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Today's prices ask more of Ambuja Cements than of UltraTech Cement.
At current prices, buyers of Ambuja Cements are assuming about 30% growth against 4% in its own record; for UltraTech Cement it is 19% against 14%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: Ambuja Cements on estimate withheld; UltraTech Cement on discounted cash flow.
- Size: UltraTech Cement is worth about 3.8 times Ambuja Cements on the stock market.
- Record: UltraTech Cement has grown revenue faster: Ambuja Cements compounded at about 6% a year (FY2018–FY2026) and UltraTech Cement at about 13% (FY2019–FY2026).
- What to watch: capacity growth at Ambuja Cements; cement prices at UltraTech Cement.
| Ambuja Cements | UltraTech Cement | |
|---|---|---|
| Price | ₹381 | ₹12,100 |
| Market cap | ₹0.95L Cr | ₹3.57L Cr |
| P/E | 33.8 | 40.5 |
| P/B | 1.60 | 4.65 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Estimate withheld | Discounted cash flow |
01Two businesses
From Holcim to Adani
Ambuja Cements, founded in 1983, was controlled by Switzerland's Holcim until the Adani group bought Holcim's Indian businesses — Ambuja and its subsidiary ACC — in 2022.
The biggest cement maker in India
UltraTech Cement, part of the Aditya Birla group through Grasim Industries, is India's largest cement producer, with plants and grinding units across the country and a capacity well ahead of its nearest rival. It also sells ready-mix concrete and building products, and has announced a move into cables and wires.
02The records side by side
UltraTech Cement has grown revenue faster: Ambuja Cements compounded at about 6% a year (FY2018–FY2026) and UltraTech Cement at about 13% (FY2019–FY2026). By revenue, UltraTech Cement is about 2.2 times the size of Ambuja Cements. Ambuja Cements kept 13.9% of revenue as net profit in FY2026; UltraTech Cement kept 9.3% of revenue as net profit in FY2026.
Full ten-year tables and charts are on each company's page: Ambuja Cements · UltraTech Cement.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- Capacity growthRapid expansion aims to close the gap with UltraTech.
- Cost synergiesGroup power, coal and logistics could lower costs.
- Cement pricesRealisation per tonne moves with regional demand and how disciplined producers are on price.
- Capacity utilisationPlants are expensive to build; running them closer to capacity lifts returns.
05What could go wrong
- Price warAggressive expansion could pressure prices.
- Group eventsNews about the wider Adani group can move the share.
- A price warRapid expansion by the Adani group's cement companies could pressure prices.
- Construction slowdownsWeaker housing or government infrastructure spending cuts demand.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Ambuja Cements or UltraTech Cement better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Ambuja Cements trades at 33.8 times earnings and 1.60 times book value, and UltraTech Cement at 40.5 times earnings and 4.65 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Ambuja Cements and UltraTech Cement?
Ambuja Cements, founded in 1983, was controlled by Switzerland's Holcim until the Adani group bought Holcim's Indian businesses — Ambuja and its subsidiary ACC — in 2022. UltraTech Cement, part of the Aditya Birla group through Grasim Industries, is India's largest cement producer, with plants and grinding units across the country and a capacity well ahead of its nearest rival.
Are Ambuja Cements and UltraTech Cement valued the same way?
No. Ambuja Cements is valued on estimate withheld and UltraTech Cement on discounted cash flow, because forcing one model onto both would misstate at least one of them.
What does today's price assume for Ambuja Cements and UltraTech Cement?
Worked backwards from the share price, Ambuja Cements needs about 30% growth and UltraTech Cement about 19% growth, against 4% and 14% in their own records.