ACC Limited Q2 Results: Record Profit, Big Leap in Volume
Newzdaddy Business Updates
Q2 PAT @ Rs. 1,119 Cr, up 460% YoY
Highest ever volume in Q2 series, @10.0 Mn T, up 16 % YoY
Stronger Operating Results, Stronger Balance Sheet
Financial Highlights:
- Quarterly Revenue at Rs. 5,932 Cr, up by 28% YoY highest ever in the Q2 series
- Q2 EBITDA @ Rs. 849 PMT, up 67% YoY, Rs. 846 Cr, up 94% YoY, EBITDA margin @14.3%, up 4.8 pp YoY
- EPS at Rs. 59.4 for the quarter, up by Rs. 48.8 YoY
- Net worth at Rs. 19,937 Cr, up by Rs 1,151 during the quarter, continues to remain Debt Free, highest rating of Crisil AAA (Stable)/ Crisil A1+
Operational Highlights:
- Synergies with Ambuja and associates (Penna, Sanghi, Orient) bring significant benefits in business operations
- Adani Cement business RE capacity reached 673 MW, ACC to benefit from reduced power cost
- Salai Banwa, Kalamboli expansion program on track, will add 3.4 MTPA capacity in Q3. Plant debottlenecking to unlock additional capacity of 5.6 MTPA by FY’28 at much lower capex of USD 48/MT. Operating leverage to reduce costs by at least 5%.
- Logistics debottlenecking initiative to improve existing capacity utilisation by 3%
Strategic Initiatives:
- CiNOC1 (Cement Intelligent Network Operations Centre), launched to infuse an AI layer deep into our enterprise fabric, will facilitate a paradigm shift in operations
- Strategic engagements & partnerships with CONCOR1, CREDAI1, 400+ academia (Adani Cement FutureX programme)
- Adani Cement ordered 7 vessels of a total 65,800 DWT1 capacity, share of sea logistics to reach 5%
ACC Limited, part of the diversified Adani Portfolio and the fastest-growing building materials and solutions company, delivered exceptional Q2 FY’26 performance with strong growth in sales volumes and a sharp rise in EBITDA, sustaining momentum through the start of the fiscal year. The Company’s ‘Reimaginaction’ drive continues to bring positive traction across key value levers. This achievement reflects enhanced operational efficiency and a sharper customer-centric approach, supported by a focused transformation agenda, disciplined execution, wider accessibility of premium solutions driven by recent tax reforms, and rapid digital integration across the dealer, contractor and logistics ecosystem.
Mr Vinod Bahety, Whole-Time Director & CEO, ACC Limited, said: “This quarter has been instrumental for the cement sector. Despite the challenges from prolonged monsoons, the sector stands to benefit from several favourable developments, including GST 2.0
reforms, the Carbon Credit Trading Scheme (CCTS), and the withdrawal of coal cess. These developments will support steady demand momentum going forward. Salai Banwa, Kalamboli expansion projects will add 3.4 MTPA during this year. Plant debottlenecking will unlock the capacity of 5.6 MTPA, and Logistics debottlenecking will help
improve utilisation levels.
As part of the larger Adani Cement family and under the parentage of Ambuja Cements, ACC is benefitting from the Group’s integrated ecosystem, spanning logistics, renewable energy, and innovation. Ambuja’s strategic investments in this ecosystem are also helping ACC’s expansion, cost improvement and transformation. The upcoming clinker capacities of Ambuja, ~ 30 MTPA, 1000 MW of RE power will also be available for ACC under MSA, which will continue its growth momentum. The outlook for the balance of FY’26 remains positive, led by cost improvement, premiumisation and digitalisation.”
Operational Highlights
Capacity:
Cement grinding units at Salai Banwa (2.4 MTPA), Kalamboli (1.0 MTPA) are expected to be commissioned in Q3 FY’26.
- Further debottlenecking at existing plants will add 5.6 MTPA by FY’28.
- The logistics debottlenecking program will help to improve existing capacity utilisation by 3%.
- Adani Cement’s capacity average age in 2022 was 38 years, influenced by the legacy of ACC assets (Average age of 50 years). Average age has improved by almost 40% and will further sharply improve to 155 MTPA by FY 2028. This will provide opportunities for improved efficiency and better operating leverage.
Ecosystem Engagement:
- Deeper partnership engagement with vendors across Projects, O&M, supplies of raw materials, and technology, among others, to help in mitigating various risks.
- MoU with CONCOR for the movement of Tank Containers will help to optimise logistics costs & facilitate in net zero emission commitment. The partnership also opens a pathway for setting up Bulk Cement Terminals (BCTs) which will be announced in due course.
- SamvAAAd, NirmAAAnotsav, Adani Cement FutureX, Dhanvarsha initiatives launched for wider and deeper engagement with various stakeholders.
Part of Iconic Infrastructure: Lead cement supplier for some of the iconic infrastructure projects in recent times:
- Navi Mumbai International Airport
- World’s highest single-arch railway bridge over the Chenab River
- Supplied concrete for the raft foundation of the world’s tallest Maa Umiya Temple in Ahmedabad, setting a new world record (24,100 cubic metres within 54 hours)
GST Rate Rationalisation: GST on cement reduced from 28% to 18% under GST 2.0 reforms, wef 22nd September 2025. The entire benefit has been passed on to the customers. In this regard, the Company has put forth wide communication in the national media, social media, communication to the dealers and other channel partners. Overall, GST reforms resulting in reduced cement prices have helped aspiring customers prefer Adani Cement’s Premium Products.
Market leadership
Strong brand equity, a differentiated value proposition, and agile supply chain execution reinforced market leadership and lifted realisations
- Highest ever volume in Q2 series (@10.0 Mn T up 16 % YoY)
- Revenue for the quarter at 5,932 Cr, up by 28% YoY highest ever in the Q2 series, driven by higher premium product as a % of trade sales at 47% (premium volume up by 20% YoY)
Cost leadership
In our targeted cost reduction journey with the planned initiatives, the primary envisage optimisation in Raw Materials, Power & Fuel, and Logistics cost.
| Particulars (YoY) | Q2 FY’26 | H1 FY’26 |
| Kiln Fuel Cost | At par
(Rs 1.57/’000 kCal) |
Reduced by 6%
(Rs. 1.66 to Rs. 1.57/’000 kCal) |
| Power Cost | Reduced by 9.0%
(Rs. 6.54 to Rs. 5.95/ kWh) |
Reduced by 7.0%
(Rs. 6.48 to Rs. 6.02/ kWh) |
| Green Power (as a % of power Consumption) | Increased by
16.2 pp to 30.3% |
Increased by
14.1 pp to 28.3% |
| Primary Lead | Reduced by 5 km at 269 km | Reduced by 5 km at 271 km |
| Direct Dispatch (%) | Increased by
6 pp to 52% |
Increased by
3 pp to 50% |
| Logistics Cost | Reduced by
4% at Rs 1,041/t |
Reduced by
5% at Rs. 1,044/t |
- WHRS power share increased by 7pp from 10% to 17%,
- ACC also benefited from the parent company’s investment into RE Power (Solar / Wind) under the MSA, where its power cost has come down by 9% from Rs. 6.54 to Rs. 5.95 / kWh.
Along with the parent company, ACC continues to work on cost leadership and targets to achieve Rs. 3,650/ MT by FY28 and further details will be shared in due course.
Financial Leadership
Operating EBITDA at Rs. 846 Cr, up by 94% YoY, EBITDA margin at 14.3%.
- EPS (Diluted) at Rs. 59.4, during the quarter, up by Rs. 29.7 YoY
- Net Worth increased by Rs 1,151 Cr during the quarter and stands at Rs 19,937 Cr
- Crisil rated Crisil AAA (stable) / Crisil A1+, continues to remain debt-free
Financial Performance for the Quarter and Half-year ended September 30, 2025:
| Particulars | UoM | Q2
FY’26 |
Q2
FY’25 |
H1
FY’26 |
H1
FY’25 |
| Sales Volume
(Cement) |
Million
Tonnes |
10.0 | 8.6 | 20.6 | 18.1 |
| Sales Volume Ready Mix Concrete |
Million M3 | 0.90 | 0.61 | 1.73 | 1.28 |
| Revenue from Operations | Rs. Cr | 5,932 | 4,634 | 12,019 | 9,834 |
| Operating EBITDA & Margin | Rs. Cr | 846 | 436 | 1,624 | 1,115 |
| % | 14.3% | 9.4% | 13.5% | 11.3% | |
| Rs. PMT | 849 | 507 | 787 | 616 | |
| Other Income | Rs. Cr | 224 | 159 | 292 | 230 |
| Profit before Tax | Rs. Cr | 763 | 284 | 1,326 | 768 |
| Profit after Tax | Rs. Cr | 1,119* | 200 | 1,495 | 559 |
| EPS (Diluted) | Rs. / Share | 59.4 | 10.6 | 79.4 | 29.7 |
*includes income tax provision reversal of Rs 671 Cr..
RMX growth trajectory:
Concrete business footprint increased through the addition of 28 plants YoY, now 116 plants spread over in 45 cities. Volume up 49% at 0.90 Mn m3 YoY, Revenue up 57% at Rs 454 Cr YoY, while EBITDA has seen significant improvement.
ESG Updates
ACC has released its Sustainability Report for FY’25, which is now available on the company’s website.
- Adani Cement has planted 7.06 million trees till H1 FY’26 as part of its commitment to plant 8.3 million trees by 2030, aligned with Adani Group‘s pledge to grow 100 million trees.
- Zero Liquid Discharge (ZLD) is maintained across all manufacturing sites. 100% of wastewater generated is treated onsite and recycled for dust suppression and cooling purposes.
- Many of the plants won CII Energy Efficiency Awards and Safety Excellence Awards of the Indian Chamber of Commerce.
- The Company continues to invest in initiatives aimed at water conservation, co-processing of waste, the use of waste-derived resources, and community development programmes in education, healthcare, livelihoods, and infrastructure. The Company is upskilling communities through robotics labs, drone labs, rural KPOs, youth skilling initiatives, and women’s empowerment, creating a blueprint for inclusive growth.
Branding and Technical Services
Embarked on a comprehensive Brand Track Research exercise with IPSOS. First phase of study throws up positive trends regarding our brands’ Top of Mind awareness and consideration/preference across key states and shows Adani brand association with the cement and building materials category as being strongly registered across various geographic and consumer & influencer segments.
- Promoted premium product (ACC Gold) through targeted content that emphasised the water-repellent benefits of our cement, aligning product features with seasonal relevance.
- Collaborated with the Gujarat Giants team in the Pro Kabaddi League to boost brand visibility and recall, leveraging the team’s popularity to deepen consumer affinity.
- High-impact cinema advertising across multiplexes and single-screen theatres, enhancing brand recall.
- Successfully engaged over 300 million individuals at the pan-India level, across multiple platforms, significantly boosting brand visibility and consumer interaction.
- Continued our inspiring documentary series by launching a new season of ‘Heroes of Adani’, spotlighting exceptional dealer stories from across India, celebrating their entrepreneurial spirit and strengthening emotional brand connect through authentic storytelling.
- Technical services engagement remained robust, with 12,224 ACT (ACC Certified Technology) sites covered, over 32,000 contractors enrolled, 195 contractor workshops and more than 90 technical events conducted during the quarter, further strengthening on-ground capability and customer outcomes.
CiNOC
We are infusing an AI intelligence layer deep into our enterprise fabric, transforming every plant, process, and person into part of a self-learning, high-velocity operating network. Through a web of Agentic AI teammates, we are fusing human judgment with machine precision, enabling our systems to sense, decide, and act autonomously across sales, production and logistics. This will bring a paradigm shift in our operations.
Industry Outlook
- Cement demand in Q2 FY’26 was moderate and grew 5.2% YoY. With GST reduction from 28% to 18%, improved economic sentiments, and higher investments both from public and private sectors, the demand is expected to see an uptick, and we stand by our earlier annual growth estimate of 7-8%.
Achievements
- Won ‘Best CX and Influencer Mastery’ award at the 12th DCX Digital Customer Experience Confex and Awards 2025, celebrating leadership in customer and influencer engagement.
- Sindri GU Expansion Project received the Gold Award for Best Construction Project at the ISDA Infracon National Awards 2025.
- Madukkarai unit received the Safety Excellence Award at the 7th ICC National Occupational Health & Safety Awards.
- Won various awards in ‘National Energy Leader’, ‘Excellent Energy Efficient Unit’, and ‘Energy Efficient Unit’ categories at the 26th CII National Award for Excellence in Energy Management 2025
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