Annual reportJul 2026
Jul 2026 · Outcome of Board Meeting 6 July 2026 - Board approved FY26 annual report, AGM on 31 July 2026, dividend record date 17 July, and new independent director.
Source: Nse
Accent Microcell Ltd. (ACCENTMIC)
SME CapPharma stocks · SME cap · NSE
Accent Microcell Ltd. manufactures pharmaceutical excipients, focusing on cellulose-based products like MCC, SMCC, and MCC Spheres. It operates two units (Pirana, Dahej SEZ) and exports to over 75 countries. The company caters to pharma, nutraceutical, food, dairy, and cosmetic industries, with a growing emphasis on premium product ranges.
₹654.4
-21.05 · -3.12%
Market cap ₹1,619 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result13 May, 04:13 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
76BullishSMA20 +5.6% / mo · MACD − · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 61
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
ACCENTMICD candles · FIT view+50.1%Latest close ₹654.40 on 2026-10-19
Bar
-4.9%
RSI
48
MACD hist
-3.23
52W pos
84%
2026-10-19O ₹688.00H ₹688.00L ₹645.05C ₹654.40Vol 24,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ACCENTMICNifty PharmaNifty 500
- ACCENTMIC
- +24.0%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- +29.6 pp
Chart stats
19 Oct 2026- From 52W high
- -10.6%
- 52W range position
- 84%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.43x
- Avg traded value
- ₹3.8 Cr
- 20D price channel
- ₹627 - ₹700
₹731.7
₹253 - ₹731.7
₹23.2
Latest completed session
20-session average
24.5% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE58
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent77
Revenue +51.1% · PAT +62.5% YoY
Technical
Bullish76
Price trend and sector-relative-strength timing.
Valuation
Legacy model+38.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence77
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Excellent · 77/100Rev +51% YoY · PAT +63% YoY · +51% QoQ · operating leverage · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹210 Cr | +51.1% | +51.1% |
| EBITDA | ₹33 Cr | NDF | +37.5% |
| Operating margin | 16.0% | NDF | -100 bps |
| PAT | ₹26 Cr | +62.5% | +44.4% |
| PAT margin | 12.4% | NDF | -57 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 28.40
- P/B
- 5.31
- EV/EBITDA
- 20.51
- Market Cap
- 1619.00Cr
Profitability
- ROE
- 18.60%
- ROCE
- 24.90%
- ROA
- 16.47%
- Dividend Y
- 0.15%
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 54.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 53.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 9.26
- Book Value
- 127.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 19.00 Cr
- EPS TTM
- 23.72
Shareholding
- Promoter Hold
- 51.40%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 88%
Financial History
Updated 18/10/2026
Revenue
₹ CrLatest: 210+51.1% vs prev
Net Profit
₹ CrLatest: 26.0+44.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 48. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~5.3% over last month) — short-term momentum positive.
- RSI(14) at 48 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 11% off 52W high · 159% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation8/30
Growth22/25
Quality13/20
Balance Sheet7/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
58
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
58/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 38.7%.
- Growth contributes 22/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Valuation is weaker at 8/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
28.4
PB
5.3
EV/EBITDA
20.5
ROE
18.6%
ROCE
24.9%
FCF Yield
—
Debt/Equity
0.0
MoS
+38.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
58
Previous: 58
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+38.7%
Previous: +38.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
58
58
58
58
58
57
57
58
58
58
58
58
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹260.35
-151.4% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹1,067.4
+38.7% MoS
PEG
0.53
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
REMUS
SME
Remus Pharmaceuticals Ltd.
Pharmaceuticals
match 127
44
27.6
12.2%
+30%
WATCHLIST
SAIPARENT
SME
Sai Parenterals Limited
Pharmaceuticals
match 126
24
106.0
4.9%
-232%
OVERVALUED
JAGSNPHARM
Small
Jagsonpal Pharmaceuticals Limited
Pharmaceuticals
match 125
58
32.2
17.3%
+29%
FAIR VALUE
SAROJA
SME
Saroja Pharma Industries India Ltd.
Pharmaceuticals
match 125
48
9.8
10.1%
+77%
FAIR VALUE
FERMENTA
Small
Fermenta Biotech Limited
Pharmaceuticals
match 125
47
30.0
16.4%
-38%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-18T02:24:22.060Z
Management commentary snapshot
FY26 revenue and PAT increased YoY, driven by higher export sales (63% of revenue) and a shift towards premium products. Unit 3 Phase 1 commercialization delayed to June 2026 due to regulatory approvals and monsoon, impacting immediate capacity expansion plans.
Management's repeated delays in Unit 3 Phase 1 commissioning, now expected June 2026, raise concerns about execution. While H2 FY26 saw a shift to higher-margin premium products and increased exports, reliance on trading volumes (25% of sales) to meet demand highlights current capacity constraints. Future growth hinges on timely Unit 3 ramp-up and successful commercialization of new pulp-based CMC/CCS.
Current business mix
Revenue by Geography (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Exports63.0%
Domestic37.0%
Growth engines
Premium Product Focus
Substantial increase in premium range products (SMCC and Spheres) in H2 FY26. Phase 1 of Unit 3 will cater to premium excipient products.
Export Market Expansion
Export revenue increased from 53% to 63% of total sales, indicating strong international demand and market penetration.
Unit 3 Capacity Addition
Unit 3 Phase 1 will add 2,400 MT capacity for premium excipients (CCS, SSG, CMC). Phase 2 will add MCC capacity.
Proprietary Technology
Company claims to be India's first plant to make pulp-based CMC and process it forward for CCS, developed after 8 years of R&D.
Capacity and execution
Unit 3 Phase 1 (Premium Excipients)
Expected to go live by June 25th, 2026, after receiving GPCV and pollution control licenses. Total capacity of 2,400 MT for CCS, SSG, CMC.
Unit 3 Phase 2 (MCC)
Expected to go live in March 2027. Anticipated to achieve 75-80% capacity utilization from the first year onwards.
Unit 3 Phase 3-6
Land purchased for up to Phase 6. Phase 3 is an ongoing plan, tentatively expected to start in 2028, pending success of Phase 2.
Tailwinds
Strong Order Book
Current MCC demand outlook is good, with roughly 4,000 metric tons of orders on hand for domestic and export markets.
Pricing Power
Nominal increase in raw material (wood pulp) cost has been completely passed on to customers.
Favorable Currency Devaluation
With exports being 3x the amount of imports, currency devaluation provides a positive financial benefit.
Headwinds
Unit 3 Commissioning Delays
Phase 1 delay primarily due to two back-to-back abnormal monsoons and pending regulatory approvals (licensing work, CTO, CCA).
Reliance on Trading Volumes
Roughly 25-30% of total sales volumes were from traded products in FY26, with trading margins of 5-6%.
Risk radar
Execution Risk for Unit 3
Repeated delays in Unit 3 Phase 1 commissioning, initially October 2025, then April 2026, now June 2026, raise concerns about project execution.
Regulatory Approval Uncertainty
Management states that giving exact timelines for Unit 3 commercialization is technically not possible due to events beyond their control.
Competitive Intensity
A competitor (Sigachi) is expanding MCC capacity by 18,000 MT in Dahej, potentially increasing market competition.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company reports for the full financial year and half-year, comparing current year performance to the previous financial year, indicating a focus on annual trends rather than sequential momentum.
Sector KPIs management disclosed
Export Revenue Contribution
ODAC exports, it's roughly, say, around 63%, which was, 53% last year.
New Product Launches
MCC spheres that we have started exporting into global markets and in domestic market as well. Croscarmellose sodium, Magnesium Stearate, and Cellulose are existing products.
Regulatory Approvals
Required certification in place to export to various countries, namely XPAC, GMP, ISO, FSSI, HSCCP, USDMF. US DMF is applicable for excipient companies.
Gross Profit Percentage
Gross profit percentage is around 38%.
Management forward view
Focus on Blended Margins
Management advises focusing on blended EBITDA percentage rather than product-wise or category-wise profit margins due to trading activities.
Reduced Trading Post-Phase 2
Trading volumes are expected to reduce substantially post-commercialization of Unit 3 Phase 2.
Funding Future Phases
Internal accruals are expected to suffice for future phases (Phase 3-6), with no further debt requirements foreseen as of now.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Unit 3 Phase 1 Commercialization | Delayed to June 2026. | Actual start date of commercial production and initial ramp-up of premium excipient volumes. |
| Premium Product Contribution | 13% of revenue (FY25-26). | Increase to 16-17% in FY27H2, indicating successful market penetration of higher-margin products. |
| Trading Volumes | 25-30% of total sales in FY26. | Substantial reduction post Unit 3 Phase 2 commissioning (expected March 2027), improving overall profitability. |
| EBITDA Margins | Implied ~16% (from 38% GP and 5-6% trading margins). | Increase by 2-3 percentage points as premium product mix rises and trading volumes decrease. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
77Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 83rd percentile of the scored universe and 76th percentile within Pharma. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 3 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
83rd percentile
overall median 67 · Pharma: 76th pctile, median 70 · SME: 97th pctile, median 64
Evidence depth
Financial-only
3 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸Debt/equity is 0.00.
- ▸ROCE is 24.9%.
Trust risks
- ▸Promoter holding fell 2.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Accent Microcell Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptAug 2025
Aug 2025 · Transcript
Source: Nse
Concall transcriptMay 2025
May 2025 · Transcript
Source: Nse
Investor presentationMay 2025
May 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.