UltraTech Cement shares rose 2.9 per cent on Wednesday after the company reported its Q2FY27 results. Net profit grew 21.3 per cent to ₹1,493.77 crore for the quarter ended September 30, 2026. Jefferies said, "A sustained recovery in cement pricing remains the key catalyst for the stock," keeping it positive.
UltraTech Cement Q2 results review: The country's largest cement maker, UltraTech Cement, reported its Q2FY27 results on Monday, delivering a strong performance for the July-September quarter (Q2FY27), analysts noted.
The company's counter gained on Wednesday. At 10:38 AM, UltraTech Cement's share price was trading 1.81 per cent higher at ₹10,845 per share on NSE. In comparison, Nifty 50 was up 0.34 per cent at 22,967.60. In intraday trade, the stock gained 2.9 per cent to touch the day's high at ₹10,959 per share.
UltraTech Cement Q2 results highlights:
* UltraTech Cement's consolidated net profit attributable to owners of the parent rose 21.3 per cent year-on-year to ₹1,493.77 crore in the quarter ended September 30, 2026, from ₹1,231.58 crore.
* Revenue from operations increased 18.8 per cent to ₹23,295.07 crore from ₹19,606.93 crore. Consolidated net sales grew 18.9 per cent to ₹23,024 crore.
* Profit before interest, depreciation and tax (PBIDT) increased 17.3 per cent to ₹3,832 crore from ₹3,268 crore. The PBIDT margin, calculated against net sales, narrowed by around 23 basis points to 16.6 per cent from 16.9 per cent.
* Domestic grey-cement sales volumes increased 13.8 per cent to 35.94 million tonnes from 31.58 million tonnes.
Brokerages' view on UltraTech Cement post Q2 Results
Jefferies
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Jefferies noted that UltraTech Cement delivered another strong quarter. Notably, for the first time, management opened the call with an extensive discussion on cement pricing rather than volumes, highlighting improving pricing momentum since mid-Sep & its focus on protection. "We make minor estimate changes and reiterate UTCEM as top pick. A sustained recovery in cement pricing remains the key catalyst for the stock," Jefferies said.
Despite rising fuel costs, management targets y-o-y Ebitda/t improvement for FY27, supported by pricing actions, operating leverage and fuel-mix optimisation, the brokerage added.
Management indicated the next phase of organic expansion will be announced soon; "In our view, this will drive further volume market share gains for UTCEM from current 31-32 per cent," the brokerage said. It also raised the cement maker's target price to ₹14,380.
Elara Capital
The brokerage noted that UltraTech Cement reported broadly in-line Q2FY27 results with its consensus estimates. Volume grew 13 per cent y-o-y due to market share gain. The sequential decline was primarily attributable to higher operating costs. Cost pressures may intensify further in H2FY27 due to higher fuel costs amid the ongoing West Asia crisis; however, management indicated that September exit realisations are 3 per cent better than the Q2FY27 average and spot cement prices are 5 per cent better than the Q2FY27 average, Elara Capital said.
"Management is confident that it will be able to hike prices to pass on cost inflation," the brokerage added.
Elara Capital also highlighted that during Q2FY27, UTCEM launched Ultravolt, its wires and cables business, expanding its Building Products portfolio. The company has commissioned a state-of-the-art manufacturing facility at Jhagadia, Gujarat, and is building a pan-India distribution network. The brokerage reiterated 'Buy' with an unchanged target price of ₹13,006