ACCPL
Accretion Pharmaceuticals financials
- Market cap
- ₹239 Cr
- Sector
- Healthcare
- Calls analysed
- 1
ACCPL Q2 FY26
What went well
- H1 FY26 Net Revenue increased by 135.59% YoY to INR 43.74 crores, driven by strong volume expansion post IPO-funded capex and a richer product mix.
- H1 FY26 Profit After Tax (PAT) grew 92.81% YoY to INR 4.75 crores, reflecting robust revenue traction.
- The successful IPO in May 2025 raised INR 29.75 crores, which was deployed to enhance manufacturing capability, reduce debt, and strengthen working capital.
What to watch
- H1 FY26 EBITDA margin compressed to 16.17% from FY25's 21%, attributed to product mix, volume focus, and scaling expenses.
- Product and plant registration processes in new markets have long lead times, typically 1-2 years, which can delay market entry and revenue generation.
What Accretion Pharmaceuticals Ltd does
Accretion Pharmaceuticals is a contract development and manufacturing organization (CDMO) that makes generic and branded pharmaceutical formulations across five dosage forms — tablets, capsules, oral liquids, oral powders and external preparations — spanning therapeutic areas such as antibiotics, anti-inflammatory, antihistamine, cardiac and anti-diabetic. It earns revenue mainly through contract manufacturing / sales-loan-license arrangements for other pharma companies, supplemented by direct domestic sales and direct exports. Manufacturing is done at a single WHO-cGMP certified facility in Ahmedabad, Gujarat, and the company sells across more than 16 Indian states and exports (directly and via merchant exporters) to over 30 countries in Africa, Southeast Asia and Latin America.
Segments
- Tablets
- Capsules
- Oral Liquids
- Oral Powders
- External Preparations
- Total installed manufacturing capacity
- 1,027 Mn units/yr (Tablets 650Mn, Capsules 200Mn, Oral Powder 150Mn, Oral Liquid 18Mn bottles, External Preparations 9Mn tubes)
- Manufacturing facilities
- 1 (Ahmedabad, Gujarat)
- Export countries
- 30+ (Africa, Southeast Asia, Latin America)
- Merchant exporter network
- 70+
- Domestic state presence
- 16+ Indian states
- Regulatory / GMP approvals
- WHO-cGMP, GLP, ISO 9001:2015, ISO 14001:2015, ISO 22000:2018; country GMPs from Cambodia, Rwanda, Nigeria, Malawi
Guidance record · Q2 FY26
what the last two calls moved 5 tracked 0 delivered 0 missed 5 open- Revenue Growth open said Q2 FY26 Promised: Maintain same momentum as H1 FY26 (135.59% YoY) for upcoming 6 months and later years Q2 FY26: Guidance issued during Q2 FY26 call.
All 5 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 243.7%, net profit up 230.2% against the same quarter last year.
| Line item | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 13 | 19 | 39 | 44 | 46 +244% |
| EBITDA | 3 | 4 | 8 | 7 | 8 +207% |
| Net profit | 1 | 2 | 4 | 5 | 5 +230% |
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 +241.3% 1Y
1Y: ₹63 on 10 Sept 2025 → ₹215. High ₹215 (11 Sept 2026), low ₹54.6 (17 Oct 2025).
How the price took the results
close before → close after
- Q2 FY26
- +20.0%
- 18 Nov
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.
Balance sheet
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity capital | ₹4 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹1 Cr | ₹35 Cr | ₹44 Cr |
| Borrowings | ₹13 Cr | ₹8 Cr | ₹12 Cr |
| Other liabilities | ₹8 Cr | ₹5 Cr | ₹10 Cr |
| Total liabilities | ₹27 Cr | ₹59 Cr | ₹77 Cr |
| Fixed assets | ₹5 Cr | ₹9 Cr | ₹13 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹22 Cr | ₹50 Cr | ₹63 Cr |
| Total assets | ₹27 Cr | ₹59 Cr | ₹77 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, DIIs added +2.67 pp while FIIs trimmed −2.22 pp. The shareholder count shrank 52% to 776.
- Promoters
- 73.5%
- DIIs
- 2.8%
- Public
- 23.7%
Since Jun 2025
- DIIs +2.67 pp
- FIIs −2.22 pp
- Public −0.47 pp
How it drifted, 5 quarters
Over this window DIIs went from 0.1% to 2.8% — +2.7 pp.
Ownership split by quarter, oldest first. Jun '25: Promoters 73.5%, FIIs 2.2%, DIIs 0.1%, Public 24.2%.Sep '25: Promoters 73.5%, FIIs 1.2%, Public 25.3%.Dec '25: Promoters 73.5%, Public 26.5%.Mar '26: Promoters 73.5%, Public 26.5%.Jun '26: Promoters 73.5%, DIIs 2.8%, Public 23.7%.
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.
- Unicorn Fund AIF newly disclosed 2.76% held
The same filing shows 0 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 Accretion Pharmaceuticals Ltd above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Hardik Mukundbhai Prajapati | 17.69% | unchanged |
| Mayur Popatlal Sojitra | 17.69% | unchanged |
| Vivek Ashokkumar Patel | 17.69% | unchanged |
| Harshad Nanubhai Rathod | 17.69% | unchanged |
| Unicorn Fund AIF | 2.76% | newly disclosed |
| Vaishaki Hardik Prajapati | 0.68% | unchanged |
| Shweta Sojitra | 0.68% | unchanged |
| Pooja Harshad Rathod | 0.68% | unchanged |
| Ankita Vivek Patel | 0.68% | unchanged |
| Rekhaben Karshandas Ghetiya | 0.02% | unchanged |
| Ashokkumar Jamnadas Patel (HUF) | 0.00% | unchanged |
| Vivek Ashokbhai Patel (HUF) | 0.00% | 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
- Growth the price implies
- 6.2% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Learn to analyse Accretion Pharmaceuticals Ltd
Guides on how to read this kind of business and the numbers that matter.