ACC’s stock continued its downward spiral for a second day, dipping 1.3% on January 28 to ₹1,968 per share. From a high of ₹2,028 earlier in the session, the stock lost 3%, extending Monday’s weakness after the release of its Q3 financials. Despite the slip, ACC reported remarkable growth in the quarter, fueled by one-time gains such as a ₹640 crore excise duty refund and a ₹530 crore interest provision reversal. Brokerage firms remain divided on the stock’s outlook. CLSA reaffirmed its ‘Outperform’ rating with a target price of ₹2,580, while Nomura stuck to its ‘Reduce’ rating, citing a target of ₹1,920. Other firms like Investec and Morgan Stanley issued ‘Hold’ and ‘Equal Weight’ ratings, with targets of ₹2,845 and ₹2,510, respectively. ACC posted a consolidated net profit of ₹1,091 crore for Q3FY25, more than doubling last year’s ₹538 crore, and surging 446.8% sequentially. Revenue climbed 7.25% YoY to ₹5,207 crore—its best Q3 revenue in five years—driven by an 11% rise in trade sales and a 32% contribution from premium products. However, adjusted figures told a more sobering story. Excluding one-offs, EBITDA plunged 48% YoY to ₹470 crore, and PAT fell 57% to ₹230 crore. Operational efficiencies were a silver lining. ACC reduced kiln fuel costs by 10%, thanks to synergies with Adani group companies, and trimmed logistics expenses by 9%. The company also improved its fuel mix by incorporating low-cost imported petcoke and optimizing coal consumption. EBITDA margins slightly improved to 18.8% from 18.4% a year ago.