Buy ACC: target of Rs 2615: ICICI Securities

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26 Aug, 2025 12:21

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ICICI Securities research report on ACC

ACC’s Q1CY22 EBITDA of Rs6.35bn (down 26% YoY) was broadly in-line with our / consensus estimates. Total cost/te continued its upward trajectory as it rose 1.6% QoQ and 13% YoY primarily due to higher fuel prices, while blended realisations were up 2.7% QoQ and 5.0% YoY, resulting in blended EBITDA/te increasing 12% QoQ but declining 24% YoY to Rs812/te (I-Sec: Rs779/te). Volumes including clinker sales were down 2% YoY and up 2% QoQ at 7.8mnte.

Outlook

Factoring in higher cost escalations, we cut our CY22E-CY23E EBITDA by 16-3% and reduce our target price to Rs2,615/sh (earlier: Rs2,710/sh) based on 11x Mar’24E EV/E. Maintain BUY. Key risks: Lower demand/prices and sharp cost escalations.

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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