ultratech cement share price
May 5, 2026 | Live price, Q4 FY26 record results, capacity milestones, ₹240 special dividend, analyst targets, and everything a serious investor needs to know about ULTRACEMCO stock
There are companies that grow. There are companies that dominate. And then there is UltraTech Cement — a company that in FY26 did something no cement manufacturer outside of China has ever done: crossed 200 million tonnes per annum of installed production capacity. In the same year, it posted its best-ever annual profit, its best-ever operating cash flow, and announced a ₹240 per share dividend — the largest in its history. All of this while the broader Indian market was flat and the cement sector was grappling with pricing pressure, fuel cost volatility from the West Asia conflict, and integration challenges from two back-to-back major acquisitions.
If you are tracking UltraTech Cement share price today — whether you are a long-term investor wondering if the stock has finally turned the corner or a new investor asking whether to enter at current levels — this is the complete article you need before making that call.
UltraTech Cement Share Price Today — Live Snapshot (May 2026)
ultratech cement share price
| Metric | Value |
|---|---|
| Current Price (NSE: ULTRACEMCO) | ₹11,586–₹11,727 |
| Day High / Low | ₹11,727 / ₹11,580 |
| 52-Week High | ₹13,110 |
| 52-Week Low | ₹10,325 |
| Market Cap | ~₹3,41,000–₹3,46,000 Cr |
| P/E Ratio | ~41–49x |
| P/B Ratio | ~4.46–5.24x |
Prices as of May 3–5, 2026. Net Debt/EBITDA: 0.94x | Debt/Equity: 0.28x | Final Dividend: ₹240/share | EPS FY26: ₹277.62 | 1-Year Return: approximately flat to -3%
What Is UltraTech Cement? — The Aditya Birla Giant That Rewrote the Rules
ultratech cement share price
UltraTech Cement Limited (NSE: ULTRACEMCO, BSE: 532538) is the cement flagship of the Aditya Birla Group and the undisputed number one cement company in India — and as of FY26, the largest cement producer in the world outside of China. Incorporated in 2000 and headquartered in Mumbai, UltraTech is a subsidiary of Grasim Industries Limited.
UltraTech is India’s largest manufacturer of grey cement with a 28% share of domestic grey cement capacity, and also the largest producer of ready mix concrete in the country. Yahoo Finance
The company operates 24 integrated units, 1 white cement unit, 3 putty units, 29 grinding units, 8 bulk packaging terminals, and 5 jetties across India, UAE, Bahrain, and Sri Lanka. PitchBook
But the FY26 story is not just about scale — it is about what that scale enables. UltraTech more than tripled its capacity over the last decade, growing from 65 million tonnes in 2016 to crossing 200 MTPA in FY26. The brand integration of both major recent acquisitions — India Cements and Kesoram — was completed 100% by the end of March 2026, ahead of schedule. Unity Small Finance Bank
Q4 FY26 Results — A Quarter and a Year for the History Books
ultratech cement share price
The March 2026 quarter, and FY26 as a whole, delivered results that will be referenced for years in cement sector analysis.
UltraTech Cement’s Q4 FY26 total income rose 11.7% year-on-year to ₹25,887.03 crore. Net profit for the quarter increased 21.2% to ₹3,000.02 crore — and on a sequential basis, PAT surged 73.5% from ₹1,729.44 crore in Q3 FY26. Unionbankofindia
For the full year, the numbers were historic across the board. Annual revenue reached ₹89,089.04 crore compared to ₹76,699.30 crore in FY25 — a 16.2% year-on-year increase. EPS improved significantly to ₹277.62 for FY26 from ₹205.30 in FY25. Tracxn
Consolidated profit after tax rose 36% to ₹8,305 crore — the first time in the company’s history that consolidated PAT crossed the ₹8,000 crore threshold. Operating cash flows grew a remarkable 50% year-on-year to ₹14,398 crore — the strongest in the company’s history. Unity
On volumes, the Q4 performance was equally impressive. Consolidated sales volumes surpassed 44 million tonnes for the quarter, reflecting 19% year-on-year brand growth. Unity Small Finance Bank
The ₹240 Dividend — What It Signals
ultratech cement share price
The Board’s decision to propose a ₹240 per share final dividend deserves special attention — because management itself explained exactly why this number was chosen.
The special dividend is anchored in a confluence of milestones: consolidated PAT crossing the ₹8,000 crore threshold for the first time, domestic grey cement capacity surpassing the landmark 200 MTPA frontier, and operating cash flows growing 50% year-on-year to ₹14,398 crore — the strongest in company history. Management called these “not incremental achievements” but the full fruition of a decade of disciplined capital allocation and bold capacity building. Unity
A ₹240 dividend from a company that historically paid far more modest dividends is a clear signal from the Aditya Birla Group management: the heavy investment phase is substantially behind UltraTech, and the harvest phase has begun.
Key Financial Metrics — Snapshot
ultratech cement share price
| Metric | Value (May 2026) |
|---|---|
| Share Price (NSE) | ₹11,586–₹11,727 |
| Market Cap | ~₹3,41,000–₹3,46,000 Cr |
| Q4 FY26 Revenue | ₹25,887.03 Cr (+11.7% YoY) |
| Q4 FY26 PAT | ₹3,000.02 Cr (+21.2% YoY) |
| FY26 Annual Revenue | ₹89,089.04 Cr (+16.2% YoY) |
| FY26 Annual PAT | ₹8,305 Cr (+36% YoY) — best ever |
| FY26 Operating Cash Flow | ₹14,398 Cr (+50% YoY) — best ever |
| EPS FY26 | ₹277.62 |
| Net Debt/EBITDA | 0.94x |
| Debt/Equity | 0.28x |
| Total Capacity (India) | 200.1 MTPA |
| Global Capacity | 205.5 MTPA |
| Green Energy Mix | 43% of total power |
| Final Dividend | ₹240/share |
The 200 MTPA Milestone — Why This Changes the Story
ultratech cement share price
To understand why FY26 is genuinely a watershed year for UltraTech investors, you need to understand what the 200 MTPA milestone means in practice.
During FY26, the company commissioned 8 MTPA of new capacity across multiple locations. Subsequently, in April 2026, an additional 8.7 MTPA was commissioned — comprising a 2.7 MTPA grinding unit at Shahjahanpur, Uttar Pradesh; a 3.0 MTPA unit at Visakhapatnam, Andhra Pradesh; and a 3.0 MTPA unit at Patratu, Jharkhand. As a result, total domestic grey cement capacity crossed 200 MTPA, standing at 200.1 MTPA. Including its international footprint, global capacity stands at 205.5 MTPA. Unity
The company’s next target is already set. Management confirmed commitment to add an additional 37 million tonnes, targeting total capacity exceeding 242.5 MTPA by fiscal year-end. Unity Small Finance Bank
On the cost side, the green energy push is becoming a genuine financial advantage — not just an ESG talking point. Energy costs declined 3% year-on-year, powered by a higher green power mix of 43% versus 34.4% in the prior year, alongside an expanded alternative fuel and raw material mix. The company’s green energy platform now covers 43% of power requirements, with a target to reach 85% by FY2030 — a trajectory that will structurally lower the cost base relative to competitors who have not invested at this scale. Unity
India Cements Integration — The Synergy Is Playing Out
ultratech cement share price
One of the most watched post-acquisition integration stories in Indian cement concluded successfully in FY26. The India Cements business demonstrated significant operational progress, with its EBITDA per tonne climbing from ₹333 in Q2 to ₹497 by Q4 — a trajectory that, while still below UltraTech’s blended average, shows the acquired business is being meaningfully improved at pace. Unity Small Finance Bank
The South India market dominance that India Cements brings — combined with UltraTech’s existing presence and logistics network in the region — creates a competitive fortress that will be difficult for any rival to contest over the next decade.
UltraTech Share Price Target 2026 — What Analysts Are Saying
ultratech cement share price
Analyst consensus on UltraTech is broadly positive, though the premium valuation at 41–49x earnings keeps target prices measured rather than euphoric.
Pre-results analyst targets from leading brokerages ranged from ₹12,500 to ₹13,500 — implying 8–16% upside from current levels. With the Q4 FY26 results now in — and the numbers beating estimates on both revenue and PAT — several brokerages are expected to revise targets upward in May 2026. Unity
The key debate among analysts is simple: the business is firing on all cylinders, but the stock at 41x+ earnings already prices in a lot of good news. For the valuation to re-rate materially from here, either earnings need to surprise on the upside for multiple quarters, or the market needs to apply a higher multiple to what is now genuinely one of the most competitively advantaged industrial companies in Asia.
Risks Every Investor Must Understand
ultratech cement share price
UltraTech’s FY26 story is strong — but the risks going into FY27 deserve careful attention.
The West Asia conflict is the most immediate external risk. The conflict in West Asia introduced near-term headwinds in fuel costs and supply chains, including a one-time ₹90 crore impact on packaging costs in March 2026. If the geopolitical situation worsens, fuel and logistics costs could remain elevated into FY27 and pressure EBITDA per tonne margins. Unity Small Finance Bank
Cement pricing is the chronic sector-level risk. The Indian cement market has historically struggled to maintain price discipline when capacity additions outpace demand growth. With UltraTech itself adding 37 MTPA more capacity, and other players like Adani Cement and Dalmia also expanding aggressively, any demand slowdown in infrastructure or housing could trigger pricing pressure across the sector.
The debt-equity ratio improved to 0.28 times in FY26 from 0.31 times — a healthy direction — but the net debt-to-EBITDA of 0.94x means the balance sheet, while manageable, is not leverage-free. Further capacity investment at the scale management has guided will require continued strong cash generation to avoid balance sheet stress. Tracxn
And at 41–49x trailing earnings, the stock leaves almost no room for operational disappointment. Any Q1 FY27 miss — particularly on volumes or EBITDA per tonne — could trigger a sharp correction from current levels.
The Bull Case — Why Long-Term Investors Are Staying Put
ultratech cement share price
The bull case for UltraTech as a decade-long compounder is anchored in three structural realities.
First, India’s infrastructure buildout is a multi-decade demand story. The government’s capex push on roads, railways, affordable housing, and urban infrastructure is structural, not cyclical — and cement is the most direct beneficiary of every rupee of construction spending. Second, UltraTech’s scale advantage at 200 MTPA creates cost and logistics efficiencies that smaller players simply cannot match — a moat that widens with every capacity addition. Third, the green energy pivot — from 34.4% to 43% in a single year, targeting 85% by FY2030 — will compress energy costs structurally over the next five years, improving EBITDA per tonne even in a flat pricing environment.
The combination of the largest capacity base in Asia outside China, the cleanest post-acquisition balance sheet in years at 0.94x net debt/EBITDA, and a management that has just returned ₹240 per share to shareholders — tells the story of a company that has earned the right to its premium valuation.
Should You Buy, Hold, or Wait on ULTRACEMCO Stock?
ultratech cement share price
Long-term investors: UltraTech at ₹11,586–₹11,727 is a 5–10 year India infrastructure compounder. The 200 MTPA milestone, ₹8,000+ crore annual profit, and 50% cash flow growth make this a quality holding for any serious long-term portfolio. The 12% discount to the 52-week high of ₹13,110 offers a reasonable entry for patient capital.
Short-term traders: The stock is range-bound between ₹10,325 (52-week low) and ₹13,110 (52-week high). A decisive breakout above ₹12,000 on strong volume — potentially driven by post-results analyst upgrades — would be the signal to watch for a momentum trade.
SIP investors: Given the premium valuation, systematic monthly accumulation at current levels is more logical than a lump-sum entry. The ₹240 dividend record date is worth tracking for those who want income alongside growth.
How to Buy UltraTech Cement Shares
ultratech cement share price
Open a Demat and Trading account with any SEBI-registered broker — Zerodha, Groww, Dhan, INDmoney, Kotak Neo, or Angel One. Search for NSE ticker ULTRACEMCO or BSE code 532538. Place a market order, limit order, or set up a monthly stock SIP for systematic accumulation over time.
Disclaimer: This article is for informational and educational purposes only. Share prices, analyst targets, and financial data are sourced from publicly available information as of May 2026 and are subject to change. This does not constitute investment advice. Please consult a SEBI-registered financial advisor before making any investment decisions. Past performance is not indicative of future returns.
