UltraTech Cement Results: Net profit jumps by 40% in Q3, Here are the latest stock targets

Synopsis: UltraTech Cement Ltd shares rose 4% after Q3 results, with revenue up 23% YoY to ₹21,830 crore and net profit up 27% YoY to ₹1,729 crore, along with brokerage views on the results and operations.

The shares of a Large-cap company specialising in the manufacturing and sale of cement, ready-mix concrete (RMC), and white cement, are in focus following their Q3 results, and let’s also see the Brokerage viewpoints on the results.

With a market capitalization of Rs. 3,73,505.85 Crores on Tuesday, the shares of UltraTech Cement Ltd jumped upto 3.7 percent, reaching a high of Rs. 12829.40 compared to its previous close of Rs. 12368.30.

What Happened

UltraTech Cement Ltd, engaged in the manufacturing and sale of cement, ready-mix concrete (RMC), and white cement, is in the spotlight today as it has announced its Q3 results as follows:

Its Revenue from operations rose by 23 percent YoY from Rs. 17,779 Crores in Q3FY25 to Rs. 21,830 Crores in Q3FY26, and it rose by 11 percent QoQ from Rs. 19,607 Crores in Q2FY26 to Rs. 21,830 Crores in Q3FY26.

Its Net Profit YoY rose by 27 percent from Rs. 1,363 Crores in Q3FY25 to Rs. 1,729 Crores in Q3FY26, and on a QoQ basis, it rose by 40 percent from Rs. 1,238 Crores in Q2FY26 to Rs. 1,729 Crores in Q3FY26. The earnings per share (EPS) for the quarterly period stood at Rs. 58.66, compared to Rs. 46.21  in the previous year’s quarter.

Morgan Stanley maintains an Overweight rating on UltraTech Cement with a target price of Rs 14,100 with an upside potential of 12 percent from yesterday’s close. Strong volume growth continues to drive deliveries, although realizations were slightly softer, primarily in non-trade segments.

Volumes Market share gains, cost-saving initiatives, and economies of scale remain key drivers for the company. UltraTech stands out as a preferred cement play, backed by a robust earnings compounding story.

Jefferies maintains a Buy on UltraTech Cement and raises the target price to Rs 14,750 from Rs 14,700 with an upside potential of almost 17 percent from yesterday’s close. The strong quarterly beat was driven by both volume growth and higher unit EBITDA. Consolidated volumes grew 15% YoY on a like-for-like basis, supported by improving industry demand, compared to 4–5% growth in H1FY26.

Unit EBITDA rose sequentially due to strong operating leverage, despite weak pricing. Management noted improving prices in January amid robust demand and expects further EBITDA improvement in the March quarter. UltraTech continues to target a capacity of 235 MTPA by FY28, underscoring its long-term growth strategy.

Company Overview & Others

UltraTech Cement Limited is the cement flagship company of the Aditya Birla Group. It is the largest manufacturer of grey cement and ready-mix concrete (RMC) and one of the largest manufacturers of white cement in India. It is the second-largest cement company globally by capacity and the largest by sales volume (excluding China).

UltraTech is the only cement company globally (outside of China) to have 175+ MTPA of cement manufacturing capacity in a single country. The Company’s business operations span the UAE, Bahrain, Sri Lanka, and India.

It has a consolidated capacity of 194.06 Million Tonnes Per Annum (MTPA) of grey cement. UltraTech has 34 integrated manufacturing units, 34 grinding units, one Clinkerisation unit and 10 Bulk Packaging Terminals. UltraTech has a network of over 1.45 lakh channel partners across the country and has a market reach of more than 80% across India.

The company demonstrates solid financial performance with a Return on Capital Employed (ROCE) of 10.9% and a Return on Equity (ROE) of 9.29%, indicating efficient use of capital and equity to generate profits. Its debt-to-equity ratio of 0.35 reflects a conservative capital structure with manageable leverage. Additionally, the firm maintains a healthy dividend payout of 29.4%, signalling consistent shareholder returns alongside sustainable growth.

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