Materials| Industrials |Commodities

Rahul Jain

Over 20 years of sell-side research experience across Indian Metals & Mining, Cement, Industrials, and Commodities. Focused on fundamentals-driven analysis including earnings modeling, cost structures, and valuations using DCF and relative multiples. Global commodity cycles, supply-demand trends, and macro factors are integrated into sector calls. Research prioritizes inflection points from price, cost, and policy shifts, using a disciplined bottom-up approach supported by top-down macro screening.

Equity Bottom-Up

<ul>
<li>FY25 EBITDA growth was primarily volume-driven, with EBITDA/ton declining to Rs988 due to flat realizations and initial dilution from acquisitions.</li>
<li> UltraTech is investing Rs1,800 crore to enter the cables and wires segment, targeting December 2026 commissioning and leveraging its existing retail and B2B networks.</li>
<li>At Rs12,000 per share, the stock trades at 51–53x FY26E EPS, supported by expectations of sustained volume growth and operational efficiency gains.</li>
</ul>


FY25 EBITDA growth was primarily volume-driven, with EBITDA/ton declining to Rs988 due to flat realizations and initial dilution from acquisitions.
 UltraTech is investing Rs1,800 crore to enter the cables and wires segment, targeting December 2026 commissioning and leveraging its existing retail and B2B networks.
At Rs12,000 per share, the stock trades at 51–53x FY26E EPS, supported by expectations of sustained volume growth and operational efficiency gains.


Strong Volumes Offset by Declining Margins and Capital Efficiency at UltraTech

Ultratech Cement

Strong Volumes Offset by Declining Margins and Capital Efficiency at UltraTech