HDFC Securities Institutional Equities
UltraTech Cement – Strong, all-around performance We maintain Buy on UltraTech Cement Ltd. with an unchanged target price of Rs 10,820 (16.5 times Mar-26E consolidated Ebitda). We continue to like UltraTech Cement for its robust growth and margin outlook and balance sheet management. During Q4 FY24, UltraTech Cement reported all-around performance: volumes rose 11/28% YoY/QoQ and the margin remained flattish and strong at Rs 1173/million…
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