ACC Limited (NSE: ACC | BSE: 500410)
Source: ACC Limited Annual Report FY 2025-26 / Fiscal Year Ended March 31, 2026
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | ACC Limited |
| Corporate Identity Number (CIN) | L26940GJ1936PLC149771 |
| ISIN | INE012A01025 |
| NSE Symbol & BSE Scrip Code | NSE: ACC | BSE: 500410 |
| Date of Incorporation / Founding Year | 1936 |
| Registered Office & Corporate Headquarters | Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India |
| Telephone & Investor Relations Contact | Tel: +91 79-2656 5555 | Email: acc-investorsupport@adani.com / deepak.balwani@adani.com |
| Chairman | Mr. Karan Adani (Chairman, Non-Executive, Non-Independent Director) |
| Whole-Time Director & CEO | Mr. Vinod Bahety |
| Chief Financial Officer (CFO) | Mr. Rohit Soni (appointed w.e.f. November 22, 2025) |
| Company Secretary & Compliance Officer | Mr. Bhavik Parikh |
| Promoter & Holding Group | Adani Group / Adani Cement (Ambuja Cements Limited holds 50.05%; Adani directly holds 6.64%) |
| Industry / Sector Classification | Cement and Building Materials Solutions (Manufacturing: Cement, Clinker & Ready-Mix Concrete) |
| Total Permanent & Other Workforce (BRSR) | 2,836 Total Workforce (1,392 Permanent Employees, 1 Other than Permanent Employee; 1,442 Permanent Workers, 1 Other than Permanent Worker) |
| Manufacturing Plants / Branches / Offices Count | 17 Plants and 35 Offices (Total 52 National Operational Locations; Company network includes 20 Cement Units and 117 Ready-Mix Concrete Plants) |
| Geographic Reach | 22 States, 6 Union Territories, and 634+ Districts across India |
| Statutory Auditors | S R B C & CO LLP, Chartered Accountants (ICAI Firm Registration No. 324982E/E300003) |
| Registrar and Share Transfer Agent (RTA) | KFin Technologies Limited (Selenium Building, Tower B, Plot 31 & 32, Financial District, Nanakramguda, Serilingampally, Hyderabad – 500 032, Telangana) |
🏢 The Corporate Identity: Who They Are & Where They Came From
The Big Picture
ACC Limited (ACC), established in 1936, is India’s pioneering cement and ready-mix concrete producer and forms an integral constituent of Adani Cement, the ninth-largest building materials solutions provider globally. Operating across a nationwide manufacturing and distribution network, the company integrates advanced material science, extensive mining concessions, logistics platforms, and customer-facing technical advisory services to serve infrastructure, commercial, and individual home building markets across India. In FY 2025-26, the company produced 28.97 million tonnes of cement and achieved an all-time record cement sales volume of 43.9 million tonnes, up 12% year-on-year, generating consolidated revenue from operations of ₹25,961.85 crore.
The company operates an expansive industrial engine featuring 20 cement manufacturing units (integrated and grinding units) and 117 ready-mix concrete (RMX) plants across 21 states and 42 cities. Supported by an estimated 10.95 billion tonnes of limestone mineral resources across the Adani Cement platform, ACC functions as a critical supplier to landmark national infrastructure developments while maintaining one of the lowest carbon footprints in the global building materials industry through extensive clinker substitution and alternative fuel utilisation.
- Global & National Stature: Key pillar of Adani Cement, the 9th largest building materials producer globally, with an installed platform capacity of 109 MTPA targeted to reach 119 MTPA by FY 2026-27.
- Operational Delivery in FY 2025-26: Consolidated revenue from operations stood at ₹25,961.85 crore with Profit After Tax of ₹2,137.23 crore.
- Market-Leading Volumes: Record cement sales volume of 43.9 million tonnes supported by working capital cycle of 45 days.
- Sustainable Scale: Gross Scope 1 GHG emissions intensity achieved at 509 kg/tonne of cementitious material, with a clinker factor of 58.7% and thermal substitution rate of 7.6%.
The Founders, Promoters & Their Legacy
The company traces its origin to 1936 when ten cement companies merged to establish The Associated Cement Companies Limited, creating India’s foundational building materials organisation. In 2022, ACC was integrated into the diversified Adani portfolio of companies, promoted and founded in 1988 by Mr. Gautam Adani. The Adani portfolio has grown from a commodity trading enterprise into India’s largest integrated infrastructure platform spanning energy, utilities, transport, ports, logistics, mining, and new-age manufacturing across 13 listed corporate entities.
Adani Cement operates under the overarching corporate philosophy of ‘Growth with Goodness’, executing large-scale, long-life, capital-intensive infrastructure with disciplined capital allocation and operational rigor. The leadership across the cement portfolio is headed by Non-Executive Chairman Mr. Karan Adani and Whole-Time Director & Chief Executive Officer Mr. Vinod Bahety, steering the company through structural modernisation, digital transformation, and nation-building initiatives aligned with the vision of ‘Viksit Bharat 2047’.
The Journey: History & Evolution
Over nine decades of operational continuity, ACC has shaped the evolution of concrete and construction standards across India, introducing early bulk cement handling, specialized Portland Pozzolana Cement (PPC), Portland Slag Cement (PSC), and branded ready-mix concrete formulations. Landmark infrastructure assets constructed using ACC products include the Bhakra Nangal Dam historically, and more recently, the Chenab Arch Railway Bridge (the world’s highest rail arch), the Navi Mumbai International Airport (NMIA), Atal Setu (Mumbai Trans Harbour Link), the Mumbai Coastal Road Project (MCRP), and the Samruddhi Mahamarg expressway.
Following its acquisition by the Adani portfolio in 2022, the company initiated targeted capital expenditure and operational integration to eliminate logistical bottlenecks, modernise kilns, expand captive green power, and establish unified supply chains. In FY 2025-26, ACC advanced key industrial milestones, including the commercial commissioning of a 1.5 MTPA cement grinding unit at Sindri Cement Works in Jharkhand, a 0.3 MTPA debottlenecking addition, and the ongoing execution of 3.4 MTPA capacity expansion projects spanning Salai Banwa (2.4 MTPA) and Kalamboli (1.0 MTPA).
The Corporate Umbrella
ACC Limited operates within the core infrastructure umbrella of the Adani Group. The cement vertical is anchored by Ambuja Cements Limited, which directly holds a 50.05% controlling equity stake in ACC Limited, while the Adani promoter family directly holds an additional 6.64% equity stake, aggregating a total promoter and promoter group shareholding of 56.69% as on March 31, 2026. The wider building materials platform comprises Ambuja Cements Limited, ACC Limited, and Orient Cement Limited (in which Ambuja holds a 72.66% stake), following the successful amalgamation of Sanghi Industries Limited into Ambuja Cements on March 12, 2026, and Penna Cement Industries Limited.
On December 22, 2025, the Board of Directors of ACC Limited approved a composite Scheme of Amalgamation of ACC Limited and Orient Cement Limited with and into Ambuja Cements Limited under Sections 230 to 232 of the Companies Act, 2013, with an appointed date of January 01, 2026. The transaction is designed to advance the ‘One Cement Platform’, consolidating pan-India assets, streamlining corporate layers, unlocking procurement and logistical synergies, and establishing a single, highly capitalized building materials enterprise holding 109 MTPA of operating capacity, targeting 119 MTPA in FY 2026-27.
⚙️ The Business Engine: What They Do & Where They Operate
The Core Divisions
In accordance with Ind AS 108 Operating Segments, ACC Limited monitors and discloses its business operations across two primary reportable segments: Cement and Ancillary Services and Ready Mix Concrete (RMX). Financing costs and income taxes are managed on an enterprise basis and are reported under unallocable corporate activities.
| Reportable Segment (Ind AS 108) | Segment Revenue (₹ Cr) | % Share of Total Segment Revenue | Segment Results / PBIT (₹ Cr) | Segment Assets (₹ Cr) | Segment Liabilities (₹ Cr) |
|---|---|---|---|---|---|
| Cement and Ancillary Services | 24,025.95 | 92.54% | 1,955.29 | 25,183.12 | 5,093.69 |
| Ready Mix Concrete (RMX) | 1,935.90 | 7.46% | 122.13 | 1,221.24 | 711.23 |
| Unallocated Items / Other Income / Corporate | – | – | 44.33 | 1,120.90 | 1,165.85 |
| Total Segment Reporting (FY 2025-26) | 25,961.85 | 100.00% | 2,121.75 | 27,525.26 | 6,970.77 |
The Cement and Ancillary Services division encompasses the extraction of limestone, manufacturing of clinker in rotary kilns, blending with industrial gypsum and pozzolanic materials (fly ash and slag), and distributing bagged and bulk cement, along with leasing mining land to Ambuja Cements Limited. The division recorded an operating profit before exceptional items and tax of ₹1,955.29 crore on external segment revenue of ₹24,025.95 crore. The Ready Mix Concrete division recorded strong operational momentum, expanding sales volume to 38.5 lakh cubic metres and revenue to ₹1,935.90 crore, delivering an EBITDA of ₹300 crore (15.5% margin) and segment PBIT of ₹1.22 crore.
The Product & Service Catalog
Under Section 134 of the Companies Act, 2013, and Business Responsibility and Sustainability Reporting disclosures, ACC’s core manufacturing turnover is 100% derived from the production and sale of cement and clinker under National Industrial Classification (NIC) Code 23941, complemented by customized ready-mix concrete formulations and construction chemical ranges.
- Ordinary Portland Cement (OPC): Available across OPC 43 and OPC 53 grades, designed for structural engineering applications, high-strength industrial structures, and rapid load-bearing requirements such as pre-stressed concrete works and bridges.
- Blended Cements (PPC and PSC): Representing 84% of total cement volumes sold, these eco-friendly products utilize fly ash from thermal power plants and slag from iron and steel blast furnaces, lowering the clinker factor to 58.7% while enhancing long-term chemical durability.
- Ready-Mix Concrete Formulations: High-performance ready-mix concretes engineered at 117 computerized batching plants, including low-embodied carbon concrete (Adani ACC ECOMAxX, achieving up to 70% lower CO2), ultra-high-strength mixes (Adani ACC Ultivacrete), lightweight structural concrete (Adani ACC Feathercrete), and self-compacting concrete (Adani ACC Flowcrete).
- Construction Chemicals & Waterproofing: The Adani LeakBlock range provides 360-degree waterproofing barrier solutions, while the Adani ADMIX PCE-polymer superplasticisers (LP-4300, MP-5400, HP-6500, and HVF-7900) optimise water-cement ratios and workability.
- Precast & Building Products: Automated Vibro-Compacted building materials produced at Green Building Centres, including autoclaved aerated concrete (AAC) blocks, designer paver blocks with strengths up to M-50, and load-bearing concrete bricks delivering 15–20% cost savings in masonry construction.
The Names You Know
ACC’s consumer-facing brand equity has been developed through continuous performance benchmarking and multi-tier market segmentation. In TRA Research’s Brand Trust Report 2025, ACC was named ‘India’s Most Trusted Cement Brand’ for the third consecutive year.
- Adani ACC Gold Water Shield: A super-premium water-repellent cement formulated with specialized chemical additives to provide impermeable barriers against dampness, seepage, and efflorescence; recognized in the GRIHA Green Product Catalogue.
- Adani ACC F2R Superfast: A scientifically formulated cement offering high early strength and fast setting times, engineered for rapid de-shuttering and compressed construction cycles.
- Adani ACC Concrete+ Xtra Strong: Formulated with cohesive micro-fillers and active bonding compounds to maximize structural endurance, toughness, and compressive strength in heavy slabs and columns.
- Adani ACC Suraksha Power & Suraksha Power+: Advanced Particle Size Distribution (PSD) engineered cement sold in tamper-proof packaging, delivering continuous strength development over time for individual home builders.
- Adani ACC ECOMAxX: Flagship green concrete range certified under GreenPro by the Confederation of Indian Industry (CII) and recognized by the Indian Green Building Council (IGBC), accounting for 9% of total RMX sales.
- Research & Innovation Centers: The state-of-the-art Cement and Concrete R&D Center at Kalamboli, Navi Mumbai, is fully accredited for material science innovations, low-carbon formulations, and automated robotic sample testing.
Mapping the Domestic & Global Reach
ACC Limited operates an exclusively domestic commercial supply model, aligning 100% of its manufacturing capacity and sales fulfillment with the expanding Indian market. As disclosed in the Segment Reporting (Note 49) and BRSR filings, the company did not engage in any direct product export operations in FY 2025-26.
| Geographic Market | Revenue from External Customers (₹ Cr) | % Share of Total External Revenue |
|---|---|---|
| India (Domestic) | 25,761.70 | 100.00% |
| Outside India (Exports) | 0.00 | 0.00% |
| Total External Sales (FY 2025-26) | 25,761.70 | 100.00% |
The company serves retail, commercial, and institutional demand across 22 States, 6 Union Territories, and over 634 districts through an expansive multi-tier distribution network comprising 15,000 direct channel partners and 40,000 retail sub-dealers. The retail segment accounts for approximately 55% of total cement volumes, while the overall revenue distribution comprises 73% Retail trade and 27% Institutional/B2B infrastructure sales.
The Brick & Mortar Footprint
ACC’s industrial operations encompass 17 integrated manufacturing plants and specialized grinding stations (accounting for 20 operating production units across the portfolio), supported by 117 automated ready-mix concrete plants, 10 Bulk Cement Terminals (BCTs), 11 captive marine vessels, 4 captive jetties, and 35 corporate and regional marketing offices across India.
- Himachal Pradesh: Gagal Cement Works 1 & 2 (Integrated Plants) and Asian Nalagarh Grinding Unit.
- Punjab: Bhatinda Grinding Unit and Asian Rajpura Grinding Unit.
- Rajasthan: Lakheri Cement Works (ACC’s historic integrated manufacturing facility).
- Uttar Pradesh: Tikaria Grinding Unit.
- Madhya Pradesh: Kymore Cement Works (over 102-year operating history) and Ametha Integrated Cement Works (advanced Industry 4.0 unit featuring robotic laboratories and digital control architecture).
- Chhattisgarh: Jamul Cement Works (Integrated Plant featuring captive power and modern waste co-processing).
- Jharkhand: Chaibasa Cement Works (Integrated) and Sindri Cement Works (expanded in FY 2025-26 by 1.5 MTPA).
- Odisha: Bargarh Cement Works (Integrated).
- West Bengal: Damodhar Cement Works (Grinding Unit) and Kolkata.
- Maharashtra: Chanda Cement Works (Integrated) and Kalamboli R&D and grinding facility.
- Karnataka: Wadi Cement Works 1 & 2 (Integrated), Thondebhavi Grinding Unit, and Kudithini Grinding Unit.
- Tamil Nadu: Madukkarai Cement Works (Integrated).
- Andhra Pradesh: Vizag Grinding Unit.
📊 The Financial Health: The Numbers Simplified
Earnings, Expenses, & Take-Home Profits
The consolidated financial results of ACC Limited for the financial year ended March 31, 2026, prepared under Ind AS Schedule III, reflect resilient top-line growth driven by higher shipment volumes, partially offset by input cost pressures and non-recurring provisions.
| Consolidated Statement of Profit and Loss (₹ in Crores) | FY 2025-26 (Year Ended March 31, 2026) | FY 2024-25 (Year Ended March 31, 2025) | Latest YoY (%) |
|---|---|---|---|
| a) Revenue from operations | 25,761.70 | 20,946.68 | +22.99% |
| b) Government Grants including duty credits/refunds | 200.15 | 973.21 | -79.43% |
| c) Other income | 401.94 | 1,072.43 | -62.52% |
| Total Income | 26,363.79 | 22,992.32 | +14.66% |
| a) Cost of materials consumed | 4,554.22 | 4,019.37 | +13.31% |
| b) Purchases of stock-in-trade | 6,777.29 | 4,079.73 | +66.12% |
| c) Changes in inventories of finished goods and work-in-progress | (112.99) | 146.75 | N/M |
| d) Employee benefits expense (net) | 744.16 | 717.75 | +3.68% |
| e) Finance costs | 112.05 | 108.22 | +3.54% |
| f) Depreciation and amortisation expense (net) | 1,118.34 | 1,001.31 | +11.69% |
| g) Power and fuel | 3,649.84 | 3,505.41 | +4.12% |
| h) Freight and forwarding expense | 4,781.89 | 4,183.88 | +14.29% |
| i) Other expenses | 2,622.26 | 2,212.50 | +18.52% |
| j) Captive consumption of cement | (5.02) | (6.86) | -26.82% |
| TOTAL EXPENSES | 24,242.04 | 19,968.06 | +21.40% |
| Profit before share of profit of associate and joint ventures, exceptional items and tax (1-2) | 2,121.75 | 3,024.26 | -29.84% |
| Share of profit of associate and joint ventures (net of tax) | 6.85 | 2.79 | +145.52% |
| Profit before exceptional items and tax | 2,128.60 | 3,027.05 | -29.68% |
| Exceptional items – Income (net) | (27.95) | (99.73) | -71.97% |
| Profit before tax | 2,156.55 | 3,126.78 | -31.03% |
| a) Current tax (net) | 611.51 | 694.36 | -11.93% |
| b) Tax (write back)/adjustments relating to earlier periods (net) | (594.08) | 7.71 | N/M |
| c) Deferred tax charge | 1.89 | 22.44 | -91.58% |
| Total tax expenses | 19.32 | 724.51 | -97.33% |
| Profit after tax | 2,137.23 | 2,402.27 | -11.03% |
| Re-measurement (loss) on defined benefit plans | (0.70) | (46.30) | -98.49% |
| Income tax effect | 0.17 | 11.65 | -98.54% |
| Share of OCI of associates and joint ventures | – | (0.01) | – |
| Total Other Comprehensive (Loss) for the year (net of tax) | (0.53) | (34.66) | -98.47% |
| Total Comprehensive Income for the year (net of tax) | 2,136.70 | 2,367.61 | -9.75% |
| Profit Attributable to Owners of the parent | 2,137.07 | 2,402.12 | -11.03% |
| Profit Attributable to Non-controlling interests | 0.16 | 0.15 | +6.67% |
| Basic Earnings Per Share (₹) | 113.80 | 127.92 | -11.04% |
| Diluted Earnings Per Share (₹) | 113.51 | 127.57 | -11.02% |
Total income reached ₹26,363.79 crore in FY 2025-26 compared to ₹22,992.32 crore in the prior year, driven by higher cement dispatches and market consolidation. Purchases of stock-in-trade rose from ₹4,079.73 crore to ₹6,777.29 crore, reflecting reciprocal sourcing arrangements under Master Supply Agreements across the Adani Cement platform. Total tax expense decreased significantly from ₹724.51 crore to ₹19.32 crore, primarily due to a net tax write-back of ₹594.08 crore following favourable High Court decisions on historical tax positions, leaving consolidated Profit After Tax at ₹2,137.23 crore.
Assets, Borrowings, & Net Worth
The consolidated balance sheet demonstrates zero gross long-term funded debt, supported by a net worth of ₹20,554.49 crore and a robust asset base of ₹27,525.26 crore.
| Consolidated Balance Sheet (₹ in Crores) | As at March 31, 2026 | As at March 31, 2025 | Latest YoY (%) |
|---|---|---|---|
| a) Property, plant and equipment | 9,112.74 | 9,013.17 | +1.10% |
| b) Right of use assets | 1,079.63 | 1,092.48 | -1.18% |
| c) Capital work-in-progress | 2,227.30 | 2,061.48 | +8.04% |
| d) Investment Properties | 391.50 | – | – |
| e) Goodwill | 394.63 | 394.63 | 0.00% |
| f) Other Intangible assets | 277.37 | 329.18 | -15.74% |
| g) Investments in associates and joint ventures | 37.90 | 33.45 | +13.30% |
| (i) Investments | 17.05 | 17.01 | +0.24% |
| (ii) Loans | 4.85 | 4.82 | +0.62% |
| (iii) Other financial assets | 1,632.62 | 1,787.22 | -8.65% |
| i) Non-current tax assets (Net) | 117.39 | 714.51 | -83.57% |
| j) Other non-current assets | 859.39 | 820.35 | +4.76% |
| Total Non-current assets | 16,152.37 | 16,268.30 | -0.71% |
| a) Inventories | 1,789.12 | 1,925.42 | -7.08% |
| (i) Investments | – | 1,458.46 | – |
| (ii) Trade receivables | 3,841.63 | 1,162.91 | +230.35% |
| (iii) Cash and cash equivalents | 537.35 | 1,050.69 | -48.86% |
| (iv) Bank balances other than cash and cash equivalents | 20.38 | 598.58 | -96.60% |
| (v) Loans | 6.03 | 5.33 | +13.13% |
| (vi) Other financial assets | 1,254.26 | 1,212.82 | +3.42% |
| c) Other current assets | 3,924.12 | 1,723.44 | +127.69% |
| Total Current assets | 11,372.89 | 9,137.65 | +24.46% |
| 3) Non-current assets classified as held for sale | – | 6.66 | – |
| TOTAL – ASSETS | 27,525.26 | 25,412.61 | +8.31% |
| a) Equity share capital | 187.99 | 187.99 | 0.00% |
| b) Other equity | 20,362.55 | 18,366.85 | +10.87% |
| Equity attributable to owners of the parent | 20,550.54 | 18,554.84 | +10.76% |
| Non-controlling interest | 3.95 | 3.79 | +4.22% |
| Total Equity | 20,554.49 | 18,558.63 | +10.75% |
| a) Financial liabilities: Lease liabilities | 328.25 | 280.89 | +16.86% |
| b) Provisions | 48.69 | 140.57 | -65.36% |
| c) Deferred tax liabilities (net) | 713.28 | 609.22 | +17.08% |
| d) Other non-current liabilities | 119.03 | 155.15 | -23.28% |
| Total – Non-current liabilities | 1,209.25 | 1,185.83 | +1.97% |
| (i) Lease liabilities | 100.36 | 148.88 | -32.59% |
| Total outstanding dues of micro and small enterprises | 362.94 | 273.43 | +32.74% |
| Total outstanding dues of creditors other than micro/small enterprises | 2,090.87 | 1,451.16 | +44.08% |
| (iii) Other financial liabilities | 1,418.63 | 1,366.21 | +3.84% |
| b) Other current liabilities | 1,194.19 | 1,372.69 | -13.00% |
| c) Provisions | 162.09 | 14.61 | +1009.45% |
| d) Current tax liabilities (net) | 432.44 | 1,041.17 | -58.47% |
| Total – Current liabilities | 5,761.52 | 5,668.15 | +1.65% |
| Total – Liabilities | 6,970.77 | 6,853.98 | +1.70% |
| TOTAL – EQUITY AND LIABILITIES | 27,525.26 | 25,412.61 | +8.31% |
The company maintains a debt-free capital structure with zero outstanding long-term borrowings. Total lease liabilities stand at ₹428.61 crore (₹328.25 crore non-current and ₹100.36 crore current). Trade receivables increased from ₹1,162.91 crore to ₹3,841.63 crore as on March 31, 2026, driven by higher inter-company trade transactions across the Adani Cement network. Total equity grew from ₹18,558.63 crore to ₹20,554.49 crore, with retained earnings rising to ₹16,710.01 crore.
Cash Flow: Tracking the Money Movement
The consolidated cash flow movements illustrate operational adjustments, active capital reinvestment in manufacturing infrastructure, and consistent shareholder dividend payouts.
| Consolidated Statement of Cash Flows (₹ in Crores) | FY 2025-26 | FY 2024-25 | Latest YoY (%) |
|---|---|---|---|
| Profit before tax | 2,156.55 | 3,126.78 | -31.03% |
| Depreciation and amortisation expense (net) | 1,118.34 | 1,001.31 | +11.69% |
| Loss on write off / (Profit) on sale of PPE and Intangibles (net) | 7.77 | (23.63) | N/M |
| Gain on termination/completion of leases | – | (1.34) | – |
| Gain on sale of current financial assets measured at FVTPL (net) | (39.15) | (58.24) | -32.78% |
| Exceptional items – Income (net) | (27.95) | (99.73) | -71.97% |
| Interest income | (313.54) | (959.54) | -67.32% |
| Finance costs | 112.05 | 108.22 | +3.54% |
| Expected credit losses on financial assets (net) | 17.23 | 7.49 | +130.04% |
| (Reversal of)/Provision for slow and non moving Stores & Spares (net) | (10.46) | 9.98 | N/M |
| Net gain on fair valuation of investments/liquid mutual funds at FVTPL | (2.47) | (7.18) | -65.60% |
| Fair value loss in derivative instruments (net) | 10.15 | 0.07 | +14400.00% |
| Other non-cash items | (4.02) | (1.30) | +209.23% |
| Share of profit in associates and joint ventures | (6.85) | (2.79) | +145.52% |
| Unrealised foreign exchange loss/(gain) (net) | 3.28 | (1.16) | N/M |
| Operating profit before working capital changes | 3,020.93 | 3,098.94 | -2.52% |
| Inventories | 146.76 | (66.85) | N/M |
| Trade receivables | (2,695.95) | (342.90) | +686.22% |
| Other financial assets | (316.91) | (274.98) | +15.25% |
| Other assets | (2,258.70) | (336.90) | +570.44% |
| Trade payables | 725.94 | (128.63) | N/M |
| Provisions | (8.12) | (61.04) | -86.70% |
| Other financial liabilities | 3.57 | 6.40 | -44.22% |
| Other liabilities | (255.58) | (90.75) | +181.63% |
| Cash generated from operations | (1,638.06) | 1,803.29 | N/M |
| Income taxes refund/(paid) (Net) | 274.05 | (91.81) | N/M |
| Net cash flows (used in)/generated from operating activities | (1,364.01) | 1,711.48 | N/M |
| Payment made on purchase of PPE, investment properties and intangibles | (1,427.16) | (1,968.44) | -27.50% |
| Payment made towards acquisition of equity shares of Subsidiary Companies | (17.86) | (298.61) | -94.02% |
| Proceeds from sale of PPE and other intangible assets | 8.42% | 10.43% | – |
| Proceeds from/(Investments in) government securities (net) | 8.42% | 10.43% | – |
| Proceeds on sale of units of Mutual Funds (net) | 8.42% | 10.43% | – |
| Redemption of bank and margin money deposits (maturity >3 months) | 702.65 | 1,251.80 | -43.87% |
| Dividend received from Associate/Joint venture | 2.40 | 2.79 | -13.98% |
| Interest received | 114.53 | 367.17 | -68.81% |
| Net cash flows generated from/(used in) investing activities | 1,273.02 | (1,277.31) | N/M |
| Repayment of Non-current borrowings | (1.86) | (15.33) | -87.87% |
| Finance Cost paid (including interest on lease) | (98.22) | (98.95) | -0.74% |
| Payment of principal portion of lease liabilities | (181.05) | (745.37) | -75.71% |
| Dividend paid | (141.29) | (142.61) | -0.93% |
| Net cash flows (used in) financing activities | (422.42) | (1,002.26) | -57.85% |
| Net (decrease) in cash and cash equivalents | (513.41) | (568.09) | -9.63% |
| Cash and cash equivalents at the beginning of the year | 1,050.69 | 1,603.95 | -34.49% |
| Cash and cash equivalents from entity acquired during the year | 0.07 | 4.16 | -98.32% |
| Adjustment for gain on fair valuation of liquid mutual funds at FVTPL | – | 10.67 | – |
| Cash and cash equivalents at the end of the year | 537.35 | 1,050.69 | -48.86% |
Working capital expansion resulted in operating cash outflows of ₹1,364.01 crore, influenced by an increase in inter-company and operational trade receivables (₹2,695.95 crore outflow) and other operating assets (₹2,258.70 crore outflow). Investing activities generated a net cash surplus of ₹1,273.02 crore, supported by the redemption of government securities (₹1,460.89 crore), redemption of term deposits (₹702.65 crore), and proceeds from property disposals (₹398.42 crore), which funded capital expenditures of ₹1,427.16 crore. Financing cash outflows totaled ₹422.42 crore, including lease repayments of ₹181.05 crore and shareholder dividend payments of ₹141.29 crore.
Funding the Future: CapEx, CWIP & R&D Spending
In FY 2025-26, ACC invested ₹1,445 crore in capital expenditure projects, prioritizing organic grinding capacity additions, debottlenecking, clinker line modernization, and green power infrastructure.
| Capital Work-in-Progress (CWIP) Ageing (₹ in Crores) | Less than 1 Year | 1–2 Years | 2–3 Years | More than 3 Years | Total CWIP |
|---|---|---|---|---|---|
| Projects in Progress (including project inventories) | 1,247.17 | 781.28 | 187.58 | 9.76 | 2,225.79 |
| Projects Temporarily Suspended | – | – | – | 1.51 | 1.51 |
| Total CWIP as at March 31, 2026 | 1,247.17 | 781.28 | 187.58 | 11.27 | 2,227.30 |
CWIP stood at ₹2,227.30 crore as of March 31, 2026, with over 55% of projects initiated during the last twelve months. Under Note 45, capital commitments contracted but not provided for (net of capital advances) amounted to ₹1.93 crore. R&D expenditures for the year stood at ₹4.05 crore (₹0.03 crore in capital expenditures and ₹0.01 crore in revenue/operating expenses), dedicated to low-carbon formulations, Supplementary Cementitious Materials (SCM) reactivity, and robotic laboratory automation.
🗺️ The Corporate Family Tree: Structure & Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
Pursuant to Section 129(3) of the Companies Act, 2013, the salient financial highlights of ACC’s subsidiaries, joint ventures, and associates are summarized from Form AOC-1.
| Entity Name | Relationship | % Shareholding | Profit / (Loss) After Tax (₹ Cr) |
|---|---|---|---|
| ACC Mineral Resources Limited | Wholly Owned Subsidiary | 100.00% | 9.86 |
| Lucky Minmat Limited | Subsidiary | 94.65% | 3.00 |
| Singhania Minerals Private Limited | Wholly Owned Subsidiary | 100.00% | (5.67) |
| ACC Concrete West Limited | Wholly Owned Subsidiary | 100.00% | 1.36 |
| ACC Concrete South Limited | Wholly Owned Subsidiary | 100.00% | 0.88 |
| Bulk Cement Corporation (India) Limited | Wholly Owned Subsidiary | 100.00% | 0.47 |
| Asian Concretes and Cements Private Limited | Wholly Owned Subsidiary | 100.00% | 11.00 |
| Alcon Cement Company Private Limited | Associate | 40.00% | 7.07 (Total Comprehensive Income) |
| Aakaash Manufacturing Company Private Limited | Joint Venture | 40.00% | 9.80 (Total Comprehensive Income) |
| OneIndia BSC Private Limited | Joint Venture | 50.00% | 0.26 (Total Comprehensive Income) |
Asian Concretes and Cements Private Limited (ACCPL) delivered a turnover of ₹404.83 crore and a profit after tax of ₹0.11 crore. During the year, ACC Mineral Resources Limited (AMRL) acquired a 100% equity stake in two special purpose vehicles, Pine Hills Realtors Private Limited and Chasepoint Projects Private Limited, establishing them as step-down subsidiaries to secure strategic land parcels.
Strategic Investments & Treasury Holdings
The company maintains long-term non-current equity investments in green power generation vehicles to secure captive solar energy access for manufacturing facilities.
- Solbridge Energy Private Limited: 80,23,803 equity shares (19.06% holding) carried at ₹0.13 crore, supplying dedicated solar energy to the Jamul integrated plant in Chhattisgarh.
- Amplus Green Power Private Limited: 25,78,592 equity shares (5.63% holding) carried at ₹3.81 crore, providing solar power to the Tikaria grinding unit in Uttar Pradesh.
- Liquid Mutual Fund Portfolio: Cash and cash equivalents include ₹0.54 crore invested in liquid mutual funds (SBI Liquid Fund Direct Growth, Tata Liquid Fund Direct Growth, Baroda BNP Paribas Liquid Fund Direct Growth, and Aditya Birla Overnight Fund Direct Plan). Current quoted government securities carried at ₹1,458.46 crore as of March 31, 2025, were redeemed during the year.
👥 Power & Control: Who Pulls the Strings?
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
As on March 31, 2026, the Board of Directors comprises seven directors: one Executive Director, two Non-Executive & Non-Independent Directors, and four Non-Executive Independent Directors (including one Woman Independent Director). All statutory governance committees are chaired by Independent Directors.
| Name of Director / Executive | Designation / Role | Director Identification Number (DIN) | Committee Memberships & Core Focus Areas |
|---|---|---|---|
| Mr. Karan Adani | Chairman, Non-Executive, Non-Independent Director | DIN: 03088095 | Mergers & Acquisitions Committee. Specialises in Business Leadership, Strategy, Large-Scale Infrastructure Expansion, and Corporate Governance. |
| Mr. Vinod Bahety | Whole-Time Director & Chief Executive Officer | DIN: 09192400 | Risk Management, IT & Data Security, and Mergers & Acquisitions Committees. Specialises in Strategic Planning, Operational Turnaround, and Business Leadership. |
| Dr. Vinay Prakash | Non-Executive, Non-Independent Director | DIN: 03634648 | Risk Management, CSR, and Legal, Regulatory & Tax Committees. Specialises in Mining, Resource Infrastructure, Supply Chains, and Commercial Operations. |
| Mr. Sandeep Singhi | Non-Executive, Independent Director | DIN: 01211070 | Chairman of Mergers & Acquisitions Committee; Member of Audit, CRC, LRT, and Reputation Risk Committees. Specialises in Corporate Law, Taxation, and Governance. |
| Mr. Nitin Shukla | Non-Executive, Independent Director | DIN: 00004143 | Chairman of Risk Management, Stakeholder Relationship, and Nomination & Remuneration Committees; Member of Audit and CRC. Specialises in Energy, Infrastructure, and Finance. |
| Mr. Rajeev Agarwal | Non-Executive, Independent Director | DIN: 00298252 | Chairman of Audit, CSR, and IT & Data Security Committees; Member of CRC and LRT Committees. Former Whole-Time Member of SEBI; specialises in Securities Markets, Risk, and Regulation. |
| Ms. Shruti Shah | Non-Executive, Independent Director | DIN: 08337714 | Appointed w.e.f. December 01, 2025. Member of Audit and Nomination & Remuneration Committees. Specialises in Finance, Audit, Taxation, and Accounting. |
| Mr. Rohit Soni | Chief Financial Officer (KMP) | Appointed w.e.f. Nov 22, 2025 | Leads Enterprise Finance, Treasury, Capital Budgeting, Financial Reporting, Risk Management, and Taxation Governance. |
| Mr. Bhavik Parikh | Company Secretary & Compliance Officer (KMP) | Membership No. A40719 | Secretarial Standards Compliance, SEBI Listing Regulations, Board Governance, and Investor Grievance Redressal. |
Who Owns the Stock? Shareholding Pattern
As on March 31, 2026, the company’s paid-up equity share capital is ₹187.99 crore, comprising 18,77,87,263 equity shares of face value ₹10 each. The authorised share capital comprises ₹22.50 crore in equity shares and ₹100 crore in preference shares. A total of 98.96% of equity shares are held in dematerialised form.
| Category of Shareholder | Total Number of Shares Held | % of Total Issued Share Capital |
|---|---|---|
| Promoter and Promoter Group (Dematerialised) | 10,64,56,927 | 56.69% |
| Foreign Institutional Investors (FIIs / FPIs) | 1,11,37,556 | 5.93% |
| Insurance Companies | 2,53,06,914 | 13.48% |
| Mutual Funds / Banks / Financial Institutions | 1,52,47,811 | 8.12% |
| Indian Public, Retail & Others | 2,52,48,459 | 13.45% |
| Bodies Corporate | 14,77,742 | 0.79% |
| IEPF / Clearing Members | 15,73,739 | 0.84% |
| NRIs / Foreign Nationals | 13,09,020 | 0.70% |
| Alternative Investment Funds (AIFs) | 29,095 | 0.02% |
| Total Shareholding (as on March 31, 2026) | 18,77,87,263 | 100.00% |
The promoter holding is anchored by Ambuja Cements Limited holding 9,39,84,120 shares (50.05%) and direct Adani promoter entities holding 1,24,72,807 shares (6.64%). Domestic institutional participation remains significant, with insurance companies (led by Life Insurance Corporation of India) and mutual funds holding a combined 21.60% stake.
🎯 The Strategic Outlook: Future Plans & Potential Pitfalls
Competitive Advantages & Economic Moats
ACC’s business model is protected by several structural competitive advantages that create high entry barriers across the cement manufacturing landscape:
- Substantial Mineral Reserves: Access to an estimated 10.95 billion tonnes of limestone mineral resources across the Adani Cement platform secures long-term raw material availability and insulates kiln operations from resource exhaustion.
- Multimodal Logistics Backbone: Operating within the integrated Adani logistics platform enables access to dedicated GPWIS rail rakes, a captive fleet of 11 marine vessels, 4 captive jetties, and 10 Bulk Cement Terminals, driving modal shifts away from high-cost road freight.
- Thermal & Power Cost Leadership: Kiln fuel costs reached ₹1.61 per 1,000 kcal through fuel mix optimisation (blending petcoke, imported coal, domestic linkage coal, and alternative fuels). The operational captive power capacity of 315 MW is complemented by 86 MW of Waste Heat Recovery Systems (WHRS) and 29.8% green power integration.
- Distribution Depth & Brand Equity: Over 15,000 direct channel partners, 40,000 retail sub-dealers, and 117 ready-mix concrete plants provide market reach across 634 districts, with premium products contributing 44% of retail trade volume.
What Could Go Wrong? Key Challenges & Business Risks
The company operates in a cyclical, capital-intensive manufacturing environment characterized by exposure to commodity price volatility and regulatory oversight:
- Contingent Legal & Regulatory Liabilities: As disclosed in Note 46, total contingent liabilities not acknowledged as debt stand at ₹33.66 crore. This includes a penalty of ₹11.48 crore imposed by the Competition Commission of India (CCI) in 2016 alleging cartelisation, on which interest accrues at 12% per annum (totaling ₹1,258.07 crore as on March 31, 2026), currently pending before the Hon’ble Supreme Court of India with the next hearing scheduled for May 06, 2026. An additional penalty of ₹3.53 crore concerning procurement tenders in Haryana is pending before the NCLAT.
- Energy & Commodity Price Inflation: Power and fuel represents one of the largest single operating cash expense lines (₹3,649.84 crore in FY 2025-26). Volatility in international petcoke and thermal coal markets, exacerbated by West Asian geopolitical tensions, directly impacts kiln operating margins.
- Water Stress & Environmental Compliance: Three manufacturing units operate in areas categorized as water-stressed by the Central Ground Water Authority (CGWA), requiring closed-loop water circulation, effluent zero-liquid-discharge (ZLD) systems, and rainwater harvesting.
- Cybersecurity & IT Continuity: Increasing integration of IoT industrial sensors across 38 operating facilities and reliance on the centralized CiNOC platform exposes manufacturing processes to external cyber threats, managed under an ISO 27001-certified framework.
The Next Chapter: Growth & CapEx Initiatives
ACC’s medium-term operational strategy focuses on executing the ‘One Cement Platform’ amalgamation while scaling capacity towards targeted operational milestones:
- Capacity Expansion to 119 MTPA: Adani Cement is executing phased brownfield debottlenecking and greenfield grinding additions to expand platform capacity from 109 MTPA to 119 MTPA by FY 2026-27, with ACC contributing through the completion of 3.4 MTPA capacity at Salai Banwa and Kalamboli.
- Decarbonisation & Net-Zero Roadmap: ACC is targeting a 60% green power share across Adani Cement by FY 2027-28, supported by 1 GW of renewable wind and solar capacity, 376 MW of WHRS, and an increase in the Thermal Substitution Rate to 28% by 2030. Long-term net-zero targets (93.7% reduction in Scope 1+2 emissions intensity by 2050) have been validated by the Science Based Targets initiative (SBTi).
- Breakthrough Heating & CCU Innovations: Deployment of Coolbrook’s commercial RotoDynamic Heater (RDH™) technology to decarbonise high-temperature limestone calcination using renewable electric heat, alongside an Indo-Swedish grant-funded Carbon Capture and Utilisation (CCU) feasibility project with IIT Bombay.
- Digital Intelligence via CiNOC: Embedding Agentic AI across enterprise supply chains through the Cement Intelligent Network Operations Centre (CiNOC), automating dynamic truck dispatch, predictive mill maintenance, and raw mix optimization across all operational sites.
The Verdict: Strategic Outlook & Conclusion
ACC Limited enters FY 2026-27 with a strong balance sheet characterized by zero long-term funded debt, an expanding net worth of ₹20,554.49 crore, and strong credit ratings of CRISIL AAA (Stable) and CRISIL A1+. While working capital expansion and input cost volatility impacted operating cash flows during the period, volume growth of 12% and the planned corporate amalgamation into Ambuja Cements Limited position the company to realize substantial procurement, freight, and administrative synergies. Supported by 10.95 billion tonnes of limestone mineral reserves, an extensive multimodal logistics network, and a growing share of premium and blended cements, ACC maintains a structurally competitive position across the Indian building materials sector.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.acclimited.com