UltraTech Cement vs Grasim Industries
Both trade above their peers' median P/E; UltraTech Cement by less (52% above, against 87% above for Grasim Industries).
UltraTech Cement earns the higher return on equity: 10.3% against 0.8%.
Grasim Industries grew revenue faster over three years: 13.3% a year against 11.8% a year.
UltraTech Cement fires fewer of our forensic red flags: 0 of 30 judged against 5 of 30 judged.
The latest change on file is UltraTech Cement's, on 19 Oct 2026: Q2 FY2027 results filed.
UltraTech Cement trades at a P/E of 41.77: 10th of 13 among its peers (peer median 27.5).
UltraTech Cement: the full company page →Grasim Industries trades at a P/E of 38.20: 13th of 20 among its peers (peer median 20.4).
Grasim Industries: the full company page →UltraTech Cement and Grasim Industries, figure by figure
| Figure | UltraTech Cement | Grasim Industries | Leads |
|---|---|---|---|
| Market cap | ₹3,68,320 Cr | ₹2,18,262 Cr | UltraTech Cement, larger |
| P/E | 41.77 | 38.20 | Grasim Industries, cheaper |
| P/B | 4.24 | 3.15 | Grasim Industries, cheaper |
| Dividend yield | 2.2% | 0.3% | UltraTech Cement, higher |
| ROE | 10.3% | 0.8% | UltraTech Cement, higher |
| ROCE | 12.5% | 2.1% | UltraTech Cement, higher |
| Profit margin | 9.2% | 3.0% | UltraTech Cement, higher |
| Revenue growth, 3 years | 11.8% a year | 13.3% a year | Grasim Industries, faster |
| Profit growth, 3 years | 17.3% a year | -10.1% a year | UltraTech Cement, faster |
| 1-year return | +6.6% | +16.1% | Grasim Industries, higher |
| 5-year return | +7.7% a year | +11.6% a year | Grasim Industries, higher |
| Quality score | 74 | 23.3 | UltraTech Cement, higher |
| Our valuation view | Dear, low confidence (held for review) | Dear, low confidence | Level |
| Risk level | CLEAN | DANGER | UltraTech Cement, lower |
| Forensic red flags | 0 red of 30 judged | 5 red of 30 judged | UltraTech Cement, fewer |
The leading figure is in green: the lower for P/E, P/B, cost to income, NPAs, risk and red flags, the higher for the rest. P/E and P/B on the latest price; growth rates are yearly averages; returns are price only. Our valuation view and the red flags are explained on each company's page.
Which is bigger, UltraTech Cement or Grasim Industries?
UltraTech Cement is the bigger company by market value: ₹3,68,320 Cr against ₹2,18,262 Cr for Grasim Industries, about 1.7 times as large.
UltraTech Cement market cap is ₹3,68,320 crore (large cap), making it the 23rd largest listed company on the NSE.
Grasim Industries market cap is ₹2,18,262 crore (large cap), making it the 43rd largest listed company on the NSE.
Which is cheaper on valuation, UltraTech Cement or Grasim Industries?
Grasim Industries is the cheaper of the two on P/E: 38.20 against 41.77 for UltraTech Cement.
On price to book, Grasim Industries is also the cheaper: 3.15 against 4.24.
Against their own peers' median P/E, UltraTech Cement trades 52% above its own (27.5) and Grasim Industries trades 87% above its own (20.4).
Our valuation view: dear on UltraTech Cement (low confidence) and dear on Grasim Industries (low confidence). The view weighs the multiples against each company's peers and its own history.
Which is more profitable, UltraTech Cement or Grasim Industries?
UltraTech Cement is the more profitable on return on equity: 10.3% against 0.8% for Grasim Industries.
ROCE: UltraTech Cement 12.5%, Grasim Industries 2.1%.
Profit margin: UltraTech Cement 9.2%, Grasim Industries 3.0%.
Which grew faster, UltraTech Cement or Grasim Industries?
Grasim Industries grew faster over the last three years: revenue up 13.3% a year against 11.8% a year for UltraTech Cement.
Profit growth, 3 years: UltraTech Cement 17.3% a year, Grasim Industries -10.1% a year.
Which has cleaner accounts, UltraTech Cement or Grasim Industries?
UltraTech Cement has the cleaner accounts on our forensic checks: 0 red flags of 30 judged against 5 of 30 judged for Grasim Industries.
UltraTech Cement: risk level CLEAN, 30 of 30 flags judged.
Grasim Industries: risk level DANGER, 30 of 30 flags judged.
A red flag is a figure out of line with what clean accounts show, not a finding of wrongdoing.
What these figures tell you
More comparisons
What this page rests on
Every figure is the one UltraTech Cement's and Grasim Industries' own pages print, from their filings with the exchanges and our arithmetic on them; each company is set against its own peer set. A side-by-side reading of the figures on both company pages, not a recommendation to buy, sell or hold either share. Which figure matters more depends on what you are looking for.