Street View: India's Ultratech Cement rises on foray into cables and wire business

Ultratech Cement

04/09/2026 05:22

** Shares of Ultratech Cement ULTC.NS up 0.4% to 11,316 rupees
** Cement maker launches wires and cables business, Ultravolt, with a planned investment of 18 billion rupees  ($190.55 million) 
  
AMBITIOUS WIRES AND CABLES EXPANSION
** Morgan Stanley ("Overweight"; PT: 14,700 rupees) says earlier than stated launch and budgeted investment point to strong execution by co
** Jefferies ("Buy"; PT: 11,380 rupees) says Ultratech's ambitions appear more aggressive than initially envisaged, with the company targeting a top-two position in wires and low-tension cables within five years 
** Brokerage believes new business could contribute about 3%-7% of Ultratech's FY30 revenue/EBITDA, assuming annual revenue of about 10 billion rupees by FY30/FY31 and margins of 10%-12% 
** Motilal Oswal ("Buy"; PT: 13,800 rupees) calls co's entry into cables and wires "strategically significant" and suggests an aggressive strategy for capacity ramp-up, distribution expansion and brand building, similar to the group’s approach during initial years of its paint business


($1 = 94.4650 Indian rupees)

 (Reporting by Mridula Kumar in Bengaluru)
 ((mridula.kumar@thomsonreuters.com))