ACCENTMIC

Accent Microcell share price & financials

Price
₹452
Market cap
₹1.7k Cr
Sector
Healthcare
Calls analysed
3
Latest concall · Q4 FY26 · call held 16 May 2026

Accent Microcell Q4 FY26

Total Sales ₹350 cr Manufacturing Sales ₹260 cr Trading Sales ₹90 cr Total Sales Volume 15,000 metric tons

What went well

  • Total sales volume for FY26 was 15,000 metric tons, indicating strong demand.
  • Gross profit percentage for FY26 stood at a healthy 38%.
  • Export revenue grew significantly to 63% of total sales, up from 53% last year, with 90% of MCC Spheres exported in H2 FY26.

What to watch

  • Commercialization of Unit 3 Phase 1 was delayed due to abnormal monsoons, licensing work, and regulatory approvals.
  • Phase 2 of Unit 3 is now expected to go live in March 2027, a delay from earlier expectations.
Read the full call →

What Accent Microcell does

Accent Microcell manufactures pharmaceutical excipients with a focus on cellulose-based products, including Microcrystalline Cellulose (MCC), Silicified MCC (SMCC), MCC Spheres, Croscarmellose Sodium (CCS), Magnesium Stearate and Powdered Cellulose, sold under the Accel, Acrocell, Maccel and Vincel brands. It runs manufacturing facilities at Pirana (Ahmedabad) and Dahej SEZ in Gujarat, with a third unit being commissioned at Nayka (Kheda) to add value-added products such as CCS, CMC and Sodium Starch Glycolate. Its excipients feed pharmaceutical, nutraceutical, food/bakery/dairy, cosmeceutical and personal-care manufacturers, with a majority of revenue coming from exports across 75+ countries.

Segments

  • Microcrystalline Cellulose (MCC)
  • Silicified Microcrystalline Cellulose (SMCC)
  • MCC Spheres
  • Croscarmellose Sodium (CCS) and other disintegrants
  • Magnesium Stearate & Powdered Cellulose
Manufacturing units
2 operational (Pirana, Ahmedabad & Dahej SEZ, Gujarat) + Unit III commissioning at Nayka, Kheda
Installed capacity
9,200 MTPA, scaling to 12,000 MTPA with Unit III
Capacity utilisation
100% (Pirana Unit I) / 95% (Dahej Unit II)
Global presence
75+ countries
Product grades
15+ overall (22 MCC grades)
Brands
4 (Accel, Acrocell, Maccel, Vincel)
Founded 2012Headquarters Ahmedabad, Gujarat, India

Guidance record · Q4 FY26

what the last two calls moved 14 tracked 0 delivered 2 missed 12 open
  • Related Party Transactions (RPT) went quiet said Q4 FY25 Promised: Negligible level in the near future Q4 FY26: The topic of RPT was not mentioned or discussed during the earnings call.
  • Unit 3 Phase 1 Commercial Production Start delayed said Q4 FY25 Promised: September to October 2025 Q4 FY26: Delayed significantly due to regulatory issues; new target is by June 25th, 2026.
  • Unit 3 Premium Products Margin on track said Q4 FY25 Promised: 25% on a bottom-line basis Q4 FY26: Management guided for a 2-3 percentage point increase in blended profit margins going forward, driven by premium products. High realization figures for new products support the high-margin thesis.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 4.6%, net profit down 60.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue126 5,972 139 6,087 139 +10%6,483 +9%210 +51%5,808 −5%
EBITDA19 1,116 23 778 24 +26%700 −37%33 +43%457 −41%
Net profit16 1,092 17 375 18 +13%404 −63%26 +53%147 −61%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +167.1% 1Y

₹300₹400₹500₹600₹700Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q4 FY26 — 15 May 2026

1Y: ₹271.75 on 10 Sept 2025 → ₹725.75. High ₹725.75 (11 Sept 2026), low ₹243.5 (29 Sept 2025).

How the price took the results

close before → close after

Q4 FY26
−2.9%
16 May

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 11.7% a year over 2 years, FY24 to FY26. Operating margin narrowed to 11.9%.

Year endingFY24FY25FY26
Revenue₹10.4k Cr₹11.4k Cr₹12.9k Cr
Operating profit₹1.7k Cr₹1.8k Cr₹1.5k Cr
Operating margin16.6%16.1%11.9%
Interest₹60 Cr₹61 Cr₹56 Cr
Depreciation₹439 Cr₹499 Cr₹566 Cr
Net profit₹1.0k Cr₹1.5k Cr₹823 Cr
Net margin10.0%13.0%6.4%
Cash from operations₹11 Cr₹25 Cr₹19 Cr
Free cash flow₹-2 Cr₹-12 Cr₹-68 Cr
ROCE31.0%24.0%25.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹4 Cr₹13 Cr₹13 Cr₹21 Cr₹24 Cr₹24 Cr
Reserves₹22 Cr₹19 Cr₹37 Cr₹143 Cr₹226 Cr₹252 Cr
Borrowings₹31 Cr₹24 Cr₹23 Cr₹13 Cr₹1 Cr₹1 Cr
Other liabilities₹23 Cr₹38 Cr₹37 Cr₹28 Cr₹38 Cr₹45 Cr
Total liabilities₹81 Cr₹95 Cr₹111 Cr₹205 Cr₹289 Cr₹322 Cr
Fixed assets₹30 Cr₹30 Cr₹31 Cr₹29 Cr₹50 Cr₹53 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹2 Cr₹41 Cr₹102 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹50 Cr₹64 Cr₹79 Cr₹174 Cr₹198 Cr₹167 Cr
Total assets₹81 Cr₹95 Cr₹111 Cr₹205 Cr₹289 Cr₹322 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, promoters trimmed −2.07 pp while FIIs added +0.90 pp. The shareholder count grew 7% to 3,178.

Promoters
53.0%
FIIs
0.9%
DIIs
3.5%
Public
42.5%

Since Jun 2025

  • Promoters −2.07 pp
  • FIIs +0.90 pp
  • DIIs +0.66 pp

How it drifted, 8 quarters

Over this window promoters fell from 55.1% to 53.0% — −2.1 pp.

Mar '24Jun '25Jun '26

Ownership split by quarter, oldest first. Mar '24: Promoters 55.1%, FIIs 0.0%, DIIs 1.6%, Public 43.3%.Sep '24: Promoters 55.1%, FIIs 0.0%, DIIs 1.7%, Public 43.2%.Mar '25: Promoters 55.1%, FIIs 0.0%, DIIs 2.2%, Public 42.7%.Jun '25: Promoters 55.1%, FIIs 0.0%, DIIs 2.9%, Public 42.0%.Sep '25: Promoters 55.4%, DIIs 3.3%, Public 41.3%.Dec '25: Promoters 55.4%, FIIs 0.3%, DIIs 3.6%, Public 40.7%.Mar '26: Promoters 55.5%, FIIs 0.6%, DIIs 3.6%, Public 40.4%.Jun '26: Promoters 53.0%, FIIs 0.9%, DIIs 3.5%, Public 42.5%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Accent Microcell above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Nitin Jasvantbhai Patel 15.71%unchanged
Vinodbhai Manibhai Patel 15.46%unchanged
Ghanshyam Arjanbhai Patel 10.15%−2.45 pp
Vasant Vadilal Patel 9.26%unchanged
Kantilal Pachan Vadia 8.35%unchanged
Manoj Agarwal 2.32%unchanged
Negen Undiscovered Value Fund AIF1.62%unchanged
Aarth AIF Growth Fund AIF1.15%−0.14 pp
Manoj Agarwal (Huf) . 1.01%unchanged
Shaileshbhai Arjanbhai Patel 0.75%unchanged
Arvindkumar Manibhai Patel 0.64%newly disclosed
Jitendra Vadilal Patel 0.38%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹726, this stock must grow earnings at -21% every year for 7 years. Our analysis caps realistic growth at ~-4%. At that growth it is worth ₹1857 — upside of 156%.

Growth the price implies
-21.2% a year
for 7 years, fading to 4%
It has actually compounded at
-7.9% a year
net profit, FY24–FY26 · EPS -3.9%
The gap
-0.2 pp
156% downside if it only repeats history
Price today ₹725.75 Value at the reference growth ₹1,857.42

Change the assumptions yourself →

All earnings calls (3)

Read the Q4 FY26 call →

Learn to analyse Accent Microcell

Guides on how to read this kind of business and the numbers that matter.