UltraTech Cement stock in focus on in-line Q4 show, brokerages hike target price

UltraTech Cement shares have rallied nearly 22 percent over the past 12 months.

Cement major UltraTech Cement Ltd.'s shares will be in focus on Tuesday, April 29, after reporting an in-line earnings show for the fiscal quarter ended March.

For the three months ended March, UltraTech Cement reported a 10 percent YoY rise in consolidated net profit at Rs 2,482 crore, from Rs 2,258 crore in the previous fiscal. Revenue from operations for the quarter increased 13 percent YoY to Rs 23,063 crore against Rs 20,419 crore in the corresponding quarter last year.

UltraTech Cement's consolidated cement volumes rose ~17 percent YoY, with domestic sales up ~6 percent YoY excluding acquisitions. As per management, industry volumes grew ~4 percent YoY in Q4FY25 compared with ~6 percent YoY growth posted by the company.

Also Read | Ultratech Cement eyeing Rs 10,000 crore in capex for FY26: CFO Atul Daga

UltraTech Cement is eyeing around Rs 9,000–10,000 crores in capex during FY2026, the management said during an investor call to discuss Q4 earnings. Of this, Rs 7,000 crores will be directed toward strategic investments to boost operational scale and efficiency.

As of March 2025, UltraTech’s total installed capacity reached 184 million tons. "Our ongoing expansion program will take us from the current capacity of 184 million tonnes (including India Cements and Kesoram capacities) to around 212 million tons by FY2027," Daga added.

Nuvama Institutional Equities hiked its target price on the firm, factoring in a better pricing environment, to Rs 11,859, from Rs 11,574 earlier, while maintaining its 'hold' rating. "While on-track completion of capex plans and efficiency focus is heartening, rich valuations are likely to keep upsides capped."

HDFC Securties estimates the firm to deliver 11 percent volume CAGR during FY25-27E led by ~9 percent core volume CAGR and the rest coming in from gradual ramp-up of India Cements and Kesoram. The brokerage maintained its 'buy' rating, and increased its price target to Rs 12,600, from Rs 12,500 earlier.

Over the past year, UltraTech Cement shares have rallied nearly 22 percent, as against the Nifty 50, which has risen around 7.4 percent.

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