Accent Microcell Limited Receives Upgraded Ratings from CARE Ratings
Accent Microcell Limited (ACCENTMIC) has received an upgrade to its bank facilities from CARE Ratings Limited, according to a press release dated March 26, 2026. The revision reflects significant growth in the company’s operations during fiscal year 2025 (audited, April 1 to March 31) and the first half of fiscal year 2026 (unaudited).Rating Actions
The details of the upgraded ratings are presented in the following table:
| Facilities/Instruments | Amount (₹ crore) | Rating 1 | Rating Action |
|---|---|---|---|
| Long-term bank facilities | 1.48 (Reduced from 1.66) | CARE A-; Stable | Upgraded from CARE BBB+; Stable |
| Long-term / Short-term bank facilities | 35.00 (Enhanced from 20.50) | CARE A-; Stable / CARE A2+ | Upgraded from CARE BBB+; Stable / CARE A2 |
| Short-term bank facilities | 5.50 (Enhanced from 3.77) | CARE A2+ | Upgraded from CARE A2 |
| Long-term / Short-term bank facilities | - | - | Withdrawn |
| Short-term bank facilities | - | - | Withdrawn |
Rationale and Key Rating Drivers
The upward revision considers Accent Microcell Limited’s significant growth in operations and its presence in a niche segment of the pharmaceutical excipient industry. The company augmented its net worth base to over ₹ 250 crore as of September 30, 2025, through a rights issue in June 2025.
The ratings are supported by the promoters’ extensive experience, certified manufacturing facilities, a moderately diversified customer base, healthy profitability, a comfortable financial risk profile, and adequate liquidity.
The long-term and short-term bank facilities and short-term bank facilities have been withdrawn due to a reclassification in line with the latest bank sanction letter.
Rating Sensitivities
Positive factors: Total operating income exceeding ₹ 500 crore while maintaining a healthy profit before interest, lease rentals, depreciation, and taxation (PBILDT) margin and a comfortable financial risk profile.
Negative factors: A decline in operations with total operating income falling below ₹ 250 crore, a decline in profitability, deterioration in overall gearing exceeding 0.50x, or any significant elongation in the operating cycle impacting the company’s liquidity.
Financial Performance
| Brief Financials (₹ crore) | March 31, 2024 (A) | March 31, 2025 (A) | H1FY26 (UA) |
|---|---|---|---|
| Total operating income | 247.14 | 273.86 | 139.37 |
| PBILDT* | 41.21 | 43.82 | 23.91 |
| Profit after tax (PAT) | 30.17 | 33.06 | 18.07 |
| Overall gearing (x) | 0.08 | 0.01 | 0 |
| Interest coverage (x) | 36.73 | 129.08 | 64.07 |
*PBILDT: Profit before interest, lease rentals, depreciation, and tax
CARE Ratings expects Accent Microcell Limited to achieve a total operating income of over ₹ 300 crore in fiscal year 2026 while maintaining its profitability.
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