Financials UltraTech Cement Limited

Equities

ULTRACEMCO

INE481G01011

Construction Materials

Market Closed - NSE India S.E. Other stock markets 07:43:50 2024-05-09 am EDT			5-day change	1st Jan Change
9,446 ^INR	-0.77%		-5.38%	-10.06%

May. 08	India's Hindalco mulls seeking $1.2 bln in Novelis IPO, Bloomberg News reports	RE
May. 01	UltraTech Cement Limited Receives Orders from Deputy Commissioner, State Tax, Hyderabad, Telangana, Deputy Commissioner of State Tax in Patna, Bihar and Superintendent, Sambalpur, CGST & Central Excise, Sambalpur	CI

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	2,744,172	-	-
Enterprise Value (EV) ¹	1,289,521	1,090,962	2,101,280	1,953,423	2,227,467	2,810,347	2,778,327	2,746,406
P/E ratio	45.1 x	16.1 x	35.6 x	25.9 x	43.4 x	40.1 x	32 x	25.6 x
Yield	0.29%	0.4%	0.55%	0.58%	0.5%	0.46%	0.69%	0.79%
Capitalization / Revenue	2.94 x	2.22 x	4.35 x	3.62 x	3.45 x	3.96 x	3.53 x	3.11 x
EV / Revenue	3.45 x	2.59 x	4.7 x	3.71 x	3.49 x	3.96 x	3.57 x	3.11 x
EV / EBITDA	19 x	11.8 x	18.2 x	17 x	21 x	21.7 x	17.7 x	14.4 x
EV / FCF	36.9 x	15.2 x	19.9 x	53.2 x	77.7 x	115 x	75.1 x	50.1 x
FCF Yield	2.71%	6.6%	5.03%	1.88%	1.29%	0.87%	1.33%	2%
Price to Book	3.87 x	2.39 x	4.4 x	3.78 x	4.05 x	4.57 x	4.07 x	3.58 x
Nbr of stocks (in thousands)	274,643	288,418	288,444	288,478	288,412	288,272	-	-
Reference price ²	3,998	3,245	6,738	6,602	7,622	9,519	9,519	9,519
Announcement Date	4/24/19	5/20/20	5/7/21	4/29/22	4/28/23	4/29/24	-	-

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	709,081	778,534	882,663
EBITDA ¹	67,881	92,836	115,679	115,144	106,198	129,686	157,317	190,574
EBIT ¹	46,483	65,814	88,677	87,996	77,359	98,233	121,900	151,130
Operating Margin	12.44%	15.62%	19.83%	16.73%	12.14%	13.85%	15.66%	17.12%
Earnings before Tax (EBT) ¹	35,384	52,423	78,576	83,627	74,162	94,222	118,678	149,368
Net income ¹	24,347	58,148	54,631	73,443	50,640	70,050	88,791	111,260
Net margin	6.51%	13.8%	12.21%	13.96%	7.94%	9.88%	11.4%	12.61%
EPS ²	88.69	201.6	189.3	254.5	175.5	242.9	298.7	371.6
Free Cash Flow ¹	34,992	71,958	105,781	36,698	28,684	23,904	36,973	54,823
FCF margin	9.36%	17.08%	23.65%	6.98%	4.5%	3.4%	4.75%	6.21%
FCF Conversion (EBITDA)	51.55%	77.51%	91.44%	31.87%	27.01%	18.38%	23.5%	28.77%
FCF Conversion (Net income)	143.72%	123.75%	193.63%	49.97%	56.64%	33.5%	41.64%	49.27%
Dividend per Share ²	11.50	13.00	37.00	38.00	38.00	44.13	67.01	76.54
Announcement Date	4/24/19	5/20/20	5/7/21	4/29/22	4/28/23	4/29/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	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	156,341	165,589	199,984	186,427
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	37,959
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	27,385
Operating Margin	-	20.77%	22.38%	16.95%	13.44%	15.03%	15.82%	8.33%	10.31%	13.64%	12.97%	11.96%	14.39%	14.64%	14.69%
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	21,544
Net margin	12.93%	12.32%	14.39%	10.93%	13.15%	16.62%	10.45%	5.44%	6.76%	8.87%	9.52%	8.5%	10.48%	10.39%	11.56%
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	1/23/21	5/7/21	7/22/21	10/18/21	1/17/22	4/29/22	7/22/22	10/19/22	1/21/23	4/28/23	7/21/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	191,403	155,088	157,760	48,803	29,146	14,262	34,155	2,234
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.82 x	1.671 x	1.364 x	0.4238 x	0.2744 x	0.1097 x	0.2171 x	0.0117 x
Free Cash Flow ¹	34,992	71,958	105,781	36,698	28,684	23,904	36,973	54,823
ROE (net income / shareholders' equity)	8.58%	17.2%	13.1%	15.5%	9.67%	12.4%	13.6%	15%
ROA (Net income/ Total Assets)	4%	7.46%	6.61%	8.64%	5.78%	7.56%	8.61%	9.42%
Assets ¹	608,680	779,365	826,991	850,057	876,072	944,044	1,029,608	1,181,270
Book Value Per Share ²	1,034	1,355	1,530	1,747	1,882	2,082	2,339	2,660
Cash Flow per Share ²	188.0	309.0	433.0	322.0	314.0	346.0	405.0	520.0
Capex ¹	16,607	17,062	19,249	56,134	62,001	92,073	100,373	94,047
Capex / Sales	4.44%	4.05%	4.3%	10.67%	9.73%	13.08%	12.9%	10.65%
Announcement Date	4/24/19	5/20/20	5/7/21	4/29/22	4/28/23	4/29/24	-	-

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

9,519 INR

Average target price

10,931 INR

Spread / Average Target

+14.83%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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