Street View: UltraTech's Q1 in-line, but cement volumes underwhelm

Ultratech Cement

22/07/2025 04:54

** Shares of India's UltraTech Cement ULTC.NS up 0.2% to 12602 rupees, Nifty 50 .NSEI up 0.3%

** Cement maker beat Q1 earnings estimates on higher prices, sees prices rising in July from June-end

** Out of 40 analysts covering the stock, atleast seven increase target prices, atleast 5 upgrade ratings since results - data compiled by LSEG

Q1 "IN-LINE" BUT VOLUMES DISAPPOINT

** Jefferies, Ambit Capital and Antique Stockbroking say Q1 performance "in-line"

** Ambit Capital ("sell"; TP 10000 rupees): Q1 volume growth "surprisingly muted" with ex-India Cement growth 1.9% y/y

** Jefferies ("buy"; hikes TP to 14700 rupees from 14000 rupees) flags Q1 volumes as "lower than expected" but raises ests on "better pricing" as price rise in July "a positive"

** Antique Stockbroking ("buy"; raises TP to 13750 rupees from 12800 rupees): We increase FY26 core profit expectations by 3% factoring in better realisations

 (Reporting by Hritam Mukherjee in Bengaluru)

 ((Hritam.Mukherjee@thomsonreuters.com;))