ULTRACEMCO

UltraTech Cement posted 10% YoY revenue growth in Q1 FY26, supported by strong demand from housing and infrastructure. Capacity expansion plans remain on track, targeting 160 MTPA by FY27. Margins improved to 19% due to cost efficiencies, though fuel cost volatility remains a risk. At ~29x FY26 EPS, valuations are premium but justified by leadership and scale. UltraTech remains the best structural play on India’s long-term construction and infra growth.