Action Construction Equipment logo

Action Construction Equipment

ACE NSE

Key Fundamentals

SmallcapCommercial VehiclesAutomobiles
Market Cap
₹14,683 Cr
Volatility
Moderate
P/E Ratio
33.05
EBITDA
₹614 Cr
Return on Equity
20.64%
Debt to Equity
0
Book Value
₹169.45
EPS
₹28.95
52W High
₹1,268
52W Low
₹745.1

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

5
  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 40.4% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.6%
  • Company has been maintaining a healthy dividend payout of 94.2%

Weaknesses

1
  • Stock is trading at 7.18 times its book value

Growth Rate

Revenue Growth
-1.08% lower than 3Y
Net Income Growth
1.44% lower than 3Y
Cash Flow Change
1.28% higher than 3Y
ROE
-18.48% lower than 3Y
ROCE
-19.74% higher than 3Y
EBITDA Margin (Avg.)
2.43% lower than 3Y

AI Analysis — Bull vs Bear

7h ago
AI opinion · based on fundamentals
Risk medium

Action Construction Equipment (ACE) has a market cap of about Rs 14,683 crore and trades at 33.6x earnings and 7.27x book value. Over the long term it has grown fast, with 5-year profit CAGR of 40% and sales CAGR of 22%, and 3-year average ROE of 27%. Recent growth has slowed sharply, with TTM sales up 5% and TTM profit up 3%. ACE mainly makes cranes and construction equipment, so its business is closer to capital goods than to automobiles.

Bull Case 7
  • Profit has compounded at 40% a year over 5 years and 48% a year over 10 years, well ahead of sales growth of 22% and 18% over the same periods. That points to sustained margin expansion and operating leverage.
  • ROE has been strong across timeframes: 27% over 3 years, 24% over 5 years and 21% over 10 years, with 23% in the last year. The trend has improved over the past decade.
  • The company is described as almost debt free and has reduced debt. That limits balance-sheet risk in a cyclical capital-equipment business and leaves room to fund growth internally.
  • Sales grew at 15% a year over 3 years and 22% a year over 5 years, showing the company has been able to scale volumes through the recent infrastructure and construction cycle.
  • The stock has compounded at 36% a year over 5 years and 39% a year over 10 years, in line with the growth in underlying earnings.
  • A P/E of 33.6 alongside 3-year profit CAGR of 38% gives a historical PEG ratio below 1. That suggests the multiple is not extreme relative to past earnings growth, if that growth can be sustained.
  • The P/B of 7.27 is backed by a 3-year average ROE of 27%. The premium to book reflects high returns on capital, not just speculation.
Bear Case 8
  • Growth has slowed sharply. TTM sales growth of 5% compares with a 3-year CAGR of 15%, and TTM profit growth of 3% compares with a 3-year CAGR of 38%. The high-growth phase may be maturing.
  • At 7.27x book value (7.18x by another source), the stock carries a rich premium to net assets. That leaves little cushion if ROE drops from its current 23% level.
  • A P/E of 33.6 implies an earnings yield of roughly 3%. Against TTM profit growth of only 3%, the multiple depends on growth re-accelerating to past levels.
  • Last-year ROE of 23% is below the 3-year average of 27%, which suggests returns on capital may have peaked.
  • The dividend yield is just 0.16%, so shareholders get very little income while waiting for returns.
  • Stock returns have slowed to 13% over 1 year, from 36% a year over 5 years and 22% a year over 3 years. Price momentum has weakened along with earnings growth.
  • The listed dividend payout of 94.2% does not square with a 0.16% yield at a P/E of 33.6, which implies a payout of only about 5%. That figure should be checked against company filings before relying on it.
  • Cranes and construction equipment are closely tied to infrastructure capex. Demand can be cyclical, and the strong 5-year profit CAGR of 40% may partly reflect cyclical tailwinds rather than structural growth.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Headwinds 3
  • West Asia conflict delays exports Sep 20

    Shipping disruptions from the West Asian conflict have held up Saudi and UAE consignments, and some distributor stock orders have been ready since March without being shipped. Management says this cost 2-3 percentage points of export share, leaving it at 7-8% instead of a possible 8-10% this year.

  • FY26 revenue slipped 1.4% Sep 20

    Consolidated revenue for FY26 was ₹3,280 crore, down 1.4% year-on-year, so the top line stalled. Domestic business was subdued in Q1 FY27 before it started to improve.

  • Inflation and commodity price uncertainty Sep 20

    Management says inflation and uncertain commodity prices are keeping the market below its full potential. Infrastructure and manufacturing, which make up 80-85% of revenue, carry most of this demand risk.

Positives 5
  • Defence order for 74 backhoes Sep 30

    ACE won an order from the Defence Ministry to supply 74 backhoe loaders. This builds its presence in defence procurement, which is also one of its target areas for acquisitions.

  • Exports to reach 15% of revenue Sep 20

    ACE plans to grow exports from 7-8% of revenue in H1 FY27 (5% in FY26) to 15% within 2-3 years. It is moving into North America, Australia, Europe and Mexico, beyond its usual Africa, LatAm and SAARC markets.

  • 10-12% domestic volume growth guided Sep 20

    ACE expects domestic volumes to grow 10-12% or more in FY27, after selling about 7,200 pick-and-carry cranes and 2,000-3,000 other machines in FY26. Revenue should also get a lift from more sales of larger machines and price increases taken this year.

  • PAT up 1.4% despite flat revenue Sep 20

    FY26 profit after tax rose 1.4% year-on-year to ₹415 crore even though revenue fell. That points to steady margins.

  • ₹2 final dividend for FY26 Sep 18

    The 32nd AGM approved a final dividend of ₹2.00 per share for FY26. It also adopted the audited financials and ratified the cost auditor's pay.

Neutral 2
  • Acquisitions under evaluation Sep 20

    Management names inorganic growth as one of its two biggest growth drivers over the next 1-2 years. It is looking at backward or forward integration in infrastructure, manufacturing, metal handling and defence, but no deal has been announced yet.

  • Series of one-on-one investor meetings Sep 30

    ACE held one-on-one meetings with Systematix Asset Management (Sep 8, virtual), DRChoksey FinServ PMS (Sep 11, virtual) and Vallum Capital (Sep 30, Faridabad). This is routine investor outreach under SEBI rules.

TL;DR: ACE is getting its growth story back on track. It has a fresh defence order, guidance for 10-12% domestic volume growth in FY27, and a target to double exports to 15% of revenue, all backed by steady profits (PAT ₹415 crore, up 1.4%). The risks are FY26 revenue falling 1.4%, West Asia shipping problems holding back Middle East exports, and commodity and inflation pressure on its main infrastructure and manufacturing customers. The trend is improving after a weak Q1, and the next things to watch are whether exports to new markets pick up and whether a value-adding acquisition gets done.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
652
673
753
836
734
757
875
961
652
744
855
1,029
786
Expenses
570
584
650
706
636
648
740
797
559
635
725
857
668
Operating Profit
82
89
103
130
99
109
135
164
93
109
130
172
118
OPM %
13%
13%
14%
16%
13%
14%
15%
17%
14%
15%
15%
17%
15%
Other Income
16
17
23
21
28
34
30
8
51
29
36
-6
55
Interest
3
4
6
11
7
9
8
4
8
6
5
3
5
Depreciation
5
5
6
7
7
7
7
7
8
9
9
10
9
PBT
90
97
114
133
112
127
149
161
128
124
152
153
158
Tax %
25%
24%
23%
26%
25%
25%
25%
26%
23%
27%
23%
28%
25%
Net Profit
68
74
88
98
84
95
112
119
98
90
116
111
119
EPS in Rs
5.67
6.21
7.41
8.27
7.07
7.96
9.38
9.96
8.21
7.56
9.78
9.31
10.03
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
599
637
751
1,087
1,343
1,156
1,227
1,630
2,160
2,914
3,327
3,280
3,414
Expenses
580
607
712
995
1,245
1,065
1,108
1,478
1,939
2,510
2,821
2,776
2,885
Operating Profit
19
31
39
92
98
92
119
151
221
404
506
504
529
OPM %
3.1%
4.8%
5%
8%
7%
8%
10%
9%
10%
14%
15%
15%
16%
Other Income
12
10
8
8
10
4
15
11
41
77
100
110
114
Interest
13
14
16
14
12
15
12
10
10
23
29
22
19
Depreciation
10
11
12
12
12
13
14
15
18
23
28
35
36
PBT
8
15
19
74
84
68
108
137
234
434
549
557
587
Tax %
35%
42%
27%
30%
33%
23%
26%
24%
26%
24%
25%
25%
—
Net Profit
5
9
14
52
56
52
80
105
173
328
409
415
437
EPS in Rs
0.67
0.85
1.31
4.44
4.78
4.63
7.03
8.82
14.41
27.56
34.36
34.86
36.68
Div. Payout %
30%
24%
23%
11%
10%
11%
7%
7%
7%
7%
139%
137%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
20
23
23
23
23
23
23
24
24
24
24
24
Reserves
272
259
311
359
414
420
501
730
895
1,206
1,591
1,987
Borrowings
138
154
114
78
53
82
55
31
7
4
16
8
Other Liabilities
180
183
229
356
396
429
477
497
674
934
1,079
1,232
Total Liabilities
609
620
677
817
887
954
1,055
1,282
1,600
2,169
2,710
3,251
Fixed Assets
283
315
346
337
341
412
429
452
487
580
716
781
CWIP
7
2
7
5
8
19
13
24
24
44
29
49
Investments
14
17
18
35
45
28
31
179
349
594
918
1,283
Other Assets
305
286
305
439
493
494
582
627
739
951
1,048
1,138
Total Assets
609
620
677
817
887
954
1,055
1,282
1,600
2,169
2,710
3,251
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
40
57
76
89
72
48
86
104
274
433
412
417
Investing
-14
-25
-17
-35
-27
-20
-16
-201
-218
-368
-382
-350
Financing
-26
-33
-57
-53
-44
-33
-40
71
-41
-39
-29
-52
Net Cash Flow
-1
0
2
1
2
-5
30
-27
16
27
1
15
Free Cash Flow
26
32
61
59
49
10
70
59
238
268
206
330
CFO/OP
226
186
204
114
96
70
93
90
154
133
108
114
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
49
47
51
57
39
47
67
42
29
21
29
32
Inventory Days
119
102
78
69
79
124
113
104
99
100
83
100
Days Payable
98
93
102
112
105
147
141
129
119
124
130
151
Cash Conversion Cycle
70
56
27
14
14
24
39
18
9
-4
-18
-20
Working Capital Days
-17
-19
-10
1
4
2
11
18
-2
-17
-21
-26
ROCE %
3%
6%
8%
19%
20%
16%
21%
21%
26%
42%
40%
32%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs2.59%Promot.65.42%Others4.58%FIIs7.82%Public19.58%As ofJun 2026

Documents

Frequently Asked Questions about Action Construction Equipment

What does Action Construction Equipment Ltd do?
Action Construction Equipment Ltd is engaged in the business of manufacturing and marketing of hydraulic mobile cranes, mobile tower cranes, material handling equipment like forklifts, road construction equipment like backhoe loaders, compactors, motor graders and agriculture equipment like tract...
Where is Action Construction Equipment Ltd (ACE) listed?
Action Construction Equipment Ltd trades as ACE on the NSE and under code 532762 on the BSE.
Which sector does Action Construction Equipment Ltd belong to?
Action Construction Equipment Ltd is classified under the Automobiles sector, in the Commercial Vehicles industry.
What is the market capitalisation of Action Construction Equipment Ltd?
Action Construction Equipment Ltd has a market capitalisation of ₹14,683 Cr, which places it in the Mid Cap band.
What is the PE ratio of Action Construction Equipment Ltd?
Action Construction Equipment Ltd trades at a PE ratio of 33.05, on earnings per share of ₹28.95, against a book value of ₹169.45 per share.
What is the 52-week high and low of Action Construction Equipment Ltd?
Over the last 52 weeks Action Construction Equipment Ltd has traded between ₹745.1 and ₹1,268.
Does Action Construction Equipment Ltd pay dividends?
Action Construction Equipment Ltd has a dividend yield of 0.16%.
What is the Return on Equity (ROE) of Action Construction Equipment Ltd?
Action Construction Equipment Ltd reported a return on equity of 20.64%. Its debt-to-equity ratio is 0.00.

Company Information

Action Construction Equipment Ltd is engaged in the business of manufacturing and marketing of hydraulic mobile cranes, mobile tower cranes, material handling equipment like forklifts, road construction equipment like backhoe loaders, compactors, motor graders and agriculture equipment like tractors, harvesters, rotavators, etc. It was incorporated in 1995 and concluded its IPO in 2006.[1]

Website ace-cranes.com
CEO Mr. Vijay Agarwal MBA
Employees 1,492
Listed 2006-09-26
Face Value ₹ 2
Issued Size 11,90,83,196

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