Accumulate Acc; target of Rs 2316: Arihant Capital

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26 Aug, 2025 12:21

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Arihant Capital's research report on Acc

ACC Limited reported weak set of numbers on operating profit and bottom line front on YoY basis in Q1CY22 but were above our estimates on all front .Revenue from operations grew by 3% YoY and 4.8% QoQ to INR 4427 cr above our estimate of INR 4361 cr. The growth in topine was backed by realization growth. Sales Volume declined by 2.5% YoY , however grew by 2.7% QoQ to 7.7 million tonne in line with our estimate of 7.7 million tonne. Realization/ton grew by 8.4 % YoY and 2% QoQ to INR 5649 against our estimate of INR 5664 .Price hike taken in cement prices helped in improved realization. Reported EBIDTA declined by 26.2% YoY, and grew by 14.2% QoQ to INR 635 Cr above our estimate of INR 540 Cr. EBIDTA /tonne declined by 24.3% YoY and grew by 11.2% QoQ to INR 824.7 above our estimates of INR 701

Outlook

The new investments in waste heat recovery systems will help mitigate the energy cost inflation. We value the stock at EV/EBIDTA multiple of 9(x) to its CY23E EBIDTA of INR 3741 cr to arrive at a target price of INR 2316 and maintain Accumulate rating on the stock.

More Info

At 12:53 hrs ACC was quoting at Rs 2,205.80, up Rs 147.90, or 7.19 percent.

It has touched an intraday high of Rs 2,210.80 and an intraday low of Rs 2,063.00.

It was trading with volumes of 71,107 shares, compared to its thirty day average of 18,172 shares, an increase of 291.30 percent.

In the previous trading session, the share closed down 4.44 percent or Rs 95.65 at Rs 2,057.90.

The share touched its 52-week high Rs 2,587.95 and 52-week low Rs 1,784.15 on 15 November, 2021 and 22 April, 2021, respectively.

Currently, it is trading 14.77 percent below its 52-week high and 23.63 percent above its 52-week low.

Market capitalisation stands at Rs 41,422.11 crore.For all recommendations report, click here

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