Heidelberg vs UltraTech Cement: Fair Value & Quality
Both stocks run through our valuation models. Here is how Heidelberg (HEIDELBERG) and UltraTech Cement (ULTRACEMCO) compare, as of Aug 17, 2026.
As of Aug 17, 2026, Fair Value Calculator sees Heidelberg as the less overvalued of the two: Heidelberg trades at ₹158 versus a fair value of ₹101 (-36%), while UltraTech Cement trades at ₹11,619 versus ₹4,718 (-59%).
Heidelberg
HEIDELBERG.NSE · INR · Materials
-36%
upside to fair value
overvalued
Price₹158
Fair Value₹101
Quality69/100
UltraTech Cement
ULTRACEMCO.NSE · INR · Materials
-59%
upside to fair value
overvalued
Price₹11,619
Fair Value₹4,718
Quality55/100
Head-to-head numbers
Green value = the better side for that row (for valuation multiples: lower = cheaper).
HeidelbergUltraTech Cement
Valuation
26.8×P/E (TTM)42.2×
1.50×P/S (TTM)3.89×
2.55×P/B4.50×
10.8×EV/EBITDA21.0×
—PEG1.22×
4.6%Dividend yield0.7%
₹7.00Dividend per share—
Profitability
6%Net margin9%
9%Operating margin17%
10%Return on equity11%
4%Return on assets6%
Growth
6%Revenue growth (YoY)3%
1.3%Avg. growth/yr (3Y)11.9%
1.9%Avg. growth/yr (5Y)14.6%
Balance & size
—Debt / equity0.20×
$367MMarket cap$36B
weakGrowth qualitymixed
Even match: 6 to 6 metric wins.
Dash = not meaningfully computable, for example with negative equity.
Quality in detail
The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.
Heidelbergof which business quality 68 · market factors 45UltraTech Cementof which business quality 54 · market factors 52
ProfitabilityMargins and returns on capital today
52
46
Quality GrowthAre margins and returns improving?
62
60
CashflowEarnings quality: real cash, not paper profit
InvestmentDisciplined investing over empire-building
100
37
Low VolatilityCalm price path (market factor)
92
91
MomentumPrice trend over the last 3–12 months (market factor)
30
35
52W MomentumDistance to the 52-week high (market factor)
17
37
Net IssuanceBuybacks instead of dilution
79
73
What the models say
The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.
Heidelberg
DCF Models₹137
Earnings-Based₹59.35
Dividend Discount₹120
Multiples₹110
Asset-Based₹40.56
Growth DCF₹135
Economic Profit₹74.22
Growth Earnings₹90.74
25 of 26 models see the stock below the current price.
UltraTech Cement
DCF Models₹4,856
Earnings-Based₹3,953
Dividend Discount₹1,476
Multiples₹4,719
Asset-Based₹1,745
Growth DCF₹4,014
Economic Profit₹3,582
Growth Earnings₹5,271
26 of 26 models see the stock below the current price.
Scenario ranges
From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.
Heidelberg
Bear ₹75.38Fair Value ₹101Bull ₹126
₹158 = current price (white tick)
UltraTech Cement
Bear ₹2,402Fair Value ₹4,718Bull ₹5,899
₹11,619 = current price (white tick)
Compare two other stocks
Tap a field and type again, ticker or company name.
Free, no sign-up
Ranked within their sector
Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.
Heidelberg · Materials
Quality score69 · Top 25%
Fair value upside-36% · below median
UltraTech Cement · Materials
Quality score55 · above median
Fair value upside-59% · bottom 25%
Bottom line
As of Aug 17, 2026, Fair Value Calculator sees Heidelberg as the less overvalued of the two: Heidelberg trades at ₹158 versus a fair value of ₹101 (-36%), while UltraTech Cement trades at ₹11,619 versus ₹4,718 (-59%).
Just your email for the monthly Top-25 report of the most undervalued quality stocks, with fair value, quality and price target. Plus 14 days of Pro to try, no card.
Free. You confirm by email (double opt-in) and can unsubscribe anytime in one click. Not financial advice.
A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.
