UltraTech Cement shares jump 4% as Q3 results beat estimates: Check latest target prices

UltraTech Cement share price

• UltraTech Cement shares jumped nearly 4 percent after strong Q3 results
• Q3 net profit up 27% YoY to Rs 1,725.40 crore; revenue rose 23% YoY
• Brokerages maintain 'Buy' ratings with target prices up to Rs 15,210 per share

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The shares of UltraTech Cement jumped nearly 4 percent on January 27 after the company released better than expected results for the October-December quarter of the ongoing financial year 2026. Brokerages have issued bullish calls for the stock.

The shares of the cement-maker jumped to Rs 12,825.00 apiece in the morning trading hours of Tuesday. This is the highest level seen by the stock since early September last year.

UltraTech Cement Q3 Results:

UltraTech Cement on January 24 reported a consolidated net profit of Rs 1,725.40 crore attributable to the firm’s owners for the third quarter of the ongoing financial year 2025. This marks a 27 percent year-on-year (YoY) rise from the Rs 1,359.43 crore net profit reported in Q3 FY25.

Notably, the net profit reported during the quarter included an exceptional item of Rs 88.48 crore due to the one-time impact of the New Labour Codes which took effect from November 21.

The firm’s revenue from operations meanwhile grew around 23 percent YoY to Rs 21,829.68 crore in Q3 FY26, from Rs 17,778.83 crore in Q3 FY25. Its consolidated sales volumes grew 15 percent to 38.87 mtpa during the quarter under review.

JM Financial on UltraTech Cement:

JM Financial said that UltraTech Cement reported a strong Q3 FY26 earnings performance with consolidated EBITDA rising 35 percent YoY to Rs 3,920 crore, beating its estimates primarily due to lower-than-estimated cost/tn.

“Management highlighted robust demand momentum is likely to sustain supported by infra projects. The industry has taken price hikes in Jan’26 and anticipates further price hike likely supported by improving demand. We argue UltraTech is poised for structural improvement in return ratios over the next three–four years owing to: i) rising asset turnover; ii) low cost of expansion; and iii) improving profitability. Factoring in the 3Q performance and improving demand/pricing, we are increasing EBITDA by 6% for FY26E and 1–3% for FY27E–28E,” the brokerage said.

It maintained its ‘Buy’ rating on the stock, while raising its target price to Rs 14,500 apiece. This implies an upside potential of more than 17 percent from the stock’s previous closing price.

Choice Broking on UltraTech Cement:

Choice Institutional Equities said that it continues to remain positive on UltraTech Cement due to ambitious and continuous capacity expansion plan to add 8 mnt of capacity in Q4 FY26, and 12 mnt in FY27, funding expansion outlay largely via internal accruals, proactive cost-optimisation strategy, favourable sectoral pricing environment and significant demand growth in expected from the southern market.

The domestic brokerage maintained its ‘Buy’ rating on the stock, with a target price of Rs 15,210 apiece. This implies an upside potential of nearly 23 percent from the stock’s previous closing price.

Motilal Oswal on UltraTech Cement:

Motilal Oswal said that UltraTech Cement’s Q3 FY26 EBITDA was above its estimate, led by higher-than-estimated volume growth and lower-than-estimated opex/t. “Management indicated a positive demand outlook, highlighting a multi-year infrastructure pipeline across all regions, led by roads, metros, railways, ports, airports and housing segments,” the brokerage noted.

“We largely maintain our FY26 EBITDA estimate and raise FY27/28 EBITDA estimates by 4% each, considering high volume growth vs. previous estimates. We increase our FY27/28 EPS estimates by ~5% each. We value UTCEM at 18x FY28E EV/EBITDA to arrive at a TP of INR14,200. Reiterate BUY,” it added.

UltraTech Cement share price:

UltraTech Cement shares have gained more than 7 percent in the past one month, and over 6 percent in 2026 so far.

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