Price-setter and consolidator
UltraTech Cement is the cement flagship company of the Aditya Birla Group. A building solutions powerhouse, UltraTech 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 third largest cement producer in the world, excluding China. The Company’s business operations span UAE, Bahrain, Sri Lanka and India. In the white cement segment, UltraTech goes to market under the brand name of Birla White. Its Building Products business is an innovation hub that offers an array of scientifically engineered products to cater to new-age constructions.
UltraTech Cement Limited, together with its subsidiaries, engages in the manufacturing, marketing, and distribution of building materials in India and internationally. It offers grey cement, including ordinary Portland, composite, and weather plus, as well as Portland pozzolana, pozzolana super, and slag cement; white cement, wall care putty, and value-added products; and ready-mix concrete. The company also provides tile adhesives, gouts, cleaners, and fixing accessories; waterproof coatings, preformed membranes, and repair and integral waterproofing solutions; and ready-mix plasters and industrial and precision grouts. It also provides building solutions and support services; and infrastructure solutions, such as decorative, durability multiplayer, smart repair, advance structural, and floor and slab solutions. The company was formerly known as UltraTech CemCo Limited and changed its name to UltraTech Cement Limited in October 2004. UltraTech Cement Limited was incorporated in 2000 and is based in Mumbai, India. The company operates as a subsidiary of Grasim Industries Limited.
Key people: Mr. Kailash Chandra Jhanwar B.Com, C.S (Inter), FCA (MD & Whole-time Director) · Mr. Vivek Agrawal B.Tech., M.B.A. (Whole-time Director & Chief Marketing Officer) · Mr. Jayant Dua (Designate MD) · Mr. Atul Daga (Business Head & Chief Financial Officer) · Mr. Pramod Rajgaria (President of International Operations) · Mr. Mukesh B. Agarwal (Executive President of Corporate Finance Division)
Ultratech Cement major competitors are Grasim Industries, Ambuja Cements, Shree Cement, JK Cement, Dalmia Bharat, ACC, The Ramco Cements. Market Cap of Ultratech Cement is ₹3,25,886 Crs. While the median market cap of its peers are ₹39,086 Crs.
Ultratech Cement seems to be financially stable compared to its competitors.The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
India's largest cement producer (Aditya Birla group) with 200.1 mtpa of domestic grey-cement capacity and 205.5 mtpa globally after absorbing India Cements and Kesoram's cement business; it also runs the country's largest ready-mix concrete network (Q1FY27 RMC revenue Rs 2,235 cr, +22%) and white cement/putty (Birla White). With ~41 mt of quarterly volumes it holds roughly a quarter of Indian cement sales and is targeting 242.5 mtpa by FY28; it is also entering wires and cables (Rs 1,800 cr investment, launch Q3FY27).
TTM P/E 38.4x and 4.39x book (screener, 7-Sep-2026); stock is down 9% over one year. 5-year average multiple not sourced. EV/EBITDA n.m.; dividend yield 2.1%.
| Ambuja Cements | Ambuja trades at ~21x P/E but on an 8.9% ROE / 5.6% ROCE with FY26 profit flattered by other income; the Adani-group integration of ACC/Sanghi/Penna is still in progress, whereas UltraTech's EBITDA/tonne of Rs 1,214 is already best-in-class. |
| ACC | ACC is optically cheap at ~12.5x P/E with 10.9% ROE, but it is a subsidiary inside the Adani cement structure with limited standalone strategy and no capacity leadership; UltraTech is the price-setter in most markets. |
| Shree Cement | Shree trades at ~52x TTM P/E with a 7.5% ROE and FY26 PAT of Rs 1,749 cr on Rs 20,943 cr sales; UltraTech offers a lower multiple (38x TTM), a higher ROE and a far more diversified regional footprint. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Building Materials — 5.3%: consolidation, not capex faith
Cement is the one capex-linked industry where we are comfortable being large, because the investment case is about industry structure, not order books. Two groups — UltraTech (200+ mtpa) and Adani (~109 mtpa) — now control ~309 mtpa against 126 mtpa in 2016, and a fragmented industry that could never hold prices is becoming a duopoly-led one that can. Demand is solid: production rose 9.8% in CY2025 to 481 mt and ICRA expects 6–7% growth in FY27 on housing, roads and irrigation. Supply is the debate — 47–49 mtpa was added in FY26 and 35–37 mtpa follows in FY27 with utilisation around 70–72% — which is why all-India prices are flat at ₹349/bag and the ₹10/bag hikes attempted in August have not stuck. We are not underwriting a price boom; we are underwriting that the two leaders take share and keep costs falling (UltraTech's EBITDA/t of ₹1,214 versus Ambuja's ₹931 in Q1FY27 is the moat in one number), and that Dalmia's south and east capacity is worth far more than 30x depressed earnings implies.
Ambuja/ACC is the other consolidator but the Adani group's integration and cost delivery are lagging (EBITDA/t down 13% YoY) and the holding-company structure adds complexity; Shree Cement is the most efficient north Indian producer but trades at 50x+ on a self-imposed growth cap; JK Cement and Ramco are regional stories at leader-like multiples. Among pipes (in our Industrials bucket) we own Astral over Supreme (PMS) because the CPVC-led mix and adhesives optionality offer more growth for a similar price.
| Cement Production - Market Share | 31.97 % | as of Mar 25 |