ACTION CONSTRUCTION EQUIPMENTFUNDAMENTAL RESEARCH REPORT

ACE (NSE: ACE, BSE: 532762), Faridabad/Palwal (Haryana), incorporated 1995, is India’s largest crane maker - the leader inpick-and-carry cranes and tower cranes - with construction equipment (backhoes, forklifts), material handling and agriequipment, across three plants and two R&D centres. FY25 mix: cranes/CE/material handling ~93%, agri ~7%. A direct play onpublic capex, logistics build-out and construction mechanisation. Event 1 - the FY26 pause is over; Q1 FY27 was the best Q1 ever. FY26 revenue was fl at-to-slightly-down (Rs 3,274 Crstandalone vs 3,320) exactly as management had guided (“fl attish, margin focus”) - and PAT still grew ~5% on margindiscipline. Then Q1 FY27: total income Rs 836 Cr +19%, PAT Rs 118.6 Cr +22.5% , volumes +17%, with history’s tailwind ahead:55-60% of ACE’s year lands in H2. Full-year guidance comes at September-end; management already fl ags growth in backhoes,forklifts, tower cranes and hydras.