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The market asks roughly as much of Lodha Developers as of UltraTech Cement.
At current prices, buyers of Lodha Developers are assuming about 24% growth against 19% 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: both on discounted cash flow.
- Size: UltraTech Cement is worth about 2.9 times Lodha Developers on the stock market.
- Record: Lodha Developers has grown revenue faster: Lodha Developers compounded at about 25% a year (FY2021–FY2026) and UltraTech Cement at about 13% (FY2019–FY2026).
- What to watch: pre-sales growth at Lodha Developers; cement prices at UltraTech Cement.
| Lodha Developers | UltraTech Cement | |
|---|---|---|
| Price | ₹1,220 | ₹12,100 |
| Market cap | ₹1.22L Cr | ₹3.57L Cr |
| P/E | 28.0 | 40.5 |
| P/B | 5.24 | 4.65 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Discounted cash flow | Discounted cash flow |
01Two businesses
From Macrotech to Lodha Developers
Lodha Developers, renamed from Macrotech Developers in 2025, is a Mumbai-based developer controlled by the Lodha family and listed in 2021. It builds homes across price points in the Mumbai region and Pune, from luxury towers to mid-income projects.
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
Lodha Developers has grown revenue faster: Lodha Developers compounded at about 25% a year (FY2021–FY2026) and UltraTech Cement at about 13% (FY2019–FY2026). By revenue, UltraTech Cement is about 5.3 times the size of Lodha Developers. Lodha Developers kept 20.6% 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: Lodha Developers · 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
- Pre-sales growthBookings drive future revenue and cash.
- Debt reductionLower debt has cut interest costs and risk.
- 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
- Mumbai concentrationMost sales come from one region.
- Rate cyclesHigher mortgage rates slow buying.
- 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 Lodha Developers 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, Lodha Developers trades at 28.0 times earnings and 5.24 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 Lodha Developers and UltraTech Cement?
Lodha Developers, renamed from Macrotech Developers in 2025, is a Mumbai-based developer controlled by the Lodha family and listed in 2021. 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 Lodha Developers and UltraTech Cement valued the same way?
Yes — both on discounted cash flow, so their workings compare like for like.
What does today's price assume for Lodha Developers and UltraTech Cement?
Worked backwards from the share price, Lodha Developers needs about 24% growth and UltraTech Cement about 19% growth, against 19% and 14% in their own records.