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
2- Company is almost debt free.
- Stock is trading at 1.19 times its book value
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 is a large-cap cement company with a market cap of ~₹24,989 Cr trading at a PE of 13.1x and PB of 1.22x. The company is nearly debt-free but faces headwinds from declining profitability (TTM profit down 19%), deteriorating working capital efficiency, and a stock that has underperformed significantly with a -25% one-year return.
- Company is almost debt-free, providing significant financial flexibility and resilience during cyclical downturns in the cement sector
- PE ratio of 13.1x is relatively modest for a large-cap cement company, suggesting limited downside from valuation compression
- Price-to-book of 1.22x is near asset value, offering potential margin of safety on tangible asset base
- Compounded sales growth of 14% over 5 years indicates sustained volume and pricing traction over a medium-term horizon
- Compounded profit CAGR of 31% over 3 years reflects strong earnings recovery post-pandemic, despite recent TTM weakness
- 10-year compounded profit growth of 12% demonstrates long-term earnings compounding ability through multiple cycles
- TTM revenue growth of 12% shows top-line momentum remains intact even as profitability is under pressure
- Stock has corrected 25% in one year, which may present a more attractive entry valuation for patient capital if fundamentals stabilize
- TTM compounded profit has declined 19%, signaling margin compression likely from elevated input costs or competitive pricing pressure
- Stock CAGR of -25% over 1 year and -11% over 3 years indicates sustained negative price momentum and possible structural de-rating
- Working capital days have nearly doubled from 31.9 to 71.0 days, indicating significant deterioration in cash conversion efficiency
- Debtor days increased from 29.6 to 54.0 days, reflecting weaker collection discipline or channel stress
- Return on equity of 11% in the last year and 12.6% three-year average is below the 15%+ threshold typically expected for quality compounders
- 10-year stock CAGR of -2% means long-term shareholders have seen virtually no capital appreciation over a full decade
- Dividend yield of just 0.56% offers negligible income cushion against capital erosion
- Tax rate flagged as seemingly low, which if normalized higher could further compress reported earnings
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 contracts sharply Jul 24
EBITDA dropped to ₹4.3B from ₹7.7B YoY with margin contracting from 12.74% to 7.53%, reflecting broad-based financial pressure.
- Higher MSA volumes hurt margins Jul 25
Revenue fell to ₹5,808 crore in Q1FY27 as higher Master Supply Agreement volumes with Ambuja Cements impacted margins despite trade share rising to 81%.
- Ambuja guides cost and growth Aug 3
Parent Ambuja Cements guided for ₹4,250 cost/ton and 8% trade volume growth in Q1FY27, with revenue of ₹9,500 crore and PAT of ₹660 crore.
- Renewable energy stake acquired Jul 24
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
SEBI issued an administrative warning to ACC's erstwhile Company Secretary for inaccurate insider information recording in the Structured Digital Database. No financial impact reported.
- Q4FY26 earnings call uploaded Jul 28
ACC uploaded the audio recording of its analysts/investors call for the quarter ended June 30, 2026 on its website.
TL;DR: ACC had a tough Q1FY27 with profit declining 61% YoY and EBITDA margins compressing sharply from 12.74% to 7.53%, driven by volume weakness and higher intercompany supply costs. The trade share improvement to 81% and parent Ambuja's cost/growth guidance offer some medium-term comfort. The renewable energy acquisition signals focus on structural cost reduction. The near-term trend is deteriorating and margin recovery depends on volume normalization and cost discipline 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]