Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

UltraTech Cement Ltd

ULTRACEMCO
Cement

UltraTech Cement Ltd's earnings have outrun its stock. EPS grew +35.2% in a year against a −6.2% price move.

The sharpest disagreement: annual EPS moved +35.2% against a −6.2% price move — the market has not yet caught up with the delivery.

The price is in a downtrend (12 weeks in) while the P/E sits at the 50th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +17.2% year on year, and 174% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.

Stage
Mixed
partial read
Price
₹11,727
−6.2% 1Y
P/E
40.5×
50th pctile
of its own 10-year range
Revenue (Jun 26)
₹24,648 Cr
+15.9% YoY
Profit (Jun 26)
₹2,604 Cr
+17.2% YoY
Operating margin
20.0%
−1.0 pp YoY
ROCE
13%
FY26
ROIC
9.7%
vs WACC 12.0% → −2.3 pp
Cash conversion
174%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

UltraTech Cement Ltd trades at ₹11,727, in a downtrend and 12 weeks into that stage. That is +0.1% against its own 200-day average. It sits at 47% of a 52-week range of ₹10,616 to ₹12,963. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (8 weeks and counting).

Today the stock is in a downtrend — week 12 of stage 4, confirmed. At ₹11,727 it trades +0.1% versus its 200-day average and sits at 47% of its 52-week range (₹10,616–₹12,963).

Jul 26: ₹11,727 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+0.1% versus the 200-day line, week 12 of stage 4
Price50-day avg200-day avg
S2S2S4₹13,406₹11,801₹10,196₹8,592₹6,987₹11,727₹11,711Jul 23Apr 24Jan 25Oct 25Jul 26
S2S2S4₹13,406₹11,801₹10,196₹8,592₹6,987₹11,727₹11,711Jul 23Jan 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (546 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Feb 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +323% while the NIFTY 500 moved +280% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (8 weeks and counting; last ahead the week of 2026-06-12) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 50th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

UltraTech Cement Ltd trades at 40.5× P/E, mid-range by its own standards (50th percentile). Its long-run median P/E is 40.5×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 40.5× is mid-range by its own standards (50th percentile), against a long-run median of 40.5× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 40.5× vs a 40.5× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.4-year window; loss-period spikes above 57× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
mid-range by its own standards (50th percentile)
P/EMedianEPS (TTM) (quarterly)
59.7×₹31648.5×₹23737.2×₹15825.9×₹79.014.7×₹0.0×40.50×₹292Feb 16Oct 18Jun 21Jan 24Jul 26
59.7×₹31648.5×₹23737.2×₹15825.9×₹79.014.7×₹0.0×40.50×₹292Feb 16Jun 21Jul 26
PEG 1.69 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Last 20 quarters.
above 1.0, the multiple already banks the growth
PEGPEG = 1.0
2.2×1.9×1.6×1.2×0.9××1.69×Q2 FY22Q2 FY23Q3 FY24Q4 FY25Q1 FY27
2.2×1.9×1.6×1.2×0.9××1.69×Q2 FY22Q3 FY24Q1 FY27
P/E
40.5×
50th percentile of 10y
PEG
1.88
as reported

Why the multiple sits where it does: over the past year annual EPS moved +35.2% against a −6.2% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +9.8%/yr price move, ~+5.6%/yr came from earnings growth and ~+4.2 pp from the multiple (expanding); over 10y, of the +12.8%/yr price move, ~+11.7%/yr came from earnings growth and ~+1.1 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Mixed

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

UltraTech Cement Ltd reads as mixed on its fundamental arc. Mixed — the growth curves are steadily positive, but ROCE at 13.0% is below the 15% bar this page requires to call it Consistent. The read is built from 12 quarters across 4 curves, on partial evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
18%43%15%27%12%12%8.4%−3.6%5.1%−19%%%17.2%26.7%25.3%Sep 23Dec 24Jun 26
18%43%15%27%12%12%8.4%−3.6%5.1%−19%%%17.2%26.7%25.3%Sep 23Dec 24Jun 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
15%14%13%12%11%%13%FY23FY24FY26
15%14%13%12%11%%13%FY23FY24FY26
Revenue growth
Steady high
latest +17.2% · span +6.0% to +17.5%
Profit growth
Flat
latest +26.7% · span −14.5% to +38.1%
EPS growth
Rising
latest +25.3% · span −14.7% to +38.3%
ROCE
Stuck low
latest 13.0% · span 11.0%–15.0%

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Growth, year by year: revenue +16.5% in FY26, profit +35.6% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
36%153%27%104%17%54%7.8%4.7%−1.7%−45%%%16.5%35.6%FY16FY21FY26
36%153%27%104%17%54%7.8%4.7%−1.7%−45%%%16.5%35.6%FY16FY21FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+17.2%) with the last 8 annualized (+13.0%).
revenue accelerating, profit accelerating
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
18%43%15%27%12%12%8.4%−3.6%5.1%−19%%%17.2%26.7%Sep 23Dec 24Jun 26
18%43%15%27%12%12%8.4%−3.6%5.1%−19%%%17.2%26.7%Sep 23Dec 24Jun 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+16.5%+11.9%+14.6%+13.4%
Profit+35.6%+17.3%+8.4%+12.7%
EPS+35.2%+16.5%+7.9%+11.9%
Share price−6.2%+12.7%+9.8%+12.8%
Revenue YoY (Jun 26)
+15.9%
latest quarter vs a year ago
Profit YoY (Jun 26)
+17.2%
latest quarter vs a year ago
Revenue 10y
13.4%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

60.8/100 — rank 5 of 26 in Cement · 91% evidence confidence

UltraTech Cement Ltd scores 60.8 out of 100 against the 26 companies it is compared with in Cement, ranking 5. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 19.8 + 16.5 + 10.1 + 14.4 = 60.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

UltraTech Cement Ltd reported ₹24,648 Cr of revenue in the Jun 26 quarter, +15.9% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 13.4% a year. The last full year, FY26, came in at ₹88,512 Cr. The last four reported quarters add to ₹91,884 Cr.

UltraTech Cement Ltd reported ₹24,648 Cr of revenue in the Jun 26 quarter, +15.9% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 13.4% a year. The last full year, FY26, came in at ₹88,512 Cr. The last four reported quarters add to ₹91,884 Cr.

FY26 revenue came in at ₹88,512 Cr (+16.5% on the year), capping 10 years at 13.4% compound. The latest quarter (Jun 26) printed ₹24,648 Cr, +15.9% year on year — the 12th consecutive quarter of year-over-year growth.

FY26 revenue ₹88,512 Cr (+16.5% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
13.4% a year over 10 years
RevenueYoY growth
95.6k36%71.7k27%47.8k17%23.9k7.8%0−1.7%₹ Cr%₹88,51216.5%FY16FY21FY26
95.6k36%71.7k27%47.8k17%23.9k7.8%0−1.7%₹ Cr%₹88,51216.5%FY16FY21FY26
Jun 26: ₹24,648 Cr (+15.9% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
12th straight quarter of growth
Revenue (quarterly)YoY growth
27.9k24%20.9k18%13.9k12%7.0k6.2%00.0%₹ Cr%₹24,64815.9%Sep 23Dec 24Jun 26
27.9k24%20.9k18%13.9k12%7.0k6.2%00.0%₹ Cr%₹24,64815.9%Sep 23Dec 24Jun 26

Pace check: the last four quarters averaged +17.7% growth against the decade's 13.4% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +17.2% over the last 4 quarters against +13.0%/yr over the last 8 — accelerating; TTM profit +26.7% vs +12.2%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 20.0% this quarter (−1.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

UltraTech Cement Ltd's operating margin is 20.0% in the Jun 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 17.0% to 26.0%. The current quarter sits inside that band.

UltraTech Cement Ltd's operating margin is 20.0% in the Jun 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 17.0% to 26.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 20.0%, −1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 17.0%–26.0%.

🚨 Why the margin moved: operating margin went −0.4 pp year on year while gross margin went −0.3 pp — the loss came mostly from the gross line: input costs and pricing.

FY26: 19.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
within a 17.0–26.0% band over 13 years
operating marginYoY change (pp)
27%4.7%24%2.1%22%−0.5%19%−3.1%16%−5.7%%%19%2%FY14FY20FY26
27%4.7%24%2.1%22%−0.5%19%−3.1%16%−5.7%%%19%2%FY14FY20FY26
Jun 26: 20.0% operating margin (−1.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
23%5.7%20%3.1%17%0.5%14%−2.1%11%−4.7%%%20%−1%Sep 23Dec 24Jun 26
23%5.7%20%3.1%17%0.5%14%−2.1%11%−4.7%%%20%−1%Sep 23Dec 24Jun 26

→ Margins slipped — did that reach the bottom line? Next: profit +17.2% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

UltraTech Cement Ltd earned ₹2,604 Cr of net profit in the Jun 26 quarter, +17.2% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹8,188 Cr. The 10-year compound rate is 12.7%. That is 10.6% of the quarter's revenue. The same quarter a year earlier earned ₹2,221 Cr.

UltraTech Cement Ltd earned ₹2,604 Cr of net profit in the Jun 26 quarter, +17.2% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹8,188 Cr. The 10-year compound rate is 12.7%. That is 10.6% of the quarter's revenue. The same quarter a year earlier earned ₹2,221 Cr.

Jun 26 profit was ₹2,604 Cr, +17.2% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹8,188 Cr (+35.6%), and the 10-year compound rate is 12.7%.

FY26 profit ₹8,188 Cr (+35.6% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
12.7% a year over 10 years
Net profitYoY growth
8.8k153%6.6k104%4.4k54%2.2k5.0%0−44%₹ Cr%₹8,18835.6%FY16FY21FY26
8.8k153%6.6k104%4.4k54%2.2k5.0%0−44%₹ Cr%₹8,18835.6%FY16FY21FY26
Jun 26: ₹2,604 Cr (+17.2% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
6th straight quarter of growth
Net profit (quarterly)YoY growth
3.2k84%2.4k50%1.6k15%810−20%0−54%₹ Cr%₹2,60417.2%Sep 23Dec 24Jun 26
3.2k84%2.4k50%1.6k15%810−20%0−54%₹ Cr%₹2,60417.2%Sep 23Dec 24Jun 26

Why profit moved: revenue contributed +15.9% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +35.1% vs revenue +17.7%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 174% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 174% of UltraTech Cement Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹15,316 Cr of operating cash against ₹8,188 Cr of profit. After ₹11,382 Cr of capital spending, ₹3,934 Cr was left as free cash.

FY26: operating cash of ₹15,316 Cr against reported profit of ₹8,188 Cr, leaving free cash of ₹3,934 Cr after ₹11,382 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 174% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹15,316 Cr vs profit ₹8,188 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution. FY18 reflects an acquisition year — point shown clipped.
174% of 3-year profit arrived as cash
Operating cashNet profitFree cash
18.5k7.0k−4.6k−16.1k−27.6k₹ Cr₹15,316₹8,188₹3,934FY16FY21FY26
18.5k7.0k−4.6k−16.1k−27.6k₹ Cr₹15,316₹8,188₹3,934FY16FY21FY26
FY26: CFO = 187% of profit (three-year rate 174%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
260%217%174%131%88%%187%FY16FY21FY26
260%217%174%131%88%%187%FY16FY21FY26

Why conversion sits at 174%: the cash cycle stretched 19 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 4.7× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹55,721 Cr of building over 3 years.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

UltraTech Cement Ltd's cash conversion cycle runs 13 days in FY26, up from −6 days in FY21. Capital spending ran ₹55,721 Cr over the last 3 years. At FY26 sales of ₹88,512 Cr each day of that cycle holds about ₹242 Cr, so roughly ₹3,152 Cr sits inside the business at any moment.

FY26: debtors at 25 days, inventory at 206 days — roughly 6.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 13 days, looser than FY21's −6.

The full loop: cash goes out to suppliers and production on day 0; stock waits 206 days to sell; customers pay about 25 days after that; and suppliers themselves are paid at 217 days — netting out to the 13-day cycle.

In money terms: at FY26 sales of ₹88,512 Cr, each day of the cycle holds about ₹242 Cr — so the 13-day loop keeps roughly ₹3,152 Cr sitting inside the business at any moment.

FY26: a 13-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
+19 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
29321313352−28days13d206d25d217dFY14FY17FY20FY23FY26
29321313352−28days13d206d25d217dFY14FY20FY26

On the investment side: capital spending of ₹55,721 Cr over the last 3 fiscal years against ₹11,804 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹8,276 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹11,382 Cr, work-in-progress ₹8,276 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
37.9k28.5k19.0k9.5k0₹ Cr₹11,382₹8,276FY16FY18FY21FY23FY26
37.9k28.5k19.0k9.5k0₹ Cr₹11,382₹8,276FY16FY21FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 13% and the ROIC − WACC spread is −2.3 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

UltraTech Cement Ltd earns a ROCE of 13% in FY26. That is up from a trough of 10% in FY19. Return on invested capital clears the cost of that capital by −2.3 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 9.3% net margin on 0.63× asset turns.

FY26 ROCE is 13%, recovered from a FY19 trough of 10% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 9.3% net margin × 0.63× asset turns × 1.85× balance-sheet leverage ≈ 10.8% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 9.7% − 12.0% = a −2.3 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY26: ROCE 13% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY19's 10%
ROCEROIC (annual)WACC
16%14%12%9.9%8.1%%13%9.6%FY14FY20FY26
16%14%12%9.9%8.1%%13%9.6%FY14FY20FY26
Q4 FY26: ROCE 11.5% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
14%12%11%9.5%8.1%%11.5%9.6%Q2 FY24Q3 FY25Q1 FY27
14%12%11%9.5%8.1%%11.5%9.6%Q2 FY24Q3 FY25Q1 FY27

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.31.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

UltraTech Cement Ltd carries total debt of ₹23,755 Cr against shareholder equity of ₹80,712 Cr as of Jun 26, a debt-to-equity of 0.29 — effectively unlevered. On the annual view that ratio went from 0.22 in FY22 to 0.29 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Jun 26: total debt of ₹23,755 Cr against shareholder equity of ₹80,712 Cr — a debt-to-equity of 0.29. On the annual view, debt-to-equity went from 0.22 (FY22) to 0.29 (FY26). The returns on this page are earned, not borrowed.

FY26: debt ₹23,755 Cr at 0.29× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
26.0k0.34×19.5k0.30×13.0k0.26×6.5k0.22×00.18×₹ Cr×₹23,7550.29×FY22FY24FY26
26.0k0.34×19.5k0.30×13.0k0.26×6.5k0.22×00.18×₹ Cr×₹23,7550.29×FY22FY24FY26
Jun 26: debt ₹23,755 Cr, debt-to-equity 0.29 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
27.2k0.34×20.4k0.30×13.6k0.26×6.8k0.22×00.18×₹ Cr×₹23,7550.29×Sep 23Dec 24Jun 26
27.2k0.34×20.4k0.30×13.6k0.26×6.8k0.22×00.18×₹ Cr×₹23,7550.29×Sep 23Dec 24Jun 26

→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 5.9 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 5.9 points of UltraTech Cement Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 19.7% of the company. Foreign institutions moved −5.8 points over the same window, to 12.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +5.9 points over 8 quarters to 19.7%; Foreign institutions: −5.8 points over 8 quarters to 12.4%; Promoters: −0.6 points over 8 quarters to 59.3%.

Why the register moved: rotation — foreign institutions −5.8 points against domestic institutions +5.9 points over 8 quarters, with promoters −0.6 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Fiscal-year ends: promoters −0.6 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
64%49%34%19%3.8%%59.3%13.6%18.4%8.4%Mar 24Mar 25Mar 26
64%49%34%19%3.8%%59.3%13.6%18.4%8.4%Mar 24Mar 25Mar 26
Domestic institutions added 5.9 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
64%49%34%19%3.5%%59.3%12.4%19.7%8.4%Jun 23Dec 24Jun 26
64%49%34%19%3.5%%59.3%12.4%19.7%8.4%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

UltraTech Cement Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Cement Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
UltraTech Cement Ltd this page40.5×₹3.5L CrTurning around
Ambuja Cements Ltd21.1×₹1.1L CrImproving
Shree Cement Ltd57.4×₹96,480 CrTurning around
J K Cements Ltd44.7×₹43,649 CrMixed
Dalmia Bharat Ltd30.9×₹33,964 CrMixed
ACC Ltd13.2×₹25,180 CrMixed
The Ramco Cements Ltd730.0×₹21,616 CrTurning around
JSW Cement Ltd27.6×₹18,013 CrNo read
Nuvoco Vistas Corporation Ltd30.6×₹12,717 CrMixed
India Cements Ltd93.4×₹12,613 CrNo read
Star Cement Ltd20.6×₹8,281 CrTurning around
Rain Industries Ltd25.1×₹7,576 CrNo read
Birla Corporation Ltd13.2×₹7,367 CrTurning around
JK Lakshmi Cement Ltd17.9×₹7,107 CrTurning around
Prism Johnson Ltd₹5,437 CrNo read
HeidelbergCement India Ltd25.4×₹3,544 CrTurning around
Orient Cement Ltd12.9×₹2,749 CrMixed
Mangalam Cement Ltd18.5×₹2,706 CrNo read
Sagar Cements Ltd₹2,321 CrNo read
K C P Ltd10.4×₹2,097 CrTurning around
Shree Digvijay Cement Co. Ltd62.6×₹1,127 CrTurning around
NCL Industries Ltd6.4×₹835 CrNo read
Deccan Cements Ltd43.4×₹776 CrNo read
BIGBLOC Construction Ltd₹676 CrTurning around
Saurashtra Cement Ltd28.5×₹619 CrNo read
Shiva Cement Ltd₹517 CrNo read
12 · Frequently asked questions

Frequently asked questions

What is UltraTech Cement Ltd's share price today?

UltraTech Cement Ltd trades at ₹11,727, −6.2% over the past year. The company is valued at ₹3,49,077 Cr. The stock sits at 47% of its 52-week range of ₹10,616–₹12,963, +0.1% versus its 200-day average. On the tape, the price is in a downtrend, 12 weeks in. — as of 24 July 2026.

What were UltraTech Cement Ltd's latest quarterly results?

UltraTech Cement Ltd reported revenue of ₹24,648 Cr and net profit of ₹2,604 Cr for the Jun 26 quarter. Revenue rose 15.9% and profit rose 17.2% year on year. Earnings per share were ₹88.21. The operating margin was 20.0%, 1.0 pp lower than a year earlier. — as of 24 July 2026.

What is UltraTech Cement Ltd's revenue?

UltraTech Cement Ltd reported revenue of ₹24,648 Cr in the Jun 26 quarter, +15.9% year on year. For the full FY26 fiscal year, revenue was ₹88,512 Cr (+16.5%). Over the last 10 years revenue compounded at 13.4% a year. — as of 24 July 2026.

What is UltraTech Cement Ltd's profit?

UltraTech Cement Ltd earned ₹2,604 Cr of net profit in the Jun 26 quarter, +17.2% year on year — the 6th straight quarter of growth. Full-year FY26 profit was ₹8,188 Cr. The operating margin ran 20.0% in the latest quarter. — as of 24 July 2026.

What is UltraTech Cement Ltd's market cap?

UltraTech Cement Ltd's market capitalisation is ₹3,49,077 Cr at a share price of ₹11,727. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is UltraTech Cement Ltd's P/E ratio?

UltraTech Cement Ltd trades at a P/E of 40.5×, at the 50th percentile of its own 10-year range, against a long-run median of 40.5×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does UltraTech Cement Ltd pay a dividend?

Yes — UltraTech Cement Ltd's dividend payout was 87% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is UltraTech Cement Ltd overvalued?

On its own history, UltraTech Cement Ltd looks mid-range against its own history: its P/E of 40.5× sits at the 50th percentile of its 10-year range (long-run median 40.5×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

Is UltraTech Cement Ltd growing?

Yes — UltraTech Cement Ltd is growing: latest-quarter revenue +15.9% year on year, profit +17.2%, and the margin −1.0 pp at 20.0%. The 10-year compound rates are 13.4% (revenue) and 12.7% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is UltraTech Cement Ltd performing?

UltraTech Cement Ltd is in a downtrend, 12 weeks in. Its latest quarter's revenue rose 15.9% and profit rose 17.2% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 8 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is UltraTech Cement Ltd in?

Mixed — the growth curves are steadily positive, but ROCE at 13.0% is below the 15% bar this page requires to call it Consistent. The read comes from the last 12 quarters of growth (revenue growth +17.2% latest, profit growth +26.7% latest, eps growth +25.3% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is UltraTech Cement Ltd in an uptrend?

No — the price is in a downtrend (week 12 of stage 4), trading +0.1% versus its 200-day average and at 47% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is UltraTech Cement Ltd beating the market?

Not lately — on a trailing-13-week view UltraTech Cement Ltd is currently behind the NIFTY 500 (8 weeks and counting; last ahead the week of 2026-06-12), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +323% against the NIFTY 500's +280% — ahead of the index over the full window. — as of 24 July 2026.

Will UltraTech Cement Ltd's share price go up?

This page publishes no price forecast for UltraTech Cement Ltd. What it measures instead: the share price is ₹11,727, the price is in a downtrend 12 weeks in. Its P/E of 40.5× sits at the 50th percentile of its own 10-year range. — as of 24 July 2026.

Who owns UltraTech Cement Ltd?

Promoters hold 59.3% of UltraTech Cement Ltd, foreign institutions 12.4%, domestic institutions 19.7% and the public 8.4% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 5.9 points over 8 quarters. — as of 24 July 2026.

Does UltraTech Cement Ltd have too much debt?

It is moderate — UltraTech Cement Ltd's debt-to-equity is 0.31, and operating profit covers the interest bill 9×. FY26 borrowings were ₹23,755 Cr against equity of ₹76,624 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.

What is UltraTech Cement Ltd's capex?

UltraTech Cement Ltd spent ₹55,721 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹11,382 Cr, with ₹8,276 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is UltraTech Cement Ltd's cash flow?

UltraTech Cement Ltd generated ₹15,316 Cr of operating cash flow in FY26 and ₹3,934 Cr of free cash flow after ₹11,382 Cr of capital spending. Reported profit that year was ₹8,188 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is UltraTech Cement Ltd's profit real cash?

Yes — over the last 3 fiscal years, 174% of UltraTech Cement Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹15,316 Cr against reported profit of ₹8,188 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is UltraTech Cement Ltd in its business cycle?

UltraTech Cement Ltd's FY26 operating margin was 19.0%, against a 13-year band of 17.0%–26.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 20.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the UltraTech Cement Ltd story?

The sharpest disagreement: annual EPS moved +35.2% against a −6.2% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is UltraTech Cement Ltd a stock worth studying right now?

This is not investment advice. The machine read: UltraTech Cement Ltd's earnings have outrun its stock. EPS grew +35.2% in a year against a −6.2% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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