ACC Limited (ACC.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+371.0%

₹5,553.37

vs ₹1,179.10 price

Levered DCF

-₹1,768.15

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.82

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	11.02×	15.26×	20.45×	48.21×	22.33×	21.24×	19.71×	18.63×
P/B	1.15×	1.98×	2.93×	2.22×	2.91×	2.39×	2.35×	2.69×
P/S	0.91×	1.77×	2.44×	1.8×	2.63×	2.25×	1.77×	1.96×
EV / EBITDA	8.27×	8.51×	12.26×	19.48×	10.87×	10.24×	8.25×	11.53×
Gross margin	35.1%	38.1%	42.9%	77.7%	53.8%	75.1%	75.4%	107.1%
Operating margin	6.7%	10.0%	11.1%	4.5%	15.1%	32.1%	0.0%	30.7%
Net margin	8.3%	11.6%	11.9%	3.7%	11.8%	10.6%	9.0%	10.5%
Current ratio	1.97×	1.61×	1.6×	1.46×	1.73×	1.76×	1.6×	1.42×
Debt / equity	0.02×	0.02×	0.02×	0.01×	0.01×	0.01×	0×	0×
Interest coverage	27.43×	33.02×	34.6×	29.46×	98.41×	223.57×	0×	0×
Dividend yield	0.6%	0.4%	0.4%	2.8%	0.6%	0.9%	1.0%	1.0%
Payout ratio	6.6%	5.9%	7.5%	134.2%	14.1%	18.4%	19.1%	18.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.4%	12.9%	14.3%	4.6%	13.0%	11.3%	11.9%	14.4%
Return on invested capital	7.8%	8.0%	10.6%	4.0%	11.8%	27.0%	0.0%	39.2%
Return on assets	7.8%	9.5%	10.0%	3.2%	8.9%	7.9%	8.0%	9.5%
Free cash flow yield	-11.8%	-0.7%	3.3%	-8.5%	4.0%	4.8%	6.3%	2.1%
Earnings yield	9.1%	6.6%	4.9%	2.1%	4.5%	4.7%	5.1%	5.4%
Enterprise value	₹234.3B	₹360.4B	₹465.3B	₹312.8B	₹343.7B	₹246.3B	₹226.5B	₹253.9B
Net debt / EBITDA	-0.05×	-0.15×	-0.33×	-0.06×	-2.29×	-2.39×	-1.64×	-1.33×
Cash conversion cycle (days)	57	29	16	17	-21	-44	-17	110