Sharekhan has given Buy recommendation for UltraTech Cement with a target price of Rs. 8800 in its research report issued on Oct 18, 2021

Sharekhan’s research report on UltraTech Cement

In Q2FY2022, UltraTech reported in-line performance led by healthy volume and realisation y-o-y growth amidst extended monsoons and increased power and fuel and freight costs. Net debt rose on a q-o-q basis. •Management expects 6-8% y-o-y volume growth for H2FY2022, driven by sustained demand from infrastructure and rural sectors along with pick up in urban housing. Capacity expansion plans remain largely on track. The company is expected to pass on rising input costs to end-consumers, shielding operational profitability going ahead.


We maintain Buy on UltraTech Cement (UltraTech) with an unchanged PT of Rs. 8,800, factoring sustained healthy demand environment over FY2022-FY2024.


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