Motilal Oswal Financial Services (MOSL) has reiterated its buy rating on Ultratech Cement and raised the target price to ₹14,600 from ₹14,200, citing a robust Q1FY26 performance and continued strong demand outlook across key segments.
Earnings came in line with expectations, supported by a solid cement demand environment. The company reported a 46% year-on-year growth in EBITDA to ₹4,410 crore, while EBITDA per ton improved 33% YoY to ₹1,197. Operating margin expanded 4.7 percentage points to ~21%.
Adjusted PAT rose 44% YoY to ₹2,250 crore. The brokerage highlighted strong demand from government infrastructure projects, with rural and urban housing also expected to support volumes in upcoming quarters.
Ultratech expects double-digit volume growth in FY26, driven by its operational efficiency, ongoing capacity expansions, and a healthy balance sheet. MOSL has left its FY26/27 earnings estimates unchanged.
Stock price: ₹12,561.00 (as of last close)
Disclaimer: The views expressed in this article are those of the brokerage firm. Please consult your financial advisor before making investment decisions.
