ICICI Direct has given Buy recommendation for ACC recommended buy rating on the stock with a target price of Rs 2700 in its research rep with a target price of Rs. 2700 in its research report issued on Oct 18, 2022

ICICI Direct’s research report on ACC

ACC (now Adani group company) is a large cement player with capacity of over 34.5MT in India and one of the oldest cement players in the Industry. The company also manufactures ready-mix concrete and has 50 plants across India. ACC has a strong balance-sheet with debt free status. However, it remains a laggard in terms of efficiency vs. peer companies as of now • The ongoing capex of Rs 3500 crore to increase its capacity to 39.3 MT. GU in Sindri & Tikaria has already been commissioned. Balance 3.2 MT new capacities are progressing and will be commissioned by March 2023.


Given its comfortable valuations, we retain BUY rating on the stock with revised target price of Rs 2,700 i.e.11.5x CY23E EV/EBITDA.

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