Accelya Solution Q4 FY26 Results (NSE: ACCELYA)
Signal: Revenue declined
The read
Q4FY26 marks the fourth straight quarter of OPM compression (now at 25%, down from 34% in Q4FY25), with revenue flat YoY. The full-year FY26 saw revenue growth of 5.5% but PAT declined 7.7% and EPS fell 8.1% due to margin erosion and higher depreciation/finance costs. Employee cost as % of revenue rose ~680bps to 68.7% for the year, the core drag. A ₹1,171.61 lakh exceptional charge (gratuity past service cost under new labour codes) weighed on FY26 PAT but was non-cash. The company remains debt-free with strong net cash.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1.36 Cr | -0.7% | 2.3% |
| EBIT | ₹0.34 Cr | 0.0% | |
| Net profit | ₹0.21 Cr | -29.4% | |
| EPS | ₹14.32 | -29.4% | |
| EBIT margin | 25% |
P&L walk
Revenue flat YoY at ₹136Cr with OPM collapsing 900bps to 25% — employee costs surged as a % of revenue (68.7%) while other expenses also rose, eroding margins despite stable other income.
Segments
No segment data; single operating segment per Ind AS 108 — airline software solutions.
Key positives
- Revenue stable at ₹136Cr despite tough prior-year base; FY26 revenue grew 5.5% to ₹13,605.33 lakh.
- Strong balance sheet: net cash of ₹25,014.71 lakh (₹250 Cr), zero debt, D/E 0.06.
- Cash from operations improved to ₹9,916.35 lakh from ₹9,199.34 lakh YoY.
- Recommended final dividend of ₹35/share (7.83% yield at CMP ₹1,150) — consistent capital return.
Key concerns
- OPM collapsed 900bps YoY to 25% — 4th consecutive quarter of contracting margins (from 36% in Q3FY25).
- Employee costs as % of revenue surged to 68.7% for FY26 vs 61.9% in FY25 — structural cost build-up.
- PAT declined 29.4% YoY in Q4 and 7.7% for FY26; 3-year PAT CAGR is -18.54%.
- Finance costs more than doubled (+136% YoY) though from a low base.
- Standalone profit near zero — group earnings rely on subsidiaries (Americas, UK) with no segment transparency.
Research and educational content only. Not investment advice.