21-Oct-2026 07:28:53

JEFFERIES ON ULTRATECH CEMENT ; BUY | TP RAISED TO ₹14,380 FROM ₹14,065

• Another strong quarter; volumes, EBITDA and PAT up 13–21% YoY. • Management sees improving cement pricing momentum since mid-September. • Focus remains on protecting EBITDA/tonne despite higher costs. • Management raised expectations for the cables & wires business. • Sustained recovery in cement pricing remains the key stock catalyst.

ULTRATECH CEMENT LIMITED

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