ACC Limited Q3 FY26 Results: ₹6,483 Cr Revenue, PAT Collapse QoQ, 9.8x P/E — Cheap Cement or Value Trap?

1. At a Glance – Cement With a Midlife Crisis

ACC is that 88-year-old uncle who just changed his surname after marriage. Now part of the Adani family, ACC is sitting at a market cap of ₹31,652 Cr, trading at ₹1,686, down ~9.3% in 3 months while the cement sector pretends to be bullish on infrastructure spending.

Q3 FY26 numbers look like a mixed thali — Revenue ₹6,483 Cr (+9.4% QoQ) but PAT fell ~65% QoQ. EBITDA margins cooled off to ~11% after flirting with 19% last quarter. The stock trades at 9.78x P/E versus industry P/E ~29x, which screams “cheap” — or whispers “earnings volatility, bhai”.

Debt? Practically non-existent (Debt/Equity 0.02). ROCE is a respectable 17.4%, ROE 13.2%. Dividend yield exists, but emotionally — 0.44%.

So is this Adani Cement’s boring but stable cash cow… or a cyclical headache in disguise? Let’s open the balance sheet and do some jugaad-level forensic accounting.

2. Introduction – From Holcim’s Kid to Adani’s Project

ACC was born in 1936, saw British India, socialism, liberalisation, and finally — Adani Group takeover in 2022. Holcim exited, Gautam bhai entered, and suddenly ACC went from Swiss discipline to Gujarati aggression.

Post-acquisition, ACC’s role is clear: volume growth, cost slaughter, synergy with Ambuja, and eventually — full family merger. And yes, the ACC–Ambuja amalgamation (328 Ambuja shares per 100 ACC) is already announced, turning this stock into a soon-to-be corporate fossil.

But before the merger eats it alive, ACC’s standalone numbers still matter — especially Q3 FY26, which came