UltraTech Cement Limited (ULTRACEMCO.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-51.0%

₹5,692.50

vs ₹11,627.00 price

Levered DCF

₹5,465.24

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.91

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	38.7×	55.42×	40.96×	43.4×	25.93×	35.58×	16.26×	45.7×
P/B	4.12×	4.69×	4.76×	4.05×	3.78×	4.4×	2.39×	3.92×
P/S	3.57×	4.36×	4.05×	3.48×	3.62×	4.35×	2.21×	2.67×
EV / EBITDA	19.4×	28.17×	22.96×	21.65×	17.36×	18.58×	12.5×	18.1×
Gross margin	48.5%	57.7%	57.4%	55.4%	61.8%	65.5%	62.5%	58.7%
Operating margin	14.0%	29.8%	30.6%	28.8%	34.6%	37.7%	33.1%	27.9%
Net margin	9.2%	8.0%	9.9%	8.0%	14.0%	12.2%	13.6%	5.8%
Current ratio	0.74×	0.73×	0.86×	0.88×	0.87×	1.13×	0.86×	0.91×
Debt / equity	0.31×	0.34×	0.19×	0.2×	0.22×	0.49×	0.62×	0.8×
Interest coverage	6.61×	14.16×	23.04×	24.16×	20.73×	11.28×	7.28×	6.55×
Dividend yield	0.7%	0.6%	0.4%	0.5%	0.6%	0.2%	0.4%	0.3%
Payout ratio	27.8%	33.3%	15.6%	21.5%	14.5%	6.9%	6.6%	14.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.7%	8.5%	11.6%	9.3%	14.6%	12.4%	14.7%	8.5%
Return on invested capital	8.0%	16.7%	20.4%	17.2%	22.7%	15.6%	20.4%	14.8%
Return on assets	5.8%	4.5%	6.9%	5.5%	8.8%	6.3%	7.3%	3.7%
Free cash flow yield	1.2%	0.5%	0.7%	1.3%	1.9%	5.4%	7.7%	3.1%
Earnings yield	2.6%	1.8%	2.4%	2.3%	3.9%	2.8%	6.1%	2.2%
Enterprise value	₹3.4T	₹3.5T	₹3T	₹2.3T	₹2T	₹2.2T	₹1.2T	₹1.3T
Net debt / EBITDA	1.28×	1.88×	0.84×	1×	0.96×	1.85×	2.56×	3.03×
Cash conversion cycle (days)	21	31	25	20	25	25	49	44