ACC Limited (ACC)

Construction Materials · Cement & Cement Products · NSE · Updated 15 July 2026

₹1,383.2 ↓ 30.14% (1Y)

🎯 Key Takeaways

ACC Limited is in a mature cash cow phase with signs of operational stabilization after a period of margin compression. Despite flat leverage and a low P/E of 12, the company is navigating subdued demand and cost pressures while maintaining a disciplined capital structure.
Revenue grew 10.2% QoQ to ₹7,146 in Q4FY26.
⚠️ Sustained margin compression due to subdued demand and cost pressures, as evidenced by OPM declining to 8.8% in Q4FY2

Market Cap

₹25,592

P/E Ratio

12.0

P/B Ratio

1.25

ROE

10.4%

ROCE

11.0%

Debt/Equity

0.00

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

ACC Limited is in a mature cash cow phase with signs of operational stabilization after a period of margin compression. Despite flat leverage and a low P/E of 12, the company is navigating subdued demand and cost pressures while maintaining a disciplined capital structure. Management is focused on execution rather than expansion, signaling a conservative outlook in a stagnant industry environment.

📰 What's Happening

The most recent development is the scheduled investor call on July 28, 2026, to discuss unaudited Q1FY27 results ending June 30, 2026, led by CEO Vinod Bahety and CFO Rohit Soni. This follows the release of Q4FY26 results where revenue rose to ₹7,146 crores but operating profit declined to ₹674 crores, pressuring margins to 8.8% from 14.3% in Q2FY26. Earlier, the trading window closed ahead of results, and the AGM approved audited financials and dividend declarations, reflecting governance continuity. Ambuja Cements, in a related filing, highlighted volume growth and capex plans, but ACC's own performance shows sequential softness in profitability.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26	Q4FY26
Revenue	5,155	4,614	5,927	6,067	6,087	5,932	6,483	7,146
Operating Profit	751	560	1,764	1,159	846	1,069	790	674
OPM %	13.2%	9.5%	18.8%	13.7%	12.8%	14.3%	10.8%	8.8%
Net Profit	361	200	1,092	751	375	1,119	404	238
EPS	₹19.24	₹10.55	₹58.14	₹39.99	₹19.99	₹59.60	₹21.52	₹12.69

ACC's quarterly performance reveals a clear downward trend in profitability: operating profit fell from ₹1,764 crores in Q3FY25 to ₹674 crores in Q4FY26, while margins compressed from 18.8% to 8.8%. Revenue has plateaued, and net profit declined sharply from ₹1,119 crores in Q2FY26 to ₹238 crores in Q4FY26. This deterioration aligns with management's acknowledgment of subdued April-May demand and cost pressures, suggesting near-term headwinds despite long-term volume targets. The trend indicates that operational efficiency gains are not keeping pace with macro headwinds.

🔮 Management Outlook & What's Next

Management has not provided formal forward guidance in the latest filings, but in the Ambuja Cements results commentary — which reflects the broader group strategy — it reaffirmed a target of 80 million tonnes in sales volume by FY'27, representing 8-9% growth amid a 5% industry growth forecast. The focus is on stabilizing acquired assets, executing projects like Mundra, and driving premiumization to offset cost pressures. While specific margin or volume guidance was not given, the emphasis remains on internal execution and operational discipline rather than aggressive expansion.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	2024-2025	2025-2026	2025-2026	2025-2026	2025-2026
Equity Capital	188	188	188	188	188
Reserves	18,367	—	19,745	—	20,363
Borrowings	0	—	0	—	0
Total Liabilities	6,854	5,405	6,564	5,357	6,971
Fixed Assets	10,106	—	10,243	—	10,192
Investments	1,475	—	17	—	17
Total Assets	25,413	26,066	26,501	26,865	27,525

The balance sheet shows a strong equity base of ₹188 crores with reserves growing to ₹20,363 crores and zero borrowings, indicating a net cash position and conservative capital structure. Total assets have increased to ₹27,525 crores, suggesting asset base expansion without leverage. This financial profile supports a strategy of organic investment and dividend sustainability, with no immediate need for external capital. The absence of debt also provides flexibility in capital allocation amid sector headwinds.

💰 Cash Flow Statement (₹ Cr)

Item	2020-2021	2021-2022
Operating	+2,219	+421
Investing	-535	-273
Financing	-327	-308
Net Cash Flow	—	—

⚖️ Peer Comparison — Cement & Cement Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
UltraTech Cement Limited	3.38 L Cr	44.1	12.3%	10.8%	0.33
Grasim Industries Limited	2.00 L Cr	21.1	4.9%	4.6%	1.88
Ambuja Cements Limited	1.07 L Cr	23.3	4.6%	7.7%	0.00
SHREE CEMENT LIMITED	90,094	73.6	—	—	—
JK Cement Limited	42,219	58.6	—	—	—
Dalmia Bharat Limited	32,402	57.5	—	—	—
ACC Limited	25,592	12.0	11.0%	10.4%	0.00
The Ramco Cements Limited	21,650	57.2	—	—	—
JSW Cement Limited	16,793	0.0	—	—	—
The India Cements Limited	12,401	-56.7	—	—	—

🔗 Peer Stock Analyses

ULTRACEMCO GRASIM AMBUJACEM SHREECEM JKCEMENT

⚠️ Risk Factors

1. Sustained margin compression due to subdued demand and cost pressures, as evidenced by OPM declining to 8.8% in Q4FY26. 2. Execution risk around integration of acquired assets and project delays, highlighted in Ambuja's commentary. 3. Limited growth visibility in a stagnant industry with only 5% growth assumed, which may be optimistic if macro conditions worsen. 4. High reliance on volume growth without corresponding pricing power, making profitability vulnerable to demand softness.

📋 Recent Filings

🧠 Analyst's Read

ACC is navigating a challenging phase marked by margin erosion and flat volume growth, despite a strong balance sheet and shareholder confidence. The upcoming investor call will be critical to assess management's ability to stabilize performance and provide clarity on demand trends. Investors should monitor Q1FY27 results for signs of recovery or further deterioration, particularly in operating leverage and cost management.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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