BSE: 517494
ACCEL LIMITED
IT services is the dominant business, generating 156.43 crore in FY26 with quarterly run-rates of 36.80 to 41.44 crore. The platform was expanded in 2020 through the acquisition of Ensure Support Services India Limited. A smaller Realty segment, contributing 7.90 crore for the year, runs the Accel Infinium IT park, and the board has approved Accel Infinium 2, a follow-on project of about 5 lakh square feet of premium office space. A Media Services subsidiary, Accel Media Ventures, was merged into the company during FY26 with effect from April 1, 2024, and a new wholly owned subsidiary, INFINIUUM TECHPARKS PRIVATE LIMITED, has been set up in Chennai to develop technology parks, IT/ITES campuses, data centres and co-working spaces. The cost structure is service-oriented, with employees at 31% of revenue, other opex at 28.9%, depreciation at 4%, and no materials cost. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. IT Services, Realty, Media Services. Asset-light IT services with a small realty arm
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 112 | 157 | 167 | 163 | 164 |
| EBITDA (ex other income) | 13 | 18 | 17 | 14 | 11 |
| margin % | 11.3 | 11.3 | 9.9 | 8.7 | 6.7 |
| Owners' profit | 8 | 3 | 3 | 2 | 5 |
| EPS, as reported (₹) | 1.28 | 0.50 | 0.57 | 0.32 | 0.93 |
| ROE % · ROCE % | 6.6 · 7.7 | 4.6 · 12.5 | 5.2 · 9.2 | 2.8 · 9.8 | 7.8 · 7.4 |
| Debt / equity (x) | 0.74 | 1.14 | 1.04 | 0.92 | 0.86 |
| Cash from operations | 1 | 17 | 23 | 13 | 7 |
| Capex | 0 | 0 | (9) | (3) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 39 | 38 | 46 | 39 | 44 | 40 | 41 | 43 |
| Profit before tax | 1 | 0 | 2 | 2 | 0 | (0) | (0) | 0 |
| Net profit | 1 | 0 | (0) | 1 | 1 | (0) | 3 | (1) |
| EPS (₹) | 0.12 | 0.05 | 0.01 | 0.21 | 0.14 | 0.03 | 0.61 | 0.10 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Realty | 8 | 4.8 |
| IT Services | 156 | 94.6 |
| Media Services | 0 | 0.3 |
| Media | 0 | 0.2 |
| Total, before eliminations | 164 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 7,72,218 | 15.5 | 7.12 | 10.6 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,22,027 | 14.0 | 4.52 | 8.8 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,47,792 | 19.9 | 4.63 | 12.4 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,63,606 | 13.1 | 1.85 | 7.8 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,52,390 | 26.8 | 5.07 | 17.0 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,26,969 | 24.3 | 5.27 | 15.3 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 85,974 | 44.3 | 10.97 | 29.4 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 80,101 | 36.8 | 8.27 | 28.5 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.1 | 16.1 | 30 of 73 | 60% |
| P/B | 1.1 | 2.9 | 12 of 65 | 83% |
| ROCE | 1.5 | 14.2 | 62 of 78 | 21% |
| ROE | 7.8 | 11.5 | 46 of 67 | 32% |
| Debt / Equity | 0.9 | 0.0 | 64 of 68 | 6% |
| EBITDA margin | 7.5 | 18.4 | 47 of 65 | 28% |
| Revenue growth | 10.7 | 10.6 | 31 of 63 | 52% |
| Profit growth | (147.7) | 6.7 | 58 of 62 | 7% |
| Market cap | 72 | 436 | 57 of 78 | 27% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 19 Sept 2026 · Promoter N R Panicker buys 10,658 shares via open market | ownership changes | medium | — | — |
| 11 Sept 2026 · Promoter N R Panicker buys 14,000 shares of Accel Limited | ownership changes | medium | — | — |
| 5 Sept 2026 · Accel refiles FY25-26 Annual Report with revised cover design, no content change | compliance | minimal | — | — |
| 4 Sept 2026 · Accel Limited publishes 40th AGM notice in newspapers, meeting on 29 Sept 2026 | compliance | minimal | — | — |
| 3 Sept 2026 · Accel Limited sets 22 Sep 2026 record date for 40th AGM | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Accel Limited 40th AGM on 29 Sep 2026 via video conferencing | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Accel Limited 40th AGM on Sep 29, 2026 at 3 PM via video conferencing | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Accel Limited 40th AGM scheduled for 29 September 2026 | board shareholder meetings | low | — | — |
| 11 Aug 2026 · Accel Q1 FY27: Revenue up but net loss; auditor flags associate investment | results | high | — | — |
| 11 Aug 2026 · Accel Q1 FY27: revenue up, slips into loss; auditor qualified on associate investment | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.