ACC · Construction Materials
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 10.8%, −789 bps on the year (−329 bps on the quarter).
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 12.0% against 24.7% over the previous quarters, worth about ₹58.3 cr of profit.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4,435 cr | ₹4,914 cr | ₹5,409 cr | ₹5,199 cr | ₹4,634 cr | ₹5,972 cr | ₹6,115 cr | ₹6,087 cr | ₹6,005 cr | ₹6,483 cr | ₹7,146 cr | ₹5,808 cr |
| YoY | — | — | — | −0% | +4% | +22% | +13% | +17% | +30% | +9% | +17% | −5% |
| EBITDA margin | 12.4% | 18.4% | 15.5% | 13.1% | 9.4% | 18.7% | 13.6% | 12.8% | 14.1% | 10.8% | 8.8% | 7.9% |
| Other income, % of PBT | 41% | 13% | 40% | 15% | 44% | 44% | 37% | 12% | 29% | 20% | 14% | 16% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 26% | −7% | 26% | 30% | 26% | 15% | 33% | −47% | 12% | 36% | 26% |
| Net profit | ₹388 cr | ₹538 cr | ₹943 cr | ₹360 cr | ₹200 cr | ₹1,092 cr | ₹751 cr | ₹375 cr | ₹1,119 cr | ₹404 cr | ₹238 cr | ₹147 cr |
| YoY | — | — | — | −23% | −48% | +103% | −20% | +4% | +460% | −63% | −68% | −61% |
| Core profit YoY | — | — | — | −25% | −48% | +30% | +4% | +20% | +236% | −55% | −42% | −66% |
| EPS | ₹20.65 | ₹28.63 | ₹50.23 | ₹19.15 | ₹10.63 | ₹58.14 | ₹39.99 | ₹19.99 | ₹59.60 | ₹21.52 | ₹12.69 | ₹7.83 |
| Flags | 1 | · | 2 | ✓ | ✓ | 2 | 1 | ✓ | 2 | 2 | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
ACC Ltd. reported revenue of ₹6,483 cr (+8.6% on the year) and net profit of ₹404 cr (−63.0% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved −55.4% on the year, against −63.0% for reported profit.
2 checks raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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