Accent Microcell FY26: Exports rise, capacity expansion waits on approvals

Accent Microcell Limited, a manufacturer of pharmaceutical excipients with a cellulose-led portfolio, closed FY26 with a sharp step-up in scale. Revenue from operations grew to 34,903.28 lakhs in FY26 from 26,457.69 lakhs in FY25, a YoY increase of 31.92%. EBITDA rose in tandem to 6,345.83 lakhs, while PAT increased to 4,385.85 lakhs from 3,306.29 lakhs.

What stood out in the year was the shift in market mix. Exports contributed 63.28% of FY26 revenue, up from 53.49% in FY25, reflecting stronger global offtake and a higher contribution from premium product categories in the second half. The company also emphasized its footprint across 75 plus countries, largely through distributor-led routes.

FY26 performance: growth with steady margins

Accent’s profitability expanded in absolute terms, while margins stayed broadly stable. EBITDA margin in FY26 was 18.18% versus 18.26% in FY25, and PAT margin was 12.57% versus 12.50%. The management explained during the analyst call that H2 growth was driven by higher sales of premium products such as SMCC and MCC spheres.

However, the same discussion also highlighted that a meaningful portion of volumes included trading activity. Management said trading was used to retain customers when own plants were at high utilization, and that trading margins were about 4 to 6%. This is important because headline revenue growth in FY26 also reflected higher traded volumes, not only incremental manufacturing output.

Export mix improves, domestic realization remains lower

The investor presentation quantified the geographic mix clearly. Export revenue in FY26 was 22,086.80 lakhs, while domestic revenue was 12,816.48 lakhs. Management also discussed realization differences: domestic pricing, according to the call, is lower than export pricing, and the weighted average realization reflects this mix.

A second classification used by the company is premium versus non-premium products. In FY26, premium products were 86.88% of revenue versus 96.26% in FY25, while non-premium increased to 13.12%. The management commentary suggests that the company has been prioritizing premium products, but the reported mix in FY26 also reflects the higher trading component and the broader base of products sold through different channels.

Unit-III: the growth driver, with execution risk on timelines

The core strategic initiative is Unit-III, which the presentation frames as both a capacity expansion and a product-mix upgrade. The company disclosed a plan to scale installed capacity from 9,200 MTPA to 12,000 MTPA. Unit-III Phase 1 is intended to manufacture three premium excipients: Croscarmellose Sodium (CCS), Carboxymethylcellulose (CMC), and Sodium Starch Glycolate (SSG).

The presentation also mentions an expected first-year revenue potential of 70 crore and a longer-term revenue mix target of 60% exports and 40% domestic for the new unit, but the management avoided committing to firm timelines and ramp-up rates on the call. Instead, it acknowledged delays and attributed them to two consecutive abnormal monsoon seasons and extended regulatory liaisoning for approvals.

In the Q&A, management indicated that approvals were still awaited, referenced consent and pollution control processes, and said that after approvals, the ethanol-based line would require about 20 to 25 days of trial runs before commercial dispatch. It also stated that Phase 2 was being conservatively expected around March 2027, though this was caveated as being subject to factors beyond the company’s control.

On customer readiness, management stated it had already prepared and sold sample quantities to customers from the existing facility, so Unit-III manufacturing could shift from pilot to commercial volumes once approvals are received.

What investors should track next

FY26 confirms that Accent Microcell is scaling profitably, driven by export growth and continued high utilization at its two existing plants. At the same time, the next leg of growth depends heavily on Unit-III execution and regulatory approvals. Management repeatedly avoided hard forward guidance, but it did state that as premium products scale, it is prudent to expect blended margins to expand by about 2 to 3 percentage points.

Another monitorable is the trading component. Management reiterated that trading was undertaken to retain customers and should fall materially after Phase 2 commercialization. If this plays out, the revenue mix could shift toward higher-margin manufactured output.

Overall, Accent Microcell’s FY26 performance reflects strong demand and operational momentum, but FY27 outcomes will depend on commissioning progress at Unit-III, reduction in trading dependence, and working-capital discipline as the company scales.