Should you bet on UltraTech Cement post its Q2? Analysts decode

UltraTech Cement's consolidated net profit jumped 75.2 per cent year-on-year (Y-o-Y) in Q2FY26 at ₹1,231.58 crore, as against ₹702.82 crore.

UltraTech Cement reported its second quarter (Q2FY26) numbers on Saturday, October 18, 2025. Post the results, analysts have mixed views as some have cut the target, while others have raised it. 

 

Shares of UltraTech Cement slipped 1.4 per cent, logging intra-day low at ₹12,182.15 per share. At 9:25 AM, UltraTech Cement's share price was down 0.68 per cent at 12,277.95. In comparison, BSE Sensex was up 81 per cent at 84,634.14. 

UltraTech Cement Q2 results: Key highlights

• Consolidated net profit jumped 75.2 per cent year-on-year (Y-o-Y) in Q2FY26 at ₹1,231.58 crore, as against ₹702.82 crore. 
• The company's revenue for the second quarter rose 20.3 per cent Y-o-Y to ₹19,606.93 crore, as against ₹16,294.42 crore.
• Grey cement volumes grew 7.1 per cent Y-o-Y, while realisations improved 4.5 per cent Y-o-Y.
• The company’s operating earnings before interest, tax, depreciation, and amortisation (Ebitda) per tonne improved to ₹966, up ₹242 Y-o-Y.
• Unveiled a major ₹10,255 crore investment plan to expand its cement production capacity by 22.8 million tonnes per annum (mtpa), including through its subsidiary, India Cements.
• UltraTech’s current cement capacity stands at 166.76 mtpa. The new expansion will take its total capacity to 240.76 mtpa globally once fully operational by 2027-28, making it one of the largest cement producers worldwide. The company expects to exit FY26 with 200 mtpa of capacity.

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Brokerages' view on UltraTech Cement stock

Nuvama Institutional Equities has maintained ‘Hold’ and has raised the target to ₹13,982, from ₹13,628 per share. 

 

 

“We are calibrating estimates, factoring in UltraTech Cement’s healthy growth plans and improving price outlook,” said Nuvama. 

 

On the other hand, Emkay Global Financial has cut the target by 5 per cent to ₹14,000, from 14,700, continuing with a ‘Buy’ call.

 

The brokerage cut its Ebitda estimates, building in the higher costs in Q2, by 7 per cent in FY26E/27E/28E each. It  values the company’s stock at 19x EV/EBITDA on Q2FY28E (rolling forward basis). 

 

Similarly, Centrum Broking has also decreased its target to ₹13,678 per share from ₹14,047, reiterating the ‘Buy’ call. 

 

While petcoke prices have increased, higher coal usage and removal of the coal compensation cess should help to keep a check on fuel cost, according to Centrum. The brokerage expects a healthy demand recovery in H2FY26, and a robust capacity expansion pipeline should support volume growth.