New Delhi, Oct. 22 -- Brokerage firm InCred Equities continues to remain bullish on UltraTech Cement share price despite the stock has given negative returns in the short-term, saying given the visibility on the volume front and improvement in profitability.

The brokerage firm has maintained its 'add' rating on the UltraTech Cement, with a target price of Rs.13,600 per share, with an upside potential up to 27.7%.

"We maintain our ADD rating on UTCEM, rolling forward to Sep 2028F target price of Rs13,600 or 17x EV/EBITDA (vs. 18x earlier). We maintain our thesis and continue to prefer UTCEM over the medium- to long-term, given the visibility on the volume front & improvement in profitability. Downside risks: Weak demand and pricing, and ...