Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

NSE: ULTRACEMCO· Building MaterialsCore · Aug 26Large cap

UltraTech Cement

Price-setter and consolidator

Last close: ₹10,829.00; 29 Sept 2026 · reference
1D · 1M: −1.8% · −6.6%; price-only
Weight: 2.8%; 31 Jul 2026 · Aug rank 13
Thesis review: 8 Sep 2026; Why We Own, p50

Coverage owner: Research (per book); latest results Q Jun-26Screener ↗Tijori ↗NSE ↗

Analysis · industrial rules · FY21–FY26

What the numbers say

data to 30 Jun 2026

Growth

3.8

Profitability

2.6

Balance sheet

3.1

Cash conversion

4.5

Valuation

2.3

Sales88,512 cr FY26

Net Profit8,166 cr FY26

Operating margin19.2% FY26

ROCE12.1% FY26

Revenue CAGR 3y

11.9%

5y 14.6%

Net profit CAGR 3y

17.3%

5y 8.4%

Operating margin

19.2%

3y avg 17.2%

CFO / PAT, 3y

1.74x

FCF ₹9,541 cr cumulative

ROCE

12.1%

3y avg 11.8%

Debt / equity

0.30x

interest cover 6.8x

Cash conversion cycle

-153 days

-197 days three years earlier

P/E

38.3x

PEG 2.2 on 3y PAT growth

Promoter holding

59.3%

FII 12.9% · DII 19.7%

Growth. Revenue compounded 11.9% a year over FY23–FY26, net profit 17.3%; the latest year grew 16.5% (profit 35.2%). · Tijori P&L, annual
Margins. Operating margin 19.2% in FY26, +2.0 pp against the prior three-year average. · Tijori P&L (OPM)
Cash conversion. Operating cash flow was 1.74x reported profit across the last three years; free cash flow of ₹9,541 cr after capex. · Tijori cash flow vs P&L
Returns on capital. ROCE 12.1% and ROE 10.7% in FY26 (three-year average ROCE 11.8%). · Tijori ratios sheet
Balance sheet. Debt to equity 0.30x, interest covered 6.8x by EBIT in FY26. · Tijori ratios sheet
Working capital. Cash conversion cycle lengthened from -197 to -153 days over three years. · Tijori ratios sheet
Valuation. 38.3x trailing earnings, 19.2x EV/EBITDA, 4.1x book — 2.2x the three-year profit growth rate; dividend yield 2.2%. · Tijori valuation ratios at the latest price
Latest quarter. Q Jun-26: revenue 15.9% YoY, net profit 16.8% YoY; 4 of the last 4 quarters grew revenue year on year. · Tijori quarterly results

Forensic flags · Tijori

Accounting & Shareholding

Contingent Liabilities: Company does not have significant contingent liabilities
Depreciation Effect: Depreciation accounting is not leading to increase in profits
Other Income: Other income is not affecting ratios of the company
Pledge: Promoters have not pledged a significant portion of their holding
Retail Holding: Retail has been buying the stock which is usually a sign of exuberance
Promoter Holding: Promoter has not sold any shares in the last 90 days
Revenue Recognition: Company is converting accounting profit to cash

Price & Performance

Capex vs ROCE: Roce of the company has increased over the last three years
ROE: Asset turnover is responsible for roe increase over last 10 years
Share price: Share price has increased over last 10 years due to earnings
Working Capital: Working capital of the company seems to be under control
Current vs Historic Valuation: Company is trading at a discount to 3yr historic valuations
Debt: Company should not have issues servicing its debt
Sales Growth: Sales of the company has grown at a good pace
Margin Stability: Margins of the company are volatile
ROCE Strength: Roce of the company is not consistently strong
Balance Sheet Strength: Balance sheet of the company is strong. it shouldnt have solvency or liquidity issues

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · UltraTech Cement

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

Metric	Source	Period	Definition	Value	Verdict
Return on equity	Tijori ratio table	FY26	net profit ÷ year-end equity (Tijori)	10.66%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months (Tijori)	10.66%
	House model (one-pager)	FY26	net profit ÷ average equity, standalone	11.10%
Net profit	Tijori P&L	FY26	consolidated, annual	₹8,166 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori P&L	TTM Jun-26	trailing 12 months	₹8,581 cr
	Tijori screener	TTM	trailing 12 months	₹8,581 cr
	House model (one-pager)	FY26	standalone, annual	₹8,188 cr
	Tijori quarterly table	Q Jun-26	single quarter	₹2,599 cr
P/E	Tijori screener	TTM at 2026-09-25	price ÷ trailing EPS	37.90x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori ratio table	FY26 year-end	year-end price ÷ that year's EPS	38.78x
	House model (one-pager)	FY27E	FY27E / FY28E P/E (Buoyant sheet)	43.70x
P/B	Tijori screener	at 2026-09-25	price ÷ book value per share	4.23x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/B	Tijori ratio table	FY26 year-end	year-end price ÷ book value	4.14x
Market cap	BSE master	2026-09-25	BSE full market cap	₹3,28,819 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	latest Tijori refresh	price × shares	₹3,24,073 cr
	House one-pager	31-Jul-26	₹ lakh crore as printed	₹3,49,000 cr
Promoter holding	Tijori screener	latest filing	% of shares	59.33%	One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %	FY24	FY25	FY26
Revenue (₹ cr)	70,908	75,955	88,512
EBITDA (₹ cr)	12,979	12,547	17,004
Net profit (₹ cr)	7,004	6,040	8,188
ROE (%)	n.a.	n.a.	11.1

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source

Income statement (annual)
₹ crore unless %	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Sales	30,979	41,609	42,430	44,726	52,599	63,240	70,908	75,955	88,512	91,884
Operating Expenses	24,833	34,262	33,183	33,158	41,084	52,620	57,940	63,398	71,491	74,259
Raw Material	5,400	6,937	6,876	6,636	8,348	10,233	11,986	13,691	17,085	15,265
Material Cost (%)	17.07	16.78	15.36	15.84	15.14	15.36	16.79	18.04	19.42	16.74
Employee Cost	1,810	2,291	2,520	2,353	2,535	2,739	3,038	3,605	4,162	4,297
Power & Fuel Cost	6,334	9,436	8,517	8,331	12,137	18,491	18,283	18,419	19,597	—
Operating Profit	6,145	7,347	9,247	11,568	11,514	10,620	12,969	12,557	17,020	17,625
Other Income	589	463	651	746	508	503	617	744	578	528
OPM (%)	19.84	17.66	21.79	25.86	21.89	16.79	18.29	16.53	19.23	19.18
Depreciation and Amortisation	1,848	2,451	2,723	2,700	2,715	2,888	3,145	4,015	4,644	4,738
Interest	1,238	1,778	1,992	1,498	945	823	968	1,651	1,872	1,891
Profit Before Tax	3,301	3,468	5,183	7,858	8,364	7,416	9,422	7,528	10,927	11,410
Tax	1,077	1,068	-568	2,539	1,190	2,343	2,418	1,488	2,739	2,829
Net Profit	2,222	2,404	5,755	5,463	7,344	5,064	7,005	6,039	8,166	8,581
Number of shares(Crs)	27	27	29	29	29	29	29	29	29	—
Dividend Payout Ratio(%)	12.98	13.14	6.52	19.55	14.94	21.66	28.85	37.82	86.61	—

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.

Ratios

Sector-appropriate ratios

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Interest Coverage Ratio	7.05	3.67	2.95	3.60	6.25	9.85	10.01	10.73	5.56	6.84
Cash Conversion Cycle	-90.44	-85.87	-94.68	-130.00	-156.00	-192.00	-197.00	-188.00	-181.00	-153.00
Inventory Days	30.93	35.38	29.90	32.21	29.89	29.50	31.16	33.69	36.06	33.54
Days Receivable	23.48	24.83	20.33	20.10	18.06	17.32	17.71	18.37	20.49	20.76
Days Payable	145.00	146.00	145.00	183.00	204.00	239.00	246.00	241.00	237.00	208.00
Debt to Equity Ratio	0.35	0.74	0.75	0.59	0.46	0.20	0.18	0.17	0.33	0.30
Free Cash Flow/Sales (%)	14.35	6.49	10.62	17.35	23.84	7.12	4.69	2.84	2.27	6.56
Free Cash Flow(est) (Crs)	3,641.00	2,011.00	4,418.00	7,362.00	10,664.00	3,743.00	2,963.00	2,013.00	1,723.00	5,805.00
Gross Margin (%)	82.30	82.93	83.22	84.64	84.16	84.86	84.64	83.21	81.96	80.58
Op Profit Margin (%)	20.54	19.84	17.66	21.79	25.86	21.89	16.79	18.29	16.53	19.23
Net Profit Margin (%)	10.70	7.17	5.78	13.56	12.21	13.96	8.01	9.88	7.95	9.23
ROCE (%)	13.32	10.71	8.72	11.41	14.60	14.62	12.12	14.13	9.17	12.05
ROIC (%)	11.16	7.83	6.44	14.07	12.65	14.18	9.64	12.00	7.61	9.63
ROE (%)	11.13	8.42	7.12	14.74	12.37	14.56	9.32	11.63	8.54	10.66
Net Profit Margin (%)	10.70	7.17	5.78	13.56	12.21	13.96	8.01	9.88	7.95	9.23
P/E	40.34	48.79	45.70	16.32	35.60	25.95	43.44	40.16	56.14	38.78
Price to Book	4.49	4.11	3.88	2.41	4.41	3.78	4.06	4.68	4.81	4.14
EV/EBITDA	19.75	18.96	17.21	11.76	17.29	16.67	20.56	21.41	27.09	19.21
Dividend Yield (%)	0.25	0.27	0.29	0.40	0.55	0.58	0.50	0.72	0.67	2.23

General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA. Suppressed for this preset: none.