ACC Q2 Results: Profit Slumps 92% to ₹93 Crore on Costs, Tax Base (Oct 27, 2026)

The headline number looks brutal, and partly it is. The ACC Q2 results for FY27 show consolidated profit after tax of Rs 93 crore for the July-September quarter, against Rs 1,119 crore a year earlier, according to the company’s results press release filed with NSE. That works out to a fall of roughly 92%. But a big chunk of last year’s profit came from one-off tax items, so the real story sits a level below the bottom line.

ACC Q2 results: the key numbers

Revenue from operations came in at Rs 5,689 crore, down about 5.3% from Rs 6,005 crore in Q2 FY26 and lower than Rs 5,808 crore in the June quarter. Cement sales volume slipped to 9.7 million tonnes from 10.0 million tonnes a year ago.

Operating EBITDA is where the pain shows. It fell to Rs 401 crore from Rs 846 crore, and the EBITDA margin halved to 7.0% from 14.1%. In the June quarter the margin was 7.9%, so there was no sequential relief either. EBITDA per tonne dropped to Rs 414 from Rs 849.

Profit was also down sequentially, from Rs 147 crore in Q1 FY27 to Rs 93 crore, a fall of about 37%.

The Economic Times reported that total expenses rose over 2% to Rs 5,602 crore even as revenue fell.

Why the year-ago base is misleading

The release notes that Q2 FY26 profit included an income tax provision reversal of Rs 659 crore relating to an earlier period and interest of Rs 205 crore on an income tax refund. Strip those out mentally and the drop is still steep, but nowhere near the 92% headline.

Volumes are also muddied. ACC says the comparison is affected by higher volumes supplied to its parent Ambuja Cements under a master supply agreement (MSA). CEO Vinod Bahety put it this way in the release: “While the reported numbers are not strictly comparable due to the impact of MSA, the underlying business momentum remains encouraging, supported by our trade partners.”

Costs did the real damage

Energy is the clearest pressure point. Kiln fuel cost rose to Rs 1.81 per thousand kcal from Rs 1.57 a year earlier and Rs 1.67 in the June quarter. The company blamed geopolitical uncertainty, the monsoon, seasonal shutdowns, elevated energy costs and tight domestic coal availability for a tough quarter.

There were a few bright spots in the mix:

• Trade sales rose 7 percentage points year-on-year to 78% of volumes, and premium products made up 47% of trade sales.
• Blended cement share improved to 85% from 78% in Q2 FY26.
• Ready-mix concrete volume grew 19% year-on-year to 1.07 million cubic metres.
• ACC commissioned 3.4 MTPA of new capacity: a 2.4 MTPA grinding unit at Salai Banwa in Uttar Pradesh and 1.0 MTPA at Kalamboli in Maharashtra.

How the stock reacted

ACC announced the numbers during market hours on Tuesday, October 27. Per the Economic Times, the shares touched a 52-week low of Rs 1,115 on BSE before closing at Rs 1,147.50, down 1.6%.

What we’d watch next

Two things. First, whether post-monsoon demand and firmer cement prices actually lift margins from these 7% levels; management expects pricing momentum to soften the hit from fuel costs. Second, the merger with Ambuja Cements. ACC shareholders approved it at the NCLT-convened meeting on September 29, 2026, with over 95% of votes in favour, and the company expects completion during FY27, subject to NCLT and regulatory approvals. Once that closes, the MSA distortion in quarterly numbers should matter less. The balance sheet is not a worry: ACC is debt-free with a net worth of Rs 20,680 crore.

For other big results from the same day, see our take on L&T’s Q2 numbers, and the Q2 results calendar for this week. If you want a checklist for reading a results table like this one, our guide on how to analyse quarterly results of a company walks through it.

Disclaimer: This article is for information and education only and is not investment advice. Figures are taken from the company’s filing and media reports linked above. Please do your own research or consult a SEBI-registered adviser before investing.