ICICI Securities raised its target price for UltraTech Cement to ₹12,138 from ₹11,900 but kept its rating at HOLD, according to a Moneycontrol broker-research summary dated September 4, 2026. The increase is ₹238 per share; it is not a change to a BUY recommendation.
What changed in the UltraTech Cement call?
The target rose by ₹238, from ₹11,900 to ₹12,138 per share. The recommendation stayed HOLD. The matching report identified here is Moneycontrol’s summary of ICICI Securities research; the article title names ad-hoc-news.de, but a corresponding item on that site has not been independently verified.
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The target is a time-specific broker estimate, not a guaranteed future share price. It does not by itself establish potential upside: that would require comparing it with a share price from the same relevant date.
Why did ICICI Securities raise the target?
The broker summary linked the increase to UltraTech’s launch of Ultravolt, its wires and cables business. The report described an ₹18 billion investment and an ambition for Ultravolt to become a national brand and one of the industry’s top two players within five years. These are reported investment and business ambitions, not evidence that the target position has been achieved.
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ICICI Securities expected Ultravolt to have little immediate effect on UltraTech’s results. Its estimated contribution to the target was based on projected FY28E revenue and valuation assumptions rather than current realized business performance.
How the Ultravolt estimate was calculated
Moneycontrol’s September 4, 2026 summary attributes the following model assumptions and estimates to ICICI Securities:
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| Input or estimate | Value | How to read it |
|---|---|---|
| Ultravolt revenue | ₹30 billion in FY28E | Broker estimate, not reported revenue or company guidance |
| Net working capital | ₹5 billion | Broker assumption |
| Price-to-sales multiple | 2.5× | Broker valuation assumption |
| Ultravolt enterprise value | ₹70 billion | Estimated value derived from the broker’s model |
| Ultravolt contribution per UltraTech share | ₹238 | Estimated contribution to the target |
| Core cement business valuation | 17× FY28E EV/EBITDA | Core-business assumption; the summary said it was unchanged |
| Revised UltraTech target | ₹12,138 per share | Combined target, up from ₹11,900; rating remained HOLD |
FY28E denotes an estimate for fiscal year 2028, not an actual result. The summary does not establish whether these assumptions will be met, and the target should not be read as a promise that the stock will reach ₹12,138.
What the HOLD rating means for readers
The key distinction is between a higher valuation estimate and a more positive recommendation: ICICI Securities raised its target while maintaining HOLD. The report therefore does not support describing the call as a BUY upgrade.
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For a useful comparison with another analyst, line up report dates and examine the rating, target horizon, earnings assumptions, valuation method, and treatment of Ultravolt. A target from another date may reflect different share prices or forecasts, so it should not be compared as though both calls were made under identical conditions.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Source and date
The figures and rating above are from Moneycontrol’s broker-research summary of ICICI Securities’ report, published September 4, 2026: Moneycontrol broker research. UltraTech Cement’s listed-company and trading context is available on its Moneycontrol stock page; any current share price should be checked at the time of reading.
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Broker views are the brokerage’s own and may not suit an individual investor’s circumstances. Consider seeking advice from a certified investment professional before making investment decisions.
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