New Delhi, Nov. 25 -- ACC Ltd's stock has declined about 10% over the past year even as shares of many cement companies have gained. The Street is looking past the strong September quarter (Q2FY26) numbers and weighing the medium-term growth prospects, expected largely from how the Adani Group positions ACC.

As parent company Ambuja Cements Ltd steps up its integrated capacity much faster, ACC is relying more on traded volumes and group-level supply arrangements. Emkay Global Financial Services notes that over CY21-FY25, ACC's cement capacity increased only about 4% while volumes rose 13%, implying that most of the sales growth was led by the master supply agreement between ACC and Ambuja.

Emkay expects about 7% capacity addition over F...