UltraTech Cement has reported strong quarterly numbers in Q1FY26. The brokerages have a positive stance on the stock following the results. Except for Nuvama, which raised the target price by 15%, brokerages maintained their rating on the stock. Here’s a detailed analysis of what brokerages said about UltraTech Cement.
Nuvama on UltraTech Cement: Raised target price by 15%
Nuvama Institutional Institutes maintained its ‘Hold’ rating on UltraTech Cement. The brokerage raised the target price by 15% to Rs 13,628 from Rs 11,859.
“Factoring in UltraTech Cement’s healthy growth plans and improving price outlook, we are raising the enterprise value by EBITDA target to 19x from 18x,” said Nuvama.
ALSO READUltraTech Cement Q1 results: Profit up by 48 per cent, revenue at Rs 21,275 crore
UltraTech Cement reported 10% YoY consolidated volume growth in Q1FY26 (grey cement domestic growth: 9% YoY). Cement prices are holding steady in a seasonally weak quarter. The management expects double-digit volume growth in FY26.
Motilal Oswal on UltraTech Cement: Continue to gain market share
Motilal Oswal expects that UltraTech Cement is likely to continue gaining market share with its robust capacity expansion and increasing scale of operations. Plus, it estimates the company’s net debt to decline to Rs 3,000 crore compared to Rs 16,340 crore as of June 2025 and net debt-to-EBITDA ratio at 0.1x by FY28 as against 1.2x as of June 2025.
The domestic broker maintained its ‘Buy’ rating on the cement stock, with a target price of Rs 14,600.
The brokerage firm expects CAGR growth of revenue 14%, EBITDA 25%, and net profit 30% over FY25-FY28.
Elara Capital on UltraTech Cement: Well-placed to outperform industry growth
Elara Capital maintained its positive stance on the stock as it believes UltraTech Cement is well-placed to outpace industry growth. The growth is backed by continued capacity addition, ramp-up in the recently added capacity through organic route and smooth integration of Kesoram Cement and India Cement.
The brokerage retained its ‘Accumulate’ rating with a higher target price of Rs 14,088.
ALSO READUltraTech Cement Q4 Results: Profit rises by 9.92% to Rs 2,482.04 crore; Rs 77.50 dividend declared
Ultratech Cement’s Q1FY26 consolidated EBITDA declined 5% QoQ, but increased 46% YoY to Rs 4,400, on the back of cost reduction and healthy growth in volume and realisation.
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