ACC financials and balance sheet

NSE: ACCBSE: 500410Cement & Cement ProductsSmall Cap

Formerly Associated Cement Co.

₹1,159.40₹27.50 (2.32%)BSE ₹1,158.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,186.90.

52-week range of traded prices to 23 Oct 2026

₹1,123.00Low, 12 Oct 2026₹1,987.00High, 24 Nov 2025

Next results date: the board meets on 27 Oct 2026 to consider: financial results.

Market cap: ₹21,772 Cr282nd largest listed
P/E: 11.4
P/B: 1.1
Dividend yield: 0.65%
ROE: 9.8%
ROCE: 7.3%
Debt to equity: 0.00
Volume, NSE: 1,03,12838.6% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to December, then March.ACC annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 24.3% of operating profit in the first full year.

The company moved its year end from December to March: its last year to December on record ended in Dec 2021, its first year to March in Mar 2024. The 15 months to Mar 2023 between them are one changeover period, not a year, and the yearly charts leave it out.

The years either side of a change of basis do not compare. From the year to Mar 2026, the company's revenue for that year, ₹25,962 Cr, differs from its quarters added, ₹25,648 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue25,962
Materials and goods−11,219
Employee costs−744
Other expenses−11,049
Operating profit2,950
Depreciation−1,118
Other income+402
One-off items+28
Finance costs−112
Profit before tax2,150
Tax−19
Joint ventures+6.9
Net profit2,137

What the company owns

Plant, investments and other assets₹21,337 Cr
Receivables₹3,842 Cr
Inventory₹1,789 Cr
Cash and bank₹558 Cr

What pays for it: net worth and liabilities

Net worth₹20,554 Cr
Other liabilities₹4,517 Cr
Owed to suppliers₹2,454 Cr

ACC business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.ACC segment results by quarter

Revenue by segment

₹26,169 CrTotal

Cement and ancilliary services *₹24,233 Cr92.6% of total
Ready Mix Concrete₹1,936 Cr7.4% of total

Profit by segment

Cement and ancilliary services *₹1,732 Cr79.0% of total
Ready Mix Concrete₹147 Cr6.7% of total
Interest and Dividend Income₹314 Cr14.3% of total

Segment results by year

Consolidated, ₹ crore, years to December, then March.

Cement and ancilliary services *
Revenue, ₹ crore
13,705
14,367
12,954
15,106
18,790
20,504
24,233
Dec 18Dec 19Dec 20Dec 21Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,328
1,704
1,707
2,348
2,228
2,081
1,732
Dec 18Dec 19Dec 20Dec 21Mar 23Mar 24Mar 25Mar 26
Ready Mix Concrete
Revenue, ₹ crore
1,315
1,483
962
1,252
1,289
1,382
1,936
Dec 18Dec 19Dec 20Dec 21Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
117
133
14
56
19
60
147
Dec 18Dec 19Dec 20Dec 21Mar 23Mar 24Mar 25Mar 26
Interest and Dividend Income
Revenue, ₹ crore
0
Dec 18Dec 19Dec 20Dec 21Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
314
Dec 18Dec 19Dec 20Dec 21Mar 23Mar 24Mar 25Mar 26

₹ crore	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	15,020	15,849	13,915	16,358	–	20,080	21,887	26,169
Company revenue, as in its results	14,802	15,658	13,786	16,152	–	19,959	21,762	25,962
Revenue	13,705	14,367	12,954	15,106	–	18,790	20,504	24,233
Revenue growth	–	4.8%	−9.8%	16.6%	–	–	9.1%	18.2%
Profit	1,328	1,704	1,707	2,348	–	2,228	2,081	1,732
Profit growth	–	28.2%	0.2%	37.5%	–	–	−6.6%	−16.8%
Margin	9.7%	11.9%	13.2%	15.5%	–	11.9%	10.1%	7.1%
Return on capital	17.5%	23.7%	25.8%	33.3%	–	19.7%	13.8%	8.6%
Assets	11,687	10,980	10,546	11,785	–	16,555	19,890	25,183
Liabilities	4,078	3,807	3,915	4,725	–	5,218	4,832	5,094
Capital employed	7,609	7,173	6,631	7,060	–	11,336	15,058	20,089
Revenue	1,315	1,483	962	1,252	–	1,289	1,382	1,936
Revenue growth	–	12.7%	−35.1%	30.2%	–	–	7.2%	40.0%
Profit	117	133	14	56	–	19	60	147
Profit growth	–	14.1%	−89.9%	313.1%	–	–	220.1%	146.7%
Margin	8.9%	9.0%	1.4%	4.5%	–	1.4%	4.3%	7.6%
Return on capital	84.1%	115.7%	43.0%	719.2%	–	6.2%	16.2%	28.8%
Assets	454	470	448	510	–	611	719	1,221
Liabilities	315	355	417	502	–	311	351	711
Capital employed	139	115	31	8	–	300	368	510
	–	–	–	–	–	–	–	0
Profit	–	–	–	–	–	–	–	314
Assets	–	–	–	–	–	–	–	0
Liabilities	–	–	–	–	–	–	–	0
Capital employed	–	–	–	–	–	–	–	0
	–	–	–	–	–	–	–	0
Profit	–	–	–	–	–	–	–	28
Assets	–	–	–	–	–	–	–	0
Liabilities	–	–	–	–	–	–	–	0
	–	–	–	–	–	–	–	0
Profit	–	–	–	–	–	–	–	7
Assets	–	–	–	–	–	–	–	0
Liabilities	–	–	–	–	–	–	–	0
	–	–	–	–	–	–	0	–
Profit	–	–	–	–	–	–	100	–
Assets	–	–	–	–	–	–	0	–
Liabilities	–	–	–	–	–	–	0	–
	–	–	–	–	–	–	0	–
Profit	–	–	–	–	–	–	3	–
Assets	–	–	–	–	–	–	0	–
Liabilities	–	–	–	–	–	–	0	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to December, then March. A column marked with its months is a changeover year, when the company moved its year end: it is not a twelve-month year.ACC quarterly results

₹ crore	Dec 2016	Dec 2017	Dec 2018Filed 6 Feb	Dec 2019Filed 7 Feb	Dec 2020Filed 12 Feb	Dec 2021Filed 10 Feb	Mar 202315 monthsFiled 3 May	Mar 2024Filed 26 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 30 Apr
Revenue from operations	11,168	14,201	14,802	15,658	13,786	16,152	22,210	19,959	21,762	25,962
	9,747	12,288	12,754	13,245	11,431	13,154	20,285	16,897	18,701	23,012
Materials and goods bought	1,694	1,966	2,332	2,719	2,513	2,867	5,454	5,812	8,246	11,219
Employee costs	–	–	884	866	841	836	1,036	737	718	744
Other expenses	–	–	9,537	9,660	8,077	9,451	13,795	10,348	9,737	11,049
Operating profit before depreciation	1,421	1,912	2,048	2,413	2,355	2,998	1,925	3,062	3,061	2,950
Operating margin	12.7%	13.5%	13.8%	15.4%	17.1%	18.6%	8.7%	15.3%	14.1%	11.4%
Materials, % of revenue	–	–	15.8%	17.4%	18.2%	17.7%	24.6%	29.1%	37.9%	43.2%
Employee costs, % of revenue	–	–	6.0%	5.5%	6.1%	5.2%	4.7%	3.7%	3.3%	2.9%
Other expenses, % of revenue	–	–	64.4%	61.7%	58.6%	58.5%	62.1%	51.8%	44.7%	42.6%
Depreciation and amortisation	615	644	603	606	639	601	841	883	1,001	1,118
Operating profit after depreciation	806	1,269	1,445	1,806	1,716	2,397	1,084	2,179	2,060	1,832
Other income	107	129	143	318	217	207	342	493	1,072	402
Finance costs	69	99	88	86	57	55	77	155	108	112
Profit before one-off items and tax	844	1,299	1,500	2,039	1,876	2,549	1,348	2,517	3,024	2,122
One-off items	−39	0	0	0	−176	−55	−162	230	100	28
Profit before tax	805	1,299	1,500	2,039	1,700	2,495	1,186	2,746	3,124	2,150
	210	386	−11	675	279	643	317	423	725	19
Current tax	–	353	−43	690	548	636	274	386	702	17
Deferred tax	–	33	33	−15	−269	7	43	37	22	2
Share of profit of joint ventures and associates	9	11	10	14	9	12	16	13	3	7
	604	925	1,521	1,378	1,430	1,863	885	2,337	2,402	2,137
Belonging to the company's shareholders	604	925	1,520	1,377	1,430	1,863	885	2,336	2,402	2,137
Belonging to outside owners of subsidiaries	–	–	0	0	0	0	0	0	0	0
Other comprehensive income	–	–	−5	−49	−15	5	31	28	−35	−1
Total comprehensive income	–	–	1,516	1,328	1,416	1,869	916	2,365	2,368	2,137
Net margin	5.4%	6.5%	10.3%	8.8%	10.4%	11.5%	4.0%	11.7%	11.0%	8.2%
Net margin without joint ventures and associates	5.3%	6.4%	10.2%	8.7%	10.3%	11.5%	3.9%	11.6%	11.0%	8.2%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Dec 2016 and Dec 2017 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 December, then 31 March. A column marked with its months is a changeover year, when the company moved its year end: it is not a twelve-month year.

₹ crore	Dec 2018Filed 6 Feb	Dec 2019Filed 7 Feb	Dec 2020Filed 12 Feb	Dec 2021Filed 10 Feb	Mar 202315 monthsFiled 3 May	Mar 2024Filed 26 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 30 Apr
	10,535	11,547	12,702	14,312	14,142	16,333	18,559	20,554
	10,532	11,544	12,699	14,309	14,138	16,330	18,555	20,551
Share capital	188	188	188	188	188	188	188	188
Reserves	10,344	11,356	12,511	14,121	13,950	16,142	18,367	20,363
Belonging to outside owners of subsidiaries	3	3	3	3	3	4	4	4
Borrowings	0	0	0	0	0	0	0	0
	4,706	4,698	4,804	6,006	5,641	6,097	5,668	5,762
Trade payables	1,926	1,475	1,422	1,905	1,493	1,925	1,638	2,454
Other financial liabilities	776	938	1,028	1,154	1,219	1,392	1,515	1,519
Other liabilities	1,795	1,919	1,998	2,265	2,380	1,847	1,459	1,194
Provisions	27	23	16	16	10	12	15	162
Tax owed	182	343	340	666	539	921	1,041	432
	815	891	694	721	761	955	1,186	1,209
Other financial liabilities	–	–	84	101	126	224	281	328
Other liabilities	–	–	0	–	–	0	155	119
Provisions	140	235	215	216	178	152	141	49
Deferred tax	675	656	395	404	457	580	609	713
	16,056	17,136	18,200	21,039	20,544	23,386	25,413	27,525
Held for sale or for a demerger	12	10	3	2	2	22	7	–
	8,697	8,742	8,808	9,665	11,283	12,674	16,268	16,152
Plant in use, after depreciation	7,035	6,977	6,638	6,696	7,364	9,262	10,106	10,192
Plant being built	398	446	548	1,245	1,684	986	2,061	2,227
Intangible assets	37	34	46	50	144	418	329	277
Goodwill	16	16	10	4	4	345	395	395
Property held to earn rent	0	0	–	–	0	0	0	392
Investments	4	4	8	18	18	18	17	17
Stakes in joint ventures and associates	100	112	121	131	145	33	33	38
Loans given	169	144	136	10	9	6	5	5
Other financial assets	325	468	646	916	1,233	986	1,787	1,633
Deferred tax	0	–	0	–	–	–	–	117
Other assets	612	541	654	595	682	619	1,535	859
	7,348	8,384	9,390	11,371	9,259	10,690	9,138	11,373
Inventories	1,679	1,142	901	1,274	1,624	1,869	1,925	1,789
Trade receivables	867	627	451	489	869	828	1,163	3,842
Cash and cash equivalents	2,933	4,493	5,849	7,367	257	1,604	1,051	537
Other bank balances	164	155	156	157	158	259	599	20
Current investments	0	0	0	0	0	759	1,458	0
Loans given	77	29	59	7	6	4	5	6
Other financial assets	227	270	266	260	3,069	3,025	1,213	1,254
Tax paid in advance	675	860	1,015	1,004	1,006	986	–	0
Other assets	725	808	691	814	2,270	1,358	1,723	3,924
Net debt	−3,097	−4,648	−6,006	−7,524	−415	−2,622	−3,108	−558

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Dec 2016 and Dec 2017, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to December, then March. A column marked with its months is a changeover year, when the company moved its year end: it is not a twelve-month year.

₹ crore	Dec 2020Filed 12 Feb	Dec 2021Filed 10 Feb	Mar 202315 monthsFiled 3 May	Mar 2024Filed 26 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 30 Apr
	2,219	2,835	−1,235	2,995	1,711	−1,358
	2,926	3,121	−832	3,177	1,803	−1,632
	388	130	−2,671	133	−1,296	−4,653
Receivables	138	−218	−422	39	−343	−2,696
Inventories	232	−379	−283	−222	−67	147
Payables	−47	489	−403	318	−215	726
Other working capital	65	238	−1,563	−1	−671	−2,829
Tax paid	−707	−286	−404	−182	−92	274
Capital spending	749	1,175	2,105	1,395	1,968	1,433
Free cash flow	1,471	1,660	−3,340	1,600	−257	−2,791
	−535	−988	−4,637	−1,245	−1,277	1,267
Plant and property sold	1	22	124	46	15	398
Companies bought	0	0	0	−423	−299	−18
Interest received	187	177	215	512	367	115
Dividends received	0	2	2	8	3	2
	−327	−331	−1,238	−443	−1,002	−422
Borrowings repaid	0	0	0	0	−15	−2
Interest paid	−40	−32	−60	−143	−99	−98
Lease payments	0	0	−89	0	−745	−181
Dividends paid	263	263	1,089	175	143	141
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	1,357	1,517	−7,110	1,307	−568	−513

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Dec 2016, Dec 2017, Dec 2018 and Dec 2019.

Consolidated, ₹ per share, years to December, then March. A column marked with its months is a changeover year, when the company moved its year end: it is not a twelve-month year.ACC dividend history

₹ per share	Dec 2016	Dec 2017	Dec 2018Filed 6 Feb	Dec 2019Filed 7 Feb	Dec 2020Filed 12 Feb	Dec 2021Filed 10 Feb	Mar 202315 monthsFiled 3 May	Mar 2024Filed 26 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 30 Apr
Earnings per share	₹32.19	₹49.23	₹80.97	₹73.35	₹76.16	₹99.21	₹47.13	₹124.42	₹127.92	₹113.80
Diluted earnings per share	₹32.11	₹49.10	₹80.77	₹73.17	₹75.98	₹98.94	₹47.01	₹124.09	₹127.57	₹113.51
Dividend per share	₹17.00	₹26.00	₹14.00	₹14.00	₹28.00	₹58.00	₹9.25	₹7.50	₹7.50	₹7.50
Book value per share	–	–	₹560.24	₹614.06	₹675.52	₹761.15	₹752.09	₹869.58	₹987.01	₹1,093.17
Dividend payout	52.9%	52.8%	17.3%	19.1%	36.8%	58.5%	19.6%	6.0%	5.9%	6.6%
Shareholder yield	–	–	–	–	0.9%	0.6%	3.5%	0.4%	0.4%	0.6%
Market cap at the year end (₹ crore)	24,995	33,021	28,320	27,147	30,377	41,609	31,308	46,791	36,480	23,560

Ratios

Consolidated, years to December, then March. A column marked with its months is a changeover year, when the company moved its year end: it is not a twelve-month year. A ratio that sets its sales or profit against the balance sheet is left blank for it.ACC PE ratio and valuation

Ratio	Dec 2016	Dec 2017	Dec 2018Filed 6 Feb	Dec 2019Filed 7 Feb	Dec 2020Filed 12 Feb	Dec 2021Filed 10 Feb	Mar 202315 monthsFiled 3 May	Mar 2024Filed 26 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 30 Apr
Revenue growth	−5.3%	27.2%	4.2%	5.8%	−12.0%	17.2%	–	–	9.0%	–
Operating profit growth	−7.6%	34.6%	7.1%	17.8%	−2.4%	27.3%	–	–	0.0%	–
Net profit growth	2.9%	53.0%	64.5%	−9.4%	3.8%	30.3%	–	–	2.8%	−11.0%
Earnings per share growth	2.8%	52.9%	64.5%	−9.4%	3.8%	30.3%	–	–	2.8%	−11.0%
	–	–	14.4%	12.5%	11.8%	13.8%	–	15.3%	13.8%	10.9%
	–	–	–	−2.0 pts	−0.7 pts	2.0 pts	–	–	−1.6 pts	−2.8 pts
From the net margin	–	–	–	−2.1 pts	2.2 pts	1.3 pts	–	–	−0.9 pts	−3.5 pts
From asset turnover	–	–	–	0.3 pts	−2.5 pts	0.7 pts	–	–	−0.3 pts	1.0 pts
From borrowing	–	–	–	−0.2 pts	−0.4 pts	0.0 pts	–	–	−0.4 pts	−0.4 pts
Return on capital employed	–	–	13.7%	15.6%	13.5%	16.8%	–	13.3%	11.1%	8.9%
Cash conversion	–	–	–	–	155.2%	152.2%	−139.6%	128.2%	71.2%	−63.5%
Interest cover	11.7	12.9	16.5	20.9	30.1	43.9	14.0	14.1	19.0	16.3
Debt to equity	–	–	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Receivable days	–	–	21	15	12	11	–	15	20	54
Inventory days	–	–	263	153	131	162	–	117	85	58
Payable days	–	–	301	198	207	243	–	121	73	80
Cash conversion cycle, days	–	–	−17	−30	−64	−69	–	12	32	32
Working capital days	–	–	−11	−22	−38	−49	–	36	6	71
Asset turnover	–	–	0.92	0.94	0.78	0.82	–	0.91	0.89	0.98
Assets per rupee of net worth	–	–	1.52	1.50	1.46	1.45	–	1.44	1.40	1.35
Sales per rupee of plant	–	–	2.10	2.24	2.08	2.41	–	2.15	2.15	2.55
Capital spending to depreciation	–	–	–	–	1.17	1.96	2.50	1.58	1.97	1.28
Plant being built, % of plant in use	–	–	5.7%	6.4%	8.3%	18.6%	22.9%	10.6%	20.4%	21.9%

Revenue growth and operating profit growth are left blank for the year to Mar 2026: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Dec 2016 and Dec 2017, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 8.1%
Cash from operations against operating profit: −46.0%

Measure	3 years
Return on equity, average	13.3%
Return on capital employed, average	11.1%
Operating margin, average	13.6%
Net margin, average	10.3%
Asset turnover, average	0.93
Cash conversion cycle, days, average	25
Interest cover, average	16.5
Debt to equity, average	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	3 years	Latest year
Cash from operations	3,349	−1,358
Cash from investing	−1,256	1,267
Cash from financing	−1,868	−422
Capital spending	4,797	1,433
Dividends paid	459	141
Shares bought back	0	0
Shares issued for cash	0	0
Borrowings raised	0	0
Borrowings repaid	17	2

Accounting checks

Consolidated, years to December, then March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	7	–	–	–	4
Altman Z-scorePublished threshold 1.81	–	–	5.43	5.43	5.66	6.13	–	6.45	5.65	4.52
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.88	−2.56	–	–	−1.60	−0.06
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.44	0.08	–	–	8.07	8.42
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	–	–	0.49
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−33.54	−16.01	−8.83	–	–	31.50	211.05
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−48.57	−13.48	27.26	–	–	−38.84	−43.13
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.99	0.25	0.65	–	–	−11.18	8.64
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.81	1.83	1.89	–	–	1.12	1.85
Effective tax ratePublished threshold 17.16 per cent	26.03	29.68	−0.70	33.11	16.39	25.79	–	15.39	23.19	0.90
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	14.34	–	8.77	20.25	−11.85

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
2 Jan 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		1,645
2 Jan 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAAReview, Re-affirm	Stable	100

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.