Buy, Sell Or Hold: UltraTech Cement, Ambuja Cements, ACC, Shree Cement, Dalmia Bharat — Analyst Forecast

Updated: 23 Sept 2026 • 5:38 pm

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Buy, Sell Or Hold: UltraTech Cement, Ambuja Cements, ACC, Shree Cement, Dalmia Bharat — Analyst Forecast

Sector Snapshot (23 September 2026)

Stock	LTP (Rs)	52W High	52W Low	P/E vs Industry	ROE	Our View
UltraTech Cement	11,155.00	13,110.00	10,325.00	37.81 / 31.03	10.66%	Hold
Ambuja Cements	392.75	600.80	379.55	18.38 / 31.03	7.97%	Buy on Dips
ACC	1,251.40	1,986.90	1,219.00	12.19 / 31.03	10.40%	Buy on Dips
Shree Cement	22,500.00	30,285.00	21,665.00	48.89 / 31.03	7.49%	Hold
Dalmia Bharat	1,744.00	2,439.30	1,605.00	34.30 / 31.03	6.34%	Hold

Quick Answer

ACC and Ambuja Cements stand out among these cement stocks, both trading well below the industry average valuation and close to their 52-week lows with debt-free or near debt-free balance sheets. UltraTech Cement, Shree Cement and Dalmia Bharat all carry valuations at or above the industry average paired with more modest return on equity, keeping them in hold territory for now.

India's cement makers are shaped by construction and infrastructure demand, energy costs and pricing discipline across a consolidating industry. This piece checks five listed cement stocks on valuation and profitability.

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Table of Contents

UltraTech Cement: Hold

UltraTech Cement trades at Rs 11,155.00, down about 15% from its 52-week high of Rs 13,110.00. It posts a return on equity of 10.66% with a price-to-earnings ratio of 37.81, above the industry average of 31.03. As India's largest cement maker, the scale and pricing power are real, but the current valuation already reflects much of that leadership, which makes this a hold rather than a fresh buy.

Ambuja Cements: Buy on Dips

Ambuja Cements is at Rs 392.75, right near its 52-week low of Rs 379.55 and down close to 35% from its high of Rs 600.80. It trades at a price-to-earnings ratio of just 18.38, well below the industry average of 31.03, and carries an almost debt-free balance sheet with a debt-to-equity ratio of 0.01. Even with a modest return on equity of 7.97%, that combination of a deep discount, a stock near its lows and a clean balance sheet makes it one of the more attractive cement stocks to accumulate on dips.

ACC: Buy on Dips

ACC trades at Rs 1,251.40, close to its 52-week low of Rs 1,219.00 and down close to 37% from its high of Rs 1,986.90. It stands out with the cheapest price-to-earnings ratio in this group at 12.19 against an industry average of 31.03, a return on equity of 10.40%, and a nearly debt-free balance sheet. That combination of a very cheap valuation, reasonable profitability and a stock near its lows makes it the standout cement stock to watch for accumulation.

Shree Cement: Hold

Shree Cement is at Rs 22,500.00, down close to 26% from its 52-week high of Rs 30,285.00 and near its low of Rs 21,665.00. Its price-to-earnings ratio of 48.89 is well above the industry average of 31.03, while its return on equity of 7.49% is comparatively weak. That gap between a rich valuation and modest profitability, even near the stock's lows, keeps this in hold territory.

Dalmia Bharat: Hold

Dalmia Bharat trades at Rs 1,744.00, near its 52-week low of Rs 1,605.00 and down close to 28% from its high of Rs 2,439.30. It posts a price-to-earnings ratio of 34.30, modestly above the industry average of 31.03, with a return on equity of just 6.34%, the weakest in this group. There is nothing alarming here, but nothing compelling enough to stand out, which makes this a straightforward hold.

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What Ties These Cement Stocks Together

Across these cement stocks, ACC and Ambuja Cements currently offer the more attractive combination of below-industry valuations, clean balance sheets and prices near their 52-week lows, while UltraTech Cement, Shree Cement and Dalmia Bharat all carry richer multiples relative to their current, fairly modest return on equity. Cement pricing discipline, fuel and power costs, and construction demand cycles can all move these numbers from one quarter to the next.

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Conclusion

Cement stocks in India currently show ACC and Ambuja Cements as the better placed picks for gradual accumulation among these cement stocks, both trading near their 52-week lows at below-industry valuations, while UltraTech Cement, Shree Cement and Dalmia Bharat are more reasonable holds until their profitability improves or their valuations adjust. As always, treat this as a starting point rather than a final word.

Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Stock market investments are subject to market risks. Please verify all data independently and consult a SEBI-registered investment adviser before making any investment decisions. Univest Financial Services Private Limited, SEBI Registered Investment Adviser, Registration No. INH000013776.

Frequently Asked Questions

A few common questions on these cement stocks, answered briefly below for quick reference on this cement stocks basket.

Which cement stocks look attractive right now?

ACC and Ambuja Cements currently show the most favourable combination of below-industry valuation, clean balance sheets and proximity to their 52-week lows among the names covered here.

Is ACC the cheapest cement stock?

Yes, ACC trades at a price-to-earnings ratio of 12.19, the lowest among these cement stocks and well below the industry average of 31.03, while still posting a reasonable 10.40% return on equity.

Why does UltraTech Cement trade at a premium?

UltraTech Cement's position as India's largest cement maker by capacity has led the market to price it above the industry average, even though its current return on equity is comparatively modest.

Is Shree Cement overvalued?

Shree Cement trades at a price-to-earnings ratio of 48.89, well above the industry average, while its return on equity of 7.49% is on the weaker side among these cement stocks, which keeps it in hold territory.

How does energy cost affect cement stocks?

Coal and power costs are a major input for cement manufacturing, so swings in energy prices can significantly affect margins across the sector, sometimes independent of demand trends.

Where can I track these cement stocks in real time?

You can track live prices, set price alerts, and follow quarterly results for UltraTech Cement, Ambuja Cements, ACC, Shree Cement and Dalmia Bharat using the Univest iOS App and Univest Android App.