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Revenue
₹855 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹164 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
ACE reported a flattish Q3 FY26 with total income of ~₹888 crore, but EBITDA margin expanded 74bps to 18.5% and PAT grew 8.15% to ₹115.88 crore. The core crane and construction equipment segment saw 10% sequential revenue growth to ₹763 crore, driven by demand normalization post-BS5 transition and new product launches with AI features. Management expects full-year revenue to remain flattish with improved margins. Key positives include a strong order book of ~₹500 crore in defense, capacity of ₹5,500 crore, and zero net debt. Risks include delayed anti-dumping duties on Chinese cranes and slow execution of government orders. The company targets ₹6,000-7,000 crore revenue by FY29-30.
Colored figures show movement against the previous available record.
Guidance to track
- Full-year revenue expected to be flat to slightly positive, but margin profile better than last year.
- Management targets revenue of ₹6,000-7,000 crore by FY29 or FY30, leveraging existing capacity of ₹5,500 crore.
- Defense revenue expected to contribute 4-5% of total revenue in FY27, up from ~2% currently, driven by order execution.
- Plans to expand tower crane capacity from 800-900 units to 1,100 units via rejig and new facility in Palwal.
Risks flagged
- DGTR recommended anti-dumping duty on Chinese cranes in September, but finance ministry has not notified it yet, delaying protection against predatory pricing.
- Chinese players remain aggressive in truck cranes and crawler cranes with predatory pricing, limiting ACE's market share despite having capacity.
- Defense and telehandler orders faced procedural delays; execution ramp-up is uncertain.
- JCB's strong NBFC relationships and resale value perception hinder ACE's market share growth in backhoe loaders.
Key quotes
- We have capacity of about 400. We're doing close to 50 60. We were very hopeful that anti-dumping duty will come and we will be able to utilize that capacity in the next 2 three years. Unfortunately, it has not come.
- Our new generation cranes have become failsafe cranes. So basically, unless until you actually want to turn off some system and have some accident with the crane you cannot do it.
- We are a debt-free company and last year we were able to bring ourselves to a zero working capital scenario in our final balance sheet.
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