ACC
Large CapACC Limited
Industrials
ACC Limited is a subsidiary of Ambuja Cements, part of the Adani Group's 'One Cement Platform'. It is one of India's leading cement companies, contributing to the world's ninth-largest cement company. ACC, along with Ambuja, has science-based net-zero targets validated by SBTi.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 2/100PAT -68% YoY · margin compression · Rev +17% YoY · +10% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,146 Cr | +16.9% | +10.2% |
| EBITDA | ₹626 Cr | -24.6% | -10.6% |
| Operating margin | 9.0% | -500 bps | -200 bps |
| PAT | ₹238 Cr | -68.3% | -41.1% |
| PAT margin | 3.3% | -895 bps | -290 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
ACC (consolidated with Ambuja) reported strong FY26 volume growth of 16% YoY to 73.7 MnT, ahead of industry. Q4FY26 volume grew 10% YoY. However, Q4FY26 Operating EBITDA PMT declined 29% YoY to Rs 735, impacted by fuel cost inflation and other operational headwinds.
While volume growth remains robust, significant cost pressures from fuel inflation, packaging, and labor migration impacted Q4FY26 EBITDA PMT. Management's focus on cost mitigation and capacity expansion is positive, but a soft demand outlook and geopolitical risks pose near-term challenges to profitability.
Capacity Share by Geographical Zone (Q4 FY’26)
Latest issuer-disclosed distribution across 5 reported categories.
Capacity Expansion
Cement capacity stands at 109 MTPA. Projects to be commissioned in H1FY27 will increase total capacity to ~119 MTPA.
Cost Optimization Initiatives
Increasing green power share, securing long-term raw material arrangements, optimizing lead distance, and operational efficiencies expected to reduce total cement cost by Rs. 150–200 PMT in FY’27.
Premium Cement Focus
Premium cement sustained at 35% of trade sales, with 22% volume growth YoY, driven by stronger brand equity.
Digital Transformation
CiNOC launched to infuse AI layer in operations; DIGIPIN to address freight standardization and hyperlocal marketing.
Clinkering Line Commissioned
3 MTPA clinkering line at Jodhpur commissioned. Trial run started for 1.2 MTPA Dahej GU Line 2.
Grinding Capacities (H1FY27)
Grinding capacities in Dahej (1.2 MTPA), Bhatinda (1.2 MTPA), Salai Banwa (2.4 MTPA), Kalamboli (1 MTPA), Jodhpur (2 MTPA), Warisaliganj (2.4 MTPA) to be commissioned.
Additional Clinker Unit (H1FY27)
Additional clinker unit at Maratha (4 MTPA) to be commissioned in H1FY27.
Sanghi Utilization Improvement
Sanghi utilization improved from 43% in Q4FY25 to 57% in Q4FY26.
Government Capex
FY’27 Union Budget’s 12.2 lakh Cr public capex bodes well for India’s growth trajectory, with 10% increase for core infrastructure and housing.
Long-term Demand Drivers
Structural demand driven by urbanization, income growth, and public investment, with India's per capita consumption significantly below global average.
Merger Synergies
Amalgamation of Sanghi and Penna with Ambuja completed, providing tax shields from unabsorbed depreciation and accumulated business losses.
Fuel Cost Inflation
Imported Petcoke CFR increased 35% in Q4. Higher energy prices impacted the quarter and are expected in H1FY27.
Packaging Supply Constraints
The quarter was impacted by packaging supply constraints, adding to cost pressure.
Labor Migration
Labor migration due to state elections impacted the quarter.
Soft Demand Outlook
Demand growth for FY27 is expected to remain soft at ~5%, factoring in early forecasts of a below normal monsoon.
Monsoon Impact
Early forecasts of a below normal monsoon could adversely impact agricultural output and housing demand in H1FY27.
Geopolitical Volatility
West Asia conflict may cause GDP to fall by 1% and inflation to rise by 1.5% from baseline estimates if it persists.
Cost Pressures
The West-Asia crisis has increased freight, petcoke, and coal prices, while creating shortages in polypropylene packaging bags, expected to add to cost pressure in FY27.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are crucial. YoY highlights underlying growth trends and seasonal impacts, while QoQ reveals sequential momentum, the immediate impact of cost pressures, and the ramp-up of new capacities and utilization improvements.
Consolidated Cement Sales Volume (FY26)
73.7 MnT, +16% YoY (FY26); 19.9 MnT, +10% YoY (Q4FY26)
Consolidated Operating EBITDA PMT (FY26)
Rs 887 PMT, -6% YoY (FY26); Rs 735 PMT, -29% YoY (Q4FY26)
Consolidated Capacity Utilization (Q4FY26)
77% (consolidated basis), improved by 5% sequentially.
Net Sales Price (NSP) per bag (Q4FY26)
Rs 254/bag, 0% YoY (Q4FY26).
Cost Mitigation Focus
Actively strengthening cost-mitigation through fuel mix optimization, higher renewable energy usage, reducing logistics costs via rail/sea, and disciplined production/inventory management.
Capacity Stabilization & Utilization
Focus shifting towards stabilising newly commissioned capacities and improving utilisation across the existing base from current 77% to target 85%.
Consolidation Strategy
Amalgamation of ACC and Orient with Ambuja Cements is awaiting SEBI NOC, expected over FY27 to create a unified 'One Cement Platform'.
ESG Commitments
Pioneering world’s first commercial deployment of Coolbrook’s RotoDynamic Heater technology for electrified kiln heating and adopting TNFD framework.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Capacity Utilization | 77% (Q4FY26) | Improvement towards target of 85% across existing base. |
| Total Cement Cost PMT | ~Rs. 4,400 PMT (FY26) | Reduction by Rs. 150–200 PMT in FY’27 through cost optimization initiatives. |
| Commissioning of New Capacities | Jodhpur clinkering line (3 MTPA) commissioned; Dahej GU Line 2 (1.2 MTPA) trial run started. | Timely commissioning of 7 grinding units and 1 clinker unit in H1FY27, increasing capacity to ~119 MTPA. |
| Impact of West Asia Conflict | Increased fuel prices, packaging constraints, labor migration. | Stabilization of energy prices and supply chain, and impact on government spending flexibility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -16.0% / mo · near 52W low
Technical chart
ACCweekly · 3Y-42.2%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 32.
- SMA20 falling (~19.1% over last month) — short-term momentum negative.
- RSI(14) at 32 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 35% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 39.1%.
- Valuation contributes 25/30 to the score.
- Balance sheet contributes 12/15 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Growth is weaker at 11/25; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 53rd percentile of the scored universe and 49th percentile within Industrials. Main check: financial discipline is weak at 50/100.
Healthy Trust Lite: Promoter holding is 56.7%. Key concern: Operating cash flow is negative at ₹-1364 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 49th pctile, median 68 · Large: 30th pctile, median 74
122 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 56.7%.
- ▸Promoter pledge is zero.
- ▸9 years of positive FCF.
- ▸Debt/equity is 0.02.
Trust risks
- ▸Operating cash flow is negative at ₹-1364 Cr.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -3.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 11.70
- P/B
- 1.21
- EV/EBITDA
- 6.19
- Market Cap
- 24782.00Cr
Profitability
- ROE
- 10.90%
- ROCE
- 11.20%
- ROA
- 7.76%
- Dividend Y
- 0.57%
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 7.00%
- Revenue 3Y
- 5.00%
- EPS 3Y
- 31.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 26.41×
- Altman Z
- 4.73
- Book Value
- 1094.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 9/5
- OCF
- -1364.00 Cr
- EPS TTM
- 113.80
Shareholding
- Promoter Hold
- 56.69%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 9%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.