Prabhudas Lilladher's research report on ACC

ACC reported robust operating performance in Q2FY26 led by strong volume growth and higher than expected cement realizations. Cement volumes grew 16% YoY aided by MSA. Average cement NSR grew 2.4% QoQ led by sharp rise in share of premium products in trade segment despite weaker prices. NSR including clinker was flat QoQ. Improved fuel mix, higher share of RE power, increase in direct dispatches and higher volume growth kept the costs well constrained which led to EBITDA/t of Rs 846 (+67% YoY). ACC has also announced debottlenecking capex of USD48/t to increase capacity by 5.6mtpa at various facilities. Ongoing 3.4mtpa (Salai Banwa and Kalamboli) seems to be on track and expected to be commissioned in Q3FY26. This capacity addition, along with

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