Accelya Solutions India Limited

Technology — Information Technology Services · NSE

₹1,073.30−₹19.50 (−1.78%)

DalalBaazaar Score

59 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by high debt relative to equity, micro-cap size, which brings thin liquidity, falling profits.

In simple words: Strong business and financial position, but sales are shrinking. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:02 pm

Understanding the Business

Company site ↗

The 60-second version of Accelya Solutions India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Accelya Solutions India Limited engages in the provision of software solutions to the airline, cargo, and travel industries in the Asia Pacific, the Middle East, Africa, the Americas, and Europe.

IndustryInformation Technology Services

SectorTechnology

Employees1,244

Annual revenue₹532 Cr

How does it make money?

Turns over ₹532 Cr a year. Of every ₹100 of sales, about ₹18 reaches shareholders as profit, with ₹36 left at the operating level before interest, tax and depreciation. Each of its 1,244 employees supports ₹42.8 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹42.8 lakh

Who are its competitors?

The closest listed comparisons in its industry are TATA CONSULTANCY SERV LT, INFOSYS LIMITED, HCL TECHNOLOGIES LTD, WIPRO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 51.1%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 36.1% against a peer median of 32.0% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE32.0%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +13% while net margin moved -34% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+13%

Margin effect-34%

DalalBaazaar Score

59/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 4.3% — barely ahead of inflation
✗ Profit has declined at 9.0% a year
✗ Profit is compounding slower than revenue — margins are being squeezed as the business grows
✗ Latest-year revenue growth of -3.5% is below the longer-term trend — momentum is fading
✗ Profit fell 10.3% in the latest year

Quality vs. Valuation

Company Quality

61/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

58/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

16.8x

3Y Median

19.9x

38 monthly readings · mean 18.6x · range 11.9x–25.4x

Sector Median

16.5x

median of 4 sector peers

🟢Current valuation is approximately 16% below its 3y median of 19.9x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟡Against its sector it is priced broadly in line with the peer median of 16.5x.

vs. its own history

Fair

19.9x median over 38 months · -16%

vs. sector peers

Fair

16.5x median of 4 peers · +1%

vs. generic bands

Fair

15x–35x

EV/EBITDA

8.2x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

High return on capital employed
ROCE of 51.1% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 46.9% to 38.1% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 61.5% to 51.1% — often a sign of competition or overexpansion.

Red Flags

4 items require attention · 2 high · 2 watch

🔴High leverageFinancial
Debt/Equity of 6.28x — earnings must service borrowings before shareholders see anything.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 5.2 points, from 41.6% to 36.4%.
🟡Profit is decliningFinancial
Net profit is down 25% over 3 years.
🟡Receivables growing faster than salesFinancial
Receivables up 59% against revenue up 13% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 51.1% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 41.6% to 36.4%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Leverage amplifies any setback
Debt/Equity of 6.28x. Interest is payable whether or not the business has a good year.
Sales are being booked faster than collected
Receivables are up 59% against revenue up 13%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Growth barely outpaces inflation
Revenue compounding at 4.3% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Returns on shareholder capital are falling
ROE has dropped from 46.9% to 38.1%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 34%✓ 36.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 4% a year✓ 4.3% CAGR
Latest reported year was -3.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹81 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 48%✓ 51.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 2 neutral · 4 weak

Market Cap

₹1,602 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

16.8x

Fair

Fairly valued against the generic band

P/B Ratio

6.40x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹63.9

Profitable

Profitable on a per-share basis

ROE

36.1%

Strong

Strong capital efficiency

ROCE

51.1%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

6.28x

High

High leverage

Revenue Growth (YoY)

-3.5%

Shrinking

Sales are contracting

Profit Growth (YoY)

-10.3%

Falling

Profits are shrinking

Dividend Yield

6.52%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

₹76 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

17.1x

Flat

At or above the trailing multiple — no earnings uplift is being priced in

ROA

22.2%

Good

Assets are working hard

Operating Margin

44.8%

Good

Healthy core-business profitability

Net Margin

17.9%

Good

Strong bottom-line conversion

Current Ratio

2.55

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.53

Defensive

Steadier than the market

52W Range Position

13%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

1091.8 / 1115.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

44.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹469 Cr	₹511 Cr	₹529 Cr	₹532 Cr	+4.3%
EBITDA	₹195 Cr	₹202 Cr	₹206 Cr	₹194 Cr	-0.3%
EBITDA Margin	41.6%	39.6%	39.0%	36.4%	—
PAT (Net Profit)	₹127 Cr	₹94 Cr	₹129 Cr	₹95 Cr	-9.0%
EPS	₹84.9	₹62.87	₹86.44	₹63.9	-9.0%
ROE	46.9%	33.2%	46.5%	38.1%	—
ROCE	61.5%	42.8%	51.9%	51.1%	—
Total Debt	₹15 Cr	₹33 Cr	₹62 Cr	₹16 Cr	+2.4%
Free Cash Flow	₹114 Cr	₹143 Cr	₹125 Cr	₹81 Cr	-10.9%

🟢 Revenue has grown at 4.3% a year over 3 years.

🟡 EBITDA has been broadly flat over 3 years (-0.3% a year).

🔴 EBITDA Margin has fallen from 41.6% to 36.4% over 3 years (-5.2 pts).

🔴 PAT (Net Profit) has shrunk at 9.0% a year over 3 years.

🔴 EPS has shrunk at 9.0% a year over 3 years.

🔴 ROE has fallen from 46.9% to 38.1% over 3 years (-8.8 pts).

🔴 ROCE has fallen from 61.5% to 51.1% over 3 years (-10.4 pts).

🔴 Total Debt has grown at 2.4% a year over 3 years.

🔴 Free Cash Flow has shrunk at 10.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹375 Cr

Total Liabilities

₹124 Cr

Cash & Equivalents

₹24 Cr

Operating Cash Flow

₹99 Cr

Capex

-₹19 Cr

Shareholding (proxy)

Institutional Holding

0.1%

Insider Holding

75.1%

Corporate Actions

Dividend Rate

₹70

Ex-Dividend Date

09 Oct 2026

Peer Comparison

Company	P/E	ROE
TATA CONSULTANCY SERV LT	17.3x	45.6%
INFOSYS LIMITED	15.8x	32.0%
HCL TECHNOLOGIES LTD	20.4x	24.6%
WIPRO LTD	14.5x	15.9%

Recent News

4 positive1 mixed1 general

Accelya Solutions India Limited (ACCELYA.NS) Stock Price, News, Quote & History

Yahoo! Finance Canada, 09 Oct

Why It Might Not Make Sense To Buy Accelya Solutions India Limited (NSE:ACCELYA) For Its Upcoming Dividend

Simply Wall Street, 05 OctCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

₹35 per share dividend stock: 15% down in 2026 but cash reward announced - Check record date

Livemint, 06 OctCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Rs 35 Dividend Alert! Accelya Solutions Rewards Shareholders

Dalal Street Investment Journal, 06 OctCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Skyways Air Services, Accelya Solutions, Caspian Dividend Record Date: Last Day To Buy Shares To Qualify

NDTV Profit, 08 OctCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Accelya Solutions publishes Q4 FY26 results in newspapers

scanx.trade, 31 JulResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Revenue growth is negative (-3.5%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Profitability

MiddlingValuation

WeakGrowth · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑