On this page ▾
Today's prices ask more of DLF than of UltraTech Cement.
At current prices, buyers of DLF are assuming about 35% growth against 9% 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: DLF on estimate withheld; UltraTech Cement on discounted cash flow.
- Size: UltraTech Cement is worth about 1.9 times DLF on the stock market.
- Record: UltraTech Cement has grown revenue faster: DLF compounded at about 3% a year (FY2018–FY2026) and UltraTech Cement at about 13% (FY2019–FY2026).
- What to watch: launches and sales at DLF; cement prices at UltraTech Cement.
| DLF | UltraTech Cement | |
|---|---|---|
| Price | ₹759 | ₹12,100 |
| Market cap | ₹1.88L Cr | ₹3.57L Cr |
| P/E | 41.1 | 40.5 |
| P/B | 4.13 | 4.65 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Estimate withheld | Discounted cash flow |
01Two businesses
Gurugram's developer
DLF, founded in 1946 and controlled by the Singh family, is India's largest listed real-estate developer by market value. It largely built modern Gurugram, and its recent luxury launches such as The Camellias and The Dahlias have sold at record prices.
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: DLF compounded at about 3% a year (FY2018–FY2026) and UltraTech Cement at about 13% (FY2019–FY2026). By revenue, UltraTech Cement is about 10.8 times the size of DLF. DLF kept 53.9% of revenue as net profit in FY2026; UltraTech Cement kept 9.3% of revenue as net profit in FY2026 — a sign of very different business models.
Full ten-year tables and charts are on each company's page: DLF · 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
- Launches and salesNew luxury projects drive bookings and cash flow.
- Land bankOwned land lets DLF launch without paying today's land prices.
- 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
- Property cycleHousing demand can fall quickly when rates rise.
- ConcentrationHeavy dependence on one city.
- 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 DLF 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, DLF trades at 41.1 times earnings and 4.13 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 DLF and UltraTech Cement?
DLF, founded in 1946 and controlled by the Singh family, is India's largest listed real-estate developer by market value. 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 DLF and UltraTech Cement valued the same way?
No. DLF 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 DLF and UltraTech Cement?
Worked backwards from the share price, DLF needs about 35% growth and UltraTech Cement about 19% growth, against 9% and 14% in their own records.