ICICI Direct has given Buy recommendation for ACC with a target price of Rs. 2900 in its research report issued on Sep 29, 2022

ICICI Direct’s research report on ACC

ACC (now Adani group conglomerate part) is a large cement player with capacity of over 34.5 MT in India and one of the oldest cement players in industry. ACC also manufactures ready-mix concrete and has 50 plants across India. ACC has a strong balance-sheet with debt free status • Ongoing capex of Rs 3500 crore would increase its capacity to 39.3 MT by CY22E. Grinding unit (GU) in Sindri & Tikaria has already been commissioned, balance 3.2 MT new capacity is progressing as per schedule.


We value ACC at Rs 2,900 i.e.11.5x CY23E EV/EBITDA.

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