Buy ACC; target of Rs 2140: Deven Choksey

Deven Choksey's research report on ACC

ACC reported revenue of INR 59,317 Mn in Q2FY26, up 28.6% YoY but down 2.6% QoQ, reflecting continued market share gains despite the seasonal monsoon impact. Growth was driven by a 16% YoY volume increase to 10.0 Mn tons, improved realizations, and stronger premium cement mix.

Outlook

We have rolled forward our valuation basis to Sept’27 estimates. We value ACC at 10.5x Sept’27 EBITDA, implying a target price of INR 2,140. We reiterate our “BUY” rating on the stock.