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UltraTech Cement’s Q1 Profit Soars 49% as Brokers Signal Further Upside

Brokerages lifted price targets on UltraTech after its shares dipped following strong Q1 earnings, with robust cost efficiencies and a forecast of sustained double-digit volume growth.

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UltraTech Cement slips after Q1 results; brokerages see up to 18% upside

Overview

  • UltraTech Cement reported a 49% year-on-year rise in consolidated net profit to Rs 2,226 crore for Q1 FY26, as revenue climbed 13% to Rs 21,275.45 crore and sales volumes rose 9% to 36.83 million tonnes.
  • The stock slipped over 2% to around Rs 12,364 on the BSE in the days following the results, reflecting investor caution despite the strong performance.
  • Bank of America, Morgan Stanley, Motilal Oswal, ICICI Securities and Nomura maintained or increased Buy ratings and raised target prices to between Rs 13,900 and Rs 14,600, implying up to 18% upside.
  • Analysts pointed to the successful integration of Kesoram Cement and India Cements assets along with ongoing cost-saving initiatives as key drivers of UltraTech’s margin expansion.
  • Management confirmed guidance for double-digit volume growth in FY26, underpinned by government infrastructure projects and a rebound in both rural and urban housing demand.