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Informist, Tuesday, Jan. 27, 2026

By Ashutosh Pati

MUMBAI – ACC Ltd. is expected to report double-digit on-year growth in both its bottom line and top line for the December quarter, on the back of higher volumes and improved realisations, according to brokerages tracking the company. However, on a sequential basis, the company's net profit is likely to rise marginally as realisations softened over the trailing quarter. Cement prices in the December quarter were higher than a year ago but lower compared to the trailing quarter.

The company is expected to post a net profit of INR 4.13 billion in the December quarter, up around 12% on year and 2% sequentially, according to the average of estimates from five brokerages. Estimates for the company's net profit range from a high of INR 4.94 billion by Elara Securities (India) Pvt. Ltd. to a low of INR 2.97 billion by JM Financial Institutional Securities Pvt. Ltd.

ACC's revenue for the December quarter is expected to have risen over 21% on year and around 8% sequentially to INR 62.70 billion, according to the average of the estimates. The highest estimate for the company's revenue is INR 64.73 billion by Nomura Equity Research, while the lowest estimate is INR 61.21 billion by Elara Securities.

Brokerages expect ACC's volumes to rise 5-15% on year in the December quarter. YES Securities (India) Ltd. said the company's volumes are seen rising to 11.36 million tonnes, led by improved positioning in its key markets, particularly the south.

The company's volumes are expected to grow 15% on year to 12.4 million tonnes, according to JM Financial, which also has the highest estimate for the company's bottom line. ACC's realisations are seen rising around 4% on year to INR 5,115 per tonne, according to the brokerage. The average price of cement across the country rose around 4% on year, according to YES Securities. 

Motilal Oswal expects ACC's volumes to rise 12% on year and 7% sequentially to 12 million tonnes. It sees the company's earnings before interest, tax, depreciation, and amortisation per tonne growing 5% on year to INR 5,161 per tonne. Nomura sees the company's EBITDA per tonne rising 32% on year to INR 6,368 per tonne, while it expects volumes to fall 5% on year.

However, the company's realisations are expected to decline 2-3% sequentially in the December quarter due to a fall in cement prices. Brokerages said prices declined 1-3% sequentially in the reporting quarter across the country, with the sharpest fall in the south, followed by the east. Demand was initially weak in the quarter due to festivals and shortage of labour, but it picked up towards the end of November, according to analysts.

ACC is expected to report EBITDA of INR 7.09 billion for the December quarter, down over 36% on year and over 16% sequentially, according to the average of four estimates. The highest estimate for the company's EBITDA is INR 7.5 billion from Motilal Oswal, while the lowest estimate is INR 6.8 billion from JM Financial.

Of the 11 brokerage reports on the company available with Informist, seven have a 'buy' or equivalent recommendation on the stock with an average target price of INR 2,286. This is around 35% higher than the current market price. Two brokerages have a 'hold' or equivalent recommendation on the stock and two have a 'sell' or equivalent recommendation. On Tuesday, shares of ACC closed 1.1% higher at INR 1,687.9 on the National Stock Exchange.

The company had reported a net profit of INR 11.19 billion in the September quarter on revenues of INR 58.96 billion. Since reporting its September quarter earnings on Oct. 31, shares of the company have fallen over 10%. The company will detail its December quarter earnings Wednesday.

Following are the December quarter earnings estimates for ACC from five brokerages in descending order by the estimate of net profit in INR billion:

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Edited by Tanima Banerjee

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