UltraTech水泥（ULTC.BO）——美国管理层交流会要点

Citi hosted UltraTech Cement's senior management in the US and reiterates Buy with a target price of Rs13,200, implying 19.5% upside and a 2.6% dividend yield. Management expects industry demand to grow in high single digits over the next few years, driven by strong government capex, double-digit private-sector cement volume growth and broad-based commercial and housing demand, with the East the strongest region over the next 12-24 months. ULTC's market share has risen above 30% versus 26% two years ago; capacity is up from 186mt to ~205mt, utilization has moved from 66% to 76% and could reach ~95% by 4QFY27, with India capacity targeted at 237mt by FY28 and further expansion likely to be announced. India remains an excess-capacity market (~715mt capacity vs ~465mt demand in FY26);