External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We upgrade UltraTech Cement (UTCEM) to a BUY with a revised target price of INR 12,500/share (17x FY27E consolidated EBITDA)</li><li>The company is poised to deliver 13% consolidated volume CAGR, led by recent acquisitions and ongoing expansions</li><li>Further, various ongoing cost reduction projects and falling fuel prices should bolster UTCEM’s consolidated unit EBITDA to INR 1,278/MT in FY27E (~INR 200/MT improvement over FY24), despite a sharp fall in realisation in FY25E and consolidation of low-margin acquired assets</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We upgrade UltraTech Cement (UTCEM) to a BUY with a revised target price of INR 12,500/share (17x FY27E consolidated EBITDA)The company is poised to deliver 13% consolidated volume CAGR, led by recent acquisitions and ongoing expansionsFurther, various ongoing cost reduction projects and falling fuel prices should bolster UTCEM’s consolidated unit EBITDA to INR 1,278/MT in FY27E (~INR 200/MT improvement over FY24), despite a sharp fall in realisation in FY25E and consolidation of low-margin acquired assetsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement: Strong Volumes and Cost Reduction Outlook. Upgrade to BUY

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Entry into the Wire &amp; Cable business: UTCL has entered the wire and cable business with a capital investment of Rs 1,800 Cr.</li><li>The plant will be set up in Bharuch, Gujarat, with commercial operations expected to commence by December 2026.</li><li>The company aims to cater to the growing demand for wires and cables across residential, commercial, infrastructure, and industrial applications. T</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Entry into the Wire &amp; Cable business: UTCL has entered the wire and cable business with a capital investment of Rs 1,800 Cr.The plant will be set up in Bharuch, Gujarat, with commercial operations expected to commence by December 2026.The company aims to cater to the growing demand for wires and cables across residential, commercial, infrastructure, and industrial applications. TContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement Limited - Company Update Post Entry Into Wire & Cable Business

<ul><li>UltraTech Cement Limited is the cement flagship company of the Aditya Birla Group.</li><li>It is the largest manufacturer of grey cement, ready-mix concrete (RMC),and white cement in India.</li><li>On a consolidated basis its current Cement manufacturing capacity stands at 171 mtpa. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement Limited is the cement flagship company of the Aditya Birla Group.It is the largest manufacturer of grey cement, ready-mix concrete (RMC),and white cement in India.On a consolidated basis its current Cement manufacturing capacity stands at 171 mtpa. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: UltraTech Cement Ltd - 3 February, 2025

<ul><li>Capacity expansion on track: The company’s capacity expansion plan is progressing well.</li><li>Its total grinding capacity currently stands at 165.8 mtpa in India, following the acquisition of India Cement assets.</li><li>The company plans to add a further 6.3 mtpa in FY25, 12 mtpa in FY26, and another 15 mtpa in FY27, bringing its total cement manufacturing capacity to 209.3 mtpa in India, including Kesoram’s 10.8 mtpa. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capacity expansion on track: The company’s capacity expansion plan is progressing well.Its total grinding capacity currently stands at 165.8 mtpa in India, following the acquisition of India Cement assets.The company plans to add a further 6.3 mtpa in FY25, 12 mtpa in FY26, and another 15 mtpa in FY27, bringing its total cement manufacturing capacity to 209.3 mtpa in India, including Kesoram’s 10.8 mtpa. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement Limited - Robust Operating Performance; Retain BUY

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>UltraTech Cement (UTCEM)’s 2QFY25 EBITDA was below our estimate due to higher-than-estimated opex/t.</li><li>EBITDA declined ~21% YoY to INR20.2b (7% miss).</li><li>EBITDA/t declined ~24% YoY to INR725 (est.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement (UTCEM)’s 2QFY25 EBITDA was below our estimate due to higher-than-estimated opex/t.EBITDA declined ~21% YoY to INR20.2b (7% miss).EBITDA/t declined ~24% YoY to INR725 (est.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement - Weak Demand and Pricing Hurt Margin

India

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

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Ultratech Cement (UTCEM IN)

UltraTech Cement: Strong Volumes and Cost Reduction Outlook. Upgrade to BUY

We upgrade UltraTech Cement (UTCEM) to a BUY with a revised target price of INR 12,500/share (17x FY27E consolidated EBITDA)

HDFC Securities

UltraTech Cement Limited - Company Update Post Entry Into Wire & Cable Business

Entry into the Wire & Cable business: UTCL has entered the wire and cable business with a capital investment of Rs 1,800 Cr.

Axis Direct

Pick of the Week: UltraTech Cement Ltd - 3 February, 2025

UltraTech Cement Limited is the cement flagship company of the Aditya Birla Group. It is the largest manufacturer of grey cement, ready-mix...

Axis Direct

UltraTech Cement Limited - Robust Operating Performance; Retain BUY

The company’s capacity expansion plan is progressing well. Its total grinding capacity currently stands at 165.8 mtpa in India, following the...

Axis Direct

UltraTech Cement - Weak Demand and Pricing Hurt Margin

UltraTech Cement (UTCEM)’s 2QFY25 EBITDA was below our estimate due to higher-than-estimated opex/t. EBITDA declined ~21% YoY to INR20.2b (7% miss).

Motilal Oswal

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