Action Construction Equipment Limited (ACE) share price
₹1129.00 on NSE as of 2026-09-11. +0.70% on the day. market cap ₹13,444 Cr. P/E 30.8. 52-week range ₹748.95 to ₹1184.80. Capital Goods.
Action Construction Equipment Q1 FY27: Operating Profit Slips 32% From March, Yet Profit Climbs on a ₹55 Cr Other-Income Swing
At a glance
For the quarter ended June 2026, Action Construction Equipment reported consolidated sales of ₹786 Cr, up 20.5% from the ₹652 Cr of June 2025. Operating Profit came in at ₹118 Cr against ₹93 Cr a year earlier, a 27% rise. Net profit was ₹119 Cr, up 22.3% year-on-year, with EPS of ₹10.03.
Read sequentially, the same quarter tells a different arithmetic. Against the March 2026 quarter, sales fell 23.7% from ₹1,029 Cr, and Operating Profit dropped 31.6% from ₹172 Cr. Net profit, however, rose 7.7% over that same span. The bridge between a falling operating line and a rising bottom line sits in one row: Other Income swung from ₹-6 Cr in March 2026 to ₹55 Cr in June 2026.
The company carries borrowings of ₹8 Cr against a net worth of roughly ₹2,011 Cr, a balance sheet ICRA describes as net-negative on debt. Promoters hold 65.42%. The market prices the business at 28.1x, against an industry multiple of 29.6x.
Two numbers moving in opposite directions across two reference points — that's the quarter in one sentence. What produced the split is the rest of the entry.
Introduction
Action Construction Equipment Limited was incorporated in 1995 and completed its IPO in 2006. It manufactures and markets hydraulic mobile cranes, mobile tower cranes, material-handling equipment such as forklifts, road-construction equipment like backhoe loaders, compactors and motor graders, and agricultural equipment including tractors, harvesters and rotavators.
By the company's own description, it is the world's largest Pick & Carry crane manufacturer, with a 63%+ share of the mobile-cranes segment in India and a 60%+ share in tower cranes domestically, plus a top-three position in forklifts. Its mother plant sits at Palwal in Haryana, supported by fabrication units and an R&D centre at Faridabad, and it operates three manufacturing facilities in the state. The end-user split runs Manufacturing & Logistics ~45%, Infrastructure ~35%, Real Estate ~13% and Agriculture ~7%.
The recent stretch has been eventful on the structure side. In March 2026 the company executed a joint-venture agreement with KATO Works of Japan to form ACE KATO Pvt Ltd, a 50:50 vehicle dedicated to heavy cranes — truck, crawler and rough-terrain. In April 2026 the board approved a Business Transfer Agreement to move its heavy-cranes business into that JV on a slump-sale basis, with completion expected by June 30, 2026. In December 2025 it signed an MoU with Sanghvi Movers to scale deployment of indigenously made heavy slew cranes. Alongside, it has been building a defence line: an FY26 order book of around ₹575 Cr, roughly 3% of revenue, that management expects to grow.
In January 2026, ICRA reaffirmed the company's long-term rating at [ICRA]AA(Stable) with a short-term [ICRA]A1+, and enhanced the rated amount, citing what it called a strong market position in cranes and forklifts.
Business model
ACE makes the machines that lift, carry, dig and roll — the yellow-and-orange fauna of every construction site and cargo yard. The flagship is the Pick & Carry crane, a wheeled crane that picks a load and drives off with it, and ACE has been the largest maker of these on the planet. Around that sit tower cranes, crawler cranes, truck cranes, lorry loaders, backhoe loaders, telehandlers, forklifts, access platforms, vibratory rollers, motor graders, piling rigs, and — because why stop at construction — tractors and harvesters.
The revenue split is lopsided in a way the company doesn't hide. Cranes, Material Handling and Construction Equipment made up 90% of FY26 revenue; Agriculture Equipment and Others made up the remaining 10%. So while the product brochure sprawls across a dozen categories, the money is one big segment wearing several hats.
The agriculture line is the reminder that a diversified catalogue isn't a diversified profit pool. Per the concall, the agri division did roughly ₹251 Cr in FY26 revenue, up about 9%, at margins of around 1%. A whole business division running at a one-percent operating margin is less a growth engine and more a hobby the company keeps around, and management has said as much about the pricing discount its tractors and backhoe loaders carry versus market leaders.
The newest wrinkle is defence. ACE clarified in its concall that its missile-related work — orders tied to the QRSAM programme — is strictly the material-handling piece: loading and unloading ammunition, not firing systems. So the company that built its name on construction-site cranes now lifts ordnance too, which is either impressive range or proof that a crane is a crane is a crane, whatever it's picking up.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Action Construction Equipment Limited.
Companies in the same industry as Action Construction Equipment Limited
Construction Vehicles