Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹11,050.00 last close on 23 Oct 2026 +0.84%
Research updated
Acc Ltd.
NSE: ACCBasic MaterialsBuilding Materials
- Last close
- ₹1,159.40
- Day change
- −₹27.50 (−2.32%)vs
- Market cap
- ₹21,359 crIndian rupees
- Research updated
- 1 report
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About Acc
Acc Ltd. is a prominent player in the cement and building materials industry, known for producing high-quality cement and related products. Established to provide essential materials for the construction sector, Acc Ltd. plays a crucial role in infrastructure development and urbanization. The company's product line includes ready-mix concrete, a variety of cement types, and other construction solutions that cater to both small-scale residential projects and large-scale industrial ventures. Operating primarily in India, Acc Ltd. has a significant impact on key sectors such as real estate, urban infrastructure, and industrial construction, contributing to the nation's economic growth and development. Through its extensive network of manufacturing plants and distribution centers, Acc Ltd. ensures a steady supply of building materials to meet the rising demand driven by urban expansion and modernization efforts. As a veteran entity in the market, the company is also committed to sustainability and innovation, aligning its operations with environmental standards by incorporating waste management and energy-efficient practices into its production processes.
- Sector
- Basic Materials
- Industry
- Building Materials
- Listing
- NSE: ACC
- Next results
- Chief executive
- Mr. Vinod Mohanlal Bahety
- Employees
- 2,836
- Headquarters
- Ahmedabad, India
- ISIN
- INE012A01025
- Website
- acclimited.com
Public research · Report of
Business model & financial foundation
ACC (NSE: ACC), Cement and ready-mixed concrete: revenue of ₹25,762 crore in FY26 (+23.0% on FY25), an EBITDA margin of 11.5%, net profit of ₹2,137 crore and net cash of ₹129.1 crore.
- Revenue, FY26 (₹ crore)
- 25,762
- consolidated
- Revenue growth, FY26
- +23.0%
- on FY25
- EBITDA margin, FY26
- 11.5%
- EBITDA (Company reported operating EBITDA) / revenue
- Net profit, FY26 (₹ crore)
- 2,137
- to owners
- Return on equity, FY26
- 10.9%
- on average equity
- Net debt, FY26 (₹ crore)
- -129.1
- Net debt incl. leases, negative for net cash
- Market capitalisation (₹ crore)
- 23,034
- at the close of 16 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | ACC Limited (formerly Associated Cement Companies Limited) |
| Exchange and ticker | NSE: ACC; BSE: 500410 |
| ISIN | INE012A01025 |
| Sector | Basic Materials |
| Industry | Cement and ready-mixed concrete |
| Headquarters | Ahmedabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S R B C & Co. LLP (since 86th AGM) |
| Market capitalisation | ₹23,034 crore (16 Oct 2026) |
| Shares outstanding | 18.78 crore shares (FY26) |
| Price | ₹1,137 (close, 16 Oct 2026) |
| 52-week range | ₹1,123 - ₹1,987 (to 16 Oct 2026) |
| Website | https://www.acclimited.com |
Corporate structure and shareholding
Parent: Ambuja Cements Limited.
| Entity | Holding | Business |
|---|---|---|
| Bulk Cement Corporation (India) Limited | 94.65% | Cement blending and distribution |
| ACC Mineral Resources Limited | 100% | Resources and subsidiary property SPVs |
| Asian Concretes and Cements Private Limited | 100% | Cement; includes Asian Fine Cements |
| ACC Concrete West Limited | 100% | Ready-mixed concrete |
| ACC Concrete South Limited | 100% | Ready-mixed concrete |
| Lucky Minmat Limited | 100% | Supply of coal |
| Singhania Minerals Private Limited | 100% | Cement-related products |
Ambuja holds 50.05%; proposed amalgamation at 328 Ambuja shares per 100 ACC. Not yet effective in retrieved evidence.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 56.69% | 56.69% | 56.69% | 56.69% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 5.99% | 5.93% | 5.83% | 5.75% |
| Domestic institutions | 21.37% | 21.62% | 21.12% | 20.97% |
| of which mutual funds | 7.84% | 8.01% | 7.95% | 8.11% |
| Retail | 10.86% | 10.71% | 11.03% | 11.25% |
| Other | 5.07% | 5.04% | 5.31% | 5.32% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
ACC is an Indian cement and ready-mixed concrete (RMX) manufacturer within Ambuja's cement platform. The dossier uses consolidated accounts, April–March fiscal years and INR crore; EPS and equity values are INR per share. Revenue excludes separately reported government grants; operating EBITDA includes grants but excludes other income; PAT means profit attributable to owners, not comprehensive income. Primary FY24–FY26 financial statements supersede vendor figures and older comparatives. (24 April 2025); (FY26 annual report, 30 May 2026); (24 July 2026).
Cement generates earnings through owned production, external distribution and group Master Supply Agreement (MSA) flows; RMX is a distinct operating business. Purchased cement/clinker, coal-sale gross-ups and group services mean ACC's sales growth need not translate into higher manufacturing profit. The model's consolidated revenue and expense per cement tonne are mixed-business proxies, NOT cement realisation, NSP or a directly comparable issuer cement-only cost stack. Quarterly segment revenue includes grants and intersegment sales; reconcile it through eliminations and grants before comparing with consolidated revenue. Results-table segment EBIT and annual Note 49 segment PBT before exceptionals are not interchangeable. (30 April 2026);;.
Ambuja owns 50.05% of ACC; aggregate promoter ownership is 56.69% at September 2026. The scheme exchanges 328 Ambuja shares for every 100 eligible ACC shares, with Ambuja-held ACC shares extinguished. Board approval on 22 December 2025 and shareholder approval on 29 September 2026 are established; final sanction, effectiveness and record date were not retrieved by the 16 October 2026 cutoff. The appointed date, 1 January 2026, is not the effective date. Completion replaces the independent ACC investment with consideration equity, not cash. (30 May 2026); (compiled ownership snapshot, 16 October 2026); (22 December 2025); (29 September 2026).
The short identity list is not the full legal perimeter. The annual report and reader notes identify direct and step-down cement, RMX, mineral-resource and land/mining SPVs, associates/JVs and AMRL joint operations. ACCPL's acquisition and final purchase-price allocation affect FY24 comparability; later land-SPV acquisitions affect consolidation and invested capital. Proposed Amplus ownership is not an existing FY26 subsidiary. (30 May 2026); (24 July 2026).
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share | revenue net including grants, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Cement and ancillary services | 24,233 | 92.6% | 1,732 | 92.2% | 24,026 | 92.5% |
| Ready Mix Concrete | 1,936 | 7.4% | 147.0 | 7.8% | 1,936 | 7.5% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| UltraTech Cement (ULTRACEMCO) | National cement leader |
| Ambuja Cements (AMBUJACEM) | Parent and merger consideration security; contains ACC |
| Shree Cement (SHREECEM) | Efficient cement-only competitor |
| Dalmia Bharat (DALBHARAT) | Eastern and southern capacity expansion |
| JK Cement (JKCEMENT) | Grey cement expansion; white cement premium |
| Ramco Cements (RAMCOCEM) | Southern cement cycle |
| Nuvoco Vistas (NUVOCO) | Eastern cement competitor |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations (excluding government grants) | 15,814 | 17,419 | 19,681 | 20,947 | 25,762 |
| Cost of revenue (vendor classification) * | 7,302 | 3,876 | 10,878 | 12,504 | 15,717 |
| Other operating costs (vendor classification) * | 4,912 | 11,263 | 5,165 | 5,559 | 6,431 |
| EBITDA (vendor classification) * | 3,195 | 1,693 | 3,548 | 4,046 | 3,325 |
| EBIT * | 2,561 | 933.3 | 2,914 | 3,235 | 2,269 |
| Finance costs | 54.6 | 62.0 | 154.6 | 108.2 | 112.1 |
| Profit before tax including associates and exceptionals | 2,506 | 871.3 | 2,757 | 3,127 | 2,157 |
| Total income tax expense (credit negative) | 643.3 | 221.7 | 422.3 | 724.5 | 19.3 |
| Profit after tax including non-controlling interests | 1,863 | 649.6 | 2,335 | 2,402 | 2,137 |
| Diluted EPS (₹) | 98.94 | 34.49 | 124.0 | 127.6 | 113.5 |
| Materials, traded purchases and inventory change | 6,083 | 8,246 | 11,219 | ||
| Power and fuel | 4,003 | 3,505 | 3,650 | ||
| Freight and forwarding | 4,170 | 4,184 | 4,782 | ||
| Employee benefits expense | 737.2 | 717.8 | 744.2 | ||
| Other expenses (net of captive consumption) | 1,904 | 2,206 | 2,617 | ||
| Company reported operating EBITDA | 3,062 | 3,061 | 2,950 | ||
| Other income | 492.9 | 1,072 | 401.9 | ||
| Government grants including duty credits/refunds | 277.9 | 973.2 | 200.2 | ||
| Depreciation and amortisation | 885.1 | 1,001 | 1,118 | ||
| Exceptional items (gain positive, expense negative) | 229.6 | 99.7 | 28.0 | ||
| Share of associates and joint ventures (signed, net of tax) | 12.9 | 2.79 | 6.85 | ||
| Profit attributable to non-controlling interests | 0.16 | 0.15 | 0.16 | ||
| Profit attributable to owners of parent (excluding OCI) | 2,335 | 2,402 | 2,137 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including non-controlling interest | 14,312 | 13,890 | 16,332 | 18,559 | 20,554 |
| Borrowings excluding lease liabilities | 125.6 | 131.8 | 0.00 | 0.00 | 0.00 |
| Cash equivalents plus other current bank balances | 7,367 | 2,835 | 1,863 | 1,649 | 557.7 |
| Trade receivables | 462.3 | 771.1 | 827.5 | 1,163 | 3,842 |
| Inventories | 1,274 | 1,752 | 1,869 | 1,925 | 1,789 |
| Trade payables (MSME and other creditors) | 1,905 | 1,547 | 1,853 | 1,725 | 2,454 |
| Net property, plant and equipment * | 475.3 | 7,297 | 587.9 | 934.0 | 1,144 |
| Capital work in progress * | 1,534 | 1,677 | 1,321 | 2,462 | 2,609 |
| Total assets * | 21,039 | 20,090 | 23,386 | 25,413 | 27,525 |
| Current investments excluding cash equivalents | 758.7 | 1,458 | 0.00 | ||
| Current plus non-current lease liabilities | 354.9 | 429.8 | 428.6 | ||
| Non-current bank/margin-money deposits (mainly restricted) | 505.0 | 380.6 | |||
| Net debt incl. leases, negative for net cash | -2,267 | -2,678 | -129.1 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after tax | 2,014 | -1,535 | 2,995 | 1,711 | -1,364 |
| Free cash flow (vendor definition) * | 1,660 | -3,609 | 1,600 | -257.0 | -2,791 |
| Dividends paid (the provider's sign: an outflow is negative) * | -262.9 | -1,089 | -175.3 | -142.6 | -141.3 |
| Cash purchase of PPE and intangibles (outflow negative) | -1,153 | -1,908 | -1,395 | -1,968 | -1,427 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 18.78 | 18.78 | 18.78 | 18.78 | 18.78 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (excluding government grants) | 4,542 | 5,252 | 6,040 | 6,277 | 5,969 | 6,391 | 7,124 | 5,790 |
| Cost of revenue (vendor classification) * | 1,791 | 2,194 | 2,510 | 2,699 | 2,718 | 3,327 | 2,714 | |
| Other operating costs (vendor classification) * | 2,226 | 2,465 | 2,599 | 2,646 | 2,884 | 3,014 | 2,451 | |
| EBITDA (vendor classification) * | 594.6 | 1,764 | 1,026 | 848.0 | 759.1 | 681.3 | 512.0 | |
| EBIT * | 317.3 | 1,505 | 895.8 | 593.0 | 485.7 | 397.5 | 227.0 | |
| Finance costs | 33.3 | 28.2 | 13.6 | 30.5 | 28.9 | 25.6 | 27.1 | 27.0 |
| Profit before tax (including associates and exceptionals) | 284.0 | 1,477 | 882.2 | 563.0 | 763.2 | 460.1 | 370.4 | 200.0 |
| Total income tax expense (credit negative) | 84.3 | 384.7 | 131.1 | 187.5 | -356.1 | 55.8 | 132.1 | 53.0 |
| Profit after tax including non-controlling interests | 199.7 | 1,092 | 751.0 | 375.4 | 1,119 | 404.3 | 238.3 | 147.0 |
| Diluted EPS (₹) | 10.60 | 57.98 | 39.89 | 19.94 | 59.45 | 21.47 | 12.66 | 7.81 |
| Materials, traded purchases and inventory change | 1,791 | 2,194 | 2,510 | 2,699 | 2,474 | 2,718 | 3,327 | 2,714 |
| Power and fuel | 783.2 | 852.9 | 869.1 | 861.8 | 903.3 | 933.4 | 951.3 | 785.0 |
| Freight and forwarding | 931.8 | 1,027 | 1,139 | 1,144 | 1,067 | 1,237 | 1,333 | 1,047 |
| Employee benefits expense | 181.0 | 197.5 | 175.2 | 205.1 | 179.2 | 180.8 | 179.1 | 186.0 |
| Other expenses (net of captive consumption) | 510.7 | 584.4 | 591.1 | 639.5 | 535.6 | 713.2 | 728.9 | 619.0 |
| Company reported operating EBITDA | 436.0 | 1,116 | 830.0 | 779.0 | 846.0 | 700.0 | 627.0 | 457.0 |
| Other income | 158.6 | 648.2 | 193.9 | 68.4 | 223.7 | 57.6 | 52.3 | 53.0 |
| Government grants including duty credits/refunds | 92.2 | 720.1 | 74.9 | 51.1 | 35.5 | 91.8 | 21.7 | 18.0 |
| Depreciation and amortisation | 242.3 | 259.6 | 264.9 | 254.6 | 278.5 | 305.8 | 279.5 | 261.0 |
| Exceptional items (gain positive, expense negative) | -35.0 | 0.00 | 134.7 | 0.00 | 0.00 | 32.3 | -4.37 | -24.0 |
| Share of associates and joint ventures (signed, net of tax) | -0.34 | 0.32 | 1.87 | 1.62 | 1.24 | 1.54 | 2.45 | 2.00 |
| Profit attributable to non-controlling interests | 0.04 | 0.06 | 0.01 | 0.04 | 0.03 | 0.04 | 0.05 | 0.00 |
| Profit attributable to owners of parent (excluding OCI) | 199.7 | 1,092 | 751.0 | 375.4 | 1,119 | 404.2 | 238.3 | 147.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 17.3% | 10.1% | 13.0% | 6.4% | 23.0% |
| EBITDA margin | 15.6% | 14.6% | 11.5% | ||
| Net margin | 11.9% | 11.5% | 8.3% | ||
| Return on equity | 15.5% | 13.8% | 10.9% | ||
| Return on capital employed | 18.8% | 6.6% | 19.2% | 18.5% | 11.6% |
| Return on assets | 10.7% | 9.8% | 8.1% | ||
| Net debt (₹ crore) | -2,267 | -2,678 | -129.1 | ||
| Net debt / EBITDA | -0.74x | -0.87x | -0.04x | ||
| Interest cover | 46.9x | 15.0x | 18.9x | 29.9x | 20.2x |
| Asset turnover | 0.81x | 0.85x | 0.91x | 0.86x | 0.97x |
| Receivable days | 11 | 16 | 15 | 20 | 54 |
| Inventory days (on revenue) | 29 | 37 | 35 | 34 | 25 |
| Payable days (on revenue) | 44 | 32 | 34 | 30 | 35 |
| Cash conversion | 1.28x | 0.71x | -0.64x | ||
| Capex intensity | 7.3% | 11.0% | 7.1% | 9.4% | 5.5% |
| Free cash flow (₹ crore) | 860.5 | -3,443 | 1,600 | -257.0 | -2,791 |
| Dividend payout | 7.5% | 5.9% | 6.6% | ||
| EPS, diluted (₹) | 98.94 | 34.49 | 124.0 | 127.6 | 113.5 |
| Book value per share (₹) | 762.1 | 739.6 | 869.7 | 988.3 | 1,095 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company reported operating EBITDA) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt incl. leases, negative for net cash.
- Net debt / EBITDA: net debt / EBITDA (Company reported operating EBITDA).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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