For the June quarter, UltraTech reported revenue of ₹24,648 crore, compared with the CNBC-TV18 poll estimate of ₹24,440 crore. Net profit rose to ₹2,604 crore, beating the poll estimate of ₹2,453 crore.
EBITDA came in at ₹5,016 crore, ahead of the estimated ₹4,934 crore, while EBITDA margin stood at 20.4%, slightly above expectations of 20.2%.Consolidated sales volumes increased 12.2% year-on-year, while grey cement volumes grew 13.1% to 39.17 million tonnes. Operating EBITDA per tonne improved to ₹1,214, compared with ₹1,198 a year ago, despite higher input costs.
Brokerages stay bullish
Jefferies maintained its ‘Buy’ rating on the stock with a target price of ₹14,065, calling UltraTech its top pick in the cement sector.
DAM Capital also reiterated its ‘Buy’ recommendation and retained UltraTech as its preferred pick, with a target price of ₹14,150.
Nuvama Institutional Equities maintained a ‘Buy’ rating and raised its target price to ₹15,209 from ₹14,502.
Emkay Global retained its ‘Buy’ call with a target price of ₹13,000. The brokerage raised its FY27 EBITDA estimates by around 19%, citing stronger revenue expectations and continued cost discipline, while largely maintaining its FY28 projections.It said UltraTech remains a defensive play amid the current uncertain environment.
Management commentary
During the post-earnings conference call, management reiterated its confidence in the sector’s demand outlook and continued to guide for double-digit volume growth in FY27.
The company said cement prices improved through June and expects pricing to remain broadly stable during the monsoon, supported by elevated industry cost pressures.
While management expects overall costs to increase by ₹130-140 per tonne sequentially, it plans to offset the impact through operational measures.
UltraTech reiterated its target of achieving EBITDA of ₹1,400 per tonne by the end of FY28, assuming no major global disruptions.
The company also said it has completed the 100% brand integration of India Cements and Kesoram, while maintaining its target of achieving ₹1,000 EBITDA per tonne at India Cements, with the full benefits of operational improvement capex expected by Q4 FY28.
In its building products business, UltraTech said it remains on track to launch its wires and cables business in the early part of Q3 FY27. Of the planned ₹1,800 crore investment, ₹888 crore had been committed as of June 2026.
UltraTech Cement shares ended 1.5% higher at ₹11,900 on Monday. The stock has gained over 4% so far this year.
