UltraTech Cement share price targets: Brokerages see up to 20% upside; stock up 4%

Shares of UltraTech Cement, country's largest cement manufacturer, climbed in Tuesday’s trade, surging nearly 4 per cent following the company’s numbers for the third quarter of the fiscal year 2026. The cement major posted a 27 per cent jump in its consolidated net profit.

At last check, shares of UltraTech were trading 2.75 per cent higher at Rs 12,709 on the BSE, after hitting a day’s high of Rs 12,829.40, a rise of 3.72 per cent against its previous close of Rs 12,368.30.

The Aditya Birla Group firm reported a consolidated net profit of Rs 1,729 crore for the quarter ended December 31, 2025, compared to Rs 1,363 crore in the corresponding quarter last year. Revenue from operations climbed nearly 23 per cent year-on-year (YoY) to Rs 21,830 crore. 

Brokerages have given a thumbs up to the results, projecting an upside of up to 20 per cent from current levels.

Choice Institutional Equities maintained a 'Buy' rating on the stock with a target price of Rs 15,210, implying a potential upside of around 20 per cent from current levels. The brokerage highlighted that the company's solid execution underpins earnings momentum.

Choice said the cement giant is on track with its ambitious capacity expansion plans. "We continue to be positive on UltraTech Cement owing to its ambitious and continuous capacity expansion plan to add 8 Mnt of capacity in Q4FY26 and 12 Mnt of capacity in FY27E," the brokerage said.

Choice also pointed out that despite the integration of new assets, the company has managed its costs well. "Realisation/t came in at Rs 5,616/t... which is in line with estimates," the brokerage added, noting that the company's valuation captures its improving fundamentals with eturn on capital employed (ROCE) expected to expand significantly by FY28E.

ICICI Direct has set a target price of Rs 15,000, valuing the stock at 19x its estimated EV/EBITDA for FY27-28E. The brokerage emphasised that UltraTech's growth trajectory remains ahead of industry, supported by a healthy demand scenario and a ramp-up of recently added capacities.

ICICI Direct said that EBITDA per tonne improved by 5.7 per cent YoY to Rs 1,007, aided by cost-saving measures such as increasing the share of green power, which rose to approximately 42 per cent during the quarter. The brokerage expects the company's revenue to grow at a CAGR of roughly 14 per cent over FY25-28E.