Ultratech Cement Ltd - Stock Valuation and Financial Performance

BSE: 532538 | NSE: ULTRACEMCO | Cement & Construction Materials | Large Cap

Ultratech Cement Share Price

9,646.95 -172.65 -1.76%
as on 12-Apr'24 16:59

DeciZen - make an informed investing decision on Ultratech Cement

Overall Rating
Bole Toh

1. Quality

2. Valuation

Somewhat overvalued

3. Price Trend

Semi Strong

Ultratech Cement stock performance -

mw4me loader
P/E Ratio (CD):
Market Cap:
2,78,504.9 Cr.
52-wk low:
52-wk high:

Is Ultratech Cement Ltd an attractive stock to invest in?

1. Is Ultratech Cement Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Ultratech Cement Ltd is a good quality company.

2. Is Ultratech Cement Ltd undervalued or overvalued?

The key valuation ratios of Ultratech Cement Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

3. Is Ultratech Cement Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Ultratech Cement Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Ultratech Cement:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Ultratech Cement Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

ROCE % 9.6%8.6%9.2%9.6%8.2%6.8%11.6%10.1%12.4%8.9%-
Value Creation

Growth Parameters

Growth Parameters Colour Code Guide

Sales 21,65224,34025,15325,37530,97941,60942,43044,72652,59963,24069,152
Sales YoY Gr.-12.4%3.3%0.9%22.1%34.3%2%5.4%17.6%20.2%-
Adj EPS 73.468.688.997.686.285.3195.4185.9245.9172.1222.1
YoY Gr.--6.5%29.6%9.8%-11.7%-1%129.1%-4.9%32.3%-30%-
BVPS (₹) 626.4693.6798.8887.8960.11,031.91,351.51,528.91,745.41,8792,006.1
Adj Net
Cash Flow from Ops. 3,4554,1904,5265,0053,8886,0148,97212,5009,2839,069-
Debt/CF from Ops.


CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 12.7%15.3%14.2%20.2%
Adj EPS 9.9%14.8%-4.1%-30%
Share Price 15.7% 18.3% 13.5% 26.1%

Key Financial Parameters

Performance Ratio Colour Code Guide

Return on
Equity %
Op. Profit
Mgn %
Net Profit
Mgn %
Debt to
Working Cap
Cash Conv.

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 14.23%

Sales growth is good in last 4 quarters at 14.61%

Return on Equity has declined versus last 3 years average to 11.40%

Net Profit has been subdued in last 3 years -4.14%

Latest Financials - Ultratech Cement Ltd.

Standalone Consolidated
TTM EPS (₹) 216.8 222.1
TTM Sales (₹ Cr.) 67,057 69,152
BVPS (₹.) 1,950.8 2,006.1
Reserves (₹ Cr.) 56,031 57,627
P/BV 4.95 4.81
PE 44.50 43.43
From the Market
52 Week Low / High (₹) 7308.40 / 10522.65
All Time Low / High (₹) 248.90 / 10522.65
Market Cap (₹ Cr.) 2,78,505
Equity (₹ Cr.) 288.7
Face Value (₹) 10
Industry PE 41.8

Management X-Ray of Ultratech Cement:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Ultratech Cement

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
Operating Expenses 17,61619,91520,25220,16324,83334,26233,18333,15841,08452,620
Manufacturing Costs6,2807,0246,5496,2828,66212,46111,57411,39916,02722,836
Material Costs3,7814,0504,4184,4935,2896,9836,5187,0867,9659,715
Employee Cost 1,1031,3081,4451,5221,8102,2912,5202,3532,5352,739
Other Costs 6,4537,5327,8407,8659,07312,52612,57012,32114,55817,331
Operating Profit 4,0354,4254,9015,2126,1457,3479,24711,56811,51410,620
Operating Profit Margin (%) 18.6%18.2%19.5%20.5%19.8%17.7%21.8%25.9%21.9%16.8%
Other Income 322350464648589463651746508503
Interest 3615875666401,2381,7781,9921,498945823
Depreciation 1,1391,2031,3771,3481,8482,4512,7232,7002,7152,888
Exceptional Items 0000-347-1140-26100
Profit Before Tax 2,8582,9863,4213,8723,3013,4685,1837,8588,3647,416
Tax 6458849421,1591,0771,068-5682,5391,1902,343
Profit After Tax 2,2132,1022,4802,7142,2242,4005,7515,3197,1745,073
PAT Margin (%) 10.2%8.6%9.9%10.7%7.2%5.8%13.6%11.9%13.6%8.0%
Adjusted EPS (₹)80.476.590.398.980.987.5199.4189.3254.4175.4
Dividend Payout Ratio (%)11%12%11%10%13%13%7%20%15%22%

Balance Sheet

(All Figures are in Crores.)

Equity and Liabilities

Shareholders Fund 17,17819,03321,92024,37126,36428,33939,00844,13150,38654,244
Share Capital 274274274275275275289289289289
Reserves 16,90318,75821,64624,09626,08928,06538,71943,84250,09753,956
Minority Interest17181510161286-356
Long Term Debt6,0214,9934,8976,37115,86320,65017,36813,5485,3035,356
Short Term Debt9852,5642,4761,0792,7633,6684,1064,2354,2713,477
Trade Payables2,5911,7111,7171,8492,3853,1603,3634,5485,8637,209
Others Liabilities 5,3949,73510,1688,5309,74920,69515,36219,70817,99221,037
Total Liabilities 32,18538,05341,19342,20957,14176,52579,21486,17683,81191,380

Fixed Assets

Gross Block27,85434,91026,61128,49844,08263,38266,55067,33270,00276,957
Accumulated Depreciation9,75411,5671,3022,5944,3666,7379,39911,92114,51417,378
Net Fixed Assets18,10023,34325,30925,90439,71556,64557,15155,41255,48859,579
CWIP 2,1862,2501,4699211,5111,1539201,6874,7854,040
Investments 4,8624,5005,0956,6915,4472,9215,92912,1786,3367,297
Trade Receivables1,6321,6591,9281,7572,2212,7872,3832,5723,0723,867
Cash Equivalents 3483712,2672,2492197405402,0083591,150
Others Assets2,4762,9822,6702,2874,7608,1808,1088,3038,1778,836
Total Assets 32,18538,05341,19342,20957,14176,52579,21486,17683,81191,380

Cash Flow

(All Figures are in Crores.)
Cash Flow From Operating Activity 3,4554,1904,5265,0053,8886,0148,97212,5009,2839,069
PBT 2,8582,9863,4213,8723,3013,4685,1837,8588,3647,416
Adjustment 1,1941,4781,5271,3482,6843,8934,1653,6072,9473,114
Changes in Working Capital 76-104429529-1255-6965162326-473-337
Tax Paid -669-169-852-744-843-710-891-1,291-1,555-1,124
Cash Flow From Investing Activity -2,396-2,166-3,727-2,4801,8621,059-4,192-8,8562,257-7,187
Capex -2,303-2,709-2,131-1,364-1,877-1,596-1,610-1,836-5,540-6,106
Net Investments 112554-1,642-1,1593,6772,661-2,627-7,0957,689-1,348
Others -205-10474361-74475108267
Cash Flow From Financing Activity -949-2,110-844-2,535-5,735-6,756-5,076-4,356-12,498-1,631
Net Proceeds from Shares 42371653745
Net Proceeds from Borrowing 100862176-2219,420-4,449-3,041-2,525-10,207247
Interest Paid -449-589-596-614-1,210-1,685-1,950-1,431-1,026-765
Dividend Paid -250-253-251-259-278-287-380-375-1,065-1,091
Others -355-2,132-175-1,447-13,683-340292-33-204-27
Net Cash Flow 110-86-45-1014316-296-713-958250
ROE (%)13.6611.6112.1111.728.778.7817.0812.815.189.7
ROCE (%)13.6713.3812.9813.7911.531011.8414.7714.8613.2
Asset Turnover Ratio0.790.780.720.690.640.620.540.540.70.82
PAT to CFO Conversion(x)1.561.991.831.841.752.511.562.351.291.79
Working Capital Days
Receivable Days23222323232222201718
Inventory Days38373531323236333031
Payable Days237194142145146145183204239246

Ultratech Cement Ltd Stock News

Ultratech Cement Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Ultratech Cement on 12-Apr-2024 16:59 is ₹9,647.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 12-Apr-2024 16:59 the market cap of Ultratech Cement stood at ₹2,78,504.9.
The latest P/E ratio of Ultratech Cement as of 12-Apr-2024 16:59 is 44.50.
The latest P/B ratio of Ultratech Cement as of 12-Apr-2024 16:59 is 4.95.
The 52-week high of Ultratech Cement is ₹10,522.7 and the 52-week low is ₹7,308.4.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ultratech Cement is ₹67,057 ( Cr.) .

About Ultratech Cement Ltd

UltraTech Cement is the largest manufacturer of grey cement, ready mix concrete (RMC) and white cement in India. It is also one of the leading cement producers globally, and the only cement company globally (outside of China) to have more than 100 million tonne capacity in one country. In the white cement segment, UltraTech goes to market under the brand name of Birla White. With Ready Mix Concrete (RMC) plants in many cities, UltraTech is the largest manufacturer of concrete in India. It also has a slew of speciality concretes that meet specific needs of discerning customers. Its Building Products business is an innovation hub that offers an array of scientifically engineered products to cater to new-age constructions.

UltraTech pioneered the UltraTech Building Solutions (UBS) concept to provide individual home builders with a one-stop-shop solution for building their homes. This is the first pan-India multi-category retail chain catering to the needs of individual home builders (IHBs). The purpose of this initiative is to engage with home builders at all stages of the construction cycle, empower them with quality construction products and services, and assist in the completion of their dream homes.

Business area of the company

The Company is engaged in the manufacture and sale of Cement and Cement related products.


UltraTech provides a range of products that cater to the various aspects of construction, from foundation to finish. This includes Ordinary Portland Cement, Portland Blast Furnace Slag Cement, Portland Pozzalana Cement, White Cement, Ready Mix Concrete, building products and a host of other building solutions. Cement is sold under the brands ‘UltraTech, UltraTech Premium and Birla Super.’ White cement is manufactured under the brand name of ‘Birla White’, ready mix concretes under the name of ‘UltraTech Concrete’ and new age building products under the names of ‘Xtralite, Fixoblock, Seal & Dry and Readiplast’. UltraTech Building Solutions is a retail format that caters to the end consumer providing a variety of primary construction materials under one roof.



  • Top Exporter Award from CAPEXIL for the 14th consecutive year.
  • The 9th Annual “Greentech Global Safety Award” 2010 from Greentech Foundation for Reddipalayam Cement Works (RDCW).
  • The Confederation of Indian Industry’s National Award for excellence in energy management 2010 “Excellent Energy Efficient Unit” upon RDCW.
  • Asian CSR Award, Kuala Lumpur, Malaysia, from Asian Institute of Management Center on Vikram Cement Works (VC) for its contribution to society.
  • Greentech Environmental Excellence Award for excellent contribution to environmental activities on VC.


  • National Energy Conservation Award - Certificate of Merit by the Energy Secretary, Government of India to Aditya Cement Works, Rajasthan.
  • Golden Peacock award for Corporate Social Responsibility - 2014 to Rajashree Cement Works, Karnataka.
  • Federation of Indian Mineral Industries (FIMI) National Award in Environment Category for the year 2013-14 to Redipallayam Cement Works, Tamil Nadu.
  • Outstanding Achievement Award 2014 from the Federation of Madhya Pradesh Chambers of Commerce & Industry, Bhopal in recognition of excellence in the category of Large Enterprise for Vikram Cement Works, Madhya Pradesh.
  • Global CSR Excellence & Leadership Award in the category - Best Corporate Social Responsibility Practices from the World CSR Congress for Vikram Cement Works, Madhya Pradesh.
  • CII - National Award for Energy Efficient Unit 2014 to Birla White, Rajasthan.


  • The company bagged the IICA NGO BOX CSR Awards for Birla White and Vikram Cement, FICCI Water Award for Jafrabad Cement and Greentech Awards for Hirmi and Vikram Cement.
  • Golden Peacock HR Excellence Award - 2015: Rajashree Cement Works, Karnataka (RC).
  • Greentech Environmental Award - 2015: RC.
  • IMC Ramkrishna Bajaj National Quality Award for Performance Excellence: Rawan Cement Works,
  • Greentech CSR Award 2015 - Gold Category: Hirmi Cement Works, Chhattisgarh.
  • India Sustainability Leadership Award in the category of community project of the year (Water) conferred by World CSR Day for integrated watershed management project: Vikram Cement Works, Madhya Pradesh.


  • Golden Peacock National Quality Award: Aditya Cement Works.
  • Gold Medal for ‘National Awards for Manufacturing Competitiveness (NAMC) 2015-16’ in Building Material & Cement Sector: Aditya Cement Works.
  • National Energy Conservation Awards-2017 (TPP - Certificate of Merit): Andhra Pradesh Cement Works.
  • 14th National Award for Excellence in Energy Management Conducted by Confederation of Indian Industry: Dalla Cement Works.
  • National Energy Conservation Award (Thermal Power Plant): Kotputli Cement Works.


  • Silver Prize in ‘6th FICCI Quality Systems Excellence Awards 2018’ in the Large Category Manufacturing Sector - Aditya Cement Works.
  • CII-ITC Sustainability Awards-2018, Government of India - Aditya Cement Works.
  • CII-ITC Sustainability Awards (Commendation for Significant Achievement in Environment Management Category) - Vikram Cement Works.
  • ET Now CSR Leadership Award, Concern for health 2019 - Dhar Cement Works.
  • Golden Peacock Award - Environmental Management, Ready Mix Concrete (RMC).
  • Ramkrishna Bajaj National  Quality Award  - Certificate of Merit, RMC.
  • Ramkrishna Bajaj National  Quality Award  - Best Practice in Manufacturing Sector, RMC.
  • Economic Times Innovation Award - Innovation for Sustainability; RMC.


  • Awards of Mines Safety Week 2019-20 - Awarpur Cement Works.
  • National Safety Awards 2019 (MSME) by National Safety Council - Ready Mix Concrete.
  • Green Pro Certification from the Confederation of Indian Industry’s (CII) - Ready Mix Concrete.
  • 1st Kaizen Award under Environment category -‘Lignite based TPP Fly Ash utilisation’ - Sewagram Cement Works (SCW).
  • 2nd Kaizen Award under 5S & Safety - Installation of Anti-collision Radar System for stacker and reclaimed in raw material handling area - SCW.
  • 3rd Championship Award under Digitisation / New Technology - ‘Installation of Expert Optimiser system to improve cement unit operations stability’ - SCW.
  • Metalliferous Mines Safety Week - 2019 - Manikgarh Cement Works.


  • 1980: First cement plant set up for Grasim (Vikram Cement) and Indian Rayon (Rajashree Cement).
  • 1998: Merger of cement business of Indian Rayon and Grasim Cement Capacity: 8.5 MTPA.
  • 2003: Capacity: 14.12 MTPA
  • 2004: Acquisition of L&T's cement business: UltraTech Cement Ltd. Cement Capacity: 30.04 MTPA + 1.08 MTPA (SDCCL).
  • 2008: SDCCL divested in 2008 Greenfield Projects Brownfield Expansions Debottlenecking Cement Capacity: 48.9 MTPA.
  • 2010: Acquisition of Start Cement in the Middle East and greenfield expansions Cement Capacity – 52 MTPA.
  • 2012: Brownfield expansions in Chhattisgarh and Karnataka, grinding unit commissioned Hotgi, Maharashtra, and 1.5 MT at Rajashree, Karnataka Port Based bulk terminal of 0.5 MT at Cochin.
  • 2013: New grinding unit capacity of 1.6 MTPA commissioned at Jharsuguda, Orrisa Acquired unit in Sewagram and GU in Wanakbori, Gujarat with a capacity of 4.8 MT Cement capacity - 62 MTPA.
  • 2014: Commissioned new grinding unit at Jharsuguda (1.6 MTPA) Acquired Sewagram and Wanakbori units from Jaypee Cement (4.8 MTPA).
  • 2016: Largest single cement company in India Capacity: 66.3 MTPA March: Grinding plants commissioned in Jhajjar, Dankuni, Patliputra.
  • 2017: Acquires Jaypee Cement business (21.2 MTPA) Largest cement company in India, 4th in world (excluding China) Cement Capacity: 93 MTPA.
  • 2018: Commissioned integrated unit in Dhar (3.5 MTPA) Acquired cement business of Binani Cement (6.25 MTPA) Cement capacity: 102.75 MTPA.
  • 2019: Merger of cement business of Century Textiles & Industries Ltd with UltraTech Cement. UltraTech becomes the first cement company globally to have more than 100 MTPA capacity in a single country outside of China. Cement Capacity: 116.75 MTPA.
  • 2019-20: Launched new value-added products like UltraTech Super (high strength) and UltraTech Weather Plus (water repellent) in cement; Litecon, Aquaseal, Free Flow etc. in RMC
  • 2019-20: Launched next-generation of products such as Dry Mix mortars and waterproofing category to strengthen position of complete building solutions.
  • 2019-20: Scaled up UBS retail stores to 2,000+ outlets - largest single branded retail chain across India.
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