ACC Limited (ACC)
₹1,187.20 +4.38% last close, 16 Oct
Q2 FY27 results
📅 Next results: 27 Oct 2026 (board meeting)ACC Limited's board meets on 27 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, ACC's revenue was ₹5,790 Cr (-4.1% year on year, -19.0% on the previous quarter), and net profit ₹147 Cr (-60.8% year on year); the operating margin was 7.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹5,790 | -4.1% | -19.0% |
| Operating profit | ₹439 | -39.6% | -29.9% |
| Net profit | ₹147 | -60.8% | -38.2% |
| EPS (₹) | 7.83 | -60.8% | -38.3% |
| Operating margin | 7.6% | — | — |
ACC delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 31.99% of the ACC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.57%. The price rose 4.38% on unusually low delivery, so more of the move than usual was intraday trading. It traded 2.9 times its average daily volume.
Delivery in the last 5 sessions: 43.4% · 34.8% · 44.2% · 37.0% · 32.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
ACC Limited has commissioned a 2.4 MTPA greenfield cement grinding unit at Salai Banwa, Uttar Pradesh. Additionally, its subsidiary, Bulk Cement (Corporation) India Limited, commissioned a 3.00 MTPA cement blending unit (adding 1.00 MTPA cement capacity) at Kalamboli, Maharashtra. This operationalization bolsters ACC's regional supply reach across northern and western markets, supporting its group-level volume growth targets against a TTM revenue base of Rs 25,351 Cr.
- Commissioned 2.4 MTPA greenfield Cement Grinding Unit at Salai Banwa, Uttar Pradesh
- Commissioned 3.00 MTPA Cement Blending Unit at Kalamboli, Raigad, Maharashtra via subsidiary
- Net additional cement capacity of 1.00 MTPA added at the Kalamboli facility
- Supports group target to achieve 20-22% cement market share by FY28
ACC Limited's equity shareholders have approved the Scheme of Amalgamation with parent entity Ambuja Cements Limited in an NCLT-convened meeting held on September 29, 2026. The resolution passed with an 84.97% overall majority of the votes polled (38,365,775 votes in favour vs 6,784,657 against). Institutional public shareholders voted 84.82% in favour, while non-institutional public shareholders approved it with 97.70% votes in favour. This marks a major milestone toward consolidating the Adani Group's flagship cement operations.
- Resolution passed with 84.9732% of total polled votes in favour (38,365,775 shares)
- Public institutional shareholders cast 37,843,736 votes (84.8207%) in favour and 6,772,382 votes against
- Public non-institutional shareholders cast 522,039 votes (97.7027%) in favour
- Total public votes cast represented 45,150,432 shares across 931 voting members
ACC Limited has notified the exchanges regarding scheduled interactions with institutional investors and analysts in Mumbai. The meetings will occur on September 21, 2026, at the JP Morgan Conference, and September 22, 2026, at the Anand Rathi Conference. The interactions are scheduled as 1x1 and group meetings in-person. The company confirmed that discussions will rely strictly on publicly available information without sharing unpublished price-sensitive information.
- JP Morgan Conference scheduled for Monday, September 21, 2026
- Anand Rathi Conference scheduled for Tuesday, September 22, 2026
- Meeting format will be 1x1 and group meetings in-person in Mumbai
- Discussions strictly limited to publicly available information
ACC Limited has scheduled an in-person interaction with institutional investors and analysts at the 2026 Jefferies India Forum on September 17, 2026, in Gurugram. The meetings will be conducted in 1x1 and group formats. The company confirmed that discussions will rely strictly on publicly available information without sharing unpublished price-sensitive information. ACC currently reports a TTM revenue of Rs 25,351 Cr and a market capitalization of Rs 23,516 Cr.
- Scheduled meeting date is Thursday, September 17, 2026
- Participation in the 2026 Jefferies India Forum held in Gurugram
- Format comprises 1x1 and group in-person meetings
- Strictly based on publicly available information with no UPSI disclosed
ACC Limited has informed the exchanges that it will host an analyst and institutional investor physical group plant visit on Thursday, September 3, 2026. The visit will take place at the Sanghi Plant under the 'Capital Market - Plant Visit' event. The company stated that discussions will be strictly restricted to publicly available information without disclosure of unpublished price-sensitive information (UPSI).
- Event scheduled for Thursday, September 3, 2026
- Physical group visit organized for institutional investors and analysts
- Location of the plant visit is the Sanghi Plant
- Interaction strictly confined to publicly available information
ACC Limited has issued a notice convening a meeting of its equity shareholders on September 29, 2026, pursuant to an NCLT Ahmedabad Bench order dated July 29, 2026. The meeting will seek shareholder approval for the Scheme of Amalgamation of ACC Limited with Ambuja Cements Limited. Remote e-voting is scheduled to run from September 24 to September 28, 2026, with a cut-off date of September 22, 2026. This marks a critical step forward after receiving stock exchange no-objection approvals on June 4, 2026.
- Shareholders' meeting scheduled for Tuesday, September 29, 2026 at 10:30 a.m. IST via VC/OAVM pursuant to NCLT order dated July 29, 2026
- Remote e-voting window open from September 24, 2026 (9:00 a.m. IST) to September 28, 2026 (5:00 p.m. IST)
- Voting cut-off date fixed as Tuesday, September 22, 2026
- Follows earlier regulatory milestones including stock exchange no-objection letters received on June 4, 2026
ACC Limited has informed the exchanges about upcoming physical investor interactions scheduled for September 7 to September 9, 2026. The company will participate in the Adani Annual Conference 2026, conducting 1-on-1 and group meetings in London on September 7-8 and in Abu Dhabi on September 9. This is a standard regulatory intimation pursuant to SEBI Listing Regulations with no price-sensitive financial disclosures provided in the filing.
- Participation scheduled for September 7 and September 8, 2026, in London
- Participation scheduled for September 9, 2026, in Abu Dhabi
- Format includes physical 1-on-1 and group investor/analyst meetings at the Adani Annual Conference 2026
ACC Limited has scheduled a physical interaction with investors and analysts on August 19, 2026, in Mumbai. The event is part of the Motilal Oswal Investor Conference and will include both 1x1 and group meetings from 11:00 a.m. to 05:00 p.m. The company has clarified that discussions will be based strictly on publicly available information. This comes as the company maintains a TTM revenue of ₹25,597 Cr and continues its strategy to reach a 20-22% market share by FY28.
- Investor interaction scheduled for August 19, 2026, in Mumbai.
- Meeting window spans 6 hours from 11:00 a.m. to 05:00 p.m. local time.
- Company is targeting a 20-22% market share by FY28 through organic and inorganic routes.
- Recent TTM revenue stands at ₹25,597 Cr with a current P/E of 11.7.
ACC Limited has received an administrative warning from SEBI regarding its Structured Digital Database (SDD) compliance. The warning concerns the failure to accurately and promptly record insiders who had access to Unpublished Price Sensitive Information (UPSI) for the quarter ended December 2023. The company received the communication via NSE on August 04, 2026. Management has clarified that the warning is cautionary and carries no financial or operational penalties.
- Warning relates to UPSI tracking for the quarter ended December 2023
- SEBI letter dated July 31, 2026, was received by the company on August 04, 2026
- The lapse involves the Structured Digital Database (SDD) for insider information
- Company confirms zero quantifiable monetary impact on operations or financials
ACC (as part of the Ambuja/Adani Cement group) reported a strong Q1 FY27 with EBITDA margins expanding 331 bps to 16.7%. A significant operational achievement was the reduction of net operating costs by Rs 206 per metric ton (PMT) to Rs 4,241 PMT, nearing the full-year target of Rs 4,250 PMT. While volumes saw a YoY decline due to a strategy prioritizing value over volume, management guided for 8% growth for the full year, supported by an 8% trade volume uptick in July. The company is on track to reach 119 MTPA capacity by FY27-end through 10.2 MTPA of new commissions.
- Net operating cost reduced by Rs 206 PMT to Rs 4,241 PMT, driven by logistics and energy efficiencies.
- Capacity expansion of 10.2 MTPA underway to reach 119 MTPA by the end of FY27.
- EBITDA margin improved by 331 basis points to 16.7%, with EBITDA per ton at Rs 931.
- Renewable energy capacity reached 973 MW, helping reduce power costs from Rs 5.9 to Rs 4.9 per kWH.
- Trade sales share increased to 78% of total sales, up from 74% in the previous quarter.
ACC Limited has received an order from the NCLT Ahmedabad Bench to convene a meeting of its equity shareholders on September 29, 2026, to approve its merger with Ambuja Cements Limited. The scheme, effective from the appointed date of January 1, 2026, will result in the dissolution of ACC without winding up. This consolidation is a major step for the Adani Group's cement business, which has a TTM revenue of ₹25,597 Cr and aims for a 20-22% market share by FY28. Shareholders will receive new equity shares in Ambuja Cements based on a pre-determined exchange ratio.
- Shareholder meeting scheduled for September 29, 2026, at 10:30 a.m. IST via Video Conferencing.
- Appointed date for the amalgamation is fixed as January 1, 2026.
- ACC has 2,35,988 equity shareholders as of March 31, 2026, who are eligible to vote.
- Paid-up equity share capital of the company stands at ₹187.98 Cr as of May 31, 2026.
- The merger involves the issuance of new equity shares by Ambuja Cements to ACC shareholders.
ACC Limited has submitted the audio recording link for its analyst and investor call regarding the unaudited financial results for the quarter ended June 30, 2026. This is a standard regulatory filing following the earnings announcement on July 14, 2026. The company currently operates with a TTM revenue of ₹25,597 Cr and a TTM PAT of ₹2,136 Cr. Investors can access the recording on the company's website to review management's detailed commentary on operational performance and industry outlook.
- Audio recording pertains to the quarter ended June 30, 2026.
- Follows the initial results intimation letter dated July 14, 2026.
- Company maintains a TTM revenue base of ₹25,597 Cr.
- Promoter holding remains stable at 56.69% as per latest March 2026 data.
- Management continues to target a 20-22% market share by FY28.
ACC's Q1 FY2027 presentation highlights its integration into the 109 MTPA Adani Cement platform, the second-largest in India. The company is targeting a 20-22% market share by FY28, supported by aggressive inorganic growth including the Rs 5,910 Cr Orient Cement acquisition. Financial health remains robust with negligible debt of Rs 53 Cr, though cash reserves moderated to Rs 1,770 Cr as of March 2026 from Rs 10,125 Cr a year prior. Operational focus is shifting toward AI-enabled logistics and increasing the premium product mix, which currently stands at 35% of trade sales.
- Consolidated platform capacity reached 109 MTPA with 24 integrated units and 22 grinding units
- Targeting 20-22% market share by FY28 through organic and inorganic routes like Orient and Sanghi
- Cash and cash equivalents decreased to Rs 1,770 Cr in Mar-26 from Rs 10,125 Cr in Mar-25, reflecting acquisition outflows
- Premium products now account for 35% of total trade sales, growing 28% YoY in volume
- Consolidated borrowings remain exceptionally low at Rs 53 Cr as of March 31, 2026
ACC reported a weak Q1 FY27 with revenue from operations declining 8.1% YoY to ₹5,748 crore. Net profit (PAT) saw a sharp contraction of 61.5% YoY to ₹148 crore, weighed down by lower realizations and a ₹24 crore exceptional charge for a Voluntary Severance Scheme. Separately, the board approved a ₹5.31 crore acquisition of a 26% stake in Amplus Andhra Power for captive renewable energy use, which is financially immaterial at <0.03% of market cap but aligns with cost-reduction strategies.
- Revenue from operations fell to ₹5,748 crore in Q1 FY27 from ₹6,256 crore in Q1 FY26.
- Net profit declined significantly to ₹148 crore compared to ₹385 crore in the same quarter last year.
- Acquisition of 26% stake (9,58,548 shares) in Amplus Andhra Power for ₹5.31 crore.
- Exceptional item of ₹24 crore recognized for termination benefits under a Voluntary Severance Scheme.
- Power and fuel expenses stood at ₹773 crore, down from ₹850 crore YoY, reflecting some cost control.
ACC Limited reported a weak start to FY27, with consolidated PAT falling 61% YoY to ₹147 Cr. Revenue declined 8.2% YoY to ₹5,808 Cr, while Operating EBITDA margins contracted sharply to 7.9% from 12.3% in the previous year. The performance was impacted by higher fuel costs linked to the West Asia conflict and planned maintenance of integrated units. Despite the profit drop, the company improved its premium product share to 44% of trade sales and is progressing with its merger into Ambuja Cements, expected to complete in FY27.
- Consolidated PAT declined 61% YoY to ₹147 Cr from ₹376 Cr in Q1 FY26.
- Operating EBITDA per tonne (PMT) dropped significantly to ₹458 from ₹730 YoY.
- Sales volumes decreased to 10 MnT compared to 10.7 MnT in the same quarter last year.
- Premium products increased to 44% of trade sales, up from 41% YoY.
- NCLT application for the Ambuja-ACC merger was filed on June 29, 2026, following SEBI NOC.
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew 5.7% YoY to INR 35,045 Cr in FY25 from INR 33,160 Cr in FY24. The Ready Mix Concrete (RMX) segment revenue grew 7.1% YoY to INR 1,380 Cr in FY25 from INR 1,289 Cr in FY24.
Geographic Revenue Split
The company maintains a national footprint with deep coverage across India. While specific regional % splits are not disclosed, the company operates in 54 cities through its RMX business and has a target to achieve a 20-22% national market share by FY28.
Profitability Margins
Net Profit Margin improved to 11.8% in FY25 from 10.9% in FY24. Return on Net Worth (RoNW) increased to 16.5% in FY25 compared to 15.5% in FY24. H1 FY26 PAT stood at INR 2,243 Cr, a 110% increase YoY, aided by a one-time tax write-back of INR 1,697 Cr.
EBITDA Margin
Consolidated EBITDA margin for H1 FY26 was 19.1% with an EBITDA of INR 3,722 Cr. EBITDA per ton for existing assets (Ambuja + ACC) stood at INR 1,150 in H1 FY26. FY25 EBITDA per ton moderated to INR 916 from INR 1,081 in FY24 due to subdued cement realizations.
Capital Expenditure
The company plans a large capex of approximately INR 38,000 Cr to INR 40,000 Cr between FY25 and FY28. This includes INR 6,000 Cr for 1,000 MW of renewable energy capacity and significant outlays for the Orient Cement acquisition (approx. INR 5,910 Cr) and capacity additions.
Credit Rating & Borrowing
Maintains a CRISIL AAA/Stable rating for long-term debt and CRISIL A1+ for short-term debt. The company remains debt-free at the operating level, with a Debt Service Coverage Ratio of 4.4 times in FY25, down from 19.4 times in FY24 due to higher capex and acquisition activities.
Operational Drivers
Raw Materials
Key raw materials include fly ash (specifically wet fly ash), clinker, and gypsum. Raw material costs rose by 3.9% per tonne in FY25, representing approximately 18.6% of total revenue (INR 6,527 Cr in FY25).
Import Sources
Sourcing is primarily domestic within India, utilizing long-term tie-ups for critical materials. Specific states include Gujarat (Adani Corporate House location) and regions near acquired assets like Sanghi (Gujarat) and Penna (South India).
Key Suppliers
Suppliers include group companies for synergies and long-term partners for fly ash and gypsum. Specific external vendor names are not disclosed, but procurement is managed through a centralized Adani Portfolio strategy.
Capacity Expansion
Consolidated sales volume reached 65.2 MTPA in FY25, up from 59.2 MTPA in FY24. The company is expanding through greenfield/brownfield projects and acquisitions (Sanghi 58.08%, Orient 72.66%, and Penna) to reach a significantly higher capacity by FY28.
Raw Material Costs
Raw material costs were INR 6,527 Cr in FY25, up 18% from INR 5,526 Cr in FY24. Procurement strategies involve optimizing the clinker factor and increasing the utilization of wet fly ash to reduce costs per tonne.
Manufacturing Efficiency
Focusing on reducing operating costs to INR 4,000/ton by March 2026 and INR 3,650/ton by March 2028. Efficiency is driven by digitalization, AI integration, and higher capacity utilization of acquired assets.
Logistics & Distribution
Distribution is a major cost component; the company leverages Adani Ports and SEZ synergies to optimize lead distances and freight costs, though specific % of revenue is not isolated.
Strategic Growth
Expected Growth Rate
20-22%
Growth Strategy
Growth will be achieved through a mix of organic expansions and aggressive inorganic acquisitions (Sanghi, Penna, Orient Cement). The strategy focuses on extracting synergies within the Adani Group to reduce production costs, expanding the RMX business (14 new plants in FY25), and increasing the share of premium products.
Products & Services
Cement bags (OPC, PPC), Ready Mix Concrete (RMX), and value-added products like ACC Feathercrete.
Brand Portfolio
ACC, ACC Concrete, ACC Feathercrete, and Adani Ambuja (group brand).
New Products/Services
ACC Feathercrete and expanded RMX solutions. Premium products now account for 35% of total trade sales, growing 28% YoY in volume.
Market Expansion
Targeting a 20-22% market share by FY28 by ramping up utilization in acquired units (Sanghi, Penna) and expanding the dealer network to over 29,000 partners.
Market Share & Ranking
Aims to be a leading player with a 20-22% market share by FY28; currently part of the second-largest cement group in India.
Strategic Alliances
Operates symbiotically with Ambuja Cements and the larger Adani Group (APSEZ, Adani Green) to optimize plant capacities, inventories, and logistics.
External Factors
Industry Trends
The industry is shifting toward consolidation and green energy. ACC is positioning itself by adding 1,000 MW of renewables and targeting a low-carbon growth strategy with internal carbon pricing.
Competitive Landscape
Competes with UltraTech Cement and other regional players. The industry is seeing rapid consolidation led by the Adani Group.
Competitive Moat
Moat is built on cost leadership through Adani Group synergies (logistics, power, and raw materials) and a massive distribution network. This is sustainable due to the high capital intensity required for competitors to match this scale.
Macro Economic Sensitivity
Highly sensitive to GDP growth and infrastructure spending. Cement demand is cyclical and commoditized, making revenue dependent on government infrastructure projects and housing demand.
Consumer Behavior
Shift toward premium, branded cement and ready-mix solutions for faster construction, which ACC is capturing through its 35% premium product share.
Geopolitical Risks
Exposure to global fuel price volatility (coal/petcoke). Regulatory scrutiny regarding the Adani Group (e.g., US DOJ/SEC developments) could impact financial flexibility and market capitalization.
Regulatory & Governance
Industry Regulations
Subject to Environmental Clearances, Water and Air Acts, and waste management rules. Cement industry is under constant scrutiny for carbon emissions and pollution norms.
Environmental Compliance
Assigned an ESG rating of 65 (Aspiring) by NSE Sustainability. Internal Carbon Pricing is USD 28/tonne. Compliance is monitored via Legatrix software.
Taxation Policy Impact
Effective tax rate impacted by a one-time provision reversal of INR 1,697 Cr in Q2 FY26. Standard corporate tax rates apply otherwise.
Legal Contingencies
Lien marked cash of INR 323 Cr is held for CCI (Competition Commission of India) and other ongoing matters. The Adani Group faces ongoing monitoring regarding US regulatory allegations (anti-bribery/corruption).
Risk Analysis
Key Uncertainties
Potential adverse regulatory or judicial actions against the Adani Group could restrict access to capital markets. Sustained decline in operating margins below 12% is a key rating sensitivity.
Geographic Concentration Risk
National footprint reduces regional risk, but significant capacity is concentrated in clusters like Gujarat and South India following recent acquisitions.
Third Party Dependencies
Low dependency on third parties for logistics due to APSEZ synergies, but dependent on external suppliers for specialized fuel (petcoke/coal).
Technology Obsolescence Risk
Low risk in core cement manufacturing, but the company is aggressively adopting AI and digital dashboards for real-time audit and operational tracking to prevent efficiency lags.
Credit & Counterparty Risk
Receivables turnover ratio was 20.5 times in FY25. Working capital increase in H1 FY26 suggests a temporary rise in receivables, which is being monitored.
