Buy UltraTech Cement; target of Rs 13,220: Motilal Oswal
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Motilal Oswal issued a buy rating for UltraTech Cement with a target price of Rs 13,220.
- ✓The company reported strong 2QFY27 earnings, as consolidated revenue grew 19 percent.
- ✓While input costs remain high, management said they remain constructive on the medium-term cement demand outlook as prices strengthened in Sep-Oct 2026.
Story at a Glance
- Category
- BUSINESS
- Reported By
- MoneyControl
- Reading Speed
- 1 Minute(s)
- Market Focus
- India Economy
Motilal Oswal's research report on UltraTech Cement UltraTech Cement (UTCEM) reported in-line 2QFY27 earnings, led by strong volume growth. Consolidated revenue/EBITDA increased ~19%/20% YoY to INR233b/INR37b. EBITDA/t increased ~7% YoY to INR974 (est. INR948). OPM expanded ~20bp YoY to ~16%. Adjusted PAT grew ~22% YoY to INR15b. Management remains constructive on the medium-term cement demand outlook. Cement prices strengthened in Sep-Oct'26, resulting in spot prices increasing ~5% vs.
2QFY27 average. However, near-term cost pressure persists due to elevated input material costs. The company is evaluating its next phase of organic capacity expansion beyond 240mtpa (by FY28E), with detailed plans to be announced before FY27-end.
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