is the forward PE compression driven by volume, pricing power, or cost normalisation?
- ?The 200 MTPA milestone gives UltraTech scale leadership in India; to what extent does that translate into structural pricing power or margin advantage over smaller peers like Dalmia and ACC?
- ?How material is the 8.09 billion rupee tax demand relative to annual PAT, and what is management's track record in contesting similar demands?
PE
43.1
Forward PE
27.3
ROE
+10.6%
Profit margin
+9.2%
D/E
29.43
Dividend yield
+0.7%
Quality score
31/100
ROE 5y above 15%
0/5 yrs
FCF 5y positive
4/5 yrs
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.Analysis generated 10 May 2026.