ICICI Direct has given Buy recommendation for UltraTech Cement recommended buy rating on the stock with a target price of Rs 9300 in its research rep with a target price of Rs. 9300 in its research report issued on Jan 18, 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 the organic and inorganic routes and added around ~30 MT of capacity in the last three years. The company has shown its capability to successfully integrate the acquired assets and ramped-up its utilisations in a profitable manner • It is now focusing on the fast growing market of eastern India, which accounts for 10.2 MT of its total 19.6 MT planned expansion over FY21-23E.


With a target to become net debt free by FY23E and expected RoCE of 17%+, we remain positive on the company and maintain BUY rating . Valued at Rs 9,300 i.e.19.0x FY23E EV/EBITDA.

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