UltraTech Cement Share Price: Why the Company Is Betting on Higher Prices as Input Costs Bite After Q2 FY27
- October 21, 2026
- Posted by: Kunal Singla
- Category: News
The UltraTech Cement share price traded at Rs 10,797 on NSE at 12:51 PM IST on 21 Oct 2026, up 1.38% from Rs 10,650, after the Q2 FY27 results announced on 19 Oct. Net profit rose 21.3% to Rs 1,501 crore but missed the LSEG estimate of about Rs 1,705 crore, while the cost of materials and the cost of power and fuel each rose about 24% against net sales growth of 18.9%. I found no management statement in the Q2 sources that says the company is betting on higher prices, so that part of the headline rests on analyst estimates of price hikes.
Quick Answer
The UltraTech Cement share price traded at Rs 10,797 on NSE at 12:51 PM IST on 21 Oct 2026, up 1.4% from Rs 10,650, after falling on 19 Oct when the Q2 FY27 results were announced. Net profit rose 21.3% to Rs 1,501 crore but missed the LSEG estimate of about Rs 1,705 crore, because the cost of materials and the cost of power and fuel each rose about 24% against net sales growth of 18.9%. Operating EBITDA per tonne rose Rs 60 from a year earlier to Rs 974, and JM Financial estimated that average cement prices rose Rs 6 to Rs 7 per bag in late September as producers passed on fuel costs. The stock trades at 35.4 times earnings against an industry figure of 29.1 and about 3.2% below its 50-day average, so price hikes and festive demand are the next tests.
The UltraTech Cement share price opened at Rs 10,822 on 21 Oct and has held between Rs 10,717 and Rs 10,959 so far. On 19 Oct, the day the results were announced, the stock swung between Rs 11,219 and Rs 10,551 and closed at Rs 10,650 on NSE. Business Standard reported a fall of as much as 5.3% from the day’s high, and the Sensex fell 1.17% that day.
This guide to the UltraTech Cement share price covers the live snapshot, the Q2 FY27 numbers, how input costs and price hikes interact, capacity, valuation against peers and the levels to watch. It is educational and not a recommendation to buy or sell any share.
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UltraTech Cement Share Price Today: Live Snapshot
| Item | Reading on 21 Oct 2026 (12:51 PM IST) |
|---|---|
| Previous close of the UltraTech Cement share price | Rs 10,650 on NSE (Rs 10,620.10 on BSE) |
| Open and day low of the UltraTech Cement share price | Rs 10,822 and Rs 10,717 |
| Day high of the UltraTech Cement share price | Rs 10,959 |
| Last traded UltraTech Cement share price | Rs 10,797, up 1.38% (NSE) |
| Volume in the UltraTech Cement share price | About 2.46 lakh shares so far |
| 52-week range of the UltraTech Cement share price | Rs 10,325 to Rs 13,110 |
| Below the 52-week high | About 17.6% (my calculation) |
| Above the 52-week low | About 4.6% (my calculation) |
| 50-day average | Rs 11,153.32, so the price is about 3.2% below it (my calculation) |
| 14-day RSI | 49.2 |
A quote at 1:00 PM IST showed the UltraTech Cement share price at Rs 10,818, up 1.58%, so the rise held into the afternoon. Volume on 19 Oct was about 6.09 lakh shares, which is 2.6 times the average of the six sessions before it (my calculation), so the result day saw real selling.
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Q2 FY27 Results Behind the UltraTech Cement Share Price
| Metric | Q2 FY27 | Change |
|---|---|---|
| Consolidated net profit | Rs 1,501 crore | Up 21.3% from Rs 1,238 crore |
| Profit attributable to shareholders | Rs 1,493.77 crore | Up 21.3%, against LSEG estimate of about Rs 1,705 crore |
| Revenue from operations | Rs 23,295 crore | Up 18.8%, against LSEG estimate of about Rs 22,378 crore |
| Consolidated net sales | Rs 23,024 crore | Up 18.9% from Rs 19,371 crore |
| PBIDT | Rs 3,832 crore | Up 17.3% from Rs 3,268 crore |
| Operating EBITDA per tonne | Rs 974 | Up Rs 60 year on year, as reported by Reuters |
| Domestic grey cement volume | 35.94 million tonnes | Up 13.8% |
| Capacity utilisation | 71% | Up from 66% |
Profit missed by about Rs 211 crore, or 12.4%, while revenue beat the estimate (my calculation from the LSEG figures). Against the June quarter, profit attributable to shareholders fell about 42.5% from Rs 2,599 crore and revenue fell 5.5%, which reflects monsoon disruption and seasonally lower volume of 35.94 million tonnes against 39.2 million tonnes. PBIDT as a share of net sales was about 16.6% against about 16.9% a year earlier (my calculation), so margins slipped slightly even as EBITDA per tonne improved, a mixed picture for the UltraTech Cement share price.
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Input Costs and Cement Prices: The Pressure on the UltraTech Cement Share Price
| Cost line | Q2 FY27 | Change from a year earlier |
|---|---|---|
| Cost of materials consumed | Rs 4,208 crore | Up about 24.4% |
| Power and fuel | Rs 5,511 crore | Up about 24% |
| Total expenses | Rs 21,339 crore | Up 17.8% |
| Net sales for comparison | Rs 23,024 crore | Up 18.9% |
Materials and power and fuel together account for about Rs 9,719 crore, or about 46% of total expenses (my calculation), and both rose faster than sales. That is the squeeze behind the headline. In the June quarter call, management had guided for cost inflation of Rs 130 to Rs 140 per tonne in Q2 from fuel, maintenance shutdowns and seasonality, and the Q2 numbers are consistent with costs running ahead of sales.
JM Financial estimated that average cement prices rose Rs 6 to Rs 7 per bag in the second half of September, and analysts expect further increases after the festive season. At 20 bags of 50 kg to a tonne, that is Rs 120 to Rs 140 per tonne (my calculation), close to the cost inflation management guided for. This is a coincidence of numbers and not a company statement. These are industry estimates and not an UltraTech Cement forecast, and no brokerage target price came with the Q2 reports I read.
Risk: If the price hikes do not hold after the festive season, or if fuel costs rise further, the cost pressure behind the UltraTech Cement share price could carry into Q3.
Capacity, Green Power and Growth Behind the UltraTech Cement Share Price
UltraTech commissioned 3.6 million tonnes a year of integrated capacity at Petnikota in Andhra Pradesh and added 1.0 million tonnes through debottlenecking, taking domestic grey cement capacity to 204.7 million tonnes a year. That reconciles with the 200.1 million tonnes reported after the June quarter (my calculation), although another report I read gave 210.1 million tonnes and I could not reconcile it. Capacity additions matter for the UltraTech Cement share price because volume growth of 13.8% came with utilisation of only 71%. Management had planned capex of about Rs 17,000 crore over two to two and a half years to reach about 242 million tonnes by FY28.
Green power, which includes waste heat recovery and renewables, made up 48% of the power mix, with 1,580 MW of renewable capacity and 444 MW of waste heat recovery. The company also launched Ultravolt, a wires and cables business, which adds a new line beside cement, though its effect on the UltraTech Cement share price is small for now.
Valuation of the UltraTech Cement Share Price Against Peers
| Company | Price to earnings | Return on equity | Dividend yield |
|---|---|---|---|
| UltraTech Cement | 35.42 | 10.66% | 2.26% |
| Shree Cement | 49.18 | 7.49% | 0.67% |
| Ambuja Cements | 17.06 | 7.97% | 0.55% |
| Industry figure | 29.06 | Not stated | Not stated |
The UltraTech Cement share price trades at 35.4 times earnings against an industry figure of 29.1, with 4.25 times book value, earnings per share of Rs 299.80 and debt to equity of 0.31. Market capitalisation is about Rs 3,12,952 crore. The premium to the industry reflects its scale as India’s largest cement maker, while peers sit at both ends of the range.
Risk: A price to earnings ratio is based on trailing earnings, so a profit miss like Q2 can lift the ratio even when the share price falls.
What to Watch Next for the UltraTech Cement Share Price
- Whether the Rs 6 to Rs 7 per bag cement price increase holds after the festive season, which shapes the UltraTech Cement share price outlook
- Fuel and freight cost trends in Q3, since power and fuel is the largest cost line
- A close above the 50-day average of Rs 11,153 or below the 52-week low of Rs 10,325 for the UltraTech Cement share price
- Utilisation and volume as the new Petnikota capacity ramps up, and brokerage target changes after the results
Conclusion
The UltraTech Cement share price is steady after a results-day fall, because profit grew but missed estimates as input costs rose about 24%. Price hikes of Rs 6 to Rs 7 per bag could offset the cost pressure, but that is an analyst estimate and the next quarter’s margins will show whether it holds. Check the company filings and size any position to your own risk limit.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
What is the UltraTech Cement share price today?
Ans. At 12:51 PM IST on 21 Oct 2026 the UltraTech Cement share price was Rs 10,797 on NSE, up 1.38% from Rs 10,650, with a high of Rs 10,959 and a low of Rs 10,717. A quote at 1:00 PM showed Rs 10,818.
Why did the UltraTech Cement share price fall after Q2 results?
Ans. Profit attributable to shareholders was Rs 1,493.77 crore against an LSEG estimate of about Rs 1,705 crore, a miss of about 12.4% (my calculation). Costs of materials and of power and fuel rose about 24%, and the stock fell as much as 5.3% from the day’s high on 19 Oct.
Is UltraTech betting on higher cement prices?
Ans. The headline says so, but I found no management statement in the Q2 sources. JM Financial estimated that prices rose Rs 6 to Rs 7 per bag in late September and analysts expect more hikes after the festive season, which are industry estimates and not company guidance.
What was EBITDA per tonne in the latest quarter for UltraTech?
Ans. Reuters reported operating EBITDA per tonne of Rs 974, up Rs 60 from a year earlier. PBIDT was Rs 3,832 crore, up 17.3% and slower than the 18.9% rise in net sales.
What is the 52-week range of the UltraTech Cement share price?
Ans. The range is Rs 10,325 to Rs 13,110. At Rs 10,797 the stock is about 4.6% above the low and about 17.6% below the high (my calculation).
Is the UltraTech Cement share price expensive?
Ans. It trades at 35.42 times earnings against an industry figure of 29.06, with a return on equity of 10.66% and a dividend yield of 2.26%. That is a premium to the group, though Shree Cement trades higher at 49.18 and Ambuja Cements lower at 17.06.
What should I watch after the UltraTech Cement share price moves?
Ans. Watch whether cement price hikes hold after the festive season, how fuel costs behave and whether the stock can close above its 50-day average of Rs 11,153. Also watch the ramp-up of the Petnikota capacity and brokerage target changes.
Is this article investment advice?
Ans. No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.
