{"id":324554,"date":"2026-10-22T15:40:40","date_gmt":"2026-10-22T10:10:40","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=324554"},"modified":"2026-10-22T15:40:40","modified_gmt":"2026-10-22T10:10:40","slug":"ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead\/","title":{"rendered":"UltraTech Cement Share Price Down 11% in a Year: InCred Equities Says Recovery Ahead"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>UltraTech Cement share price was Rs 10,937 at 1:19 PM IST on 22 Oct 2026, up Rs 88 or 0.81% from the previous close of Rs 10,849, and is down about 11% over one year according to the headline. InCred Equities is reported to stay bullish. I could not find the InCred note itself, so its target is not given here. Q2 FY27 profit rose 21.3% to Rs 1,493.77 crore.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">UltraTech Cement share price is down about 11% in a year, but brokerages see a recovery driven by better cement prices and rising volumes. Q2 FY27 profit rose 21.3% to Rs 1,493.77 crore on revenue of Rs 23,295.07 crore, although profit missed a market estimate of Rs 1,705 crore. Seven brokerages quoted by one report have targets between Rs 13,000 and Rs 14,623, which is about 19% to 34% above Rs 10,937 by my calculation. The stock trades near 36 times trailing earnings, so a recovery depends on cement price hikes holding through the second half.<\/p>\n<\/p><\/div>\n<p>UltraTech Cement share price has lagged the market over the past year even though the company keeps growing volumes, because cement prices and fuel costs have squeezed margins. InCred Equities is among the brokerages that stay positive, arguing that the fall has created room for a recovery as pricing improves.<\/p>\n<p>This article on UltraTech Cement share price sets out the latest Q2 FY27 numbers, what brokerages say, the valuation, the pricing outlook and the risks. It is educational and not a recommendation to buy, and I flag every point I could not verify.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead\/#UltraTech_Cement_Share_Price_Today\" title=\"UltraTech Cement Share Price Today\">UltraTech Cement Share Price Today<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead\/#UltraTech_Cement_Share_Price_and_the_Q2_FY27_Results\" title=\"UltraTech Cement Share Price and the Q2 FY27 Results\">UltraTech Cement Share Price and the Q2 FY27 Results<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead\/#What_Brokerages_Say_About_the_UltraTech_Cement_Share_Price\" title=\"What Brokerages Say About the UltraTech Cement Share Price\">What Brokerages Say About the UltraTech Cement Share Price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead\/#Why_the_UltraTech_Cement_Share_Price_Has_Lagged\" title=\"Why the UltraTech Cement Share Price Has Lagged\">Why the UltraTech Cement Share Price Has Lagged<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead\/#Cement_Prices_and_the_Recovery_Case_for_UltraTech_Cement_Share_Price\" title=\"Cement Prices and the Recovery Case for UltraTech Cement Share Price\">Cement Prices and the Recovery Case for UltraTech Cement Share Price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead\/#UltraTech_Cement_Share_Price_Valuation\" title=\"UltraTech Cement Share Price Valuation\">UltraTech Cement Share Price Valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead\/#UltraTech_Cement_Share_Price_Buy_Hold_or_Wait\" title=\"UltraTech Cement Share Price: Buy, Hold or Wait?\">UltraTech Cement Share Price: Buy, Hold or Wait?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead\/#What_to_Watch_Next_on_the_UltraTech_Cement_Share_Price\" title=\"What to Watch Next on the UltraTech Cement Share Price\">What to Watch Next on the UltraTech Cement Share Price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead\/#Why_is_the_UltraTech_Cement_share_price_down_11_in_a_year\" title=\"Why is the UltraTech Cement share price down 11% in a year?\">Why is the UltraTech Cement share price down 11% in a year?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead\/#What_did_InCred_Equities_say_about_UltraTech_Cement\" title=\"What did InCred Equities say about UltraTech Cement?\">What did InCred Equities say about UltraTech Cement?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead\/#What_were_the_Q2_FY27_results_of_UltraTech_Cement\" title=\"What were the Q2 FY27 results of UltraTech Cement?\">What were the Q2 FY27 results of UltraTech Cement?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead\/#What_is_the_target_price_for_UltraTech_Cement_share_price\" title=\"What is the target price for UltraTech Cement share price?\">What is the target price for UltraTech Cement share price?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead\/#Is_the_UltraTech_Cement_share_price_expensive\" title=\"Is the UltraTech Cement share price expensive?\">Is the UltraTech Cement share price expensive?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead\/#What_is_the_biggest_risk_to_the_UltraTech_Cement_share_price\" title=\"What is the biggest risk to the UltraTech Cement share price?\">What is the biggest risk to the UltraTech Cement share price?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead\/#What_EBITDA_per_tonne_does_UltraTech_Cement_aim_for\" title=\"What EBITDA per tonne does UltraTech Cement aim for?\">What EBITDA per tonne does UltraTech Cement aim for?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/ultratech-cement-share-price-down-11-percent-in-a-year-incred-equities-sees-recovery-ahead\/#Is_this_article_investment_advice\" title=\"Is this article investment advice?\">Is this article investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"UltraTech_Cement_Share_Price_Today\"><\/span><strong>UltraTech Cement Share Price Today<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">UltraTech Cement share price: point<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Level on 22 Oct 2026<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Previous close<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 10,849<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Open<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 10,815<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Day high<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 10,976<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Day low<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 10,651<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price at 1:19 PM<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 10,937, up 0.81%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Market capitalisation<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 3,18,582 crore<\/td>\n<\/tr>\n<\/table>\n<p>The stock has recovered from the day low of Rs 10,651 and is trading near the high, which is a firm sign on a day when the Sensex was lower. It traded at Rs 10,845 on 21 Oct after the Q2 results and touched Rs 10,959 that morning, so the stock has held roughly the same range for two sessions. The headline puts the fall over one year at about 11%, which implies a price near Rs 12,300 a year ago (my calculation); I could not confirm the 52-week range from a source.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Track cement and infrastructure stocks on the Univest screeners page<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"UltraTech_Cement_Share_Price_and_the_Q2_FY27_Results\"><\/span><strong>UltraTech Cement Share Price and the Q2 FY27 Results<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">UltraTech Cement share price: Q2 FY27 metric<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Q2 FY26<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Q2 FY27<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Change<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Revenue from operations (Rs crore)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">19,606.93<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">23,295.07<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 18.8%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">PBIDT (Rs crore)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">3,268<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">3,832<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 17.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">PBIDT margin on net sales<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">16.9%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">16.6%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Down about 23 basis points<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net profit to owners (Rs crore)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">1,231.58<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">1,493.77<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 21.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Domestic grey cement volume (million tonnes)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">31.58<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">35.94<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 13.8%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Capacity utilisation<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">66%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">71%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 5 points<\/td>\n<\/tr>\n<\/table>\n<p>Reuters put operating EBITDA at Rs 974 per tonne and said raw material costs rose 24%, while total expenses rose 17.8%. Profit of Rs 1,493.77 crore missed a market estimate of Rs 1,705 crore, so the UltraTech Cement share price did not rise sharply, though it gained about 2% to 3% on 21 Oct. The company&#8217;s own release shows slightly different consolidated figures, with net sales of Rs 23,024 crore and profit of Rs 1,501 crore, because the measures differ, so treat the two sets as separate.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to follow results and stock alerts.<\/em><\/p>\n<p><strong>Risk:<\/strong> A profit miss against estimates can cap a rally in the stock even when growth is strong.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Brokerages_Say_About_the_UltraTech_Cement_Share_Price\"><\/span><strong>What Brokerages Say About the UltraTech Cement Share Price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">UltraTech Cement share price: brokerage<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Target price<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Change in target<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Upside at Rs 10,937 (my calculation)<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Jefferies<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 14,380<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Raised from Rs 14,065<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 31%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Prabhudas Lilladher<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 14,623<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Trimmed from Rs 14,691<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 34%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">BofA Securities<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 13,900<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Raised from Rs 13,400<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 27%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Nomura<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 13,700<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Cut from Rs 13,900<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 25%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Citi<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 13,200<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Cut from Rs 14,750<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 21%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">HSBC<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 13,200<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Revision unclear<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 21%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">CLSA<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 13,000<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Cut from Rs 14,000<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 19%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Elara Capital (Buy)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 13,006<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Unchanged<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 19%<\/td>\n<\/tr>\n<\/table>\n<p>Targets are mixed: some raised, some cut, but all sit well above the current price. Jefferies calls UltraTech a top pick and says a sustained recovery in cement pricing is the key catalyst. Elara notes that September exit realisations were 3% above the Q2 average and spot prices were 5% above it. InCred Equities is reported in the headline to be bullish, but I could not find its note, so I give no InCred target.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_the_UltraTech_Cement_Share_Price_Has_Lagged\"><\/span><strong>Why the UltraTech Cement Share Price Has Lagged<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Three reasons stand out in the reports. Raw material costs rose 24% in the Q2 FY27 results, faster than the 18.8% rise in revenue, which held the PBIDT margin down at 16.6%. Profit missed the market estimate by about 12% (my calculation from Rs 1,493.77 crore against Rs 1,705 crore), which made the Q2 FY27 results look weaker than the growth suggests. And the target price cuts by Citi, CLSA and Nomura show that some analysts have trimmed expectations for the UltraTech Cement share price even though they still see upside.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Cement_Prices_and_the_Recovery_Case_for_UltraTech_Cement_Share_Price\"><\/span><strong>Cement Prices and the Recovery Case for UltraTech Cement Share Price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">UltraTech Cement share price: recovery driver<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">What the reports say<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Cement prices<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Management opened the Q2 call with pricing, citing better momentum since mid-September<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Cost pass-through<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Management is confident it can raise prices to pass on cost inflation<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA per tonne<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Target of Rs 1,400 by March 2028, against Rs 974 in Q2 FY27<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Market share<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 31% to 32%, with the next phase of organic expansion due to be announced<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Volume<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Grey cement volume up 13.8% with utilisation at 71%<\/td>\n<\/tr>\n<\/table>\n<p>The recovery case rests on price. If realisations keep rising, EBITDA per tonne can move from Rs 974 toward the Rs 1,400 goal and lift profit faster than volume. Moving from Rs 974 to Rs 1,400 would be a rise of about 44% per tonne (my calculation), which would matter far more than the 13.8% volume growth. Jefferies expects EBITDA per tonne to improve this year despite higher fuel costs, and its raised target price of Rs 14,380 shows that view. For the UltraTech Cement share price, the next test is whether the October price hikes stick.<\/p>\n<p><strong>Risk:<\/strong> Elara flags possible cost pressure in the second half from higher fuel prices amid the West Asia crisis, which could absorb part of any price rise.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"UltraTech_Cement_Share_Price_Valuation\"><\/span><strong>UltraTech Cement Share Price Valuation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">UltraTech Cement share price: valuation measure<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Figure<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Trailing EPS<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 299.80<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">P\/E at Rs 10,937<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 36.5 times (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Industry P\/E<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">29.06 times<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Book value per share<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 2,497.20<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price to book at Rs 10,937<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 4.4 times (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Return on equity<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">10.66%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Dividend yield<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">2.22%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Debt to equity<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">0.31<\/td>\n<\/tr>\n<\/table>\n<p>At about 36 times earnings the stock is priced above the industry multiple of 29, which means investors already expect a margin recovery. A return on equity of 10.66% is modest for that multiple, so the case for a re-rating needs higher profit per tonne. The dividend yield of 2.22% and low debt add some comfort for a long-term holder.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"UltraTech_Cement_Share_Price_Buy_Hold_or_Wait\"><\/span><strong>UltraTech Cement Share Price: Buy, Hold or Wait?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">UltraTech Cement share price: investor type (my reading)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Points to weigh<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Long-term investor<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Market leadership, volume growth and targets above Rs 13,000 support the case, but the valuation is not low<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">New buyer<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Staggered buying limits the risk of a price hike not sticking; watch Q3 margins<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Short-term trader<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">The range of Rs 10,650 to Rs 10,976 is the near-term reference; breakout needs volume<\/td>\n<\/tr>\n<\/table>\n<p>This is an educational view and not advice. A one-year fall of 11% with brokerage targets 19% to 34% higher looks attractive on paper, but targets are opinions and can be cut, as Citi and CLSA did this week.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_to_Watch_Next_on_the_UltraTech_Cement_Share_Price\"><\/span><strong>What to Watch Next on the UltraTech Cement Share Price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Cement price trends through October and November, which drive the UltraTech Cement share price<\/li>\n<li>Fuel costs and any further cuts or raises in the target price from brokerages<\/li>\n<li>The announcement of the next phase of organic expansion<\/li>\n<li>Q3 FY27 EBITDA per tonne against the Rs 974 in Q2<\/li>\n<li>Whether the UltraTech Cement share price holds above the Rs 10,651 day low<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>UltraTech Cement share price is about 11% lower over a year, but strong volumes, a 21% rise in Q2 profit and brokerage targets between Rs 13,000 and Rs 14,623 point to a recovery if cement prices hold. The valuation near 36 times earnings leaves limited room for error, and fuel costs are a risk. Read the filings and decide on your own horizon.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> 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).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Why_is_the_UltraTech_Cement_share_price_down_11_in_a_year\"><\/span><strong>Why is the UltraTech Cement share price down 11% in a year?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Cement prices and rising raw material and fuel costs have squeezed margins even as volumes grew. Q2 FY27 profit also missed a market estimate of Rs 1,705 crore, which weighed on sentiment.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_did_InCred_Equities_say_about_UltraTech_Cement\"><\/span><strong>What did InCred Equities say about UltraTech Cement?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The headline says InCred Equities stays bullish and sees a recovery ahead. I could not find the note, so I give no target from InCred and rely on the other brokerage views reported.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_were_the_Q2_FY27_results_of_UltraTech_Cement\"><\/span><strong>What were the Q2 FY27 results of UltraTech Cement?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue was Rs 23,295.07 crore, up 18.8%, profit to owners was Rs 1,493.77 crore, up 21.3%, and grey cement volume rose 13.8% to 35.94 million tonnes. Capacity utilisation was 71%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_target_price_for_UltraTech_Cement_share_price\"><\/span><strong>What is the target price for UltraTech Cement share price?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Targets reported range from Rs 13,000 to Rs 14,623, with Jefferies at Rs 14,380. These are brokerage opinions and not my forecast, and some were cut after the results.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_the_UltraTech_Cement_share_price_expensive\"><\/span><strong>Is the UltraTech Cement share price expensive?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> At Rs 10,937 the P\/E is about 36.5 times by my calculation against an industry P\/E of 29.06, and the price to book is about 4.4. Return on equity is 10.66%, so the premium depends on a margin recovery.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_biggest_risk_to_the_UltraTech_Cement_share_price\"><\/span><strong>What is the biggest risk to the UltraTech Cement share price?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Fuel costs. Elara warns of cost pressure in the second half from higher fuel prices amid the West Asia crisis, which could absorb cement price increases.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_EBITDA_per_tonne_does_UltraTech_Cement_aim_for\"><\/span><strong>What EBITDA per tonne does UltraTech Cement aim for?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Management aims for Rs 1,400 per tonne by March 2028. Reuters put Q2 FY27 at Rs 974 per tonne, so the target implies about 44% more profit per tonne by my calculation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_article_investment_advice\"><\/span><strong>Is this article investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Why is the UltraTech Cement share price down 11% in a year?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Cement prices and rising raw material and fuel costs have squeezed margins even as volumes grew. Q2 FY27 profit also missed a market estimate of Rs 1,705 crore, which weighed on sentiment.\"}},{\"@type\":\"Question\",\"name\":\"What did InCred Equities say about UltraTech Cement?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The headline says InCred Equities stays bullish and sees a recovery ahead. I could not find the note, so I give no target from InCred and rely on the other brokerage views reported.\"}},{\"@type\":\"Question\",\"name\":\"What were the Q2 FY27 results of UltraTech Cement?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue was Rs 23,295.07 crore, up 18.8%, profit to owners was Rs 1,493.77 crore, up 21.3%, and grey cement volume rose 13.8% to 35.94 million tonnes. Capacity utilisation was 71%.\"}},{\"@type\":\"Question\",\"name\":\"What is the target price for UltraTech Cement share price?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Targets reported range from Rs 13,000 to Rs 14,623, with Jefferies at Rs 14,380. 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Reuters put Q2 FY27 at Rs 974 per tonne, so the target implies about 44% more profit per tonne by my calculation.\"}},{\"@type\":\"Question\",\"name\":\"Is this article investment advice?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>UltraTech Cement share price is down 11% in a year while brokerages see recovery. Q2 FY27 results, targets, cement price outlook, valuation near 36 times earnings and risks.<\/p>\n","protected":false},"author":35,"featured_media":324551,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[13869,1191,14869,14872,3927,14870,14867,461,14868,14871],"class_list":["post-324554","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cement-prices","tag-cement-stocks","tag-incred-equities-ultratech","tag-jefferies-ultratech","tag-large-cap-stocks","tag-ultratech-cement-buy-or-sell","tag-ultratech-cement-q2-fy27-results","tag-ultratech-cement-share-price","tag-ultratech-cement-target-price","tag-ultratech-ebitda-per-tonne"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["324551"],"rank_math_title":["UltraTech Cement Share Price: Is the 11% Fall a Buying Chance?"],"rank_math_description":["UltraTech Cement share price is down 11% in a year, yet InCred Equities stays bullish. See Q2 FY27 results, brokerage targets, cement price outlook, valuation and risks."],"rank_math_focus_keyword":["UltraTech Cement share price"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/ultratech-cement-share-price-down-11-in-a-year-incred-equities-says-recovery.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/324554","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=324554"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/324554\/revisions"}],"predecessor-version":[{"id":324555,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/324554\/revisions\/324555"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/324551"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=324554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=324554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=324554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}