UltraTech Cement Limited drew mixed broker target-price revisions after September-quarter profit rose alongside power and fuel expense, NDTV Profit reported, putting recent cement price gains in focus.
Targets in the NDTV Profit review ranged from CLSA's Rs 13,000 to Jefferies' Rs 14,380. CLSA lowered its figure from Rs 14,000, while Jefferies raised its from Rs 14,065. Citi cut its target to Rs 13,200 from Rs 14,750; BofA Securities increased its to Rs 13,900 from Rs 13,400. The review said all four kept positive ratings.
UltraTech said profit after tax rose 21.3% from a year earlier to Rs 1,501 crore in the quarter ended Sept. 30, 2026. Domestic grey cement sales volume increased 13.8% to 35.94 million tonnes, while capacity utilization rose to 71% from 66%. Net sales grew 18.9% to Rs 23,024 crore. Its filing recorded Rs 5,511.06 crore in consolidated power and fuel expense, up from Rs 4,444.19 crore, an increase of about 24%.
Chief Financial Officer Atul Daga said spot realizations on Oct. 19 were about 5% above the July-September average. He expected further price improvement over the following months but cautioned that cost pressures would continue in the second half of the fiscal year.
Daga said changes in demand and industry costs shape cement prices, and companies may eventually charge customers more to cover higher expenses.
Financial Express reported that Jefferies' target implied nearly 34% upside from the Rs 10,735 share price cited in its Oct. 21 article. That comparison uses the outlet's dated price reference.
The next quarterly results could indicate whether stronger pricing offset higher costs.
