NSE: ACC · BSE: 500410
ACC LIMITED
Manufactures and sells cement and ready-mix concrete in India, operating 17 cement plants and 35 offices across 22 states and 6 union territories. Cement and ancillary services is the main line, with ready-mix concrete a smaller secondary stream that contributes about ₹1,935.90 crore of segment revenue. In FY26, standalone revenue was ₹25,961.85 crore on 43.9 million tonnes of cement sales volume, generating an EBITDA margin of 13.0%. Standalone cement capacity stands at 40.4 MTPA and the company carries zero gross debt. Operating costs are dominated by other operating expenses at 42.6% of revenue, covering freight, power and fuel, and packing; raw materials account for 17.5% and employees 2.9% of revenue. Trade sales make up 74-78% of volumes and premium cement products 35-44% of trade sales. The company has a 29.8% green power share and is 1.7x water positive. A scheme of amalgamation with Ambuja Cements at a 328:100 share swap ratio has been filed with NCLT Ahmedabad. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cement and ancillary services, Ready Mix Concrete. Asset-heavy, cyclical cement manufacturer with debt-free balance sheet
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | 22,210 | 19,959 | 21,762 | 25,962 |
| EBITDA (ex other income) | — | 1,763 | 3,291 | 3,161 | 2,978 |
| margin % | — | 7.9 | 16.5 | 14.5 | 11.5 |
| Owners' profit | — | 885 | 2,336 | 2,402 | 2,137 |
| EPS, as reported (₹) | — | 47.13 | 124.42 | 127.92 | 113.80 |
| ROE % · ROCE % | — · — | 6.3 · 8.5 | 14.3 · 16.8 | 12.9 · 16.4 | 10.4 · 10.4 |
| Debt / equity (x) | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | — | (1,235) | 2,995 | 1,711 | (1,358) |
| Capex | — | (2,105) | (1,395) | (1,968) | (1,433) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,614 | 5,207 | 6,067 | 6,087 | 5,932 | 6,483 | 7,146 | 5,808 |
| Profit before tax | 284 | 1,476 | 880 | 561 | 762 | 459 | 368 | 198 |
| Net profit | 200 | 1,092 | 751 | 375 | 1,119 | 404 | 238 | 147 |
| EPS (₹) | 10.55 | 58.14 | 39.99 | 19.99 | 59.60 | 21.52 | 12.69 | 7.83 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Cement and ancilliary services * | 18,205 | 70.4 |
| Ready Mix Concrete | 1,936 | 7.5 |
| Cement | 5,715 | 22.1 |
| Total, before eliminations | 25,856 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ULTRATECH CEMENT LIMITED | 3,29,452 | 38.5 | 4.08 | 20.1 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD | 1,97,360 | 34.5 | 1.16 | 16.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD | 87,273 | 19.8 | 1.21 | 12.2 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED | 83,056 | 51.0 | 3.56 | 15.9 | 7.5 | 9.4 | 9.2 | 23.8 |
| JK CEMENT LIMITED | 38,558 | 40.8 | 5.44 | 17.7 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED | 28,101 | 29.7 | 1.55 | 10.6 | 6.4 | 5.2 | 7.1 | 19.6 |
| ACC LIMITED ◆ | 21,387 | 11.2 | 1.04 | 6.2 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED | 17,308 | 26.9 | 2.14 | 10.3 | 8.6 | 7.1 | 11.3 | 14.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.2 | 27.7 | 7 of 29 | 79% |
| P/B | 1.0 | 1.3 | 12 of 34 | 67% |
| ROCE | 9.9 | 3.7 | 10 of 37 | 75% |
| ROE | 10.4 | 7.2 | 8 of 34 | 79% |
| Debt / Equity | 0.0 | 0.4 | 1 of 33 | 97% |
| EBITDA margin | 8.4 | 13.1 | 30 of 37 | 19% |
| Revenue growth | (4.6) | 7.8 | 30 of 37 | 19% |
| Profit growth | (60.8) | (24.7) | 29 of 37 | 22% |
| Market cap | 21387 | 1735 | 7 of 38 | 84% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Promoter shares charged for USD 1.375 billion banking facility | ownership changes | high | — | — |
| 28 Oct 2026 · Promoter shares encumbered for USD 1.375 billion Endeavour facility | ownership changes | medium | — | — |
| 28 Oct 2026 · ACC publishes September 2026 unaudited results extract | compliance | minimal | — | — |
| 27 Oct 2026 · ACC reports Q2 FY27 growth, expands capacity and advances Ambuja merger | compliance | low | — | — |
| 27 Oct 2026 · Revenue and profit fall; Rs71 crore quarterly severance cost | results | high | — | — |
| 27 Oct 2026 · Q2 revenue dips and profit falls sharply despite stronger cash flow | results | high | — | — |
| 24 Oct 2026 · Refinancing extends pledge over 56.69% of ACC shares | ownership changes | medium | — | — |
| 13 Oct 2026 · NCLT fixes Nov 19 hearing for ACC-Ambuja Cements merger petition | compliance | minimal | — | — |
| 9 Oct 2026 · Routine compliance certificate filed for Sep 2026 quarter | compliance | minimal | — | — |
| 8 Oct 2026 · Board meeting Oct 27 to approve Q2FY27 results; investor call Oct 29 | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.