External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>UltraTech Cement Limited is the cement flagship company of the Aditya Birla Group.</li><li>It is the largest manufacturer of grey cement, ready-mix concrete (RMC),and white cement in India.</li><li>On a consolidated basis its current Cement manufacturing capacity stands at 171 mtpa. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement Limited is the cement flagship company of the Aditya Birla Group.It is the largest manufacturer of grey cement, ready-mix concrete (RMC),and white cement in India.On a consolidated basis its current Cement manufacturing capacity stands at 171 mtpa. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: UltraTech Cement Ltd - 3 February, 2025

<ul><li>Capacity expansion on track: The company’s capacity expansion plan is progressing well.</li><li>Its total grinding capacity currently stands at 165.8 mtpa in India, following the acquisition of India Cement assets.</li><li>The company plans to add a further 6.3 mtpa in FY25, 12 mtpa in FY26, and another 15 mtpa in FY27, bringing its total cement manufacturing capacity to 209.3 mtpa in India, including Kesoram’s 10.8 mtpa. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capacity expansion on track: The company’s capacity expansion plan is progressing well.Its total grinding capacity currently stands at 165.8 mtpa in India, following the acquisition of India Cement assets.The company plans to add a further 6.3 mtpa in FY25, 12 mtpa in FY26, and another 15 mtpa in FY27, bringing its total cement manufacturing capacity to 209.3 mtpa in India, including Kesoram’s 10.8 mtpa. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement Limited - Robust Operating Performance; Retain BUY

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>UltraTech Cement (UTCEM)’s 2QFY25 EBITDA was below our estimate due to higher-than-estimated opex/t.</li><li>EBITDA declined ~21% YoY to INR20.2b (7% miss).</li><li>EBITDA/t declined ~24% YoY to INR725 (est.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement (UTCEM)’s 2QFY25 EBITDA was below our estimate due to higher-than-estimated opex/t.EBITDA declined ~21% YoY to INR20.2b (7% miss).EBITDA/t declined ~24% YoY to INR725 (est.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement - Weak Demand and Pricing Hurt Margin

<ul><li>Capacity expansion on track: The company’s capacity expansion plan is progressing well.</li><li>Its total grinding capacity currently stands at 150.7 mtpa in India as it commissioned 9.9 mtpa capacity till Oct 24.</li><li>The company will add another 6.3 mtpa in FY25, 12 mtpa in FY26, and another 15 mtpa in FY27, taking its total Cement manufacturing capacity to 183.5 mtpa in India (excluding Kesoram’s 10.75 mtpa and India Cement 14.5 mtpa). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capacity expansion on track: The company’s capacity expansion plan is progressing well.Its total grinding capacity currently stands at 150.7 mtpa in India as it commissioned 9.9 mtpa capacity till Oct 24.The company will add another 6.3 mtpa in FY25, 12 mtpa in FY26, and another 15 mtpa in FY27, taking its total Cement manufacturing capacity to 183.5 mtpa in India (excluding Kesoram’s 10.75 mtpa and India Cement 14.5 mtpa). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement Limited - Soft Quarter Impacted by Seasonality; Retain BUY

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We maintain an ADD rating on UltraTech Cement (UTCEM) with an unchanged target price of INR 11,260/share (16.5x Sep-26E consolidated EBITDA)</li><li>We interacted with the management recently on business and industry outlook</li><li>Overall demand remains sluggish in Q2FY25 and pricing is weak</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain an ADD rating on UltraTech Cement (UTCEM) with an unchanged target price of INR 11,260/share (16.5x Sep-26E consolidated EBITDA)We interacted with the management recently on business and industry outlookOverall demand remains sluggish in Q2FY25 and pricing is weakContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement: Long-Term Outlook Intact. Maintain ADD

India

UltraTech Cement Limited is an Indian multinational cement company that manufactures, markets, and distributes building materials. It is India's largest manufacturer of grey cement, ready-mix concrete (RMC), and white cement, offering a wide range of products including Ordinary Portland Cement, Portland Pozzolana Cement, and various building solutions. The company is headquartered in Mumbai, India, and was founded in 1983.

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UltraTech Cement (UTCEM IN)

Pick of the Week: UltraTech Cement Ltd - 3 February, 2025

UltraTech Cement Limited is the cement flagship company of the Aditya Birla Group. It is the largest manufacturer of grey cement, ready-mix...

Axis Direct

UltraTech Cement Limited - Robust Operating Performance; Retain BUY

The company’s capacity expansion plan is progressing well. Its total grinding capacity currently stands at 165.8 mtpa in India, following the...

Axis Direct

UltraTech Cement - Weak Demand and Pricing Hurt Margin

UltraTech Cement (UTCEM)’s 2QFY25 EBITDA was below our estimate due to higher-than-estimated opex/t. EBITDA declined ~21% YoY to INR20.2b (7% miss).

Motilal Oswal

UltraTech Cement Limited - Soft Quarter Impacted by Seasonality; Retain BUY

The company’s capacity expansion plan is progressing well. Its total grinding capacity currently stands at 150.7 mtpa in India as it commissioned...

Axis Direct

UltraTech Cement: Long-Term Outlook Intact. Maintain ADD

We maintain an ADD rating on UltraTech Cement (UTCEM) with an unchanged target price of INR 11,260/share (16.5x Sep-26E consolidated EBITDA)

HDFC Securities

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