Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,647.00 last close on 23 Oct 2026 +0.24%
Research updated
Action Construction Equipment Ltd.
NSE: ACEIndustrialsFarm & Heavy Construction Machinery
- Last close
- ₹1,000.10
- Day change
- −₹53.30 (−5.06%)vs
- Market cap
- ₹13,525 crIndian rupees
- Research updated
- 1 report
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About Action Construction Equipment
Action Construction Equipment Ltd. is an Indian company focused on the manufacturing and distribution of construction and material handling equipment. As a significant player within the industrial machinery sector, the company specializes in the production of equipment such as cranes, forklifts, road construction machinery, and agricultural equipment. Action Construction Equipment Ltd. seeks to provide robust solutions across various industries, including construction, infrastructure, agriculture, and oil and gas. With its diverse product range, the company plays a crucial role in supporting the infrastructure development in India. It enhances the efficiency and safety of construction and logistics operations through innovative equipment design. By focusing on quality and reliability, Action Construction Equipment Ltd. strives to address the growing demand for modern logistics and construction solutions. The company's extensive network across India enables it to cater to various regions efficiently, supporting urban development and rural improvement. Its contributions are pivotal in the modernization push by Indian industries, fostering economic growth and infrastructure enhancement. With a strategic presence, Action Construction Equipment Ltd. remains a central figure in advancing India's construction and material handling capabilities.
- Sector
- Industrials
- Industry
- Farm & Heavy Construction Machinery
- Listing
- NSE: ACE
- Employees
- 1,500
- Headquarters
- Palwal, India
- ISIN
- INE731H01025
- Website
- ace-cranes.com
Public research · Report of
Business model & financial foundation
ACE (NSE: ACE), Cranes and construction equipment: revenue of ₹3,280 crore in FY26 (-1.4% on FY25), an EBITDA margin of 15.7%, net profit of ₹415.1 crore and net cash of ₹650.7 crore.
- Revenue, FY26 (₹ crore)
- 3,280
- consolidated
- Revenue growth, FY26
- -1.4%
- on FY25
- EBITDA margin, FY26
- 15.7%
- EBITDA excluding other income, per requested cost stack / revenue
- Net profit, FY26 (₹ crore)
- 415.1
- to owners
- Return on equity, FY26
- 22.9%
- on average equity
- Net debt, FY26 (₹ crore)
- -650.7
- Debt including leases less conservative liquidity
- Market capitalisation (₹ crore)
- 13,685
- at the close of 17 Oct 2026
Company profile
ACE manufactures pick-and-carry and tower cranes, construction equipment, material handling equipment and agricultural equipment. Demand depends on construction, infrastructure and manufacturing activity; price/mix and steel costs determine profitability. Treasury income is material and must be separated from operating EBITDA.
| Item | Value |
|---|---|
| Legal name | Action Construction Equipment Limited |
| Exchange and ticker | NSE: ACE; BSE: 532762 |
| ISIN | INE731H01025 |
| CIN | L74899HR1995PLC053860 |
| Sector | Industrials |
| Industry | Cranes and construction equipment |
| Headquarters | Palwal, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since 2022) |
| Market capitalisation | ₹13,685 crore (17 Oct 2026) |
| Shares outstanding | 11.90 crore shares (FY26) |
| Price | ₹1,136 (close, 17 Oct 2026) |
| 52-week range | ₹745.1 - ₹1,268 (to 17 Oct 2026) |
| Website | https://www.ace-cranes.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Crane Kraft India Private Limited | 100% | Equipment business subsidiary |
| Namo Metals | 90% | Partnership firm |
| ACE Emergency Response Service Trust | 100% | Trust |
| Action Construction Equipment Limited Employees Welfare Trust | 100% | Employee share trust; treasury shares eliminated |
KATO collaboration meaningful revenues guided FY28; JV detail remains a gap.
Business model
ACE (NSE: ACE) makes pick-and-carry and tower cranes, construction equipment (backhoe loaders, compactors), material handling equipment and agricultural equipment (tractors, harvesters). CCE/MH made up Rs2,953cr of FY26 revenue of Rs3,280cr; agri was Rs251cr; a one-off EPC project added Rs76.6cr. ACE has >63% of India's mobile crane market and ~60% of tower cranes. Demand follows infrastructure, construction and manufacturing capex. Steel is the main input, and ACE has no captive steel supply. Exports were 6.2% of FY26 revenue and defence 3%. The company also holds a large treasury book: Rs560cr in current investments plus Rs723cr non-current, mostly AIFs.
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Cranes, Construction Equipment & Material Handling | 2,953 | 90.0% | 550.4 | 96.1% |
| Agricultural Equipment | 250.7 | 7.6% | 2.53 | 0.4% |
| Others | 76.6 | 2.3% | 19.6 | 3.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Escorts Kubota (ESCORTS) | Construction equipment plus agricultural equipment; closest diversified listed comparator |
| BEML (BEML) | Heavy equipment and defence exposure; mix is different |
| Ajax Engineering (AJAXENGG) | Concrete equipment cyclical; directly exposed to construction activity |
| Kirloskar Oil Engines (KIRLOSENG) | Equipment powertrain and industrial cycle |
| Cummins India (CUMMINSIND) | Equipment powertrain, manufacturing and infrastructure demand |
| Elecon Engineering (ELECON) | Industrial machinery and manufacturing capital expenditure |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,630 | 2,157 | 2,914 | 3,327 | 3,280 |
| Cost of revenue (vendor classification) * | 1,171 | 1,620 | 2,143 | 2,273 | 2,353 |
| Other operating costs (vendor classification) * | 314.9 | 193.0 | 230.4 | 562.3 | 244.4 |
| EBITDA (vendor classification) * | 166.0 | 259.4 | 453.7 | 616.1 | 578.8 |
| EBIT * | 146.8 | 244.0 | 457.1 | 577.8 | 578.8 |
| Finance cost | 9.52 | 10.3 | 23.2 | 28.7 | 22.1 |
| Profit before tax | 137.3 | 233.8 | 433.9 | 549.1 | 556.7 |
| Total tax expense | 32.3 | 60.8 | 105.7 | 139.9 | 141.6 |
| Profit after tax including non-controlling share | 105.0 | 173.0 | 328.2 | 409.2 | 415.1 |
| Diluted EPS (₹) | 9.02 | 14.41 | 27.56 | 34.37 | 34.87 |
| Other income | 77.1 | 100.3 | 110.1 | ||
| Materials consumed and inventory change | 2,023 | 2,273 | 2,214 | ||
| Employee benefits expense | 120.7 | 138.5 | 160.0 | ||
| Other expenses (excludes separately reported impairment) | 351.8 | 399.4 | 391.1 | ||
| EBITDA excluding other income, per requested cost stack | 418.5 | 515.8 | 514.8 | ||
| Depreciation and amortisation | 23.2 | 28.3 | 35.2 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to non-controlling interests | 0.04 | 0.02 | 0.01 | ||
| PAT attributable to owners | 328.2 | 409.2 | 415.1 | ||
| Impairment losses on financial assets | 15.2 | 10.0 | 10.9 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 754.4 | 920.2 | 1,232 | 1,616 | 2,011 |
| Borrowings excluding leases | 9.38 | 7.45 | 3.88 | 14.8 | 0.11 |
| Cash and cash equivalents (FY26; historical basis noted) | 5.72 | 21.5 | 110.4 | 55.5 | 64.3 |
| Trade receivables | 188.7 | 169.3 | 164.3 | 264.7 | 284.3 |
| Inventories | 333.4 | 418.5 | 553.4 | 515.1 | 605.4 |
| Trade payables | 361.1 | 500.9 | 687.9 | 808.6 | 916.5 |
| Net property plant and equipment | 4.91 | 10.0 | 559.5 | 696.7 | 732.6 |
| Capital work in progress | 24.3 | 24.4 | 43.6 | 27.7 | 48.5 |
| Total assets * | 1,282 | 1,600 | 2,169 | 2,711 | 3,252 |
| Conservatively defined liquid investments | n.r. | n.r. | 594.3 | ||
| Debt including leases less conservative liquidity | n.r. | n.r. | -650.7 | ||
| Current investments (not all-cash assessment) | 369.6 | 375.6 | 560.3 | ||
| Non-current investments (liquid subset unverified) | 224.5 | 542.6 | 723.2 | ||
| Current and noncurrent lease liabilities | 0.58 | 1.65 | 7.80 | ||
| Bank balances other than cash equivalents | 12.9 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after tax | 83.1 | 227.6 | 433.4 | 412.0 | 417.3 |
| Free cash flow (vendor definition) * | 55.3 | 200.4 | 258.4 | 191.0 | 324.0 |
| Cash dividends paid (negative outflow) | -5.67 | -7.14 | -11.9 | -23.8 | -23.8 |
| Purchase of PPE and other capital assets | -44.3 | -36.4 | -175.0 | -221.0 | -93.3 |
| Investments purchased (negative outflow) | -558.8 | -737.6 | -831.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end issued shares less treasury trust holdings | 11.64 | 11.91 | 11.90 | 11.90 | 11.90 |
| Issued and fully paid shares before treasury shares | 11.91 | 11.91 | 11.91 | ||
| Employee trust treasury shares at year end | 0.01 | 0.01 | 0.01 | ||
| Issued and fully paid share capital | 23.8 | 23.8 | 23.8 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 756.7 | 875.1 | 961.0 | 652.1 | 744.2 | 854.6 | 1,029 | 785.7 |
| Cost of revenue (vendor classification) * | 522.6 | 588.0 | 649.3 | 431.1 | 573.0 | 710.7 | 530.3 | |
| Other operating costs (vendor classification) * | 92.2 | 110.7 | 106.3 | 90.9 | 96.9 | 111.8 | 98.1 | |
| EBITDA (vendor classification) * | 142.9 | 169.3 | 177.6 | 145.2 | 173.9 | 160.8 | 173.1 | |
| EBIT * | 135.8 | 157.9 | 164.8 | 136.0 | 156.6 | 156.8 | 163.4 | |
| Finance cost | 9.03 | 8.40 | 3.88 | 8.24 | 5.85 | 4.67 | 3.35 | 4.94 |
| Profit before tax | 126.8 | 149.5 | 160.9 | 127.7 | 123.7 | 151.9 | 153.4 | 158.4 |
| Total tax expense | 31.9 | 37.8 | 42.3 | 30.0 | 33.6 | 35.5 | 42.5 | 38.9 |
| Profit after tax including non-controlling share | 94.8 | 111.7 | 118.6 | 97.7 | 90.1 | 116.4 | 110.9 | 119.5 |
| Diluted EPS (₹) | 7.96 | 9.38 | 9.96 | 8.21 | 7.57 | 9.78 | 9.31 | 10.04 |
| Other income | 34.2 | 30.2 | 8.39 | 51.1 | 29.3 | 35.7 | -6.12 | 54.6 |
| Materials consumed and inventory change | 522.6 | 588.0 | 649.3 | 431.1 | 499.7 | 573.0 | 710.7 | 530.3 |
| Employee benefits expense | 33.3 | 37.3 | 36.3 | 36.0 | 37.5 | 46.6 | 40.0 | 38.9 |
| Other expenses (excludes separately reported impairment) | 92.2 | 110.7 | 106.3 | 90.9 | 91.4 | 96.9 | 111.8 | 98.1 |
| EBITDA excluding other income, per requested cost stack | 108.7 | 139.2 | 169.2 | 94.1 | 115.7 | 138.1 | 167.0 | 118.5 |
| Depreciation and amortisation | 6.99 | 7.17 | 7.30 | 8.01 | 8.75 | 8.92 | 9.51 | 9.14 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | 0.02 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 |
| PAT attributable to owners | 94.8 | 111.7 | 118.6 | 97.7 | 90.1 | 116.4 | 110.9 | 119.5 |
| Impairment losses on financial assets | 0.10 | 4.27 | 5.48 | 1.23 | 6.70 | 8.38 | -5.44 | 0.56 |
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 | 33.1% | 32.4% | 35.1% | 14.2% | -1.4% |
| EBITDA margin | 14.4% | 15.5% | 15.7% | ||
| Net margin | 11.3% | 12.3% | 12.7% | ||
| Return on equity | 30.5% | 28.7% | 22.9% | ||
| Return on capital employed | 21.9% | 28.9% | 42.3% | 40.3% | 31.8% |
| Return on assets | 17.4% | 16.8% | 13.9% | ||
| Net debt (₹ crore) | -650.7 | ||||
| Net debt / EBITDA | -1.26x | ||||
| Interest cover | 15.4x | 23.7x | 19.7x | 20.2x | 26.2x |
| Asset turnover | 1.39x | 1.50x | 1.55x | 1.36x | 1.10x |
| Receivable days | 42 | 29 | 21 | 29 | 32 |
| Inventory days (on revenue) | 75 | 71 | 69 | 57 | 67 |
| Payable days (on revenue) | 81 | 85 | 86 | 89 | 102 |
| Cash conversion | 1.32x | 1.01x | 1.01x | ||
| Capex intensity | 2.7% | 1.7% | 6.0% | 6.6% | 2.8% |
| Free cash flow (₹ crore) | 38.8 | 191.2 | 258.4 | 191.0 | 324.0 |
| Dividend payout | 3.6% | 5.8% | 5.7% | ||
| EPS, diluted (₹) | 9.02 | 14.41 | 27.56 | 34.37 | 34.87 |
| Book value per share (₹) | 64.79 | 77.27 | 103.5 | 135.8 | 169.0 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income, per requested cost stack / 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): Debt including leases less conservative liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income, per requested cost stack.
- 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 17 Oct 2026); market data at the close of 17 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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What the full research on Action Construction Equipment includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
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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Report history
Reports on Action Construction Equipment
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
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