ACC Limited: First Take: 1QFY27 - a large but mostly inconsequential miss

研报英文原文证据摘录

ACC Limited: First Take: 1QFY27 - a large but mostly inconsequential miss

J P M O R G A N Asia Pacific Equity Research

26 July 2026

ACC Limited Neutral

ACC.NS, ACC IN

First Take: 1QFY27 - a large but mostly inconsequential Price (24 Jul 26):Rs1,340.90

miss Price Target (Mar-27):Rs1,430.00

Our First Take: ACC reported 1QFY27 headline standalone PAT of Rs.1.5bn,

down 62% YoY, 40% QoQ, coming materially behind JPMe. Even after adjusting

for extraordinary items, recurring PAT of c.Rs1.7 is far below our numbers.

Standalone EBITDA stood at Rs4.3bn, down 44%/30% YoY/QoQ, missing our

expectations by 40%. Volumes were down 7/16% YoY and 17% below JPMe. ACC

highlighted that their volumes this quarter include a higher MSA volume with their

parent, Ambuja Cements. Realizations were broadly in line with our expectations, Head of India Research

ACbut lower volumes hurt the topline. RM and other costs were higher than what we Sanjay Mookim

baked in while power and freight costs were better than expected. EBITDA/MT (91-22) 6157-3600

contracted QoQ and YoY to Rs434 (JPMe: c.Rs600/MT). sanjay.mookim@jpmorgan.com

Atishy Rathi, CFA

ACC mentioned in their press release that they have started trial runs at the 2.4 (9122) 6157-3589

MTPA grinding unit at Salai Banwa, UP and it will be 1 MTPA capacity at atishy.rathi@jpmchase.com

Kalamboli, Maharashtra in the next quarter. J.P.Tower,MorganSantacruz(E),India PrivateMumbaiLimited,- 400098,J.P. MorganSEBI

Registration: INH000001873, (91-22) 6157-3000.

Despite the miss, we think the stock should broadly trade in line with its share swap

ratio with Ambuja. The amalgamation plan has received the NOC from SEBI and

ACC expects the transaction to be completed during the current FY. As such, we *If you are subject to the MiFID II