UltraTech is the 3rd largest cement company in the world (excluding China) and holds 28% of India's grey cement capacity. The company recently acquired a majority stake in India Cements in December 2024 for ₹7,096.35 crore, strengthening its market consolidation strategy in a fragmented Indian cement market.
Cyborg Score Rationale
Market leadership position with 28% capacity share and strong financial metrics (₹759.55B revenue FY2024). Recent India Cements acquisition demonstrates strategic growth execution. However, commodity price exposure and regulatory challenges temper upside.
Top Insights
December 2024 acquisition of majority stake in India Cements for ₹7,096.35 crore strengthens market consolidation
FY2024 revenue grew 7.12% to ₹759.55B but earnings declined 13.79% to ₹60.39B due to cost pressures
Q2 FY26 net profit surged 75.23% YoY to ₹1,231.58 crore, signaling margin recovery
Market cap ₹3,68,717 crore with 0.62% dividend yield; ROCE improved to 10.9% over last period
Named Competitors
Ambuja Cements — Second-largest Indian cement producer; acquired by Holcim
ACC Limited — Historic cement player; part of Holcim group; focuses on quality premium
Dalmia Bharat — Eastern India focused cement producer; expanding capacity
India Cements — South India focused; now majority-owned by UltraTech
Recent Developments
(February 2026) India Ratings affirmed UltraTech issuer and NCDs at IND AAA/Stable
(February 2026) Investor meeting with Climate Action 100+ for ESG update
(February 2026) Fitch affirmed long-term IDRs at BBB- with stable outlook
(December 2024) Acquired majority stake in India Cements
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