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Prabhudas Lilladher's research report on ACC

ACC reported robust operating performance in 4QFY25 aided by strong volume growth and improved NSR. Volumes grew 14% YoY to 11.9mt aided by higher trade volume and better growth in premium products (7% YoY). Average cement NSR grew 2.7% QoQ as cement price hikes were seen across regions during the quarter. Except for RM costs, which grew 22% YoY due to higher MSA and traded volumes, all other costs have been constrained. Optimization of the fuel basket, lower fuel costs, increased use of Green share, and higher volumes led to a 22% YoY decline in P&F costs. Reduction in lead distance and higher direct dispatch resulted in a 9% YoY decline in freight costs. Strong operating leverage contributed to an 18% YoY decline in Other Expenses. These cost reductions aided ACC to deliver EBITDA/t of Rs698 (PLe Rs598).

Outlook

The stock is currently trading at 10x/9.1x EV of FY26/27E EBITDA. Maintain ‘BUY’ with revised TP of Rs 2,383 (Rs2,549 earlier) valuing at an EV multiple of 12x Mar’27E EBITDA.

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ACC - 28042025 - prabhu

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