# UltraTech Cement (ULTRACEMCO.NSE)

Canonical: https://gigainvestors.com/s/ULTRACEMCO.NSE

Analysis as of: 2026-10-16T07:33:24.652Z. Financial observations: FY2012–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 10,795.00 per share; close as of 2026-10-14.

Estimated value: low INR 3,098.89 per share, central INR 4,303.96 per share, high INR 4,917.82 per share. Buy at or below the central value INR 4,303.96 per share. Valuation as of 2026-10-16T07:33:24.652Z; scenarios are not confidence intervals.

Expected annual return: 6.5% at the stated quote. About 6.5% a year at today's price (required return 11.4%). required return 11.4% a year (IN 10-year bond 7.4% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.14×

- FY2019: 0.12×

- FY2020: 0.15×

- FY2021: 0.20×

- FY2022: 0.17×

- FY2023: 0.12×

- FY2024: 0.14×

- FY2025: 0.11×

- FY2026: 0.14×

### moat: fail

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.2%

- ROIC, second-lowest year: 9.1%

- Conservative return floor, median: 9.1%

- Conservative return floor, second lowest: 6.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.3%

- ROIC including acquisitions, ten-year median: 8.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 13.7%

- FY2023: 9.1%

- FY2024: 11.3%

- FY2025: 8.0%

- FY2026: 10.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 326B

- Net income, five-year total: INR 336B

- Return on incremental invested capital: 29.2%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.7 pp

- Working capital / revenue, final three-year average: 6.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.97×

- FY2023: 0.98×

- FY2024: 0.98×

- FY2025: 0.96×

- FY2026: 0.97×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 90.30 to 242.87 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.7%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: INR 2.07T

- Cumulative retained earnings: INR 405B

- Diluted shares, 10-year annual growth: 0.7%

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 13.2%

- Per-share value change: INR 152.57

- Per-share value, starting three-year median: INR 90.30

- Per-share value, ending three-year median: INR 242.87

- Buybacks concentrated in cheaper years (correlation): 0.09

- Average buyback yield: 0.2%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: INR 522B

- ROIC, last three-year median: 10.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 98.90

- FY2018: INR 80.92

- FY2019: INR 88.69

- FY2020: INR 201.55

- FY2021: INR 189.33

- FY2022: INR 254.53

- FY2023: INR 175.54

- FY2024: INR 242.87

- FY2025: INR 205.13

- FY2026: INR 277.45

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -5.1%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 3

- Stock compensation / operating cash flow: 0.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.88×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.24×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -5.4%

- FY2018: -2.9%

- FY2019: -4.6%

- FY2020: -4.1%

- FY2021: -8.2%

- FY2022: -2.3%

- FY2023: -4.4%

- FY2024: -3.9%

- FY2025: -3.5%

- FY2026: -5.1%

## Holders

## Price story

Price needs cash profits to grow 18.6% a year for ten years · sales +16.5%

Story as of 2026-10-16T09:59:56.075Z; price observation 2026-10-14.

Price needs cash profits to grow 18.6% a year for ten years

### Sales · FY2025–2026

sales +16.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 254B 

- FY2018: INR 310B 

- FY2019: INR 415B 

- FY2020: INR 424B 

- FY2021: INR 447B 

- FY2022: INR 526B 

- FY2023: INR 632B 

- FY2024: INR 709B 

- FY2025: INR 760B 

- FY2026: INR 885B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in cement & cement products; annual sales are INR 885.1 billion.

- Source: https://www.screener.in/company/ULTRACEMCO/consolidated/ (filed 2026-10-16T07:33:24.652Z); FY2026: revenue 885120000000; operatingIncome 123600000000; margin = operatingIncome / revenue.

### Why customers stay

Margins ranged from 11.2% to 14% during 2024–26; it earns 10.2% on its capital.

- Source: https://www.screener.in/company/ULTRACEMCO/consolidated/ (filed 2026-10-16T07:33:24.652Z); FY2024: operatingIncome / revenue = 13.9%.

- Source: https://www.screener.in/company/ULTRACEMCO/consolidated/ (filed 2026-10-16T07:33:24.652Z); FY2025: operatingIncome / revenue = 11.2%.

- Source: https://www.screener.in/company/ULTRACEMCO/consolidated/ (filed 2026-10-16T07:33:24.652Z); FY2026: operatingIncome / revenue = 14%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.652Z); 10-year return on capital observations [[2022,0.13727041372105506],[2023,0.0908017340503394],[2024,0.11281979569477218],[2025,0.07987434675549084],[2026,0.10177200764772174]]; median 0.10177200764772174. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 64.5% of cash earnings; earns 29.2% on new investment.

- Source: https://www.screener.in/company/ULTRACEMCO/consolidated/ (filed 2026-10-16T07:33:24.652Z); FY2017: growth capex 540000000; upkeep 13480000000; owner earnings 27150000000. Growth capex / owner earnings = 0.019889502762430938.

- Source: https://www.screener.in/company/ULTRACEMCO/consolidated/ (filed 2026-10-16T07:33:24.652Z); FY2018: growth capex 2550000000; upkeep 18480000000; owner earnings 22220000000. Growth capex / owner earnings = 0.11476147614761475.

- Source: https://www.screener.in/company/ULTRACEMCO/consolidated/ (filed 2026-10-16T07:33:24.652Z); FY2019: growth capex 0; upkeep 18080000000; owner earnings 30470000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/ULTRACEMCO/consolidated/ (filed 2026-10-16T07:33:24.652Z); FY2020: growth capex 0; upkeep 17660000000; owner earnings 67120000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/ULTRACEMCO/consolidated/ (filed 2026-10-16T07:33:24.652Z); FY2021: growth capex 0; upkeep 19250000000; owner earnings 62380000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/ULTRACEMCO/consolidated/ (filed 2026-10-16T07:33:24.652Z); FY2022: growth capex 29650000000; upkeep 27150000000; cash acquisitions 0; owner earnings 71212700000. Growth capex plus acquisitions / owner earnings = 0.416358318108989.

- Source: https://www.screener.in/company/ULTRACEMCO/consolidated/ (filed 2026-10-16T07:33:24.652Z); FY2023: growth capex 33120000000; upkeep 28880000000; cash acquisitions 193400000; owner earnings 49380200000. Growth capex plus acquisitions / owner earnings = 0.6746307224353081.

- Source: https://www.screener.in/company/ULTRACEMCO/consolidated/ (filed 2026-10-16T07:33:24.652Z); FY2024: growth capex 58610000000; upkeep 31450000000; cash acquisitions 0; owner earnings 68430100000. Growth capex plus acquisitions / owner earnings = 0.8564944373893945.

- Source: https://www.screener.in/company/ULTRACEMCO/consolidated/ (filed 2026-10-16T07:33:24.652Z); FY2025: growth capex 51140000000; upkeep 40150000000; cash acquisitions 101128500000; owner earnings 58131200000. Growth capex plus acquisitions / owner earnings = 2.619393716283166.

- Source: https://www.screener.in/company/ULTRACEMCO/consolidated/ (filed 2026-10-16T07:33:24.652Z); FY2026: growth capex 50340000000; upkeep 46440000000; cash acquisitions 527300000; owner earnings 78897100000. Growth capex plus acquisitions / owner earnings = 0.6447296541951478.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.652Z); Incremental return on capital 0.29221875, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.652Z); Dividend observations: [[2017,3120000000],[2018,3340000000],[2019,3460000000],[2020,3800000000],[2021,3750000000],[2022,10650000000],[2023,10910000000],[2024,10940000000],[2025,20120000000],[2026,22730000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1659760_27042026081814_WEB.xml (filed 2026-10-16T07:33:24.652Z); FY2026: cash repurchases 1193500000 INR.

### What the price says

The price assumes cash profits grow 18.6% yearly over ten years; actual growth was 11.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.652Z); Ten-year compound average after fade. Initial solved rate 0.25669327002631437. Price 10795; FX 1; discount 0.11391000000000001; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 90.3 → FY2026 268.06270383296595. Closing-price date 2026-10-14.

## Monthly share-price history (INR per share)

- 2016-11: INR 3,603.45 per share

- 2016-12: INR 3,250.20 per share

- 2017-01: INR 3,694.45 per share

- 2017-02: INR 3,774.55 per share

- 2017-03: INR 3,984.75 per share

- 2017-04: INR 4,248.95 per share

- 2017-05: INR 4,195.20 per share

- 2017-06: INR 3,959.10 per share

- 2017-07: INR 4,056.90 per share

- 2017-08: INR 4,000.40 per share

- 2017-09: INR 3,854.20 per share

- 2017-10: INR 4,401.05 per share

- 2017-11: INR 4,203.80 per share

- 2017-12: INR 4,320.60 per share

- 2018-01: INR 4,382.00 per share

- 2018-02: INR 4,155.60 per share

- 2018-03: INR 3,950.00 per share

- 2018-04: INR 4,108.85 per share

- 2018-05: INR 3,744.90 per share

- 2018-06: INR 3,818.60 per share

- 2018-07: INR 4,193.80 per share

- 2018-08: INR 4,475.50 per share

- 2018-09: INR 4,059.95 per share

- 2018-10: INR 3,499.40 per share

- 2018-11: INR 3,999.65 per share

- 2018-12: INR 3,990.95 per share

- 2019-01: INR 3,519.35 per share

- 2019-02: INR 3,826.50 per share

- 2019-03: INR 3,998.35 per share

- 2019-04: INR 4,616.80 per share

- 2019-05: INR 4,760.10 per share

- 2019-06: INR 4,555.85 per share

- 2019-07: INR 4,346.90 per share

- 2019-08: INR 4,052.25 per share

- 2019-09: INR 4,341.25 per share

- 2019-10: INR 4,143.20 per share

- 2019-11: INR 4,259.10 per share

- 2019-12: INR 4,046.05 per share

- 2020-01: INR 4,416.10 per share

- 2020-02: INR 4,219.60 per share

- 2020-03: INR 3,244.85 per share

- 2020-04: INR 3,534.30 per share

- 2020-05: INR 3,904.85 per share

- 2020-06: INR 3,893.55 per share

- 2020-07: INR 4,117.30 per share

- 2020-08: INR 3,903.85 per share

- 2020-09: INR 4,049.55 per share

- 2020-10: INR 4,574.05 per share

- 2020-11: INR 4,802.00 per share

- 2020-12: INR 5,288.15 per share

- 2021-01: INR 5,327.25 per share

- 2021-02: INR 6,115.00 per share

- 2021-03: INR 6,737.95 per share

- 2021-04: INR 6,278.95 per share

- 2021-05: INR 6,708.00 per share

- 2021-06: INR 6,776.00 per share

- 2021-07: INR 7,619.20 per share

- 2021-08: INR 7,832.45 per share

- 2021-09: INR 7,396.10 per share

- 2021-10: INR 7,636.05 per share

- 2021-11: INR 7,433.75 per share

- 2021-12: INR 7,591.05 per share

- 2022-01: INR 7,216.40 per share

- 2022-02: INR 6,567.90 per share

- 2022-03: INR 6,602.30 per share

- 2022-04: INR 6,630.25 per share

- 2022-05: INR 6,082.60 per share

- 2022-06: INR 5,607.30 per share

- 2022-07: INR 6,544.80 per share

- 2022-08: INR 6,677.85 per share

- 2022-09: INR 6,255.10 per share

- 2022-10: INR 6,714.95 per share

- 2022-11: INR 7,077.00 per share

- 2022-12: INR 6,959.05 per share

- 2023-01: INR 7,085.55 per share

- 2023-02: INR 7,261.30 per share

- 2023-03: INR 7,622.15 per share

- 2023-04: INR 7,556.20 per share

- 2023-05: INR 7,870.05 per share

- 2023-06: INR 8,294.75 per share

- 2023-07: INR 8,318.15 per share

- 2023-08: INR 8,297.45 per share

- 2023-09: INR 8,254.85 per share

- 2023-10: INR 8,422.25 per share

- 2023-11: INR 9,003.65 per share

- 2023-12: INR 10,503.05 per share

- 2024-01: INR 10,167.35 per share

- 2024-02: INR 9,892.40 per share

- 2024-03: INR 9,749.15 per share

- 2024-04: INR 9,971.85 per share

- 2024-05: INR 9,915.50 per share

- 2024-06: INR 11,667.90 per share

- 2024-07: INR 11,887.20 per share

- 2024-08: INR 11,301.90 per share

- 2024-09: INR 11,802.00 per share

- 2024-10: INR 11,065.65 per share

- 2024-11: INR 11,202.15 per share

- 2024-12: INR 11,426.35 per share

- 2025-01: INR 11,487.45 per share

- 2025-02: INR 10,128.45 per share

- 2025-03: INR 11,509.55 per share

- 2025-04: INR 11,641.00 per share

- 2025-05: INR 11,210.00 per share

- 2025-06: INR 12,093.00 per share

- 2025-07: INR 12,249.00 per share

- 2025-08: INR 12,640.00 per share

- 2025-09: INR 12,222.00 per share

- 2025-10: INR 11,947.00 per share

- 2025-11: INR 11,600.00 per share

- 2025-12: INR 11,784.00 per share

- 2026-01: INR 12,694.00 per share

- 2026-02: INR 12,677.00 per share

- 2026-03: INR 10,745.00 per share

- 2026-04: INR 11,586.00 per share

- 2026-05: INR 11,482.00 per share

- 2026-06: INR 11,253.00 per share

- 2026-07: INR 11,903.00 per share

- 2026-08: INR 11,450.00 per share

- 2026-09: INR 10,956.00 per share

- 2026-10: INR 10,862.00 per share

## Annual estimated value (INR per share)

- FY2019: low INR 1,289.48 per share, central INR 1,437.31 per share, high INR 1,624.81 per share

- FY2020: low INR 1,370.91 per share, central INR 1,528.07 per share, high INR 1,727.41 per share

- FY2021: low INR 1,591.68 per share, central INR 1,769.73 per share, high INR 1,995.57 per share

- FY2022: low INR 2,311.26 per share, central INR 2,576.23 per share, high INR 2,912.31 per share

- FY2023: low INR 2,779.33 per share, central INR 3,097.95 per share, high INR 3,502.10 per share

- FY2024: low INR 3,116.93 per share, central INR 3,474.26 per share, high INR 3,927.49 per share

- FY2025: low INR 2,883.57 per share, central INR 4,002.87 per share, high INR 4,573.04 per share

- FY2026: low INR 3,098.89 per share, central INR 4,303.96 per share, high INR 4,917.82 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:10.276Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

UltraTech Cement

ULTRACEMCO · NSE

Nifty 50

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: INR 10,795.00
Buy up to: INR 4,303.96
Expected / yr: 6.5% at today's price (11.4% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 16.8% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 13.9%
Worst year: 11.2%
Latest · 2026: 14.0%

Capital return excluding acquisitions: median 10.2% (minimum 15%), and the second-worst year 9.1% (minimum 10%).

ROIC excluding acquisitions

5y median: 10.2%
Worst year: 8.0%
Latest · 2026: 10.2%

Each $1 of profit left $0.97 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.97×
Annual median: 0.97×
Latest · 2026: 0.97×

Per-share value rose from 90.3 to 242.87, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: INR 195.44
Worst year: INR 80.92
Latest · 2026: INR 277.45

Profits were backed by cash: accruals were -5.1% of assets (limit 10%).

Sloan accruals

10y median: -4.2%
Worst year: -2.3%
Latest · 2026: -5.1%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 14.4%, three-year average owner earnings per share 234.26 INR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price INR 3603.45; 2016-12 · Price INR 3250.20; 2017-01 · Price INR 3694.45; 2017-02 · Price INR 3774.55; 2017-03 · Price INR 3984.75; 2017-04 · Price INR 4248.95; 2017-05 · Price INR 4195.20; 2017-06 · Price INR 3959.10; 2017-07 · Price INR 4056.90; 2017-08 · Price INR 4000.40; 2017-09 · Price INR 3854.20; 2017-10 · Price INR 4401.05; 2017-11 · Price INR 4203.80; 2017-12 · Price INR 4320.60; 2018-01 · Price INR 4382.00; 2018-02 · Price INR 4155.60; 2018-03 · Price INR 3950.00; 2018-04 · Price INR 4108.85; 2018-05 · Price INR 3744.90; 2018-06 · Price INR 3818.60; 2018-07 · Price INR 4193.80; 2018-08 · Price INR 4475.50; 2018-09 · Price INR 4059.95; 2018-10 · Price INR 3499.40; 2018-11 · Price INR 3999.65; 2018-12 · Price INR 3990.95; 2019-01 · Price INR 3519.35 · Value 1437.31 · Buy at or below 1437.31; 2019-02 · Price INR 3826.50 · Value 1437.31 · Buy at or below 1437.31; 2019-03 · Price INR 3998.35 · Value 1437.31 · Buy at or below 1437.31; 2019-04 · Price INR 4616.80 · Value 1437.31 · Buy at or below 1437.31; 2019-05 · Price INR 4760.10 · Value 1437.31 · Buy at or below 1437.31; 2019-06 · Price INR 4555.85 · Value 1437.31 · Buy at or below 1437.31; 2019-07 · Price INR 4346.90 · Value 1437.31 · Buy at or below 1437.31; 2019-08 · Price INR 4052.25 · Value 1437.31 · Buy at or below 1437.31; 2019-09 · Price INR 4341.25 · Value 1437.31 · Buy at or below 1437.31; 2019-10 · Price INR 4143.20 · Value 1437.31 · Buy at or below 1437.31; 2019-11 · Price INR 4259.10 · Value 1437.31 · Buy at or below 1437.31; 2019-12 · Price INR 4046.05 · Value 1437.31 · Buy at or below 1437.31; 2020-01 · Price INR 4416.10 · Value 1437.31 · Buy at or below 1437.31; 2020-02 · Price INR 4219.60 · Value 1528.07 · Buy at or below 1528.07; 2020-03 · Price INR 3244.85 · Value 1528.07 · Buy at or below 1528.07; 2020-04 · Price INR 3534.30 · Value 1528.07 · Buy at or below 1528.07; 2020-05 · Price INR 3904.85 · Value 1528.07 · Buy at or below 1528.07; 2020-06 · Price INR 3893.55 · Value 1528.07 · Buy at or below 1528.07; 2020-07 · Price INR 4117.30 · Value 1528.07 · Buy at or below 1528.07; 2020-08 · Price INR 3903.85 · Value 1528.07 · Buy at or below 1528.07; 2020-09 · Price INR 4049.55 · Value 1528.07 · Buy at or below 1528.07; 2020-10 · Price INR 4574.05 · Value 1528.07 · Buy at or below 1528.07; 2020-11 · Price INR 4802.00 · Value 1528.07 · Buy at or below 1528.07; 2020-12 · Price INR 5288.15 · Value 1528.07 · Buy at or below 1528.07; 2021-01 · Price INR 5327.25 · Value 1528.07 · Buy at or below 1528.07; 2021-02 · Price INR 6115.00 · Value 1769.73 · Buy at or below 1769.73; 2021-03 · Price INR 6737.95 · Value 1769.73 · Buy at or below 1769.73; 2021-04 · Price INR 6278.95 · Value 1769.73 · Buy at or below 1769.73; 2021-05 · Price INR 6708.00 · Value 1769.73 · Buy at or below 1769.73; 2021-06 · Price INR 6776.00 · Value 1769.73 · Buy at or below 1769.73; 2021-07 · Price INR 7619.20 · Value 1769.73 · Buy at or below 1769.73; 2021-08 · Price INR 7832.45 · Value 1769.73 · Buy at or below 1769.73; 2021-09 · Price INR 7396.10 · Value 1769.73 · Buy at or below 1769.73; 2021-10 · Price INR 7636.05 · Value 1769.73 · Buy at or below 1769.73; 2021-11 · Price INR 7433.75 · Value 1769.73 · Buy at or below 1769.73; 2021-12 · Price INR 7591.05 · Value 1769.73 · Buy at or below 1769.73; 2022-01 · Price INR 7216.40 · Value 1769.73 · Buy at or below 1769.73; 2022-02 · Price INR 6567.90 · Value 2576.23 · Buy at or below 2576.23; 2022-03 · Price INR 6602.30 · Value 2576.23 · Buy at or below 2576.23; 2022-04 · Price INR 6630.25 · Value 2576.23 · Buy at or below 2576.23; 2022-05 · Price INR 6082.60 · Value 2576.23 · Buy at or below 2576.23; 2022-06 · Price INR 5607.30 · Value 2576.23 · Buy at or below 2576.23; 2022-07 · Price INR 6544.80 · Value 2576.23 · Buy at or below 2576.23; 2022-08 · Price INR 6677.85 · Value 2576.23 · Buy at or below 2576.23; 2022-09 · Price INR 6255.10 · Value 2576.23 · Buy at or below 2576.23; 2022-10 · Price INR 6714.95 · Value 2576.23 · Buy at or below 2576.23; 2022-11 · Price INR 7077.00 · Value 2576.23 · Buy at or below 2576.23; 2022-12 · Price INR 6959.05 · Value 2576.23 · Buy at or below 2576.23; 2023-01 · Price INR 7085.55 · Value 2576.23 · Buy at or below 2576.23; 2023-02 · Price INR 7261.30 · Value 3097.95 · Buy at or below 3097.95; 2023-03 · Price INR 7622.15 · Value 3097.95 · Buy at or below 3097.95; 2023-04 · Price INR 7556.20 · Value 3097.95 · Buy at or below 3097.95; 2023-05 · Price INR 7870.05 · Value 3097.95 · Buy at or below 3097.95; 2023-06 · Price INR 8294.75 · Value 3097.95 · Buy at or below 3097.95; 2023-07 · Price INR 8318.15 · Value 3097.95 · Buy at or below 3097.95; 2023-08 · Price INR 8297.45 · Value 3097.95 · Buy at or below 3097.95; 2023-09 · Price INR 8254.85 · Value 3097.95 · Buy at or below 3097.95; 2023-10 · Price INR 8422.25 · Value 3097.95 · Buy at or below 3097.95; 2023-11 · Price INR 9003.65 · Value 3097.95 · Buy at or below 3097.95; 2023-12 · Price INR 10503.05 · Value 3097.95 · Buy at or below 3097.95; 2024-01 · Price INR 10167.35 · Value 3097.95 · Buy at or below 3097.95; 2024-02 · Price INR 9892.40 · Value 3474.26 · Buy at or below 3474.26; 2024-03 · Price INR 9749.15 · Value 3474.26 · Buy at or below 3474.26; 2024-04 · Price INR 9971.85 · Value 3474.26 · Buy at or below 3474.26; 2024-05 · Price INR 9915.50 · Value 3474.26 · Buy at or below 3474.26; 2024-06 · Price INR 11667.90 · Value 3474.26 · Buy at or below 3474.26; 2024-07 · Price INR 11887.20 · Value 3474.26 · Buy at or below 3474.26; 2024-08 · Price INR 11301.90 · Value 3474.26 · Buy at or below 3474.26; 2024-09 · Price INR 11802.00 · Value 3474.26 · Buy at or below 3474.26; 2024-10 · Price INR 11065.65 · Value 3474.26 · Buy at or below 3474.26; 2024-11 · Price INR 11202.15 · Value 3474.26 · Buy at or below 3474.26; 2024-12 · Price INR 11426.35 · Value 3474.26 · Buy at or below 3474.26; 2025-01 · Price INR 11487.45 · Value 3474.26 · Buy at or below 3474.26; 2025-02 · Price INR 10128.45 · Value 4002.87 · Buy at or below 4002.87; 2025-03 · Price INR 11509.55 · Value 4002.87 · Buy at or below 4002.87; 2025-04 · Price INR 11641.00 · Value 4002.87 · Buy at or below 4002.87; 2025-05 · Price INR 11210.00 · Value 4002.87 · Buy at or below 4002.87; 2025-06 · Price INR 12093.00 · Value 4002.87 · Buy at or below 4002.87; 2025-07 · Price INR 12249.00 · Value 4002.87 · Buy at or below 4002.87; 2025-08 · Price INR 12640.00 · Value 4002.87 · Buy at or below 4002.87; 2025-09 · Price INR 12222.00 · Value 4002.87 · Buy at or below 4002.87; 2025-10 · Price INR 11947.00 · Value 4002.87 · Buy at or below 4002.87; 2025-11 · Price INR 11600.00 · Value 4002.87 · Buy at or below 4002.87; 2025-12 · Price INR 11784.00 · Value 4002.87 · Buy at or below 4002.87; 2026-01 · Price INR 12694.00 · Value 4002.87 · Buy at or below 4002.87; 2026-02 · Price INR 12677.00 · Value 4303.96 · Buy at or below 4303.96; 2026-03 · Price INR 10745.00 · Value 4303.96 · Buy at or below 4303.96; 2026-04 · Price INR 11586.00 · Value 4303.96 · Buy at or below 4303.96; 2026-05 · Price INR 11482.00 · Value 4303.96 · Buy at or below 4303.96; 2026-06 · Price INR 11253.00 · Value 4303.96 · Buy at or below 4303.96; 2026-07 · Price INR 11903.00 · Value 4303.96 · Buy at or below 4303.96; 2026-08 · Price INR 11450.00 · Value 4303.96 · Buy at or below 4303.96; 2026-09 · Price INR 10956.00 · Value 4303.96 · Buy at or below 4303.96; 2026-10 · Price INR 10862.00 · Value 4303.96 · Buy at or below 4303.96; 2026-10 · Price INR 10795.00 · Value 4303.96 · Buy at or below 4303.96

INR per share · annual estimates

Price & return math
Value range	INR 3,098.89 – INR 4,917.82
Buy at or below	Central value INR 4,303.96
Discount to value	1 − 10795.00 / 4303.96 = -150.8%
Return / year	About 6.5% a year at today's price (required return 11.4%)
Cash-flow inputs	Owner cash INR 268.06/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash INR 0.00/share today.
Required return	11.4% / year, earned by construction at the central value

RevenueINR 885B

Revenue

Owner earningsINR 79B

Owner earnings

Operating margin14.0%

Operating margin

Net cash / debtINR -197B

Net cash / debt

Diluted shares294M

Diluted shares

Prices 14 Oct 2026 · FY2026