Evaluating the Financial Performance of UltraTech Cement Using MVA, SVA, and EVA (2013-2023): A Comprehensive Analysis

Abstract

This research paper evaluates the financial performance of UltraTech Cement Limited, India’s largest cement manufacturer, using three value-based metrics: Market Value Added (MVA), Shareholder Value Added (SVA), and Economic Value Added (EVA). The study covers a ten-year period (2013–2023) and utilizes financial data from annual reports, Money Control, and Dion Global Solutions. The findings reveal that while Ultra Tech has demonstrated strong revenue and market capitalization growth, its economic profitability (EVA) has been inconsistent due to high capital expenditures. The study concludes with strategic recommendations for improving capital efficiency and long-term value creation.