ULTRACEMCO

UltraTech remains India’s largest cement producer with capacity nearing 150 MTPA. Infrastructure demand and government housing schemes are driving volume growth. However, rising fuel costs are impacting margins. The company’s expansion in renewable power and waste heat recovery will aid cost efficiency. Q1 FY26 revenue grew 10% YoY with EBITDA margin at 17%. Valuations at ~27x FY26 EPS are fair for an industry leader. Investors looking for an infrastructure-linked play can accumulate on dips.