1.At a Glance
Ladies and gentlemen, welcome to the cellulose circus! Accent Microcell Ltd (AMC), the manufacturer of the humble-but-mighty pharmaceutical excipient — the invisible powder that makes your pills stick together and your pharma stock portfolio rise — has turned its H1 FY26 into a masterclass in quiet execution. As ofNovember 2025, AMC’s stock trades at ₹306 on the NSE SME board, with amarket cap of ₹733 crore, aP/E of 21.2x, and a balance sheet so clean even the auditors might feel unemployed —Debt: ₹1.15 crore.
Revenue for thelatest half-year stands at ₹278 crore (TTM), withPAT at ₹35 crore, andROCE at 23.7%,ROE at 18.4%. Not bad for a company that literally sells “filler material.” What’s more impressive? AnOperating Profit Margin of 17%, exports contributing~58% of revenue, and expansion plans to lift capacity from 8,000 MTPA to12,000 MTPAin Gujarat.
They may not make the drugs, but they make the drugspossible. And that’s the quiet money zone. Now, let’s peel back the powder layers and see what really holds this tablet together.
2.Introduction
Every once in a while, a boring-looking company sneaks up the charts, quietly compounding cash while the market is busy chasing AI unicorns and PSU memes. Accent Microcell Ltd is one such legend in the making. Born in2001, AMC has evolved from a small Gujarat-based excipient manufacturer to a globally certified pharma supplier that exports to36 countries— fromthe US and Germany to Bangladesh and Thailand.
You may not have heard of them, but if you’ve popped a tablet today, there’s a good chance one of their products — Microcrystalline Cellulose (MCC) — was inside it. They don’t make life-saving drugs; they make the life-saving drugslook presentable and swallowable.
The company’s performance since itsDecember 2023 IPOhas been remarkable. Listed on NSE SME at ₹78.40 crore fresh issue, the stock has alreadymultiplied almost 4xfrom its listing base. In a market where smallcaps blow up faster than Diwali crackers, AMC has stayed steady — like a Paracetamol in a world of painkillers.
Add to that:zero pledging, rising institutional shareholding (3.29%), and a promoter group that owns55.44%— it’s a family-run setup that actually delivers on promises. The question is — can this pharmaceutical sidekick sustain its superhero-level margins?
3.Business Model – WTF Do They Even Do?
Think of AMC as the “Atta Chakki” of the pharma world — except instead of flour, it grinds outMicrocrystalline Cellulose (MCC)andCross Carmellose Sodium, the essential ingredients that make tablets form, bind, and disintegrate at the right moment.
Their product portfolio is split under three brand umbrellas:
- Accel / Vincel:MCC and its variants (Cellulose Powder, Spheres, Silicified MCC)
- Acrocell:Cross Carmellose Sodium (a disintegrant)
- Maccel:Magnesium Stearate (a lubricant)
In simpler words — when your pill stays intact in your hand but melts gracefully in your stomach, that’s AMC’s doing.
The company operatestwo plants in Pirana and Dahej (Gujarat), with a combinedcapacity of ~8,000 MTPA, and is setting up athird unit in Navagam Khedato make Sodium Starch Glycolate and Carboxymethylcellulose. Post expansion, total installed capacity will jump to~12,000 MTPA.
With certifications likeEXCiPACT, US-DMF, GMP, ISO 9001, and HACCP, AMC is punching well above the SME league. Serving200+ customersacross pharma, food, nutraceuticals, and cosmetics sectors, they’ve truly diversified their excipient empire.
The catch? Top 10 customers account for~43% of revenue— up from 32% last year. Concentration risk is real, but when your clients includeBrenntag, Dexcel Pharma, and Lehmann & Voss, you’re at least in good company.
4.Financials Overview
| Metric | Latest Half (Sep FY26) | YoY Half (Sep FY25) | Prev Half (Mar FY25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹139 Cr | ₹126 Cr | ₹139 Cr | 10.6% | 0% |
| EBITDA | ₹24 Cr | ₹19 Cr | ₹23 Cr | 26% | 4% |
| PAT | ₹18.1 Cr | ₹16.5 Cr | ₹17 Cr | 9.7% | 6.5% |
| EPS (₹) | 7.53 | 6.86 | 6.92 | 9.8% | 8.8% |
The earnings may not scream “multi-bagger,” but they whisper “consistent compounding.” At this rate, theannualised EPS = ₹7.53 × 2 = ₹15.06, giving aP/E of ~20.3x, slightly below its sector median (31x).
EBITDA margin steady at17%— that’s better than some finished-drug companies! While most pharma giants are whining about USFDA headaches, AMC just keeps pressing pills and counting cash.
5.Valuation Discussion – Fair Value Range (Educational Purpose Only)
Let’s run through some old-school math before you start hallucinating DCF fairies.
a) P/E Method:EPS (annualised): ₹15.06Industry average P/E: 31xAMC conservative P/E range: 18x – 24x→Fair Value Range = ₹271 – ₹361
b) EV/EBITDA Method:EV = ₹691 CrEBITDA (TTM) = ₹47 CrEV/EBITDA = 14.7xIf we assume fair range of 12x – 16x,→Implied Fair EV = ₹564 – ₹752 Cr→ Per share = ₹250 – ₹334
c) DCF (simplified):Assuming 10% FCF growth and 12% discount rate, we get an intrinsic range of₹260–₹340 per share.
📜Disclaimer:This fair value range is for educational purposes only and not investment advice. Don’t bet your rent money on cellulose powder.
6.What’s Cooking – News, Triggers, Drama
AMC is clearly in its expansion arc. Key recent updates include:
- Rights Issue (June 2025):Raised ₹39.77 crore via29.46 lakh shares at ₹135 each (7:50 ratio)to fund the new plant and working capital.
- Increase in Authorised Capital (Sept 2024):₹22 crore → ₹25 crore.
- Major International Order (March 2024):Received a chunky order for72,000 kg of MCC (ACCEL-112)— possibly one of their largest single export contracts.
- IPO Funds (Dec 2023):Raised ₹78.40 crore; all proceeds directed toward expansion and general corporate purposes.
In short — they’re turning every Rupee raised into new capacity. And consideringexports form 58% of their revenue, that new plant at Navagam Kheda could open more global doors.
The only drama? Their
