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Re:

UltraTech Cement Stock at ₹10,675 and a P/E of 36.8: What Investors Should Know

UltraTech reported strong FY26 growth and Q1 FY27 results, but the supplied ₹10,675 price and P/E of 36.8 need dated verification and a defined earnings basis.
From TheFinanceBase Team5 min to read
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The supplied snapshot pairs UltraTech Cement at ₹10,675.00 with a P/E of 36.8, but neither figure is verified here as a current, date-matched market quote and valuation. The company’s latest reported results in the available data are for Q1 FY27, ended June 30, 2026: consolidated net sales were ₹24,465 crore, PBIDT ₹5,146 crore and profit after tax ₹2,604 crore. Those results show operating scale and recent growth; they do not, by themselves, establish whether the share is overvalued or a buy.

What do the ₹10,675 price and P/E of 36.8 mean?

They are the values supplied in the title, not a confirmed live quote and valuation pair. A share price is meaningful only with its exchange and quote date. A P/E ratio also needs a defined earnings basis: trailing or forward earnings, standalone or consolidated accounts, and treatment of exceptional items can all change the figure.

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A secondary search-result excerpt showed a ₹10,679 close for October 9, 2026, but the page could not be retrieved. That is not enough to validate ₹10,675.00 or establish the basis of 36.8. Before relying on either value, check a dated exchange or trusted market-data source and confirm that the P/E uses the same date and a clearly stated earnings measure. Without those details, 36.8 cannot support a sound comparison with peers or a firm conclusion about fair value.

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What does UltraTech Cement do?

UltraTech is Aditya Birla Group’s cement flagship. Its businesses include grey cement, ready-mix concrete, white cement sold under the Birla White name, and wall-care putty. This mix gives the company activity beyond bagged grey cement, but the available figures do not establish how much each business contributes to earnings.

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The company’s April 2026 results reported domestic grey cement capacity of 200.1 million tonnes per annum (MTPA) after commissioning in April, and global capacity of 205.5 MTPA including its international footprint. Capacity indicates the scale of its production base; actual sales and utilization determine how much of that capacity is being used.

What do the latest reported results show?

FY26: record reported financial results

For the year ended March 31, 2026, UltraTech reported consolidated net sales of ₹87,384 crore, up from ₹74,936 crore in FY25. PBIDT—profit before depreciation, interest, taxes and other items as defined by the company—was ₹17,598 crore, compared with ₹13,302 crore a year earlier. Profit after tax (PAT) before exceptional items was ₹8,305 crore, against ₹6,115 crore.

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The company reported FY26 revenue growth of 17% and PBIDT growth of 32% over FY25. Net debt-to-EBITDA stood at 0.94x on March 31, 2026. These are historical company-reported results, not a forecast of future performance.

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Q4 FY26: volumes, utilization and unit economics

In Q4 FY26, UltraTech reported net sales of ₹25,467 crore, PBIDT of ₹5,688 crore and PAT excluding exceptional items of ₹3,011 crore. Indian grey cement sales volume was 42.41 million tonnes, up 9.3% year over year, while reported capacity utilization was 89%. Operating PBIDT per tonne was ₹1,253 and the operating margin was 22%.

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Q1 FY27: the latest quarter in the available results

For the quarter ended June 30, 2026, consolidated net sales were ₹24,465 crore, PBIDT ₹5,146 crore and PAT ₹2,604 crore. Domestic sales volume reached 39.2 million tonnes, up 13.1% year over year. Utilization was 81% against stated installed domestic capacity of 200.1 MTPA. Operating EBITDA per tonne was ₹1,214, compared with ₹1,198 in the corresponding prior-year quarter.

Q4 and Q1 are different quarters with different seasonal and operating conditions; comparing their headline figures alone is not a like-for-like trend. For a valuation assessment, investors need to follow results across comparable periods and look at volumes, realizations, costs and utilization alongside profit.

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How do expansion and energy investment affect the outlook?

Capacity growth is a plan as well as a competitive strength

UltraTech reported FY26 capital expenditure of ₹9,600 crore and more than ₹16,000 crore of projects under execution over three years, with a stated goal of taking capacity above 240 MTPA. The 240 MTPA figure is a target, not operating capacity already commissioned. Expansion can support future volume growth, but it also requires capital and timely project execution; the available evidence does not quantify the returns those projects will earn.

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Green energy is material, but savings are not established

In an October 5, 2026 announcement, UltraTech said captive installed green energy capacity had reached 2,024 MW: 1,580 MW of renewable energy and 444 MW of waste heat recovery. It said this met about 48% of current power requirements. The milestone may be relevant to energy exposure, but it does not by itself prove a specific reduction in costs, emissions or future earnings.

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What could make the share valuation more or less attractive?

A P/E of 36.8, if confirmed, should be read against the earnings basis used and the company’s prospects and risks—not as a verdict on its own. A useful assessment considers whether earnings growth can support the valuation, how much expansion costs, and whether operating performance remains resilient as inputs and market conditions change.

  • Volume and realization: sales growth matters, but investors should assess pricing and the mix of markets and products as well as tonnes sold.
  • Unit economics and input costs: PBIDT or EBITDA per tonne helps show operating performance per unit. UltraTech’s FY26 release cited upward pressure on fuel prices, packaging materials, diesel and ocean freight; the available data does not quantify the effect of each input.
  • Utilization and capacity execution: higher capacity is valuable only if projects are completed and demand supports profitable use of the additional supply.
  • Leverage and capital allocation: the reported 0.94x net debt-to-EBITDA provides a dated FY26 measure, while expansion commitments and subsequent borrowing can change the picture.
  • Comparable valuations: compare P/E and, where suitable, enterprise value to EBITDA with listed cement peers using the same quote date, earnings period, accounting basis and treatment of exceptional items. No consistent, dated peer valuation set is available here, so a numerical ranking would be unsupported.

Company growth, capacity plans and historical results are not guarantees of future earnings or share-price performance. The available information does not establish a current target price, analyst consensus or defensible fair value.

What should an investor verify before acting?

  1. Check the share price on a reliable dated market-data source and record the exchange and quote date.
  2. Confirm the P/E’s source and whether it is trailing or forward, standalone or consolidated, and based on earnings before or after exceptional items.
  3. Use results for matching periods to assess earnings, sales volumes, utilization, unit economics and debt rather than treating a single quarter as a trend.
  4. Check for results released after Q1 FY27 before treating it as the latest reporting period. The company’s investor calendar had scheduled September 30, 2026 half-year results for the end of October.
  5. Distinguish completed capacity and reported results from projects under execution and management targets.

Dividend status: recommended, not confirmed as paid

For FY26, the board recommended a special dividend of ₹240 per share on a ₹10 face-value share, subject to shareholder approval. The recommendation alone does not establish that the dividend was approved or paid; check a subsequent company disclosure for its status.

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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

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