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Today's prices ask more of UltraTech Cement than of Grasim Industries.
At current prices, buyers of Grasim Industries are assuming about 0% growth against 16% 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: Grasim Industries on estimate withheld; UltraTech Cement on discounted cash flow.
- Size: UltraTech Cement is worth about 1.7 times Grasim Industries on the stock market.
- Record: On revenue the two have grown at much the same pace: Grasim Industries compounded at about 15% a year (FY2018–FY2026) and UltraTech Cement at about 13% (FY2019–FY2026).
- What to watch: the ultratech stake at Grasim Industries; cement prices at UltraTech Cement.
| Grasim Industries | UltraTech Cement | |
|---|---|---|
| Price | ₹3,034 | ₹12,100 |
| Market cap | ₹2.06L Cr | ₹3.57L Cr |
| P/E | 42.1 | 40.5 |
| P/B | 2.00 | 4.65 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Estimate withheld | Discounted cash flow |
01Two businesses
A flagship that owns the group's crown jewels
Grasim Industries is the flagship of the Aditya Birla group. It owns a majority of UltraTech Cement, India's largest cement maker, and a large stake in Aditya Birla Capital, the group's financial-services arm.
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
On revenue the two have grown at much the same pace: Grasim Industries compounded at about 15% a year (FY2018–FY2026) and UltraTech Cement at about 13% (FY2019–FY2026). By revenue, Grasim Industries is about 2.0 times the size of UltraTech Cement. Grasim Industries kept 5.9% 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: Grasim Industries · 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
- The UltraTech stakeThe value of Grasim's UltraTech holding is the largest single part of its worth.
- Birla OpusPaints need heavy investment; whether it earns a return is the biggest open question in Grasim's own business.
- 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
- Paints competitionAsian Paints and others are fighting hard to protect share.
- Commodity downturnsWeak fibre or chemical prices hit Grasim's standalone profit.
- 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 Grasim Industries 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, Grasim Industries trades at 42.1 times earnings and 2.00 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 Grasim Industries and UltraTech Cement?
Grasim Industries is the flagship of the Aditya Birla group. 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 Grasim Industries and UltraTech Cement valued the same way?
No. Grasim Industries 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 Grasim Industries and UltraTech Cement?
Worked backwards from the share price, Grasim Industries needs about 0% growth and UltraTech Cement about 19% growth, against 16% and 14% in their own records.