Nuvama revises target price higher for UltraTech Cement to Rs 11,574 after Q3FY25 results

Nuvama maintains a ‘Hold’ rating on UltraTech Cement, revising the target price to ₹11,574. The brokerage has marginally raised FY25, FY26, and FY27 EBITDA estimates by 1% each, factoring in better demand growth and an improved pricing environment. Nuvama highlights that UltraTech’s steady volume growth and pricing power position it as a stable performer in the sector.

UltraTech Q3FY25 Performance
UltraTech Cement’s Q3FY25 revenue grew 16% YoY to ₹17,810 crore, led by strong demand and 14% growth in volumes. However, net profit fell 35% YoY to ₹1,058 crore, impacted by increased energy costs and other operating expenses. EBITDA stood at ₹2,800 crore, and the EBITDA margin compressed to 15.7% from 18.8% in Q3FY24.