ICICI Securities raised its target price for UltraTech Cement to ₹12,138 from ₹11,900 while keeping its rating at HOLD, according to a Moneycontrol broker-research summary dated September 4, 2026. The increase reflects an estimated contribution from the company’s new wires and cables business, Ultravolt; it is not a change to a BUY recommendation or a promise that the share will reach the target.
What changed in ICICI Securities’ call?
The target increased by ₹238 per share, from ₹11,900 to ₹12,138. The recommendation remained HOLD. The figures are the broker’s time-specific estimates reported by Moneycontrol on September 4, 2026, not a live share price or a forecast guarantee. Moneycontrol’s UltraTech Cement stock page provides market and trading context; check a current quote before interpreting the target as potential upside.
Why did the target rise?
ICICI Securities added a valuation contribution for Ultravolt, UltraTech’s newly launched wires and cables business. The broker summary reports that UltraTech invested ₹18 billion in the venture and aims to build a national brand and become one of the industry’s top two players within five years. Those are reported investment and ambitions, not evidence that the business has already achieved those goals. The broker said Ultravolt was unlikely to materially affect UltraTech’s results immediately.
Ultravolt assumptions behind the estimate
For its valuation, ICICI Securities assumed Ultravolt would generate ₹30 billion in revenue in FY28E, with ₹5 billion in net working capital, and applied a 2.5× price-to-sales multiple. Based on those inputs, it estimated enterprise value of ₹70 billion, equivalent to ₹238 per UltraTech share. These are broker-model assumptions and estimates, not company guidance or realized FY28 results.
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Core cement valuation
The broker summary says ICICI Securities left its core cement-business assumption unchanged and valued that business at 17× FY28E EV/EBITDA. The revised combined target was ₹12,138, compared with ₹11,900 previously. The target therefore incorporates a modelled Ultravolt contribution alongside the broker’s existing cement valuation; it does not establish that either business will deliver the assumptions used.
How to read the HOLD rating alongside the higher target
A higher target price and a HOLD rating are not contradictory: the target is the broker’s valuation estimate, while HOLD is its recommendation. The September 4, 2026 summary reports no upgrade to BUY. Because no current share price is included here, the target alone cannot show how much upside or downside the stock may have at the time you read this.
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Which source reported the target?
The matching item available for this report is a Moneycontrol broker-research summary dated September 4, 2026. The headline supplied with this article names ad-hoc-news.de, but a corresponding item on that site has not been independently verified here. The target, rating and model figures above are therefore attributed to the Moneycontrol summary of ICICI Securities’ research.
The summary does not identify a named analyst or quote an individual. Broker ratings and targets are opinions based on assumptions that can change; they are not individualized investment advice. Consider your own financial circumstances and consult a qualified, certified investment professional before making an investment decision.
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