Accent Microcell Ltd(ACCENTMIC)

NSE: ACCENTMIC

₹ 658+11.05%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,578 crUpdated: 27 Oct 2026

About

Accent Microcell Ltd is India's leading manufacturer of microcrystalline cellulose (MCC), a pharmaceutical and food excipient, selling into more than 75 countries across Asia, the Americas, Europe, Australia, and the Middle East. The company operates two plants with combined installed capacity of 9,200 MTPA and reported revenue of ₹349.03 crore in FY26. It listed on NSE SME EMERGE in December 2023 and is building a third unit at Kheda, Gujarat to expand into premium excipients including CCS, CMC, and SSG.^[1][2]

Business segments

Dahej SEZ Unit (Unit II) contributed ₹231.2 crore, or 65.0% of FY26 revenue, with an EBIT margin of 22.8%; it is export-oriented.^[3]
Pirana Unit (Unit I) contributed ₹153.27 crore, or 43.1% of FY26 revenue, with an EBIT margin of 3.2%; it handles domestic sales and traded volumes.^[3]
In FY25, Dahej (SEZ) export revenue was ₹14,071.46 lakhs vs ₹14,078.94 lakhs in FY24; Pirana domestic revenue was ₹12,244.61 lakhs vs ₹9,435.11 lakhs.^[1]

Products and brands

Products are marketed under four brands: Accel, Acrocell, Maccel, and Vincel, spanning 22 grades of MCC with particle sizes from 20 to 180 microns, plus 15+ product grades overall.^[1]
R&D developed three new premium grades over two to three years: MCC Spheres, MCC Powder, and Silicified MCC (SMCC), expanding the portfolio from 3 - 4 products to 12 - 15 products.^[1]
Unit III will add Cross Carmellose Sodium (CCS), Carboxymethylcellulose (CMC), and Sodium Starch Glycolate (SSG) - high-value excipients for regulated pharma markets including Europe.^[1]
End markets span pharmaceuticals, nutraceuticals, food/bakery/dairy, cosmetics, welding, paints, cements, ceramics, rubber, and enzymes.^[1]

Manufacturing operations

Unit I at Pirana, Ahmedabad: 3,900.33 sq. m., installed capacity 2,000 MTPA, operating at 100% utilisation in FY26.^[1]
Unit II at Dahej SEZ, Bharuch: 20,060.45 sq. m., installed capacity 7,200 MTPA, operating at 95% utilisation in FY26; export-oriented focus.^[1]
Unit III at Nayka Kheda lifts capacity from 9,200 to 12,000 MTPA; per the FY25 annual report, domestic production began in May 2025.^[1]
The company holds GMP Certification (2011), FSSC-22000 (2015), and EXCiPACT certification (2018); EXCiPACT approval is being sought for Unit III, particularly for European markets.^[1]

Key operating numbers

Total sales volume reached 15,000 MT in FY26, against installed manufacturing capacity of 9,200 - 10,000 MT/annum; the gap was bridged by ~25 - 30% traded volumes.^[4]
Premium product share of consolidated revenue rose to 13.12% in FY26 from 3.74% in FY25, driven by MCC Spheres and SMCC ramp in H2FY26.^[5]
Blended weighted-average realisation was ~₹260/kg in FY26; domestic realisation was ₹170 - 190/kg vs export realisation at higher levels.^[4]
Traded goods carried a margin of only 4 - 5% in FY26; purchased stock-in-trade rose from ₹53 crore (FY25) to ₹95 crore (FY26).^[4]
Order book on hand was ~4,000 MT as of Q4 FY26, providing 3 - 4 months of demand visibility.^[4]

Raw materials and supply chain

The key raw material is wood pulp, imported from USA, Sweden, Canada, and Indonesia - not China - with domestic availability structurally limited.^[4]
The company locks in wood pulp prices at least one quarter ahead; ~3× export-to-import ratio creates a natural forex hedge.^[6]
Unit III Phase 1 will enable in-house wood-pulp-based CMC production - the first such capability in India - replacing externally sourced CMC used as input for CCS.^[4]

Customers and distribution

Export revenue share was 63.28% of FY26 revenue (₹22,086.80 lakhs) vs 53.49% in FY25; it was 59.46% in FY24.^[5][7]
The top 10 customers accounted for 43.04% of revenue in FY24.^[7]
Target customers include pharmaceutical companies, generic drug manufacturers, CMOs, CDMOs, nutraceutical companies, veterinary pharma firms, and personal care and cosmetics brands.^[1]
Sells into 75+ countries; North and South America account for ~55% of total business and Asia/Africa ~30 - 35%.^[1]
A major unnamed global MNC confirmed supply of micronized cellulose in Q1 FY26 after a 3 - 4 year approval cycle.^[8]
Long-term contracts represented 10 - 15% of Q1 FY26 revenue; debtor days exceeded 100 due to liberal terms extended to Indian MNCs during onboarding.^[8]

Expansion and capex

Unit III Phase One: capital outlay ₹70 crore, projected peak revenue ₹150 - 160 crore, full capacity by FY2028 (FY25 annual report).^[1]
Unit III Phase Two is anticipated to add ₹220 - 250 crore in annual revenue.^[1]
Phase 2 (MCC) is targeted for commercialisation by March 2027 (conservative estimate), funded from rights-issue proceeds and internal accruals, with no new debt planned.^[4]
Phase 1 premium products (CCS/CMC) are guided to realise ₹650 - 700/kg in export markets, vs a blended ASP of ~₹260/kg in FY26.^[4]
Land has been acquired for up to Phase 6 of Unit III; Phase 3 is tentatively planned for ~2028, pending Phase 2 success.^[4]

Recent developments

After FY25 year end, the company made a rights issue of 29,46,020 shares at ₹135 each, aggregating to about ₹39.77 crore.^[1]
Unit III schedule was re-aligned from DRHP timelines, citing two consecutive abnormal monsoon seasons and extended regulatory approval timelines.^[5]
As of Q4 FY26, Unit III Phase 1 had completed technology transfer, machinery installation and QC/QA hiring but awaited GPCB Consent to Operate; commercial production was expected by end-June 2026.^[4]
Fixed assets rose to ₹15,607.80 lakhs in FY26 from ₹6,232.48 lakhs in FY25, reflecting Unit III construction.^[5]
The company holds a CARE BBB+ Stable rating for long-term bank facilities and CARE A2 for short-term bank facilities.^[1]

Market Cap

₹1,578 Cr

High / Low

₹732 / 253

Stock P/E

25.0

Price / Book

5.2

EPS

₹18.3

No. of Shares

2.4 Cr

OPM

16.5%

Sales

₹349 Cr

Net Profit

₹44 Cr

Promoter holding

51.4%

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Accent Microcell Ltd(ACCENTMIC)

About

Business segments

Products and brands

Manufacturing operations

Key operating numbers

Raw materials and supply chain

Customers and distribution

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

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