UltraTech Cement Share Price: 12.3% CAGR in 3 Years as the Largest Cement Maker Faces JK Cement

UltraTech Cement previous close Rs 12,337. 3-year CAGR 12.3%. Up 1.4x since 10 Nov 2023. ROE 11.96%. Market cap Rs 3,62,472 crore.

The UltraTech Cement share price has delivered a steady return over three years, and the company is the largest cement maker in India by capacity. UltraTech Cement, part of the Aditya Birla Group and based in Mumbai, sells grey cement, white cement, ready-mix concrete and building products.

This article compares that run with JK Cement. We calculate the three-year CAGR for both and set the results beside market cap, valuation, return on equity and debt, using prices adjusted for corporate actions.

Click Here – Get Free Investment Predictions

How Much Has the UltraTech Cement Share Price Returned in 3 Years?

The UltraTech Cement stock closed at Rs 8,710.85 on 10 November 2023 and at Rs 12,337.00 on 12 November 2026. Rs 1 lakh invested three years ago would have grown to about Rs 1.42 lakh, which is a CAGR of 12.3%. This is a price return and leaves out dividends.

CAGR condenses a bumpy three-year ride into one yearly number, which is why it is the fairest way to compare companies of different sizes. A stock such as UltraTech Cement can look spectacular on a chart and still have earned a modest yearly return, so the compounded figure keeps the comparison honest.

The UltraTech Cement share price has also followed demand for cement from housing, roads and industrial projects, along with the steady addition of new plant capacity.

UltraTech Cement vs JK Cement: 3-Year CAGR Compared

The table ranks the companies by three-year CAGR. Prices on 10 November 2023 are adjusted for splits and bonuses, and the latest figures are the previous close on 12 November 2026.

Company	Close on 10 Nov 2023	Previous close (12 Nov 2026)	Price multiple	3-year CAGR
JK Cement	Rs 3,463.50	Rs 5,258.00	1.5x	14.9%
UltraTech Cement	Rs 8,710.85	Rs 12,337.00	1.4x	12.3%

The UltraTech Cement stock ranks second of the two at 12.3%. The company ahead is JK Cement (14.9%). JK Cement leads the pair at a smaller size, while UltraTech Cement has a market cap close to nine times larger and the lower debt to equity.

Look at the UltraTech Cement share price alongside the peers as a snapshot of the last three years. It describes what happened, and valuation and earnings will decide what happens next.

Valuation and Quality Compared

Company	Market cap	P/E	Industry P/E	ROE	Debt to equity
UltraTech Cement	Rs 3,62,472 crore	41.03	37.44	11.96%	0.40
JK Cement	Rs 40,597 crore	42.81	37.44	13.04%	1.02

By market cap, UltraTech Cement is the largest of the group at Rs 3,62,472 crore, which gives it the scale advantage over JK Cement. On earnings, UltraTech Cement shares trade at a P/E of 41.03 against an industry P/E of 37.44, a premium of about 10%, which signals that the market expects faster earnings growth. Peer multiples are JK Cement at 42.81.

Return on equity is 11.96% for the UltraTech Cement stock, which ranks second among the two, and debt to equity stands at 0.40. Trailing EPS is Rs 299.80. Cement companies are valued on capacity, volume growth and margins, so the P/E should be read together with return on equity and the debt position.

What Is Driving the UltraTech Cement Stock?

UltraTech Cement runs plants across the country and has the largest capacity in India. A wide spread of plants helps it supply markets close to where cement is needed and keeps freight costs in check.

The company sells to builders, contractors and individual home builders through a large dealer network. Fuel and freight costs and cement prices shape its margins from quarter to quarter.

UltraTech Cement has also built a business in white cement and ready-mix concrete, which serve finishing and construction needs where quality and speed matter. Its debt to equity of 0.40 is lower than that of JK Cement, which leaves room to fund new plants from its own cash flow.

Followers of the UltraTech Cement share price usually track cement demand, capacity expansion, fuel costs and operating profit per tonne.

How the Established Players Stack Up

JK Cement is a Kanpur-based company that makes grey cement and white cement and has been adding capacity in northern and central India. It compounded at 14.9% a year, on a market cap of Rs 40,597 crore and an ROE of 13.04%.

What Should Investors Track Next?

Three things are worth watching on the UltraTech Cement share price. First, cement volumes and prices. Second, fuel and freight costs. Third, the pace of new capacity.

At a P/E of 41, the stock trades slightly above the industry P/E of 37, and its debt to equity of 0.40 is moderate. Demand can slow in the monsoon months, so follow quarterly numbers closely.

Check the Univest Screener for live fundamentals of cement stocks

How to Compare Cement Stocks Yourself

You can repeat this exercise for any pair of stocks, including the UltraTech Cement stock against its peers. Note the adjusted closing price on the base date, take the latest close, divide one by the other, raise the result to the power of one third and subtract one. Then place the CAGR next to market cap, P/E against the industry P/E, ROE and debt to equity. Benchmark the result against the Nifty 50 as well, so you know whether the stock beat the broader market.

A stock that scores well on growth but weakly on quality, or the reverse, deserves closer study before it enters a portfolio. When tracking the UltraTech Cement share price, the same four checks give a more complete picture than price alone.

Download the Univest iOS App or Univest Android App to track the UltraTech Cement share price and compare cement stocks live.

The Largest Cement Maker With the Lower Debt in a Two-Stock Comparison

The UltraTech Cement share price compounded at 12.3% a year over three years, behind JK Cement at 14.9%. Its market cap of Rs 3,62,472 crore is far larger, and its debt to equity of 0.40 is lower.

JK Cement brings the faster return and the higher ROE, while UltraTech Cement brings scale and a slightly lower P/E. The choice depends on whether you prefer the sector leader or a smaller and faster-growing player.

Frequently Asked Questions

What is the UltraTech Cement share price today?

Ans. UltraTech Cement closed at Rs 12,337 on 12 November 2026, according to NSE data. It has a market cap of Rs 3,62,472 crore and a P/E of 41.03. Check live quotes before acting, as prices change every trading day.

What is the 3-year CAGR of the UltraTech Cement stock?

Ans. UltraTech Cement delivered a price CAGR of 12.3% over three years, moving from Rs 8,710.85 on 10 November 2023 to Rs 12,337.00 on 12 November 2026. The figure excludes dividends and uses adjusted closing prices.

Is UltraTech Cement better than JK Cement?

Ans. JK Cement delivered a higher three-year CAGR at 14.9% than UltraTech Cement at 12.3%. UltraTech Cement is far larger by market cap at Rs 3,62,472 crore against Rs 40,597 crore and trades at a slightly lower P/E of 41.03 against 42.81, while JK Cement has a higher ROE at 13.04% against 11.96%. The better choice depends on your view of each business.

What does UltraTech Cement do?

Ans. UltraTech Cement is a Mumbai-based Aditya Birla Group company and the largest cement maker in India by capacity, selling grey cement, white cement and ready-mix concrete.

Is the UltraTech Cement stock debt free?

Ans. The debt to equity ratio of the UltraTech Cement stock is 0.40 and its return on equity is 11.96%. Always check the latest balance sheet for current figures, as debt levels change with expansion plans.

Is UltraTech Cement expensive compared with the industry?

Ans. UltraTech Cement trades at a P/E of 41.03 against an industry P/E of 37.44. A higher multiple reflects expectations of faster growth, which the company must deliver through earnings.

Which cement stock gave the highest return in 3 years?

Ans. Among the companies compared here, JK Cement delivered the highest three-year CAGR at 14.9%, followed by UltraTech Cement at 12.3%. Past returns do not guarantee future performance.

How do I calculate CAGR for a stock?

Ans. Divide the latest price by the starting price, raise the result to the power of one divided by the number of years, and subtract one. Multiply by 100 for a percentage. Use split and bonus adjusted prices for accurate results.