UltraTech Cement shares are expected to stay in the spotlight on Tuesday after the company reported better-than-expected earnings for the June quarter. The results showed a 17.2% increase in consolidated net profit to ₹2,604 crore and a 15.8% rise in revenue to ₹24,648 crore.
On Monday, the stock closed 1.5% higher at ₹11,903. Despite this gain, the share price has been largely flat for the year, while the Nifty 50 fell 7.3%.
The company’s EBITDA grew 13.7% to ₹5,016 crore, and grey cement volumes rose 13.1% year‑on‑year to 39.17 million tonnes. Operating EBITDA per tonne improved to ₹1,214.
Jefferies kept its Buy rating and set a target price of ₹14,065, indicating more than 18% upside from Monday’s close. The brokerage praised the company’s strong execution and higher EBITDA.
Jefferies expects cement prices to remain stable during the monsoon and projects double‑digit volume growth for FY27, with EBITDA per tonne rising modestly. It also foresees an EBITDA of ₹1,400 per tonne by Q4 FY28.
CLSA retained a High Conviction Outperform rating with a target of ₹14,000. It highlighted the 13% volume growth and EBITDA per tonne of ₹1,183, both above estimates.
CLSA also noted cost guidance, with management forecasting a cost increase of ₹130‑140 per tonne in Q2, lower than the usual seasonal jump of over ₹200 per tonne. The brokerage remains optimistic about medium‑term earnings, driven by capacity expansion, margin improvement, stronger return on capital employed, and healthy free cash flow.
Overall, UltraTech Cement’s robust performance and positive broker sentiment keep the stock under close observation for investors.