UltraTech Cement, the largest cement manufacturer in India and also the largest in the world outside of China, is set to continue its expansion phase. Supported by strong demand and price improvement, earnings growth should sustain for the company. We earlier recommended investors hold the stock in August 2024. This was despite the strong volume growth expectations as valuations were at a premium (35 times one-year forward earnings). The stock has returned a modest 8 per cent in the period and valuations have moderated to 32 times — in line with the last five-year average of 31 times.The company’s volume…