ACC

Sector: Building Materials, Cement  |  HQ: Ahmedabad, Gujarat, India  |  Founded: 1936  |  Employees: 6,000+

Listed as: NSE / BSE listed (ACC)  |  NSE / BSE  |  Ticker: ACC.NS

Company overview

ACC Limited is one of India's oldest and largest cement manufacturers, originally established in 1936 through the consolidation of ten regional cement companies under the Tata Group's stewardship. Following multiple corporate ownership transitions, the company is currently a subsidiary of Ambuja Cements Limited within the Adani Group, having been acquired alongside Ambuja in September 2022 when the Adani Group purchased Holcim Group's controlling stakes in both companies for approximately USD 6.4 billion. Ambuja Cements holds approximately 50.05 percent of ACC equity following the acquisition. Listed on the NSE and BSE, ACC remains a separately listed entity with the Adani Group operating both Ambuja and ACC as the second-largest cement platform in India after UltraTech Cement. ACC operates 17 cement manufacturing plants across India with installed cement grinding capacity of approximately 38 million tonnes per annum and clinker capacity of approximately 33 million tonnes per annum. The company also operates ready-mix concrete plants across major Indian metros under the ACC Ready-mix brand. ACC serves the housing, infrastructure, commercial construction, and individual home builder segments through a pan-India distribution network spanning 50,000-plus dealer and retailer outlets. Combined Ambuja-ACC capacity is approximately 100 million tonnes per annum, with the announced Adani Group target of 140 million tonnes by FY28 through brownfield expansion and selected acquisitions.

Financial performance and recent trajectory

Disclosed revenue (FY25): ₹20,200 crore (FY 2024-25).

12-month price trajectory

Monthly closes over the last 12 months. Source: Yahoo Finance.

Competitive position

ACC is among the top five cement companies in India by installed capacity along with UltraTech Cement (the leader with over 150 million tonnes), Ambuja Cements (sister company within Adani), Shree Cement, Dalmia Bharat, and JK Cement. Combined Ambuja and ACC capacity of approximately 100 million tonnes places the Adani Group cement platform second behind UltraTech. The competitive moats are the multi-state manufacturing footprint, the multi-decade brand equity of ACC particularly in eastern and central India, integration with the broader Adani Group infrastructure (logistics through Adani Ports, energy through Adani Power), and the announced synergies between Ambuja and ACC under the Adani consolidation. The principal competitive vulnerabilities are the structural challenge of cement industry pricing discipline (regional pricing wars are recurrent), input cost volatility on coal and pet coke, and the Adani Group balance sheet attention since the 2023 Hindenburg episode.

Key risks

Cyclical cement pricing volatility and regional pricing wars Coal and pet coke input cost exposure with limited pass-through Adani Group balance sheet and governance scrutiny affecting cost of capital

Outlook

The Associated Cement Companies Limited was incorporated in 1936 through the consolidation of ten regional cement companies under the leadership of F E Dinshaw and the early Tata Group. The company was renamed ACC Limited in 2006 reflecting the modern corporate identity. ACC was historically Tata Group-controlled until the 1999 sale of the Tata stake to the Ambuja Cements promoter group, which subsequently sold to Holcim in 2005. Holcim controlled Ambuja and ACC for over 17 years until the September 2022 sale to the Adani Group, which acquired Holcim's 63.11 percent stake in Ambuja Cements and 54.53 percent stake in ACC Limited for total consideration of approximately USD 6.4 billion. The Adani Group reorganised the holding structure so that Ambuja Cements directly owns 50.05 percent of ACC. The business is organised around two reportable segments. The Cement segment is the dominant contributor, generating over 90 percent of revenue and EBITDA. The Ready-Mix Concrete segment generates the balance, operating across major metros under the ACC RMC brand. The manufacturing footprint covers 17 cement plants including integrated cement plants (with both clinker and grinding) and standalone grinding units. Principal sites include Wadi (Karnataka, integrated, one of Asia's largest single-site cement plants), Jamul (Chhattisgarh), Sindri (Jharkhand), Lakheri (Rajasthan), Madukkarai (Tamil Nadu), Chanda (Maharashtra), Chaibasa (Jharkhand), Bargarh (Odisha), Tikaria (Uttar Pradesh, grinding), and several others. The installed cement capacity of approximately 38 million tonnes per annum is supported by clinker capacity of approximately 33 million tonnes. Captive limestone reserves, captive thermal power plants, and captive railway sidings at major plants reduce the variable cost line. Product portfolio includes Ordinary Portland Cement (OPC 43, OPC 53), Portland Pozzolana Cement (PPC), Portland Slag Cement (PSC), and the value-added Concrete+ brand. ACC was an early mover in fly ash and granulated blast-furnace slag blending, which both lifts margin and provides a structural carbon abatement benefit per tonne of cement. Distribution is multi-channel. Trade segment (individual home builder and small contractor) is served through a network of 50,000-plus dealers and retailers across India. Non-trade segment (infrastructure contractors and ready-mix concrete plants) is served through direct supply agreements and contract pricing. Logistics is a major cost line, with rail transport via the captive railway sidings and lead distances typically ranging from 200 to 600 kilometres from plant to consumption market. Financial trajectory has been volatile through the FY22 to FY25 cycle. Revenue grew from ₹16,160 crore in FY22 (calendar year ending December 2021 under the previous calendar reporting cycle, before the transition to March year-end under Adani) to ₹17,800 crore in FY23, ₹19,400 crore in FY24, and approximately ₹20,200 crore in FY25. EBITDA margin compressed from cycle peak of approximately 22 percent in CY21 to 14 to 16 percent in FY24 and FY25 driven by coal and pet coke input cost inflation and softening cement prices in certain regions. The 2022 transition from calendar to fiscal year affected period-over-period comparisons. Recent corporate development has been heavily influenced by the Adani Group ownership transition. Capex priorities include grinding capacity expansion at Tikaria, Sindri, and Ametha, the integration of recently announced acquisitions (Sanghi Industries acquired by Ambuja in 2024, Penna Cement acquired in 2024), and operational synergies between Ambuja and ACC including shared procurement, logistics, and rationalised distribution. The Adani Group targets 140 million tonnes combined Ambuja-ACC capacity by FY28. Strategy through 2025 to 2030 is anchored on four themes. First, capacity expansion to 140 million tonnes combined Ambuja-ACC by FY28 through brownfield expansion, debottlenecking, and selective acquisitions. Second, alternative fuel and raw material use to lift the thermal substitution rate (TSR) toward European industry benchmarks and reduce per-tonne carbon emissions. Third, geographical balance addition in southern and western India where the Adani Group platform is underweight relative to UltraTech and the regional players. Fourth, digital transformation across procurement, logistics, and dealer engagement under the Adani Group enterprise systems integration. The regulatory environment includes the Bureau of Indian Standards specifications (IS 269 for OPC, IS 1489 for PPC, IS 455 for PSC), the Mines and Minerals Development and Regulation Act 1957 governing limestone mining leases, the Environment (Protection) Act 1986 and related rules for emissions and effluent compliance, and the Goods and Services Tax framework that treats cement at 28 percent (the highest GST slab). The Competition Commission of India has historically scrutinised cement industry pricing coordination; ACC was among the cement companies fined in the 2012 CCI cartel order, which has been the subject of appeals through the Competition Appellate Tribunal and subsequently NCLAT. The Companies Act 2013 and SEBI LODR govern listed company disclosure. Risks include cyclical cement pricing volatility, coal and pet coke input cost exposure (combined typically 25 to 35 percent of cost), regulatory and competition law overhang from the long-running CCI cartel matter, Adani Group balance sheet and governance scrutiny that periodically affects the listed cement subsidiaries, limestone reserve depletion risk at older plants, and environmental compliance costs particularly under the upcoming Carbon Credit Trading Scheme and stricter emission norms. Management quality is anchored by Ajay Kapur (CEO and Whole-Time Director, who also serves as CEO of Ambuja Cements) and the broader leadership team including independent directors representing the Adani Group governance overhang. Statutory audit is conducted under SEBI LODR by S R B C & Co LLP and Walker Chandiok & Co LLP (joint auditors). ESG positioning has been progressively reinforced under Adani Group ownership commitments. ACC targets net-zero by 2050 with interim milestones for thermal substitution rate, captive renewable power addition, and water positivity. The fly ash and slag-based blended cement portfolio supports lower per-tonne carbon intensity. The company files BRSR disclosure under SEBI LODR.

KAMRIT point of view

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.