1. At a Glance
A 2022-born digital services whiz kid trying to punch with the big tech boys. With ₹6.77 crore revenue and ₹0.73 crore PAT in FY25, this 33-crore market cap SME trades at 7.63x book and a generous 45.7x PE. Justified? Depends on how much caffeine you had.
2. Introduction with Hook
Imagine a toddler walking into a boxing ring with Mike Tyson. That’s AccelerateBS India Ltd in the IT services arena. Founded in 2022, it’s the startup that thinks it’s already Infosys. But hey, it’s growing fast — revenue up from ₹2.8 Cr in FY23 to ₹6.77 Cr in FY25. Profits? Grew by 24x.
- FY25 Net Profit: ₹0.73 Cr
- ROCE FY25: 22.2%
- Dividend payout: 47% (Yes, already!)
3. Business Model (WTF Do They Even Do?)
AccelerateBS operates in digital transformation and consulting services. In non-jargon:
- Digital Experience Platforms (DXP)
- Enterprise-grade software solutions
- Custom software and consulting
- SaaS implementation and digital projects for global clients
Basically, they do the tech-y, enterprisey stuff your uncle doesn’t understand but your VC cousin says is scalable.
4. Financials Overview
| Year | Revenue (Cr) | EBITDA (Cr) | PAT (Cr) | OPM % | EPS (₹) |
|---|---|---|---|---|---|
| FY23 | 2.80 | 0.71 | 0.39 | 24.3% | 1.26 |
| FY24 | 6.78 | 1.91 | 0.03 | 28.2% | 0.09 |
| FY25 | 6.77 | 1.26 | 0.73 | 18.6% | 2.12 |
Key takeaways:
- Revenue has plateaued in FY25 (₹6.77 Cr)
- FY24 PAT dipped due to one-off tax hit (97.6%)
- FY25 recovery with dividend payout of 47.12%
5. Valuation
Let’s talk numbers before your chai gets cold.
- Current Price: ₹97
- EPS FY25: ₹2.12
- P/E (TTM): ~45.7x
- Book Value: ₹12.7 → P/B: 7.63x
- Fair Value Range: ₹60–₹85
Using DCF with ~20% growth and 18% discount rate: ₹72.
Peer median P/E of 30x suggests FV closer to ₹64.
This is priced for perfection in execution. Don’t blink.
6. What’s Cooking – News, Triggers, Drama
- AGM on July 29, 2025 — Expect corporate fireworks? Or just snacks?
- Typo drama in Marathi newspaper: name published as “AcceleratebS” (yup, the ‘b’ got high).
- Consistent promoter holding >71% suggests skin-in-the-game.
- Awaiting one big deal or global partner to scale from micro to mega.
7. Balance Sheet
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Equity Capital | 1.96 | 2.15 | 3.44 |
| Reserves | 0.22 | 1.76 | 0.93 |
| Borrowings | 0.33 | 0.54 | 1.73 |
| Total Liabilities | 2.91 | 4.85 | 7.05 |
| Fixed Assets | 0.51 | 0.40 | 0.33 |
| CWIP | 0.00 | 0.00 | 0.59 |
| Other Assets | 1.80 | 4.45 | 6.13 |
Key points:
- Asset-light, brain-heavy biz
- Low debt, but borrowings doubled
- Equity dilution in FY25 (paid for CWIP)
8. Cash Flow – Sab Number Game Hai
| Cash Flow Type | FY23 | FY24 | FY25 |
|---|---|---|---|
| Operating Cash | -0.03 | -1.13 | 0.80 |
| Investing Cash | -1.17 | 0.57 | -0.66 |
| Financing Cash | 2.03 | 1.96 | 0.94 |
| Net Cash Flow | 0.84 | 1.39 | 1.07 |
Insights:
- Finally turned operating positive in FY25
- Cash flow mostly from equity & debt till now
- Need operating leverage for sustainability
9. Ratios – Sexy or Stressy?
| Ratio | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROCE % | — | 51.15 | 22.18 |
| ROE % | — | — | 17.6 |
| P/E | — | — | 45.7 |
| P/B | — | — | 7.63 |
| Debtor Days | 110.8 | 103.9 | 106.2 |
Verdict:
Decent profitability but valuation’s running ahead of earnings. Receivables remain sticky. Dandruff-level irritating.
10. P&L Breakdown – Show Me the Money
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Sales | 2.80 | 6.78 | 6.77 |
| Operating Profit | 0.68 | 1.91 | 1.26 |
| Net Profit | 0.39 | 0.03 | 0.73 |
| EPS (₹) | 1.26 | 0.09 | 2.12 |
Cliff notes:
- Margin drop in FY25, but PAT jumped due to better tax handling
- Operating margin volatility = startup symptom
11. Peer Comparison
| Company | P/E | ROCE % | Sales (Cr) | Market Cap (Cr) |
|---|---|---|---|---|
| TCS | 23.7 | 64.6 | 2,56,148 | ₹11.66 L Cr |
| Infosys | 24.6 | 37.5 | 1,62,990 | ₹6.52 L Cr |
| Persistent | 64.6 | 30.4 | 11,939 | ₹87,758 Cr |
| AccelerateBS | 45.7 | 22.2 | 6.77 | ₹33.3 Cr |
Reality check:
They’re playing with the Goliaths. Cute, but not comparable. Let’s see if they survive their own teenage tech tantrums.
12. Miscellaneous – Shareholding, Promoters
| Quarter | Promoter Holding | Public Holding | Shareholders |
|---|---|---|---|
| Sep ’23 | 70.59% | 29.41% | 197 |
| Mar ’24 | 70.72% | 29.29% | 247 |
| Sep ’24 | 70.76% | 29.25% | 346 |
| Mar ’25 | 71.00% | 29.00% | 341 |
Promoters are holding strong. Public interest rising. Number of shareholders shot up 73% in 18 months. Buzzing?
13. EduInvesting Verdict™
AccelerateBS is what you get when a geeky tech student shows up to Shark Tank with a working product, a 45 PE tag, and no revenue hockey stick—yet. The product’s there, ambition’s there, cash flow’s improving.
But:
- Market cap to revenue ratio is 4.9x
- Valuation is priced like it’s already Persistent Systems
- Needs at least 2–3x revenue jump to justify this hype
We’re not saying it’s overvalued. We’re saying… the future better come fast.
Metadata
– Written by EduInvesting Research | July 15, 2025
– Tags: AccelerateBS, Smallcap Tech, Digital Consulting, SME IPO, Startup Valuation, Tech Services India
