ACC Limited (ACC)
Large CapMaterials stocks · Large cap · NSE
Ambuja Cements, along with its subsidiary ACC, forms India's leading cement platform and is among the world's top nine cement companies. It operates across 31 states with 109 MTPA capacity, focusing on sustainable practices and digital integration.
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 argues for patience, 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 30 Jun 2026
Bad · 0/100Rev -5% YoY · PAT -61% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,808 Cr | -4.6% | -18.7% |
| EBITDA | ₹457 Cr | -41.3% | -27.0% |
| Operating margin | 8.0% | -500 bps | -100 bps |
| PAT | ₹147 Cr | -60.8% | -38.2% |
| PAT margin | 2.5% | -363 bps | -80 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
ACC Limited (Ambuja Consolidated) reported 10% YoY volume growth in Q4FY26 and 16% for FY26, ahead of industry. 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 and capacity expansion is on track, Q4FY26 profitability was significantly impacted by rising fuel costs and operational challenges. Management's cost mitigation efforts and synergy realization are crucial to restore EBITDA PMT.
Capacity Share by Geographical Zone (Q4 FY’26)
Latest issuer-disclosed distribution across 5 reported categories.
Volume Growth
Ambuja Cements recorded 16% volume growth in FY’26; ahead of the Industry.
Premium Cement Focus
Premium cement sustained at 35% of trade sales, with 22% volume growth YoY.
Cost Optimization Initiatives
Initiatives expected to reduce total cement cost by Rs. 150–200 PMT in FY’27, from ~Rs. 4,400 PMT in FY’26.
Capacity Expansion
Total capacity will increase to ~119 MTPA by Mar’27 with new grinding and clinker units.
Jodhpur Clinkering Line
Clinkering line with 3 MTPA at Jodhpur commissioned.
Dahej GU Line 2
Trial run has started for a 1.2 MTPA Dahej GU Line 2.
H1FY27 Grinding Capacities
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.
Maratha Clinker Unit
Additional clinker unit at Maratha (4 MTPA) to be commissioned in H1FY27.
Public Capex
FY’27 Union Budget’s 12.2 lakh Cr public capex bodes well for India’s ensuing growth trajectory.
Government Spending
Key demand drivers include extensive Government spending on roads, railways, metro projects alongside affordable housing initiative under PMAY.
Long-term Structural Demand
Structural demand driven by urbanization, income growth and public investment — not cyclical.
Policy Support
PLI Scheme and Smart City Initiatives, FDI inflows and China+1 strategy supporting long-term industrial cement demand growth.
Fuel Cost Inflation
Imported Petcoke CFR increased 35% in Q4FY26 (July'25 to Apr'26).
West Asia Conflict Impact
Escalating West Asia conflict disrupts energy supplies, raises import costs, and weighs on trade.
Monsoon Impact on Demand
Early forecasts of a below normal monsoon could adversely impact agricultural output and housing demand.
Packaging Supply Constraints
The quarter was impacted by packaging supply constraints.
Geopolitical Instability
If West-Asia conflict persists, FY’27 GDP may fall by 1% & inflation could rise by 1.5% from baseline estimates.
Monsoon Dependency
Expectations of sub-normal monsoon may dampen agriculture income and impact rural housing demand.
Persistent Cost Pressure
West-Asia crisis increased freight, petcoke, and coal prices, and created shortages in polypropylene packaging bags, adding to FY27 cost pressure.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
The presentation provides both quarterly and yearly data, highlighting sequential improvements in some metrics (e.g., utilization) and significant YoY changes in profitability, making both comparisons relevant.
Cement Sales Volume (Consolidated)
Q4FY26: 19.9 MnT (+10% YoY, +6% QoQ); FY26: 73.7 MnT (+16% YoY).
Operating EBITDA (Consolidated)
Q4FY26: Rs 1,464 Cr (-22% YoY, +8% QoQ); FY26: Rs 6,539 Cr (+10% YoY).
EBITDA PMT (Consolidated)
Q4FY26: Rs 735 (-29% YoY, +2% QoQ); FY26: Rs 887 (-6% YoY).
Capacity Utilization (Consolidated)
Overall capacity utilisation improved by 5% sequentially to 77% on consolidated basis. Sanghi utilisation improved from 43% in Q4FY25 to 57% in Q4FY26.
Cost Mitigation Focus
Actively strengthening cost-mitigation measures through fuel mix optimization, higher renewable energy usage, and logistics cost reduction.
Capacity Stabilization & Utilization
Focus shifting towards stabilising newly commissioned capacities and improving utilisation across the existing base.
Asset Utilization Target
Efforts to improve overall asset utilization from current 77% to target 85%.
Digital Transformation
CiNOC launched to infuse AI layer into operations; DIGIPIN to address freight standardisation and hyperlocal marketing.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA PMT (Consolidated) | Rs 735 (Q4FY26) | Improvement towards FY26 annual average of Rs 887 and tangible benefits from cost reduction initiatives. |
| Capacity Utilization (Consolidated) | 77% (Q4FY26) | Ramp-up towards management's target of 85% across existing and newly commissioned assets. |
| Cost Reduction Initiatives | Expected Rs 150-200 PMT reduction in FY27 | Tangible evidence of cost savings from fuel mix, green power, and logistics optimization. |
| Consolidation Approvals | Awaiting SEBI NOC for ACC and Orient mergers | Timely completion of merger transactions for full synergy realization. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
35Bearishfull bear SMA stack · SMA20 -4.6% / mo · MACD − · near 52W low
Technical chart
ACCdaily · 1Y · AUTO-15.7%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 40.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.8% over last month) — short-term momentum negative.
- RSI(14) at 40 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 8.1% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.6%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 54 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 54 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
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 23.0%.
- Balance sheet contributes 12/15 to the score.
- Valuation contributes 21/30 to the score.
Main drags
- Quality is weaker at 3/20; 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
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 45th percentile of the scored universe and 16th percentile within Materials. Main check: results consistency is weak at 39/100.
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 · Materials: 16th pctile, median 70 · Large: 23rd pctile, median 73
97 documents have extracted text, 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.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -3.8%.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 12.70
- P/B
- 1.17
- EV/EBITDA
- 6.54
- Market Cap
- 24108.00Cr
Profitability
- ROE
- 10.90%
- ROCE
- 11.20%
- ROA
- 7.76%
- Dividend Y
- 0.58%
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
- 24.12×
- Altman Z
- 4.62
- Book Value
- 1094.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 9/5
- OCF
- -1364.00 Cr
- EPS TTM
- 101.64
Shareholding
- Promoter Hold
- 56.69%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Materials, ranked by similarity
Peers
Business-comparable names in Materials, ranked by similarity
Peers
Business-comparable peers in Materials — 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.