However, the stock of India's leading cement player, Ultratech Cement, has recovered 59 per cent from its lows in FY23. This is on optimism driven by long-term demand growth and recovery in margin in recent quarters. The stock now trades at a one-year EV/EBITDA of 16.4 times against its 5-year average of 15.2 times. The one-year forward PE is 28.2 times against 5-year average of 28.8 times. Although peers such as ACC and Ambuja Cement are trading at lower multiples, the higher capacity and all-India presence are Ultratech Cement's competitive advantages.