Nomura names UltraTech Cement stock a top pick with Buy rating

Published on 10/08/2026 at 12:03 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q1 revenue rose 15.90 percent to INR 246.48 billion in fiscal first quarter 2027. Nomura rated UltraTech Cement stock Buy.

UltraTech Cement, INE481G01011, Illustration mit AI erstellt.

UltraTech Cement stock (ISIN INE481G01011) was named a Buy top pick by Nomura in a Moneycontrol report dated October 6, 2026. The call puts pricing discipline and demand recovery ahead of UltraTech Cement's next results announcement on October 19, 2026.

Nomura sees 6.00-7.00 percent volume growth

According to Moneycontrol on October 6, 2026, Nomura maintained its fiscal 2027 volume growth estimate at 6.00-7.00 percent and expected pricing discipline to improve in the second half of fiscal 2027.

The brokerage also highlighted a counter-factor: cement spreads averaged INR 2,449 per ton in the second quarter of fiscal 2027, down INR 62 per ton from the prior quarter. That comparison makes the thesis dependent on pricing improvement rather than volume growth alone.

Revenue rose 15.90 percent in Q1

UltraTech Cement reported consolidated revenue from operations of INR 246.48 billion in the fiscal first quarter ended June 30, 2026, up 15.90 percent from the year-earlier quarter, according to GreekSoup. Profit after tax rose 17.20 percent to INR 26.04 billion, while earnings per share stood at INR 88.36 for the same period.

The figures give investors a stronger operating baseline than the margin discussion alone suggests. Revenue growth exceeded profit growth by 1.30 percentage points, while Nomura's pricing warning shows why the next quarter's margin performance matters.

October 19 results set the next test

UltraTech Cement's official earnings-call notice dated October 1, 2026 set the discussion for the quarter ended September 30, 2026 on October 19, 2026 at 4:00 p.m. IST, according to the company's official filing. The call will test whether improved pricing can offset the spread pressure identified in the second quarter of fiscal 2027.

UltraTech Cement had an INR 3.1 trillion market capitalization on October 8, 2026. Its NSE 52-week range was INR 10,325.00 to INR 13,110.00 on October 7, 2026, placing the latest structured quote of INR 10,484.00 near the lower end of that range.