ACC Limited (ACC) share price
₹1283.80 on NSE as of 2026-09-04. +0.93% on the day. market cap ₹24,108 Cr. P/E 12.6. 52-week range ₹1254.60 to ₹1913.70. Construction Materials.
ACC Q1 FY27: Revenue Down 5%, Operating Profit Down 41%, and ₹3,900 Crore Lent to the Parent
At a glance
ACC Limited reported consolidated revenue of ₹5,808 Cr for the quarter ended June 2026, against ₹6,087 Cr a year earlier — a decline of 4.6%. Operating profit came in at ₹457 Cr versus ₹778 Cr, down 41%, taking operating margin to 8% from 13%. Net profit was ₹147 Cr against ₹375 Cr, a fall of 61%. EPS for the quarter was ₹7.83.
Sequentially, the comparison is against a larger base: the March 2026 quarter recorded revenue of ₹7,146 Cr, operating profit of ₹626 Cr and net profit of ₹238 Cr.
Other income contributed ₹31 Cr this quarter, against ₹70 Cr in the June 2025 quarter and ₹649 Cr in the December 2024 quarter. Depreciation was ₹261 Cr and interest ₹27 Cr.
The quarter carried an exceptional item of ₹24 Cr, being termination benefits under a Voluntary Severance Scheme for third-party workforce at one production facility. Management also approved temporary suspension of manufacturing operations at certain facilities following a strategic review, stating the closures are temporary and do not require an impairment provision.
Separately, ACC extended inter-corporate deposits of ₹3,900 Cr to its holding company Ambuja Cements at 8% per annum, repayable by March 31, 2027, following shareholder approval dated April 1, 2026. The board also approved acquiring a 26% stake in Amplus Andhra Power for approximately ₹5.31 Cr, for captive electricity offtake.
For the full year FY26, revenue was ₹25,962 Cr with net profit of ₹2,137 Cr. The story of how a company with almost no debt ended the year with negative operating cash flow starts below.
Introduction
ACC Limited was incorporated in 1936, which makes it older than the Republic it sells cement to. It manufactures and sells cement and ready-mix concrete, with facilities across India and a customer base that is mainly domestic. It is a member of the Adani Group, and its parent is Ambuja Cements — which Crisil describes as ranking second-largest in the Indian cement industry when combined with ACC, holding installed capacity of 107 mtpa as of September 30, 2025.
The defining corporate event of the period is that ACC is scheduled to stop existing as a separate listed entity. On December 22, 2025, the board approved a Scheme of Amalgamation of ACC into Ambuja Cements, with an appointed date of January 1, 2026. Shareholders of ACC are to receive 328 Ambuja shares of ₹2 face value for every 100 ACC shares of ₹10 face value; shares already held by Ambuja get cancelled. During the June 2026 quarter, BSE and NSE issued no-objection letters dated June 4, 2026, and a joint company application was filed before the NCLT, Ahmedabad Bench. The merger is expected to complete in FY27.
The rest of the recent record is a steady drumbeat of filings. In November 2025, Rakesh Tiwary relinquished the CFO role and Rohit Soni was appointed effective November 22. In December 2025, Navin Malhotra resigned as Chief Sales & Marketing Officer. In October 2025, a postal ballot sought approval for material related-party transactions with Penna worth ₹2,800 crore. There were GST orders in December 2025 totalling roughly ₹203.71 crore and a further ₹36.93 crore plus ₹3.21 crore under Section 73, and a Section 74 order of ₹59.8 crore received on April 10, 2026, all of which the company said it would contest.
Crisil reaffirmed its ratings at Crisil AAA/Stable and Crisil A1+ on January 2, 2026, and enhanced the rated bank loan amount to ₹2,000 crore. Crisil states it does not expect the amalgamation to have a material adverse impact on the credit risk profiles of Ambuja or ACC.
Business model
They make grey powder. Then they add water to the grey powder and sell it as a slightly more expensive grey slurry. That is roughly the whole enterprise, and it has kept the lights on since 1936.
Cement accounted for 93% of the business in FY26, against 94% in FY25. Ready Mix Concrete made up the remaining 7%, up from 6%. Within cement there are two product lines: a gold range of premium products — ACC Gold Water Shield, ACC F2R Superfast, ACC Concrete+ Xtra Strong — and a silver range of affordable ones, including ACC Suraksha Power and Suraksha Power+. The naming convention appears to have been settled by a committee that could not decide between a superhero franchise and a life insurance brochure, and simply shipped both.
The revenue mix shifted meaningfully: retail was 73% in FY26 against 79% in FY25, with institutional rising to 27% from 21%. RMX is where the R&D budget goes to feel good about itself — value-added products were 36% of total RMX sales in FY26, led by Adani ECOMaxX, ACC Coolcrete and ACC Bagcrete. ECOMaxX, GreenPro- and IGBC-certified, reduces CO₂ emissions by 30–70% and contributed 9% of RMX sales.
Volumes: standalone cement production was 29 MnT in FY26 against 29.5 MnT in FY25, while cement sales volume was 43.9 MMT against 39. RMX sales volume rose to 38.5 lakh m³ from 28.6. On a consolidated group basis, cement sales volume went from 63.5 MnT in FY25 to 73.7 MnT in FY26.
Distribution runs through 1,20,000 channel partners across 31 states and union territories, covering more than 665 districts. Standalone installed capacity is 40.4 MTPA; the group total with Ambuja and subsidiaries is 109 MTPA, comprising 24 integrated plants, 22 grinding units, 117 RMC plants, 10 bulk cement terminals, 11 captive ships and 4 jetties. A cement company with its own navy is a specific kind of ambition.
Then there is the Master Supply Agreement with parent Ambuja Cements and group entities including Asian Fine Cement and Adani Cement Industries. Under it, ACC sold 11.6 MnT of cement and clinker in FY26. A new MSA with Orient Cement was introduced during the year. Selling to yourself is not a business model, exactly, but the paperwork is impeccable.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for ACC Limited.
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