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[Full report here](https://mailcontent.icicidirect.com/mailcontent/idirect_ace_shubhnivesh_sep26.pdf) Investment Rationale: • Volume recovery gains traction as CEV -V transition impact eases: After a subdued demand
environment following the transition to CEV Stage V emission norms, customer acceptance has improved, leading to a recovery in equipment demand. Construction equipment volumes grew 17.2% YoY to 2,740 units in Q1FY27, while realizations increased 4.6% YoY to ₹27.1 lakh/unit, reflecting improving pricing power and a favourable product mix. With a strong leadership position in the mobile crane segment and sustained government infrastructure spending, ACE remains well placed to deliver healthy volume-led earnings growth. • Margin resilience supported by pricing actions and emerging growth drivers : Despite elevated raw material costs, including a ~20% increase in steel prices, management expects to sustain operating EBITDA margins above 15% through calibrated price
