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| Long-term / Short-term bank facilities | - | - | Withdrawn |
| Short-term bank facilities | - | - | Withdrawn |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The long-term and short-term bank facilities and short-term bank facilities have been withdrawn due to a reclassification in line with the latest bank sanction letter.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.
Source:
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.