ACC Ltd

Q3 FY26Cement & Cement Products

ACC Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q3 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹1,307

Market cap₹26.2K Cr

P/E13.8

Updated23 Aug 2026

Read4 min read

The short version

Ambuja Cements expects robust demand growth with industry demand forecasted at around 8% for FY '26, slightly above GDP growth of 7.5%. Target volumes: 115 mn to 135 mn to 155 mn tons over 3 years (FY '26-FY '28) with ±5-10% variability based on capacity utilization.

From ACC Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Ambuja Cements expects robust demand growth with industry demand forecasted at around 8% for FY '26, slightly above GDP growth of 7.5%.
Volume growth for Ambuja is strong, with 17% growth reported including acquisitions; around 6-8% volume growth excluding acquisitions, outpacing industry.
Market share improved to 16.6%, with consistent double-digit volume growth over the last 9 months.
Future sales growth is supported by premium cement focus, blended cement products, and increasing trade channel sales (trade: 70%, non-trade: 30%).
Capacity expansion pipeline targets growth from 109 million tons currently to 135 million tons by FY '27 and 155 million tons by FY '28, both through organic debottlenecking and inorganic growth.
Greenfield and brownfield clinker expansion projects (e.g., Assam greenfield, Mundra brownfield) are underway, adding 20 million tons clinker capacity.
Revenue growth is supported by improved realizations, with price improvements expected in coming quarters.

Profitability & Margins

Target volumes: 115 mn to 135 mn to 155 mn tons over 3 years (FY '26-FY '28) with ±5-10% variability based on capacity utilization.
EBITDA per ton target: INR1,250-1,300 by FY '27 and moving towards INR1,500 per ton.
Cost reduction: Aim to reduce cost to INR4,000 per ton by March 2026 exit and further down to INR3,800 by March 2027 and INR3,650 by March 2028.
Growth drivers: Ramp-up of new capacities, operational efficiencies, debottlenecking existing assets, and better capacity utilization.
EPS: Diluted EPS for the quarter reported at INR0.82; expected improvement in EBITDA and margins will likely support future EPS growth.
Capex: Around INR10,000 crores between growth and efficiency investments expected; ongoing investments to support volume and cost efficiencies.
Price momentum: Positive price trends expected to enhance EBITDA despite cost volatility.
Overall, strong volume growth, cost efficiencies, and price improvements to drive earnings and profitability growth.

See what ACC Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Ambuja Cements plans a capex of around INR 8,000 crores annually for growth and an additional INR 2,000 crores for efficiency improvements, totaling approximately INR 10,000 crores yearly.
Expansion includes setting up a new 4 million tons clinker line in Assam (greenfield), adding to a 20 million tons clinker capacity alongside Mundra and Maratha (brownfield).
New assets like Bhatapara line 3 and Maratha clinker units are being commissioned soon; Penna plant expected to start by mid-February.
Focus on ramping up existing acquired assets (e.g., Sanghi) and optimizing capacity utilization is a priority.
Investments in logistics include ordering 7 vessels for delivery by mid-2027 and adopting EV fleets.
ESG and sustainability initiatives include installation of Coolbrooks RDH technology and carbon capture pilot projects.
Future organic capacity roadmap details will be shared progressively with quarterly updates.

Top-ranked in Cement & Cement Products

Ranked on what management guided this quarter

5x potential

1Grasim Inds₹2.2L Cr

Rev 1Mar 3

2BIGBLOC Const.₹578 Cr

Rev 2Mar 1

3₹1.3K Cr

Rev 3Mar 1

4₹3.2L Cr

Rev 3Mar 3

5₹81.4K Cr

Rev 3Mar 3

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

As of the discussion on January 30, 2026, Ambuja Cements Limited has a strong balance sheet with a net worth of approximately INR 70,000 crores and currently zero debt.
There is no mention of any immediate or planned new fundraising through debt or equity.
The company emphasizes maintaining a debt-free status and having the financial strength to pursue inorganic growth or acquisitions at the right price.
The focus presently is on ramping up existing assets and organic growth rather than raising new funds.
Any capacity expansion target of 155 million tons by FY '28 includes both organic and inorganic growth, but no specific fundraising plans are disclosed related to this.

See what ACC Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The provided pages of the Ambuja Cements Limited document do not contain explicit details about the current or expected order book or pending orders. The discussion primarily revolves around: - Capacity expansions (existing and planned clinker and grinding units). - Production targets: 109 million tons current, aiming for 135 million to 155 million tons by FY '27-'28. - Capex program announcements and status of clinker units (Bhatapara, Sanghi, Marwar-Mundra, Assam greenfield). - Demand outlook bullish with around 8% industry growth expected in Q4. - Focus on efficiencies, asset utilization, and integration. - No specific mention or quantification of order book or pending orders in the given pages. Hence, exact figures or status on order book or pending orders are not provided in the excerpt.

ACC Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹7.1K Cr, net profit ₹238 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What ACC Ltd's management said in earlier quarters

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Frequently Asked Questions

What were ACC Ltd Q3 FY26 results?

What is ACC Ltd share price analysis?

ACC Ltd currently shows a neutral. The stock trades at a P/E of 13.8 with a market cap of ₹26,178 Cr. Investors should review the full earnings analysis for detailed insights.

Is ACC Ltd planning capital expenditure?

Ambuja Cements plans a capex of around INR 8,000 crores annually for growth and an additional INR 2,000 crores for efficiency improvements, totaling approximately INR 10,000 crores yearly.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.