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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend supports entry, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 62/100Rev +244% YoY · PAT +230% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹45.9 Cr | +243.8% | +4.9% |
| EBITDA | ₹7.9 Cr | +4.5% | +11.5% |
| Operating margin | 17.2% | -226 bps | +101 bps |
| PAT | ₹4.9 Cr | +230.2% | +3.6% |
| PAT margin | 10.7% | -44 bps | -14 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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).
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.
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.
Trend score and candlestick chart
70Bullishfull bull SMA stack · SMA20 +19.0% / mo · MACD − · near 52W high · sector +2.2pp vs Nifty (3M)
Technical chart
ACCPLdaily · 1Y · AUTO+196.5%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 58. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~16.0% over last month) — short-term momentum positive.
- RSI(14) at 58 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 7% off 52W high · 272% 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 & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 48.9%.
- Quality contributes 17/20 to the score.
- Growth contributes 19/25 to the score.
Main drags
- Penalty bucket subtracts 4 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 12/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Healthy Trust Lite: Promoter holding is 73.5%. Key concern: Operating cash flow is negative at ₹-15 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Pharma: 43rd pctile, median 70 · SME: 70th pctile, median 64
3 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 23.00
- P/B
- 4.07
- EV/EBITDA
- 14.50
- Market Cap
- 222.00Cr
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
- 17.59×
- Altman Z
- 8.87
- Book Value
- 49.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -14.62 Cr
- EPS TTM
- 8.70
Shareholding
- Promoter Hold
- 73.52%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 91%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Pharma, ranked by similarity
Peers
Business-comparable names in Pharma, ranked by similarity
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.