Prabhudas Lilladher Recommends 'BUY' on Ultratech Cement; Target Rs 13,625

• Prabhudas Lilladher upgrades Ultratech Cement to 'BUY' from 'Accumulate', setting a target price of Rs 13,625.
• The upgrade is based on expected cement pricing improvement from January 2026, driven by strengthening demand.
• Stock corrected 11% from August 2025 due to muted demand during monsoon and GST rationalization.
• Ultratech Cement is expected to benefit from a higher coal share, logistics optimization, and synergy from acquired capacities.
• Analysts project a 12% volume CAGR and a strong 24% EBITDA CAGR for UTCEM over FY25-28E.

Why It Matters: Prabhudas Lilladher recommends 'BUY' on Ultratech Cement, citing strong growth prospects and improved pricing.