ACC Q2 FY27 Results Analysis: PAT Plunges 92%, EBITDA Margin Halves
ACC's Q2 FY27 numbers came in soft, with revenue of Rs. 5,666.00 Cr (-5.08% YoY) and PAT growth of -91.69% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 27, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 5,666.00 Cr (-5.08% YoY) |
| PAT (Q2) | Rs. 93.00 Cr (-91.69% YoY) |
| EBITDA margin | 7.08% (-709 bps YoY) |
| EPS (Q2) | Rs. 4.95 (-91.69% YoY) |
| Market cap | Rs. 21,583.31 Cr |
| CMP | Rs. 1,149.35 |
Quarter Snapshot
ACC delivered a weak quarter with revenue down 5.08% YoY, EBITDA margin compressed to 7.08% (from 14.17% YoY), and reported PAT down 91.69% to Rs.93 crore, with the cement segment EBIT margin at just 1.59%. RMC was the lone bright spot with 26.43% revenue growth and margin expansion to 8.54%. Key watch items are the Rs.1,148 crore CCI penalty (Supreme Court hearing 28-Oct-2026), the Ambuja amalgamation NCLT hearing on 19-Nov-2026, and power & fuel cost pressure.
Key Investment Insights
Key Positives
- Ready Mix Concrete revenue grew 26.43% YoY to Rs.574 crore with segment result up 53.13% YoY and margin expanding to 8.54% from 7.05%
- H1 operating cash flow of Rs.4,957 crore vs Rs.(2,273) crore in the year-ago half; FCF of Rs.4,257 crore after Rs.700 crore capex
- Trade receivables fell to Rs.2,530 crore from Rs.3,843 crore at March 2026, releasing Rs.1,305 crore of working capital
- Zero borrowings on the balance sheet; net worth rose 0.61% to Rs.20,680 crore
- Amalgamation with Ambuja Cements approved by shareholders on 29-Sep-2026 with NCLT hearing fixed 19-Nov-2026
Risk Factors
- EBITDA margin compressed to 7.08% from 14.17% YoY and 7.89% QoQ; cement segment EBIT margin fell to 1.59% from 9.68%
- Reported PAT fell 91.69% YoY to Rs.93 crore; normalized PAT of Rs.146.25 crore is down 50.30% YoY
- Power and fuel costs rose 9.04% QoQ while revenue declined 2.14% QoQ
- Inventory build of Rs.(180) crore, a ~Rs.145 crore sequential drag vs Q1's Rs.(35) crore
- Rs.1,148 crore CCI penalty pending before the Supreme Court with no provision recognized; auditors emphasized this litigation uncertainty
- Rs.4,403 crore of H1 operating cash surplus lent to holding company Ambuja Cements at 8% p.a. rather than retained
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.