21-Oct-2026 07:30:18

CITI ON ULTRATECH CEMENT ; BUY | TP CUT TO ₹13,200 FROM ₹14,750

• Q2 broadly in line, though cost pressures remain visible. • Pricing and cost trends expected to improve in Q3, helped by price hikes in September and October. • Management expects strong industry growth ahead, with UltraTech likely to grow faster than the market. • Key focus areas remain pricing, premiumisation and cost control.

ULTRATECH CEMENT LIMITED

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