UltraTech Cement Ltd. share price target

UTCEM allocates Rs18bn (~2% of capital allocation) in the building material value chain by investing in wire and cable business

We recommend a BUY on the stock for a target price of Rs 12,385 implying an upside of 10% from CMP

UltraTech Cement (UltraTech) reported broadly in-line standalone revenue at Rs. 16,328 crore (up 1.2% y-o-y) for Q3FY2025, led by strong volume growth of 10.6% y-o-y, while blended realizations were lower 8.5% y-o-y. Blended standalone EBITDA/tonne stood at Rs. 965, down 20.2% y-o-y while a good improvement of 31.9% q-o-q.

We maintain our BUY recommendation on the stock.

Healthy 10% YoY volume growth aids flat topline despite 9% dent in realisations in a challenging Q3; capacity utilisation at ~76%

UltraTech Cement’s (UTCEM) 3QFY25 operating performance was in line with our estimate, with EBITDA standing at INR28.9b (declined 11% YoY). EBITDA/t stood at INR951 (-20% YoY; vs. est. INR925).

We maintain our BUY rating on the stock with a TP of Rs 12,000/share, implying an upside potential of 10% from the CMP.