ACC Ltd
ACC Ltd
ConstructionKey Fundamentals
SmallcapCementConstructionInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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59 extracted metrics + investor summaries across FY14–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
1- Company is almost debt free.
Weaknesses
4- Tax rate seems low
- Company has a low return on equity of 12.6% over last 3 years.
- Debtor days have increased from 29.6 to 54.0 days.
- Working capital days have increased from 31.9 days to 71.0 days
Growth Rate
AI Analysis — Bull vs Bear
ACC Ltd trades at a market cap of ₹26,290 Cr with a PE of 13.6x and is virtually debt-free. However, the stock has declined 23% over the past year, TTM profit has contracted 19%, and working capital efficiency has deteriorated significantly with debtor days rising from 29.6 to 54.0 days.
- Company is almost debt-free, providing strong balance sheet resilience and flexibility for capacity expansion
- PE ratio of 13.6x is modest for a large-cap cement company, suggesting limited downside from valuation compression
- Compounded sales growth of 14% over 5 years demonstrates sustained top-line momentum in a cyclical industry
- Compounded profit CAGR of 31% over 3 years reflects significant earnings recovery post-pandemic
- TTM revenue growth of 12% indicates continued demand traction in the current period
- Price-to-book ratio of 1.27x is undemanding relative to replacement cost of cement assets
- 10-year compounded profit growth of 12% shows long-term earnings compounding ability
- Dividend yield of 0.54% provides a baseline cash return even in a downturn
- Stock has declined 23% over the past 1 year, significantly underperforming broader markets
- TTM profit has contracted 19%, indicating margin pressure despite revenue growth of 12%
- Debtor days have increased sharply from 29.6 to 54.0 days, signalling deteriorating collection efficiency
- Working capital days have nearly doubled from 31.9 to 71.0 days, locking up more cash in operations
- 3-year ROE of only 12.6% is below cost of equity for most investors, indicating subpar capital efficiency
- Stock CAGR is negative across all timeframes: -23% (1Y), -12% (3Y), -10% (5Y), -2% (10Y)
- Last year ROE dropped to 11% from the 3-year average of 13%, suggesting declining return profile
- Effective tax rate appears low, which may not be sustainable and could compress post-tax earnings if normalised
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Q1 profit crashes 61% YoY Jul 24
ACC reported Q1FY27 consolidated net profit of ₹147 crore, down 61.5% YoY, driven by lower cement volumes and exceptional costs. EBITDA margin contracted sharply to 7.53% from 12.74% in the year-ago quarter.
- Revenue declines, margins squeezed Jul 24
Q1FY27 revenue fell to ₹5,808 crore from ~₹6,000 crore YoY, with EBITDA dropping to ₹4.3B from ₹7.7B. Higher MSA volumes with Ambuja impacted margins despite trade share rising to 81%.
- Ambuja guides cost and growth Aug 3
Parent Ambuja Cements reported Q1FY27 revenue of ₹9,500 crore and PAT of ₹660 crore, guiding for ₹4,250 cost/ton and 8% trade volume growth, signaling group-level cost discipline.
- Renewable energy stake acquired Jul 24
ACC Board approved acquisition of 26% stake in Amplus Andhra Power for ₹53.1 million to secure captive renewable energy, supporting long-term cost reduction.
- SEBI warning to ex-CS Aug 5
ACC disclosed a SEBI administrative warning to its erstwhile Company Secretary for inaccurate Structured Digital Database entries. The company confirmed no financial impact.
- Q1FY27 earnings call held Jul 28
ACC hosted its analyst and investor call on July 28, 2026, to discuss Q1FY27 unaudited results. Audio recording made available on company website.
- India PLI bids for ACC cells Jul 16
Government invited global bids for 10 GWh Advanced Chemistry Cell manufacturing under ₹18,100-crore PLI scheme with pre-bid meeting on July 29. This relates to battery cells, not ACC Limited the cement company.
- Q1FY27 call scheduled July 28 Jul 14
ACC announced it would host an investor call on July 28, 2026, to discuss quarterly results and business outlook.
TL;DR: ACC faced a tough Q1FY27 with profit down 61% YoY and significant EBITDA margin compression to 7.53%, reflecting volume pressure and higher inter-group MSA sales. The company's trade share improved to 81% and parent Ambuja's cost guidance at ₹4,250/ton offers a path to margin recovery. The renewable energy acquisition signals long-term cost optimization intent. Near-term trend is deteriorating, and investors should watch for volume recovery and cost normalization in coming quarters.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,201 | 4,435 | 4,914 | 5,409 | 5,199 | 4,634 | 5,972 | 6,115 | 6,087 | 6,005 | 6,483 | 7,146 | 5,808 |
| Expenses | 4,430 | 3,885 | 4,010 | 4,572 | 4,520 | 4,198 | 4,856 | 5,284 | 5,309 | 5,159 | 5,783 | 6,520 | 5,351 |
| Operating Profit | 771 | 549 | 905 | 837 | 679 | 436 | 1,116 | 830 | 778 | 846 | 700 | 626 | 457 |
| OPM % | 15% | 12% | 18% | 15% | 13% | 9% | 19% | 14% | 13% | 14% | 11% | 9% | 8% |
| Other Income | 80 | 212 | 94 | 350 | 73 | 124 | 649 | 330 | 70 | 225 | 91 | 50 | 31 |
| Interest | 25 | 29 | 34 | 67 | 33 | 33 | 28 | 14 | 30 | 29 | 26 | 27 | 27 |
| Depreciation | 200 | 213 | 235 | 237 | 235 | 242 | 260 | 265 | 255 | 279 | 306 | 279 | 261 |
| PBT | 626 | 519 | 729 | 883 | 484 | 284 | 1,476 | 882 | 563 | 763 | 460 | 370 | 200 |
| Tax % | 25% | 25% | 26% | -7% | 26% | 30% | 26% | 15% | 33% | -47% | 12% | 36% | 26% |
| Net Profit | 466 | 388 | 538 | 943 | 360 | 200 | 1,092 | 751 | 375 | 1,119 | 404 | 238 | 147 |
| EPS in Rs | 24.82 | 20.65 | 28.63 | 50.23 | 19.15 | 10.63 | 58.14 | 39.99 | 19.99 | 59.6 | 21.52 | 12.69 | 7.83 |
Profit & Loss
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 15m | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 11,646 | 11,706 | 10,990 | 13,285 | 14,802 | 15,658 | 13,786 | 16,152 | 22,210 | 19,959 | 21,762 | 25,962 | 25,442 |
| Expenses | 10,116 | 10,123 | 9,532 | 11,370 | 12,754 | 13,245 | 11,431 | 13,154 | 20,285 | 16,897 | 18,701 | 23,004 | 22,813 |
| Operating Profit | 1,529 | 1,583 | 1,458 | 1,915 | 2,048 | 2,413 | 2,355 | 2,998 | 1,925 | 3,062 | 3,061 | 2,958 | 2,629 |
| OPM % | 13% | 14% | 13% | 14% | 14% | 15% | 17% | 19% | 9% | 15% | 14% | 11% | 10% |
| Other Income | 241 | -90 | 115 | 137 | 153 | 332 | 50 | 164 | 196 | 735 | 1,175 | 429 | 398 |
| Interest | 83 | 65 | 79 | 99 | 88 | 86 | 57 | 55 | 77 | 155 | 108 | 112 | 109 |
| Depreciation | 568 | 663 | 609 | 644 | 603 | 606 | 639 | 601 | 841 | 885 | 1,001 | 1,118 | 1,125 |
| PBT | 1,120 | 766 | 885 | 1,310 | 1,510 | 2,053 | 1,709 | 2,506 | 1,203 | 2,757 | 3,127 | 2,157 | 1,794 |
| Tax % | -3% | 25% | 26% | 29% | -1% | 33% | 16% | 26% | 26% | 15% | 23% | 1% | — |
| Net Profit | 1,162 | 587 | 658 | 925 | 1,521 | 1,378 | 1,430 | 1,863 | 885 | 2,335 | 2,402 | 2,137 | 1,909 |
| EPS in Rs | 61.88 | 31.3 | 35.06 | 49.23 | 80.97 | 73.35 | 76.16 | 99.21 | 47.13 | 124 | 128 | 114 | 102 |
| Div. Payout % | 55% | 54% | 49% | 53% | 17% | 19% | 18% | 59% | 20% | 6% | 6% | 7% | — |
Balance Sheet
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 188 | 188 | 188 | 188 | 188 | 188 | 188 | 188 | 188 | 188 | 188 | 188 |
| Reserves | 8,030 | 8,233 | 8,625 | 9,168 | 10,344 | 11,356 | 12,511 | 14,121 | 13,950 | 16,140 | 18,367 | 20,363 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 102 | 126 | 153 | 355 | 430 | 429 |
| Other Liabilities | 4,464 | 4,379 | 4,581 | 5,490 | 5,524 | 5,592 | 5,399 | 6,604 | 6,252 | 6,685 | 6,428 | 6,546 |
| Total Liabilities | 12,682 | 12,800 | 13,394 | 14,846 | 16,056 | 17,136 | 18,200 | 21,039 | 20,544 | 23,368 | 25,413 | 27,525 |
| Fixed Assets | 5,666 | 5,331 | 7,568 | 7,280 | 7,088 | 7,027 | 6,694 | 6,750 | 7,512 | 10,007 | 10,829 | 11,256 |
| CWIP | 1,956 | 2,396 | 261 | 269 | 398 | 446 | 548 | 1,216 | 1,684 | 986 | 2,061 | 2,227 |
| Investments | 1,385 | 1,314 | 117 | 95 | 104 | 116 | 129 | 150 | 163 | 811 | 1,509 | 55 |
| Other Assets | 3,675 | 3,759 | 5,448 | 7,202 | 8,466 | 9,547 | 10,828 | 12,923 | 11,185 | 11,564 | 11,013 | 13,987 |
| Total Assets | 12,682 | 12,800 | 13,394 | 14,846 | 16,056 | 17,136 | 18,200 | 21,039 | 20,544 | 23,368 | 25,413 | 27,525 |
Cash Flow
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 1,352 | 1,457 | 1,390 | 1,554 | 1,118 | 2,255 | 2,219 | 2,835 | -1,235 | 2,995 | 1,711 | -1,364 |
| Investing | -1,457 | -904 | -533 | -379 | -364 | -321 | -535 | -988 | -4,637 | -1,205 | -1,262 | 1,273 |
| Financing | -837 | -716 | -430 | -426 | -380 | -374 | -327 | -331 | -1,238 | -443 | -1,002 | -422 |
| Net Cash Flow | -942 | -164 | 426 | 750 | 374 | 1,559 | 1,357 | 1,517 | -7,110 | 1,347 | -553 | -513 |
| Free Cash Flow | -251 | 337 | 889 | 1,034 | 620 | 1,760 | 1,471 | 1,682 | -3,216 | 1,646 | -242 | -2,393 |
| CFO/OP | 104 | 107 | 114 | 93 | 80 | 112 | 124 | 104 | -43 | 104 | 59 | -55 |
Ratios
| Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 13 | 15 | 18 | 18 | 21 | 15 | 12 | 10 | 14 | 15 | 20 | 54 |
| Inventory Days | 233 | 235 | 278 | 261 | 263 | 153 | 131 | 162 | 109 | 112 | 85 | 58 |
| Days Payable | 139 | 173 | 286 | 337 | 301 | 198 | 207 | 243 | 110 | 111 | 73 | 80 |
| Cash Conversion Cycle | 106 | 77 | 10 | -58 | -17 | -30 | -64 | -70 | 13 | 16 | 32 | 32 |
| Working Capital Days | -54 | -53 | -64 | -51 | -28 | -42 | -63 | -71 | 36 | 18 | 6 | 71 |
| ROCE % | 15% | 12% | 11% | 16% | 16% | 19% | 16% | 19% | 9% | 17% | 17% | 11% |
Documents
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Company Information
ACC Limited (incorporated in 1936), a member of the Adani Group, is principally engaged in the business of manufacturing and selling of Cement and Ready Mix Concrete. The Company has manufacturing facilities across India and caters mainly to the domestic market.[1][2]