Price-setter and consolidator
| Peer | Status | P/E | ROE | Mkt cap | Why we do not hold it (approved text) | Links |
|---|---|---|---|---|---|---|
| UltraTech Cement | Held | 37.95 | 10.66% | 3.24 L Cr | Price-setter and consolidator | |
| Ambuja Cements | Not held | n/a | n/a | n/a | 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. | Screener · Tijori |
| ACC | Not held | n/a | n/a | n/a | 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. | Screener · Tijori |
| Shree Cement | Not held | n/a | n/a | n/a | 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. | Screener · Tijori |
Peer numbers are shown only where the peer is in the security master (fundamentals pulled); "n/a" otherwise — a peer is not added to the data pull without a research request. Reasons are quoted from the one-pager (8 Sep 2026).
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.
All sectors we avoid or underweight →UltraTech (2.8%, Core) is the price-setter: 200+ mtpa after Kesoram and India Cements, a 2–3x cost advantage over marginal players, net debt falling from FY27 and EBITDA/t heading back above ₹1,300 as synergies land; 34x FY28E for a 13% sheet EPS CAGR with EBITDA/t recovery as the upside. Dalmia Bharat (2.4%, Value) is 55 mtpa of well-located south/east capacity heading to ~67 mtpa by FY28 (110–130 mtpa by FY31), trading at an EV/t that is roughly half UltraTech's; a 6% ROE today is the cycle, not the franchise.
| Cement Production - Market Share | 31.97 % | as of Mar 25 |