ACC Ltd. share price target

We roll over our estimate to FY26 and maintain our BUY recommendation on the stock.

ACC’s Q4FY24 EBITDA grew 79% YoY (down 8% QoQ) to Rs8.4bn, which was
~4% higher than our estimate. On a sequential basis, EBITDA/t declined by
Rs215 to Rs802 (Emkay: Rs820), mainly on account of weak blended
realizations that fell by Rs341/t in Q4FY24.

ACC’s 4QFY24 EBITDA grew ~80% YoY to INR8.4b (+3% vs. our estimate). Its
EBITDA/t grew 45% YoY to INR802 (-6% vs. estimate), due to lower-thanestimated realization. Realization was down ~9%/7% YoY/QoQ to INR5,171
(-4% vs. estimate). OPM was up 5.8pp YoY to 15.5% (est. ~16%). Adj. PAT
stood at INR4.9b (+72% YoY; 4% above our estimates).

GCPL: Consistent volume growth; cut to HOLD post rally. JSP: Valuations overdone; downgrade to HOLD. ACC: Strong margins; cut to HOLD on full valuations. Bonds Wrap: Fortnightly review. Currency Outlook: Fortnightly forex review. VGRD: In-line quarter. ORIENTEL: Slow quarter; Hyderabad plant to spur growth. SOMC: Lacklustre demand dulls performance. MTLM: Strong performance on fast ramp-up of MDF plant. SRCM: Healthy quarter, expensive valuations

Q3 revenue growth of 8% YoY bolstered by 16% uptick in volumes while realisations moderated 5%

We maintain our BUY recommendation on the stock.

We recommend a BUY on the stock for a target price of Rs 2615/ implying an upside of 10% from CMP.

Q2 volumes flat YoY (-15% QoQ) at 6.9mt due to flood impact in key markets