NSE: ACE · BSE: 532762
ACTION CONST EQUIP LTD
Manufactures and sells mobile cranes, material handling and construction equipment, with a smaller agriculture equipment line. Cranes, Material Handling and Construction Equipment accounted for 89.7% of FY26 segment revenue at ₹2,953.16 cr, Agriculture Equipment 8.0% at ₹262.24 cr, and Others 2.3% at ₹76.55 cr. In Q1 FY27, standalone revenue rose 19% YoY to ₹836 cr, with the cranes/CE/metal handling segment growing 22% YoY to ₹738.37 cr; the company reports holding over 63% market share in mobile cranes. Operations are being expanded through a ₹200 cr KATO Works joint venture for heavy cranes (commencing end-July 2026) and a new defence facility (Plant 9) with ₹500 cr turnover capacity, alongside FY27 capex guidance of ₹200–250 cr. Materials at 68.3% of FY26 revenue are the dominant input cost; steel alone rose ~20% during CY26, against which the company pushed cumulative price hikes of about 10% across January, March and June 2026. FY27 capex of ₹200–250 cr is split across land takeover, the Plant 9 defence facility and routine automation, and management has guided defence revenue to ₹200+ cr (5–6% of revenue) with exports targeted at 6–7%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cranes, Material Handling and Construction Equipment (90%), Agriculture Equipment (8%), Others (2%). Cyclical, asset-heavy capital goods manufacturer exposed to infrastructure capex and commodity cycles.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,630 | 2,160 | 2,914 | 3,327 | 3,280 |
| EBITDA (ex other income) | 151 | 221 | 403 | 506 | 504 |
| margin % | 9.3 | 10.2 | 13.8 | 15.2 | 15.4 |
| Owners' profit | 105 | 172 | 328 | 409 | 415 |
| EPS, as reported (₹) | 9.02 | 14.41 | 27.56 | 34.39 | 34.88 |
| ROE % · ROCE % | 13.9 · 19.6 | 18.8 · 26.0 | 26.7 · 36.7 | 25.3 · 35.5 | 20.6 · 28.5 |
| Debt / equity (x) | 0.01 | 0.01 | 0.00 | 0.01 | 0.00 |
| Cash from operations | 109 | 274 | 433 | 412 | 417 |
| Capex | (38) | (74) | (175) | (221) | (93) |
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 | 757 | 875 | 961 | 652 | 744 | 855 | 1,029 | 786 |
| Profit before tax | 127 | 149 | 161 | 128 | 124 | 152 | 153 | 158 |
| Net profit | 95 | 112 | 119 | 98 | 90 | 116 | 111 | 119 |
| EPS (₹) | 7.97 | 9.38 | 9.97 | 8.21 | 7.57 | 9.78 | 9.32 | 10.04 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Cranes, Material Handling and Construction Equipment | 2,953 | 89.7 |
| Agriculture Equipment | 262 | 8.0 |
| Others | 77 | 2.3 |
| Total, before eliminations | 3,292 | 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. % |
|---|---|---|---|---|---|---|---|---|
| BEML LIMITED | 16,356 | 72.2 | 5.58 | 50.7 | 4.8 | 4.8 | 4.1 | 0.4 |
| ACTION CONST EQUIP LTD ◆ | 12,153 | 27.8 | 6.04 | 19.7 | 20.6 | 27.4 | 21.7 | 22.0 |
| AJAX ENGINEERING LIMITED | 6,338 | 27.8 | 4.55 | — | 16.2 | 21.4 | — | 16.3 |
| TIL LTD | 1,597 | — | 14.38 | 151.0 | (27.7) | (16.4) | 0.6 | 5.9 |
| INDO FARM EQUIPMENT LTD | 572 | 22.9 | 1.03 | 10.0 | 4.4 | 5.6 | — | 14.1 |
| BRADY & MORRIS ENGINEERING CO. | 122 | 25.3 | 2.29 | — | 10.5 | 13.4 | — | 8.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.8 | 27.8 | 6 of 11 | 50% |
| P/B | 6.0 | 4.6 | 8 of 11 | 30% |
| ROCE | 27.4 | 12.3 | 2 of 11 | 90% |
| ROE | 20.6 | 16.2 | 3 of 11 | 80% |
| Debt / Equity | 0.0 | 0.3 | 3 of 11 | 80% |
| EBITDA margin | 22.0 | 15.2 | 1 of 12 | 100% |
| Revenue growth | 20.5 | 20.1 | 5 of 11 | 60% |
| Profit growth | 22.3 | 7.3 | 3 of 10 | 78% |
| Market cap | 12153 | 6625 | 5 of 12 | 64% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · RTA confirms no physical shares received for dematerialisation | compliance | minimal | — | — |
| 30 Sept 2026 · ACE wins order for 74 backhoe loaders from Ministry of Defence | business updates | high | — | — |
| 30 Sept 2026 · Reminds shareholders about SEBI special window for physical share dematerialisation | compliance | minimal | — | — |
| 26 Sept 2026 · ACE schedules one-on-one analyst meet with Vallum Capital on September 30 | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closure for Q2 FY27 results | compliance | minimal | — | — |
| 19 Sept 2026 · ACE 32nd AGM: All 5 resolutions passed, Rs 2 per share final dividend approved | board shareholder meetings | medium | — | — |
| 18 Sept 2026 · ACE FY26: PAT up, EBITDA up, revenue flat; 100 percent dividend, KATO JV launched | investor communications | medium | — | — |
| 18 Sept 2026 · 32nd AGM proceedings - ACE declares Rs 2 final dividend, adopts FY26 results | board shareholder meetings | medium | — | — |
| 15 Sept 2026 · ACE sends 32nd AGM notice and FY26 annual report link to shareholders | compliance | minimal | — | — |
| 9 Sept 2026 · ACE schedules one-on-one meet with DRChoksey FinServ on Sept 11 | board shareholder meetings | 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 |
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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.