Hold ACC; target of Rs 1400: Religare

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26 Aug, 2025 12:21

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Religare's research report on ACCACC’s Q1CY16 EBITDA/t at Rs 582 (+Rs 225/t QoQ; -Rs 130/t YoY) beat our expectations (Rs 529) on lower RM costs and employee expenses. With higher-than-expected operating profits, PAT also came in above estimates at Rs 2.3bn (RCMLe: Rs 1.8bn; -10% YoY/+120% QoQ). The stock has seen a sharp 19% run-up in the last three months, and largely factors in the positives. We maintain HOLD with a Mar’17 TP of Rs 1,400 and continue to prefer UTCEM over ACC in the large-cap cement space.The recent run-up in the stock largely prices in the positives. We restate HOLD with a Mar’17 TP of Rs 1,400 and maintain our preference for UTCEM over ACC.

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