Accuracy Shipping Limited

Industrials — Integrated Freight & Logistics · NSE

₹4.14+₹0.04 (+0.98%)

DalalBaazaar Score

39 / 100

🔴 Weak

Verdict

CAUTION

Risk

High

Driven by moderate debt load, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:29 pm

Understanding the Business

Company site ↗

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

What does this company do?

Accuracy Shipping Limited provides third party logistics solutions in India and internationally.

IndustryIntegrated Freight & Logistics

SectorIndustrials

Employees477

Annual revenue₹671 Cr

How does it make money?

Turns over ₹671 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹5 left at the operating level before interest, tax and depreciation. Each of its 477 employees supports ₹1.41 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.41 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. 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?Little sign of one

Returns on capital of 10.3% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE15.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -24% while net margin moved -37% 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-24%

Margin effect-37%

DalalBaazaar Score

39/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 8.6% a year
✗ Profit has declined at 21.7% a year

Quality vs. Valuation

Company Quality

30/ 100

Weak

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

Valuation

83/ 100

Cheap

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

Optically cheap, but the underlying business scores poorly. Cheap-and-weak is what a value trap looks like from the outside — the low price may be deserved.

Historical Valuation

Current P/E

15.9x

3Y Median

21.5x

40 monthly readings · mean 105.6x · range 11.2x–383.7x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 26% below its 3y median of 21.5x. 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 trades 82% below the peer median of 88.8x.

vs. its own history

Cheap

21.5x median over 40 months · -26%

vs. sector peers

Cheap

88.8x median of 3 peers · -82%

vs. generic bands

Fair

15x–35x

EV/EBITDA

7.0x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 7.1% to 3.2% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 16.5% to 10.3% — often a sign of competition or overexpansion.

Red Flags

5 items require attention · 1 high · 4 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only 1.4x — little room if earnings dip.
🟡Debt is increasingFinancial
Total debt is up 44% over 3 years.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹9 Cr in the latest year.
🟡Profit is decliningFinancial
Net profit is down 52% over 3 years.
🟡Receivables growing faster than salesFinancial
Receivables up 23% against revenue up -24% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 26% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 82% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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?

The debt load needs earnings to hold up
Debt is 5.1x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 23% against revenue up -24%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 7.1% to 3.2%. 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.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

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

1EBITDA margin holds above 3%✓ 4.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 5.1x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Free cash flow remains positive✗ -₹9 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ 1.4x
How much operating profit can fall before interest stops being comfortably covered.
5ROCE stays above 8%✓ 10.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

3 / 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

2 good · 6 neutral · 3 weak

Market Cap

₹62 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

15.9x

Fair

Fairly valued against the generic band

P/B Ratio

0.49x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.26

Profitable

Profitable on a per-share basis

ROE

3.2%

Weak

Weak capital efficiency

ROCE

10.3%

Moderate

Moderate return on the capital in the business

Debt/Equity

1.25x

Moderate

Moderate leverage

Revenue Growth (YoY)

-12.9%

Shrinking

Sales are contracting

Profit Growth (YoY)

0.0%

Modest

Slow profit growth

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹9 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

2.6%

Weak

Thin margins leave little room for error

Net Margin

0.6%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.58

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.32

Defensive

Steadier than the market

52W Range Position

22%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

4.2 / 4.4

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

27.5

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹877 Cr	₹708 Cr	₹946 Cr	₹671 Cr	-8.6%
EBITDA	₹35 Cr	₹24 Cr	₹31 Cr	₹31 Cr	-4.3%
EBITDA Margin	4.0%	3.4%	3.3%	4.6%	—
PAT (Net Profit)	₹8 Cr	₹0 Cr	₹5 Cr	₹4 Cr	-21.7%
EPS	₹0.46	₹0.03	₹0.31	₹0.26	-17.3%
ROE	7.1%	0.4%	3.9%	3.2%	—
ROCE	16.5%	7.5%	12.5%	10.3%	—
Total Debt	₹109 Cr	₹115 Cr	₹136 Cr	₹157 Cr	+13.0%
Free Cash Flow	₹19 Cr	₹19 Cr	-₹7 Cr	-₹9 Cr	—

🔴 Revenue has shrunk at 8.6% a year over 3 years.

🔴 EBITDA has shrunk at 4.3% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 4.6% over 3 years.

🔴 PAT (Net Profit) has shrunk at 21.7% a year over 3 years.

🔴 EPS has shrunk at 17.3% a year over 3 years.

🔴 ROE has fallen from 7.1% to 3.2% over 3 years (-3.9 pts).

🔴 ROCE has fallen from 16.5% to 10.3% over 3 years (-6.1 pts).

🔴 Total Debt has grown at 13.0% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹19 Cr to -₹9 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹324 Cr

Total Liabilities

₹198 Cr

Cash & Equivalents

₹3 Cr

Operating Cash Flow

₹25 Cr

Capex

-₹34 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

63.7%

Corporate Actions

Ex-Dividend Date

22 Sept 2022

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

2 mixed4 general

Accuracy Shipping Share Price Target 2027, 2028 and 2030: Long Term Analyst Forecast

Univest, 07 AugAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Accuracy Shipping Q2 2026 Earnings: Marginal EPS of ₹0.26 as Revenue Contracts 29% YoY - Margin Guidance

https://www.siam.in/, 13 OctResults

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

Accuracy Shipping Limited Announces Strategic Acquisitions of A.R.S. Liners and A.R.S. Terminals

scanx.trade, 29 Mar

Accuracy Shipping Ltd. Peer Comparison – Compare with Others

Value Research, 01 Sept

Accuracy Shipping Share Price Forecast: 3 Year Outlook to 2030

Univest, 10 Jul

Accuracy Shipping sets e-voting window for 18th AGM on Sep 30

scanx.trade, 30 Sept

Watch Items

Revenue growth is negative (-12.9%) 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.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongValuation

WeakBusiness Quality · Financial Health · Growth · Profitability · Risk

Points for each in the Score ↑

Cheap, but for a reason

The low price is the whole case here, and the business underneath scores poorly. Cheap-and-weak is what a value trap looks like from the outside — it needs a specific reason the numbers are about to improve, not just the observation that they are low. 1 high-severity red flag sits above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive; Interest cover stays above 3x · see Key things to watch ↑