Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Accretion Pharmaceuticals Ltd. (ACCPL)
SME CapPharma stocks · SME cap · NSE
Leading manufacturer of high-quality pharmaceutical formulations and contract development manufacturing organization (CDMO) headquartered in Ahmedabad, Gujarat. Specializes in generic and branded formulations (tablets, capsules, oral liquids, powders, external preparations) with a strong global presence in 30+ countries.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result09 May, 04:00 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
70BullishSMA20 -1.8% / mo · MACD − · sector +4.9pp vs Nifty 500 (3M)
Stock trend: 51
Sector RS: 100
Sector 3M: -0.7% vs Nifty 500 -5.6%
Pharma FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ACCPLD candles · FIT view+105.3%Latest close ₹192.85 on 2026-10-21
Bar
+5.0%
RSI
46
MACD hist
-1.89
52W pos
84%
2026-10-21O ₹183.65H ₹192.85L ₹183.60C ₹192.85Vol 4,800 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
ACCPLNifty PharmaNifty 500
- ACCPL
- +18.0%
- Nifty 500
- -6.5%
- Nifty Pharma
- -2.0%
- Vs Nifty 500
- +24.5 pp
Chart stats
21 Oct 2026- From 52W high
- -12.3%
- 52W range position
- 84%
- ATR (14)
- 4.3%
- Volume vs 20D
- 0.22x
- Avg traded value
- ₹0.4 Cr
- 20D price channel
- ₹178.5 - ₹220
₹220
₹53.8 - ₹220
₹8.3
Latest completed session
20-session average
48.2% 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
Good62
Revenue +243.8% · PAT +230.2% YoY
Technical
Bullish70
Price trend and sector-relative-strength timing.
Valuation
Legacy model+50.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
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
Good · 62/100Rev +244% YoY · PAT +230% YoY · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹45.9 Cr | +243.8% | +4.9% |
| EBITDA | ₹7.9 Cr | NDF | +11.5% |
| Operating margin | 17.2% | NDF | +101 bps |
| PAT | ₹4.9 Cr | +230.2% | +3.6% |
| PAT margin | 10.7% | NDF | -14 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 22.20
- P/B
- 3.92
- EV/EBITDA
- 14.05
- Market Cap
- 215.00Cr
Profitability
- ROE
- 27.60%
- ROCE
- 28.90%
- ROA
- 12.61%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 159.11%
- EPS 5Y
- 154.75%
- Revenue 3Y
- 35.00%
- EPS 3Y
- 35.00%
Balance Sheet
- Debt/Equity
- 0.23
- Interest Coverage
- 17.21×
- Altman Z
- 8.74
- Book Value
- 49.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -14.53 Cr
- EPS TTM
- 8.70
Shareholding
- Promoter Hold
- 73.52%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 84%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 45.9+4.9% vs prev
Net Profit
₹ CrLatest: 4.9+3.6% 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 46. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.9% over last month) — short-term momentum negative.
- RSI(14) at 46 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 253% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
98
RS percentile
Stage 2 UptrendEstablished S2
1M return
-11.9%
3M return
+22.8%
6M return
+136.8%
1Y return
+249.4%
RS 1D
0
RS 20D
0
Sector rank
#1
Industry rank
#9
Stage evidence
- Price is 32.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +13.8%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
28 Apr 2026
S2 age
119 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
253 observations
21 Oct 2026Value 334.68+0.97%
RS vs Nifty 500335
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
Growth at Value
Fundamental score breakdown
U band · FAIR VALUEValuation12/30
Growth19/25
Quality17/20
Balance Sheet10/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-3
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
- Fair-value margin of safety is positive at 50.7%.
- Quality contributes 17/20 to the score.
- Growth contributes 19/25 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 12/30; 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
22.2
PB
3.9
EV/EBITDA
14.1
ROE
27.6%
ROCE
28.9%
FCF Yield
—
Debt/Equity
0.2
MoS
+50.7%
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: 21 Oct 2026
v4.3-runtime-valuation
Final score
58
Previous: 58
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+50.7%
Previous: +50.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
58
58
58
58
58
58
58
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
₹98.14
-96.5% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹391.5
+50.7% MoS
PEG
0.21
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
QUESTLAB
SME
Quest Laboratories Ltd.
Pharmaceuticals
match 165
70
11.3
16.6%
+78%
UNDERVALUED
CURIS
SME
Curis Lifesciences Ltd.
Pharmaceuticals
match 163
33
30.0
—
+57%
WATCHLIST
SOTAC
SME
Sotac Pharmaceuticals Ltd.
Pharmaceuticals
match 162
55
17.5
10.1%
+62%
FAIR VALUE
ZENITHDRUG
SME
Zenith Drugs Ltd.
Pharmaceuticals
match 160
75
6.9
26.3%
+84%
DEEP VALUE
BROOKS
Small
Brooks Laboratories Limited
Pharmaceuticals
match 159
60
12.1
22.0%
+68%
UNDERVALUED
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 intactReviewed 2026-06-18T03:08:30.250Z
Management commentary snapshot
FY26 Total Income grew 56.21% YoY to INR 89.63 crore, with Profit After Tax up 42.30% YoY to INR 9.67 crore. H2 FY26 revenue increased 18.24% YoY to INR 45.89 crore, while EBITDA margin declined to 17.17% from 19.43% YoY.
ACCPL delivered robust FY26 revenue and PAT growth, driven by volume and product mix. While H2 FY26 saw margin compression due to product mix, upfront investments, and compliance costs, management expects gradual improvement. The export-led strategy and focus on CDMO capabilities are key, with 100+ products under registration indicating future pipeline.
Growth engines
Export-led Strategy
Our export-led strategy continues to be a key growth driver, with ongoing efforts to transition towards higher-margin direct exports and expand into new geographies.
CDMO Capabilities
Focused on scaling our CDMO capabilities and improving capacity utilization across key dosage forms, enabling consistent revenue growth.
Product Portfolio Expansion
Expanding product portfolio and increasing penetration in Africa, Latin America, and Southeast Asia, supported by over 100 products under registration.
Geographical Diversification
Strengthening presence across Asia and Africa by moving from merchant exports to direct market engagement and expanding product registrations.
Tailwinds
Rising Disposable Income & Healthcare Awareness
Driving demand for high-quality pharmaceutical products across all income segments in India.
Large & Aging Population
Expanding pharmaceutical consumer base due to growing prevalence of chronic and lifestyle-related diseases in India.
Government Initiatives
PLI scheme, Ayushman Bharat and Jan Aushadhi scheme are promoting domestic manufacturing and wider access to medicines.
Global Supply Chain Shift
Global pharma firms are shifting supply chains away from China, driving a 50% YoY surge in RFPs for Indian CDMOs in 2024.
Headwinds
Product Mix Impact on Margins
Margins during the year were impacted by product mix changes, leading to a decline in EBITDA margin.
Upfront Investments
Upfront investments in product registrations and compliance-related costs impacted profitability.
Strict CDMO Regulations
Strict FDA, EMA GMP regulations in the global CDMO industry can lead to higher costs and delays.
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 BOTH
The company provides full-year (FY26 YoY) and half-yearly (H2 FY26 YoY) comparisons. Annual data shows overall trends, while half-yearly data provides more recent momentum and margin dynamics.
Sector KPIs management disclosed
Export Growth
Robust demand momentum across our core export markets, supported by a healthy order book, expanding product portfolio, and increasing penetration in Africa, Latin America, and Southeast Asia.
Launch Pipeline
Over 100 products under registration and multiple market approvals underway, positioning to deepen presence and unlock new opportunities.
Approvals
Certifications include WHO-cGMP, GLP, Cambodia GMP, Rwanda GMP, Nigeria GMP, Malawi GMP, ISO 9001:2015, ISO 14001:2015 and ISO 22000:2018.
EBITDA Margin
FY26 EBITDA Margin was 16.68% (vs 20.71% in FY25). H2 FY26 EBITDA Margin was 17.17% (vs 19.43% in H2 FY25).
Management forward view
Focus on Sustainable Growth
Remain focused on driving sustainable growth through enhanced capacity utilization, continued investments in product development and registrations, and strengthening global partnerships.
Gradual Margin Improvement
Confident of a gradual improvement in profitability as investments begin to yield results and operating leverage improves.
Transition to Direct Exports
Ongoing efforts to transition towards higher-margin direct exports and expand into new geographies.
Modernizing Manufacturing Plant
Modernizing Ahmedabad plant with advanced equipment to boost efficiency, compliance, and capacity.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | FY26: 16.68%, H2 FY26: 17.17% | Gradual improvement in profitability as investments yield results and operating leverage improves. |
| Product Registrations | Over 100 products under registration | Successful approvals and commercialization of new products to deepen market presence. |
| Capacity Utilization | Varies by dosage form (e.g., Tablets 65.72%, Capsules 49.65%) | Enhanced capacity utilization across key dosage forms to drive sustainable growth. |
| Direct Export Share | Not explicitly specified | Progress in transitioning towards higher-margin direct exports and expanding into new geographies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
68Limited 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 56th percentile of the scored universe and 43rd percentile within Pharma. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
56th percentile
overall median 67 · Pharma: 43rd pctile, median 70 · SME: 70th 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
Acceptable, but check the weakest sub-score before increasing exposure.
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
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 73.5%.
- ▸Promoter pledge is zero.
- ▸ROCE is 28.9%.
Trust risks
- ▸Operating cash flow is negative at ₹-15 Cr.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Accretion Pharmaceuticals Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationMay 2026
May 2026 · Investor Presentation 15 May 2026 - FY26 investor presentation shared; available on Accretion Pharmaceuticals website.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Aug 2026 · General Updates 5 Aug - 3rd AGM on 27 August 2026; FY2025-26 annual report sent to shareholders.
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
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.