Accelya Solutions India Ltd Q3 FY26 — ₹1,329 mn Revenue, ₹1,394 mn PAT Shock, 6.82% Dividend Yield & a ₹45 Interim Surprise

1. At a Glance – Blink and You’ll Miss the Dividend

Accelya Solutions India Ltd is that rare IT company which doesn’t scream growth, doesn’t promise AI moonshots, but quietly mails you dividends like an old-school uncle who doesn’t talk much but always brings envelopes at weddings.

Market cap stands at ₹1,975 crore, stock price hovering around ₹1,320, and yet the dividend yield is a juicy 6.82% — higher than most fixed deposits and far more exciting than your savings account.

But don’t get carried away. Latest quarter shows PAT down 39.8% QoQ, sales flat, and a mysterious gratuity hit that slapped profits harder than airline turbulence. Still, ROCE at 53.6% and ROE at 45.5% suggest the business itself is not broken — just emotionally complicated.

Accelya is not a high-growth SaaS poster child. It’s a cash-printing airline software toll booth. The question is: is this a boring dividend ATM… or a stagnating legacy system waiting for turbulence?

2. Introduction – The Airline Industry’s Invisible Accountant

Accelya doesn’t sell tickets.
It doesn’t fly planes.
It doesn’t even pretend to be sexy tech.

Instead, it does the unsexy but essential plumbing of the global airline ecosystem — revenue accounting, audit, settlement, billing, and compliance. Basically, when airlines argue about who owes whom how much, Accelya shows up with spreadsheets and invoices.

Founded long before “SaaS” became a LinkedIn buzzword, Accelya runs on a pay-per-use model, meaning airlines pay per transaction. Low capex for clients, predictable cash flow for Accelya. This is not innovation porn — this is enterprise annuity.

But here’s the catch:
Airlines don’t grow fast.
Airlines