ICICI Direct has given Buy recommendation for UltraTech Cement recommended buy rating on the stock with a target price of Rs 7700 in its research rep with a target price of Rs. 7700 in its research report issued on Oct 20, 2022

ICICI Direct’s research report on UltraTech Cement

UltraTech is the largest cement manufacturer in India with a domestic capacity of 114.5 MT (over 23% of total market) with a leadership position in most regions (excluding east). It has grown through organic and inorganic routes and added around ~30 MT of capacity in the last three years. It has shown its capability to successfully integrate the acquired assets and ramped up its utilisation in a profitable manner • The company is now focusing on the fast growing market of eastern India, which accounts for over a third of 42.5 MT planned expansion over FY21-25E.


The company’s strategic growth plan, prudent approach in generating higher cash flows/capex while maintaining strong b/s would keep it ahead in the league. We remain positive on the company and maintain BUY rating. Valued at Rs 7,700 i.e.14.5x FY24E EV/EBITDA.

Leave a Reply

Your email address will not be published. Required fields are marked *