Well positioned to capture the growing cement demand

12 Dec 2023
5 Min read 
  • UltraTech Cement is well positioned to capture the growing cement demand.
  •  The company plans to increase its domestic grey cement capacity to ~182mtpa by FY27E.
  •  Cement demand remained strong post-Covid-19, reporting a CAGR of ~9% over FY21-23.
  •  The company is focusing on improving its ESG goals, including increasing the use of alternative raw materials and investing in renewable energy.
  •  The stock is valued at 15.5x/13.0x FY25E/FY26E EV/EBITDA and has a target price of INR10,100.
  •  The company's return ratios are expected to improve, with estimated ROE/ROCE of 15%/14% in FY26.
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