Key Highlights

  • Topline: Adani Group-owned ACC posted revenue from operations of Rs 5,689 crore for the quarter ended September 30 (Q2 FY27).
  • Profitability: Operating EBITDA stood at Rs 401 crore, a 7 per cent margin, with EBITDA per tonne at Rs 414.
  • Mix shift: Cement volume hit 9.7 MT; trade sales rose seven percentage points year-on-year to 78 per cent, and premium products made up 47 per cent of trade sales.
  • RMC and capacity: Ready-Mix Concrete volumes grew 19 per cent to 1.07 million cubic metres; new capacity was added at Salai Banwa (UP) and Kalamboli (Maharashtra).
  • Greener operations: Green power share rose to 34.4 per cent, and the S&P Global CSA net score was revised to 82 from 72.

For India’s cement makers, the July-September quarter is usually the toughest of the year. Construction slows during the monsoon, and energy costs eat into every tonne sold. ACC’s Q2 FY27 numbers show how the Adani Group company is trying to deal with that: by changing what it sells, not just how much.

ACC reported revenue from operations of Rs 5,689 crore for the quarter ended September 30, according to its stock exchange filing. Operating EBITDA came in at Rs 401 crore, a margin of 7 per cent, with EBITDA per tonne at Rs 414. Cement sales volume reached 9.7 million tonnes.

The Real Story Is the Sales Mix

The headline volume is only part of the picture. The bigger shift is in where and what ACC is selling.

Trade sales, which go through dealers and retailers to individual home-builders rather than in bulk to large projects, rose seven percentage points year-on-year to 78 per cent of sales. Trade sales usually fetch better prices than bulk orders, so a higher share helps protect realisations when costs rise.

Within that, premium products made up 47 per cent of trade sales, up three percentage points from the previous quarter. Blended cement, which mixes in materials like fly ash or slag and is less carbon-intensive, rose to 85 per cent of the mix from 78 per cent a year ago.

“We delivered a resilient performance in Q2 and H1 FY’27, supported by an improving sales mix and higher premium volumes,” said Vinod Bahety, Whole-time Director and CEO, ACC Limited. He added that the reported numbers “are not strictly comparable due to the impact of MSA,” while the underlying business momentum remains encouraging, supported by trade partners.

That caveat matters for readers comparing this quarter with past results. The company itself is signalling that a straight year-on-year comparison of headline figures may be misleading.

Margins Remain the Pressure Point

A 7 per cent EBITDA margin and Rs 414 per tonne show how hard the quarter was. Monsoon disruptions and elevated energy costs weighed on the industry, and ACC’s better mix appears to have cushioned the impact rather than offset it. The filing details summarised here don’t include net profit figures, so investors will want to look at the full results for the complete picture.

The faster-growing parts of the business offer some support. Ready-Mix Concrete volumes rose 19 per cent year-on-year to 1.07 million cubic metres, pointing to continued demand from urban construction.

ACC also expanded capacity during the quarter, commissioning a 2.4 MTPA greenfield cement grinding unit at Salai Banwa in Uttar Pradesh and an additional 1.0 MTPA at Kalamboli in Maharashtra. Both locations strengthen its reach in large, fast-building markets in the north and west.

Green Credentials Gain Weight

On sustainability, ACC’s green power share rose to 34.4 per cent from 30.3 per cent a year earlier. Its 2025 S&P Global Corporate Sustainability Assessment net score was revised upward to 82 from 72, while its gross score remained an industry-leading 89 out of 100. As institutional investors increasingly screen for ESG performance, these scores carry growing weight beyond the earnings table.

Peak Season Will Be the Real Test

With the monsoon behind it, the October-March period is traditionally the cement sector’s strongest. If demand picks up and energy costs ease, ACC’s improved mix and new capacity put it in a position to translate volume into better margins in the quarters ahead.

(With inputs from IANS)