Financials UltraTech Cement Limited

Equities

ULTRACEMCO

INE481G01011

Construction Materials

Market Closed - NSE India S.E. Other stock markets 12:43:49 26/04/2024 BST			5-day change	1st Jan Change
9,701 ^INR	+0.18%		+3.60%	-7.64%

04-22	The India Cements Sells 1.1MTPA Grinding Unit to UltraTech Cement	MT
04-22	Ultratech Cement to Invest INR5 Billion to Boost Capacity in Maharashtra, India	MT

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,098,118	935,874	1,943,520	1,904,620	2,198,321	2,796,438	-	-
Enterprise Value (EV) ¹	1,289,521	1,090,962	2,101,280	1,953,423	2,227,467	2,810,700	2,778,591	2,745,264
P/E ratio	45.1 x	16.1 x	35.6 x	25.9 x	43.4 x	39.8 x	31.2 x	26 x
Yield	0.29%	0.4%	0.55%	0.58%	0.5%	0.45%	0.55%	0.65%
Capitalization / Revenue	2.94 x	2.22 x	4.35 x	3.62 x	3.45 x	3.97 x	3.56 x	3.16 x
EV / Revenue	3.45 x	2.59 x	4.7 x	3.71 x	3.49 x	3.99 x	3.53 x	3.1 x
EV / EBITDA	19 x	11.8 x	18.2 x	17 x	21 x	21.6 x	17.2 x	14.5 x
EV / FCF	36.9 x	15.2 x	19.9 x	53.2 x	77.7 x	118 x	70.7 x	37.2 x
FCF Yield	2.71%	6.6%	5.03%	1.88%	1.29%	0.85%	1.41%	2.69%
Price to Book	3.87 x	2.39 x	4.4 x	3.78 x	4.05 x	4.66 x	4.11 x	3.6 x
Nbr of stocks (in thousands)	274,643	288,418	288,444	288,478	288,412	288,266	-	-
Reference price ²	3,998	3,245	6,738	6,602	7,622	9,701	9,701	9,701
Announcement Date	24/04/19	20/05/20	07/05/21	29/04/22	28/04/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	373,792	421,248	447,258	525,988	637,431	703,925	786,484	885,360
EBITDA ¹	67,881	92,836	115,679	115,144	106,198	130,065	161,352	188,869
EBIT ¹	46,483	65,814	88,677	87,996	77,359	98,180	126,485	150,284
Operating Margin	12.44%	15.62%	19.83%	16.73%	12.14%	13.95%	16.08%	16.97%
Earnings before Tax (EBT) ¹	35,384	52,423	78,576	83,627	74,162	96,070	123,551	150,216
Net income ¹	24,347	58,148	54,631	73,443	50,640	71,347	91,430	111,238
Net margin	6.51%	13.8%	12.21%	13.96%	7.94%	10.14%	11.63%	12.56%
EPS ²	88.69	201.6	189.3	254.5	175.5	243.5	310.7	372.5
Free Cash Flow ¹	34,992	71,958	105,781	36,698	28,684	23,904	39,314	73,774
FCF margin	9.36%	17.08%	23.65%	6.98%	4.5%	3.4%	5%	8.33%
FCF Conversion (EBITDA)	51.55%	77.51%	91.44%	31.87%	27.01%	18.38%	24.37%	39.06%
FCF Conversion (Net income)	143.72%	123.75%	193.63%	49.97%	56.64%	33.5%	43%	66.32%
Dividend per Share ²	11.50	13.00	37.00	38.00	38.00	44.13	53.79	63.41
Announcement Date	24/04/19	20/05/20	07/05/21	29/04/22	28/04/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	122,541	144,056	118,298	120,168	129,849	157,673	151,640	138,927	156,475	187,832	177,371	156,595	165,589	199,984	192,224
EBITDA ¹	30,943	36,904	33,075	27,147	24,194	30,728	30,949	18,666	23,358	33,225	30,492	25,937	31,676	36,992	-
EBIT ¹	-	29,924	26,477	20,373	17,452	23,694	23,997	11,572	16,126	25,623	23,001	18,692	23,835	29,284	31,504
Operating Margin	-	20.77%	22.38%	16.95%	13.44%	15.03%	15.82%	8.33%	10.31%	13.64%	12.97%	11.94%	14.39%	14.64%	16.39%
Earnings before Tax (EBT) ¹	23,320	26,390	25,264	19,474	16,334	22,555	22,926	11,032	15,272	24,924	22,631	17,803	23,970	28,014	-
Net income ¹	15,843	17,752	17,026	13,135	17,077	26,204	15,841	7,557	10,582	16,660	16,884	13,285	17,349	20,769	-
Net margin	12.93%	12.32%	14.39%	10.93%	13.15%	16.62%	10.45%	5.44%	6.76%	8.87%	9.52%	8.48%	10.48%	10.39%	-
EPS ²	54.92	-	59.00	45.52	59.19	90.81	54.91	26.20	36.68	57.75	58.53	46.50	54.88	64.29	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	23/01/21	07/05/21	22/07/21	18/10/21	17/01/22	29/04/22	22/07/22	19/10/22	21/01/23	28/04/23	21/07/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	191,403	155,088	157,760	48,803	29,146	14,262	-	-
Net Cash position ¹	-	-	-	-	-	-	17,847	51,174
Leverage (Debt/EBITDA)	2.82 x	1.671 x	1.364 x	0.4238 x	0.2744 x	0.1097 x	-	-
Free Cash Flow ¹	34,992	71,958	105,781	36,698	28,684	23,904	39,314	73,774
ROE (net income / shareholders' equity)	8.58%	17.2%	13.1%	15.5%	9.67%	12.4%	14.3%	15.1%
ROA (Net income/ Total Assets)	4%	7.46%	6.61%	8.64%	5.78%	7.56%	9.27%	9.53%
Assets ¹	608,680	779,365	826,991	850,057	876,072	944,044	986,580	1,167,701
Book Value Per Share ²	1,034	1,355	1,530	1,747	1,882	2,082	2,360	2,692
Cash Flow per Share ²	188.0	309.0	433.0	322.0	314.0	346.0	462.0	533.0
Capex ¹	16,607	17,062	19,249	56,134	62,001	92,073	94,997	78,627
Capex / Sales	4.44%	4.05%	4.3%	10.67%	9.73%	13.08%	12.08%	8.88%
Announcement Date	24/04/19	20/05/20	07/05/21	29/04/22	28/04/23	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for UltraTech Cement Limited

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

9,701 INR

Average target price

10,674 INR

Spread / Average Target

+10.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction Materials

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GRASIM INDUSTRIES LIMITED	+9.73%	19.06B
AMBUJA CEMENTS	+21.33%	18.67B
HEIDELBERG MATERIALS AG	+17.64%	18.51B
CEMEX, S.A.B. DE C.V.	+6.96%	11.93B
SUMMIT MATERIALS, INC.	+4.00%	7.02B
KNIFE RIVER CORPORATION	+18.24%	4.43B

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