Action Construction Equipment (ACE) is the world's largest Pick & Carry crane manufacturer, with over 63% domestic mobile crane share, making cranes, backhoe loaders, agri equipment and a growing defence line. The Q2 print will speak to whether the best-ever Q1 momentum continued against steel at four-year highs, and whether management delivers the full-year FY27 guidance it committed to by the end of quarter 2.
| Results date | November 12, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 785.68 Cr (+20.49% YoY) |
| Previous quarter PAT | Rs. 119.49 Cr (+22.28% YoY) |
| Previous quarter EBITDA margin | 20.53% |
| Market cap | Rs. 13,905.34 Cr |
| CMP | Rs. 1167.7 |
Per the board meeting notice dated October 29, 2026, the board meets on November 12, 2026, to approve unaudited standalone and consolidated Q2 FY27 results (limited review). The trading window was closed from October 1 to November 16, 2026.
The Q2/H1 FY27 earnings call is scheduled for November 13, 2026, at 4:00 PM IST, hosted by Avendus Spark. Speakers include Sorab Agarwal (Executive Director), Rajan Luthra (CFO) and Vyom Agarwal (President).
The central question for this quarter is whether ACE extends its best-ever Q1 run — revenue up 20.49% YoY and EBITDA margin at 20.53% — into a Q2 where input costs hardened sharply, with Indian HRC steel at Rs. 62,000/t in early September, a four-year high, up 25% YoY.
The demand backdrop improved through the quarter: ICEMA FYTD-July industry sales rose 14% YoY and the industry's FY27 domestic growth forecast was raised to 9-12% in September, while ACE reports against a soft base (Q2 FY26 total income of Rs. 773.6 Cr was 2.19% below Q2 FY25). The swing variable is pass-through — the 5% price hike effective June 1 is in the base and a flagged 3-4% Q2 follow-up, toward a cumulative 12-14% range, would land in this quarter's realizations if implemented.
Exports are the soft spot, running at ~3% of Q1 revenue against a 6-7% FY27 target, with West Asia shipping disruption escalating through the window; defence revenue should build off the ~5% Q1 contribution toward the Rs. 200-220 Cr FY27 execution target. The most-watched item on the November 13 call is the full-year FY27 guidance, which management deferred twice and committed to providing by the end of quarter 2.
Full-year FY27 guidance — due now: Management has twice deferred annual guidance and committed to providing it by the end of quarter 2.
Defence execution vs target
Margins and pricing pass-through
KATO JV and capex milestones
Exports, tower crane capacity and monsoon
Management said in July 2026 that defence execution could be 'another 10%, 15% more' than the Rs. 200 crores mark. A BRO order for 74 units of 4X4 Backhoe Loaders was received on September 30, 2026, though its value and timeline were not disclosed.
Management deferred annual guidance twice and committed to providing it by the 'end of quarter 2', which points to the November 13, 2026 earnings call. The guidance will follow a Q1 where revenue grew 20.49% YoY.
The reported Q1 FY27 EBITDA margin of 20.53% is computed on total income including other income, while management's 15-16% guidance explicitly excludes other income. The two bases are not directly comparable.
ACE implemented a 5% price increase effective June 1, with a potential 3-4% follow-up flagged for Q2 FY27, moving toward a cumulative 12-14% range. Management has observed that price hikes sustained for 6-8 months tend to stick.
Q1 FY27 was ACE's best-ever Q1, with consolidated revenue from operations of Rs. 785.68 Cr, up 20.49% YoY, and PAT of Rs. 119.49 Cr, up 22.28% YoY. EBITDA margin stood at 20.53%, up 428 bps QoQ.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.