āagman

Not investment advice. Data and computed figures, for information only.

UltraTech Cement Ltd

NSE: ULTRACEMCOF&O
₹10,862.00
+₹67.00 (+0.62%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹3,14,570 Cr
CMP
₹10,862.00
52-wk High / Low
₹13,110 / 10,325
P/E
36.5
P/B
4.1
Book Value
₹2,600.0
Div Yield
2.25%
ROCE
13.0%
ROE
11.1%
Face Value
₹10
D/E
0.31

Price−11.6% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
8
/ 9
8 of 9 F-score tests passed
Graham Number
₹4,026
√(22.5 × EPS × book value per share)
ROIC
9.2%
vs 6.2% sector median
Cash flow to profit
1.87
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−36
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
2.0%
ROE × earnings retention ratio
ROE stability
2.1
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII −1.25DII +1.27
Latest quarter vs the previous one
Cash-accrual divergence
−5.2%
of assets
Low = accruals track cash flow
Strengths
+ROCE has stayed above the sector median for 5 consecutive years (weakest: 13% vs the 2026 sector median of 10%)
+Annualised volatility of 23.4% is in the low band (≤25%)
+Piotroski F-Score of 8/9 is in the strong band (≥7)
Watch-outs
−Borrowings are up 123.8% since FY2016 (10616 to 23755)
−Price trades below its 200-day moving average (0.9x)
−Promoter holding fell by 0.6pp over the last year

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales17,73716,01216,74020,41918,81916,29417,77923,06321,27519,60721,83025,79924,648
Expenses14,68813,46113,48516,30515,80114,26914,88518,45616,86916,51817,91920,20119,633
Operating Profit3,0492,5513,2554,1143,0172,0262,8934,6084,4063,0893,9115,5995,015
OPM %17.2%15.9%19.4%20.1%16.0%12.4%16.3%20.0%20.7%15.8%17.9%21.7%20.3%
Other Income1771711467383226247931421744677118
Interest211234262261326393457475433459492487453
Depreciation7497987838159189809931,1251,1071,1481,1821,2081,201
Profit before tax2,2671,6902,3553,1111,8578791,6913,1013,0081,6562,2833,9813,480
Net Profit1,6901,2801,7752,2591,4937081,3632,4752,2211,2381,7293,0002,604
EPS (₹)58.4944.3961.5578.2251.7824.3447.0984.2375.5441.7958.55101.2288.21

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales23,30625,15325,37530,97941,46242,43044,72652,59963,24070,90875,95588,51291,884
Expenses18,88120,25220,16224,83434,11533,18433,15841,08452,62057,93063,40871,50774,270
Operating Profit4,4254,9015,2126,1457,3479,24611,56811,51410,62012,97912,54717,00417,614
OPM %19.0%19.5%20.5%19.8%17.7%21.8%25.9%21.9%16.8%18.3%16.5%19.2%19.2%
Other Income350464648242350651619669507557647439416
Interest5875666401,2381,7781,9921,4869458239681,6511,8721,891
Depreciation1,2031,3771,3481,8482,4512,7232,7002,7152,8883,1454,0154,6444,738
Profit before tax2,9863,4213,8723,3013,4685,1838,0018,5247,4169,4227,52810,92711,400
Net Profit2,1022,4802,7142,2242,4005,7515,4627,3345,0737,0046,0408,1888,571
EPS (₹)76.4790.3098.9080.9287.51199.40189.26254.42175.41242.65204.94277.10289.77

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 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 Liabilities38,05341,19342,20957,14176,52579,21486,17683,81191,3801,00,7971,33,6321,41,315—
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 Assets38,05341,19342,20957,14176,52579,21486,17683,81191,3801,00,7971,33,6321,41,315—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity3,4554,1904,5265,0053,8885,9568,97212,5009,2839,06910,89810,67315,316
Cash from Investing Activity−2,342−2,144−3,673−2,5011,8661,165−4,192−8,8562,257−7,188−8,789−15,836−9,475
Cash from Financing Activity−949−2,110−844−2,535−5,735−6,757−5,076−4,356−12,498−1,631−1,9265,076−5,954
Net Cash Flow164−638−3118364−295−712−958250183−86−113

Ratios

As of 31 Mar 2026
13 periods
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %12.012.013.014.012.010.012.015.014.013.015.011.013.0
ROE %————————————11.1
EPS (₹)80.4476.4790.3098.9080.9287.51199.40189.26254.42175.41242.65204.94277.10
Book Value (₹)————————————2,600.0
Face Value (₹)————————————10
P/E————————————36.5
Div Yield %————————————2.25
NPM %—8.99.710.47.15.713.312.013.88.09.87.99.2
OPM %19.019.019.021.020.018.022.026.022.017.018.017.019.0
D/E—0.520.480.350.740.750.590.490.220.200.190.340.31
P/B————————————4.1

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+13.0%
5 years+15.0%
3 years+12.0%
TTM+17.0%
Compounded profit growth
10 years+13.0%
5 years+8.0%
3 years+17.0%
TTM+27.0%
Stock price CAGR
10 years+10.0%
5 years+8.0%
3 years+9.0%
Last year−13.0%
Return on equity
10 years11.0%
5 years11.0%
3 years11.0%
Last year11.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters62.16%62.16%61.98%61.69%60.04%59.96%59.96%59.96%59.96%59.23%59.33%59.33%
FIIs21.87%21.87%22.27%20.00%16.48%17.28%14.03%14.77%17.74%15.17%13.61%12.36%
DIIs5.51%5.51%5.78%7.79%14.15%13.74%16.39%16.93%14.14%16.79%18.42%19.69%
Government0.07%0.07%0.03%0.04%0.07%0.08%0.05%0.05%0.05%0.05%0.05%0.05%
Public10.39%10.39%9.94%10.41%9.18%8.87%9.48%8.14%7.92%8.57%8.41%8.42%
No. of shareholders2,90,5772,90,5772,57,8712,55,2053,09,6883,04,2563,95,9723,66,4373,57,6273,94,4624,09,3504,16,693
Change since Jun 2023 (pp)
Promoters −2.83FIIs −9.51DIIs +14.18Public −1.97

Documents

As of 11 Oct 2026
Announcements
Press ReleaseRumour verification - Regulation 30(11)Announcement under Regulation 30 (LODR)-Newspaper PublicationAnnouncement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationRumour verification - Regulation 30(11)
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Jul 2026TranscriptJul 2026PPTJul 2026RecordingMay 2026TranscriptMay 2026PPTMay 2026RecordingJan 2026TranscriptJan 2026PPTJan 2026RecordingOct 2025TranscriptOct 2025PPTOct 2025PPTOct 2025Recording

Corporate actions

As of 30 Jul 2026
30 Jul 2026DIVIDENDDividend - Rs 240 Per Share—
25 Jul 2025DIVIDENDDividend - Rs 77.50 Per Sh—
30 Jul 2024DIVIDENDAnnual General Meeting/Dividend - Rs 70 Per Share—
27 Jul 2023DIVIDENDAnnual General Meeting/Dividend - Rs 38 Per Share—
2 Aug 2022DIVIDENDAnnual General Meeting/Dividend - Rs 38 Per Share—
2 Aug 2021DIVIDEND Annual General Meeting/Dividend - Rs 37 Per Share—
29 Jul 2020DIVIDEND Annual General Meeting/Dividend - Rs 13 Per Share—
10 Jul 2019DIVIDEND Annual General Meeting/Dividend - Rs 11.50 Per Share—
10 Jul 2018DIVIDEND Annual General Meeting/Dividend- Rs 10.50 Per Share—
10 Jul 2017DIVIDEND Annual General Meeting/Dividend - Rs 10 Per Share—
4 Jul 2016DIVIDEND Annual General Meeting/ Dividend -Rs 9.50/- Per Share—
14 Aug 2015DIVIDENDAnnual General Meeting/ Dividend - Rs 9/- Per Share—
24 Jul 2014DIVIDENDAnnual General Meeting/Dividend - Rs.9/- Per Share—
17 Jul 2013DIVIDENDAnnual General Meeting And Dividend Rs.9/- Per Share—
17 Aug 2012DIVIDENDAnnual General Meeting And Dividend Rs.8/- Per Share—
25 Aug 2011DIVIDENDDividend Rs 6 Per Share—
21 Jun 2010DIVIDENDFinal Dividend-Rs.6/- Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman