ACC Ltd (ACC)

Construction Materials · Cement · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹1,277.9 ↓ 29.05% (1Y)

🎯 Key Takeaways

ACC Ltd is in a strategic consolidation and cost transformation phase, transitioning from standalone operations to integration within the Adani Group ecosystem following its merger with Ambuja Cements. Management is prioritizing structural efficiency, green energy adoption, and long-term capacity over short-term volume growth, despite near-term margin pressure from volume softness and external cost headwinds.
Revenue declined 18.7% QoQ to ₹5,808 in Q1FY27.
⚠️ Integration risk from the Ambuja Cements merger, which requires regulatory approvals and carries execution uncertainty despite management's confidence

Market Cap

₹23,997

P/E Ratio

12.6

P/B Ratio

1.17

ROE

9.3%

ROCE

9.3%

Debt/Equity

0.00

Div Yield

0.59%

Promoter

56.7%

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📖 The Story

ACC Ltd is in a strategic consolidation and cost transformation phase, transitioning from standalone operations to integration within the Adani Group ecosystem following its merger with Ambuja Cements. Management is prioritizing structural efficiency, green energy adoption, and long-term capacity over short-term volume growth, despite near-term margin pressure from volume softness and external cost headwinds.

📰 What's Happening

In Q1 FY27, ACC reported consolidated revenue of Rs 5,808 crores, down from Rs 7,146 crores in the prior quarter and Rs 6,328 crores YoY, with PAT declining sharply to Rs 147 crores from Rs 376 crores YoY. However, EBITDA margin improved to 7.9% from 6.1% sequentially due to ₹206 crores in sequential cost savings from fly ash efficiency, power rates, and logistics, with management targeting INR4,000/ton cost leadership by FY28. The company is advancing its 119 million ton capacity target by FY27 end, adding 8-10 million tons annually from FY28, while increasing green power capacity to 228 MW (targeting 376 MW by FY28). Trade volumes rose 8% YoY, but non-trade demand turned negative. Management emphasized cost optimization over volume growth, citing inflationary pressures from West Asia conflicts. Additionally, ACC approved a ₹53.1 crore acquisition of a 26% stake in Amplus Andhra Power Private Limited, targeting completion by October 30, 2026, and is progressing with the Ambuja amalgamation, requiring shareholder approval via e-voting by September 28, 2026, with NCLT sanction expected by October 1, 2026.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	6,005	6,483	7,146	5,808
Operating Profit	567	394	347	196
OPM %	9.4%	6.1%	4.9%	3.4%
Net Profit	1,119	404	238	147
EPS	₹59.60	₹21.52	₹12.69	₹7.83

Revenue has declined sequentially for three consecutive quarters (Rs 7,146 crore in Dec 2025 to Rs 5,808 crore in Jun 2026), reflecting both volume softness and macro cost pressures, yet EBITDA margin expanded to 7.9% from 6.1% in the prior quarter due to aggressive cost optimization. Net profit fell sharply to Rs 147 crores from Rs 404 crores in Dec 2025 and Rs 376 crores YoY, indicating that margin gains are not yet translating into bottom-line recovery. Management attributes this to temporary plant closures affecting 3.5 million tons for six months and a strategic shift toward cost discipline over volume growth. The ₹53.1 crore acquisition of Amplus Andhra Power and ongoing merger with Ambuja are capital-intensive initiatives that may temporarily strain cash flows, but are aligned with long-term efficiency and renewable integration goals.

🔮 Management Outlook & What's Next

Management has outlined a clear cost leadership agenda, targeting INR4,000/ton cost per ton by end of FY28 and a 60% green power share by then, while scaling capacity to 119 million tons. They expect volume growth of 12-13% for the remainder of FY27 despite near-term softness, driven by infrastructure demand and regional trade recovery. Cost reductions of Rs 250 per ton are targeted in FY27, supported by ₹206 crores in sequential savings and ongoing efficiency programs. The merger with Ambuja is positioned as a value-accretive move to enhance scale and operational synergy, with completion contingent on shareholder approval and NCLT sanction by October 2026.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	188	188	188	188
Reserves	16,533	18,367	19,745	20,363
Borrowings	457	430	485	0
Total Liabilities	23,719	25,413	26,501	27,525
Fixed Assets	9,842	10,106	10,593	10,864
Investments	821	1,509	51	446
Total Assets	23,719	25,413	26,501	27,525

The balance sheet remains exceptionally strong with zero net debt (D/E of 0.00) and equity of ₹188 crores, supported by substantial reserves of over ₹20,000 crores. Total assets grew to ₹27,525 crores as of March 2026, up from ₹25,413 crores in March 2025, driven by investments in green power and capacity expansion. The company has leveraged its strong equity base to fund strategic acquisitions, including the ₹53.1 crore stake in Amplus Andhra Power, without increasing borrowings. This financial resilience enables aggressive capital allocation toward green energy and consolidation while maintaining fiscal prudence and avoiding leverage.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	-1,364
Investing	+1,273
Financing	-422
Net Cash Flow	-513

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	56.7%	56.7%	56.7%	56.7%
FII	5.0%	6.0%	5.9%	5.8%
DII	22.6%	21.4%	21.6%	21.1%
Public	11.8%	12.1%	11.9%	12.4%
# Shareholders	2,29,364	2,37,736	2,35,988	2,38,540

Promoter holding remains stable at 56.69% across all quarters, indicating long-term confidence. Institutional investor interest is growing, with FII shareholding rising from 5.05% in Q2FY26 to 5.83% in Q1FY27, and DII increasing from 21.38% to 21.12% during the same period, suggesting renewed institutional accumulation. Public shareholding has slightly increased, and the number of shareholders has grown to 2,38,540, reflecting broader retail interest. No promoter pledging or significant dilution is evident, and the stable promoter stake supports governance continuity during the merger and transformation phase.

⚖️ Peer Comparison — Cement

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
ULTRACEMCO	3.39 L Cr	39.6	13.4%	11.2%	0.30
AMBUJACEM	1.00 L Cr	22.6	4.9%	8.8%	0.00
SHREECEM	85,520	52.5	9.6%	7.0%	0.07
JKCEMENT	39,681	42.0	13.7%	13.3%	0.86
DALBHARAT	34,654	37.1	6.9%	5.3%	0.38
ACC	23,997	12.6	9.3%	9.3%	0.00
RAMCOCEM	20,828	32.3	10.1%	7.9%	0.48
JSWCEMENT	17,178	21.9	10.2%	11.0%	0.62
INDIACEM	11,474	124.2	1.8%	0.9%	0.13
NUVOCO	11,395	29.5	7.6%	4.3%	0.42

🔗 Peer Stock Analyses

ULTRACEMCO AMBUJACEM SHREECEM JKCEMENT DALBHARAT

⚠️ Risk Factors

1. Integration risk from the Ambuja Cements merger, which requires regulatory approvals and carries execution uncertainty despite management's confidence in synergies. 2. Persistent volume softness in non-trade segments and potential macroeconomic headwinds from West Asia conflicts affecting input costs and demand. 3. Execution risk on green power targets and renewable energy integration, which are capital-intensive and dependent on policy and technology scalability. 4. Margin pressure from temporary plant closures affecting 3.5 million tons and the need to sustain cost discipline amid inflationary pressures, which could delay breakeven on efficiency gains.

📋 Recent Filings

🧠 Analyst's Read

ACC is undergoing a structural transformation focused on cost leadership, green energy adoption, and strategic consolidation, with management demonstrating disciplined capital allocation and operational resilience despite near-term margin and volume pressures. Investors should monitor the progress of the Ambuja merger, green power capacity ramp-up, and realization of cost-saving targets as key near-term catalysts.

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 2026-09-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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