AceVector Limited Says Freight Income Led FY26 Revenue Mix

AceVector Limited reported freight and collection income of Rs 25.7908 crore in FY26, making it the largest revenue line on the disclosed revenue mix after reconciling the reported total. The income was 50.5% of Rs 51.0381 crore in revenue from operations and exceeded Rs 20.3899 crore from software services.

How did freight and collection income lead AceVector’s FY26 revenue mix?

AceVector reported Rs 25.7908 crore of freight and collection income for the year ended March 31, 2026, compared with Rs 20.6575 crore in FY25 and Rs 16.4908 crore in FY24. The FY26 amount increased by Rs 5.1333 crore, or 24.9%, from FY25. Freight and collection income was reported within other operating revenue, which was Rs 48.4713 crore in FY26.

Software as a service, or SaaS, generated Rs 20.3899 crore in FY26, making freight and collection income Rs 5.4009 crore larger. Freight and collection income represented 50.5% of FY26 revenue from operations, while SaaS represented 39.9%. Together, the two lines generated Rs 46.1807 crore, or 90.5%, of AceVector’s FY26 operations revenue.

The source’s marketing-fees entry for FY26 is formatted as “25,68.68” in a note stated in lakhs, which does not reconcile as displayed with the stated Rs 48.4713 crore of other operating revenue and Rs 51.0381 crore of total operations revenue. The difference between those two reported totals is Rs 2.5668 crore. On that subtotal reconciliation, freight and collection income was the largest disclosed revenue line, but the marketing-fees presentation remains unresolved in the supplied note.

What changed in AceVector’s FY26 revenue mix?

AceVector’s revenue from operations increased by Rs 11.5362 crore, or 29.2%, to Rs 51.0381 crore in FY26 from Rs 39.5019 crore in FY25. This followed an increase of Rs 1.5258 crore, or 4.0%, between FY24 and FY25. SaaS added Rs 7.0165 crore in FY26, growing 52.5%, while freight and collection income added Rs 5.1333 crore.

The combined weight of freight and collection income and SaaS increased across all three reported years. These two categories represented Rs 26.8489 crore, or 70.7%, of FY24 operations revenue; Rs 34.0309 crore, or 86.1%, in FY25; and Rs 46.1807 crore, or 90.5%, in FY26. The change shows that the disclosed revenue base became more concentrated in those two service-related categories.

Trading revenue did not follow the same pattern. Sale from trading of goods was Rs 1.244 crore in FY26, compared with Rs 95.50 lakh in FY25 and Rs 2.363 crore in FY24. Other incentive income was Rs 1.0166 crore in FY26, versus Rs 54.63 lakh in FY25 and Rs 1.6018 crore in FY24, leaving both categories below their FY24 levels.

What does freight and collection income imply about AceVector’s cost exposure?

AceVector’s disclosures indicate that freight and collection activity accounted for more than half of FY26 operating revenue, but they do not disclose the pricing terms, customer mix or direct costs of that income stream. Therefore, the Rs 25.7908 crore revenue figure does not establish its profitability or a freight-specific margin. Such a measure would require costs allocated to the service, which the supplied notes do not provide.

A separate expense note, stated in Rs million rather than lakhs, reports logistics expense of Rs 240.355 crore in FY26, Rs 153.190 crore in FY25 and Rs 107.582 crore in FY24. The logistics expense rose by Rs 87.165 crore year on year. However, the note does not state how much logistics expense relates to freight and collection income, SaaS, trading or other activities, so it cannot be treated as the direct cost of the freight revenue line.

Employee-benefit expense, also disclosed in Rs million, was Rs 168.589 crore in FY26, including Rs 24.307 crore of share-based payment expense. The separate logistics and employee-cost disclosures demonstrate that AceVector’s reported expense base is broader than a single revenue category. Any assessment of the persistence of freight-led revenue would depend on category-level costs that are not disclosed in the supplied financial information.

How are AceVector’s services recognised and collected?

AceVector applies Indian Accounting Standard 115, or Ind AS 115, for revenue from contracts with customers. The standard requires revenue recognition when control of goods or services transfers to the customer. AceVector states that goods revenue is recognised on delivery and service revenue when services are completed, while the adoption of Ind AS 115 from April 1, 2018 did not materially affect the presented financial information.

Services transferred at a point in time generated Rs 42.2506 crore in FY26, compared with Rs 32.0614 crore in FY25 and Rs 23.9442 crore in FY24. Services transferred over time generated Rs 7.5135 crore in FY26, versus Rs 6.4835 crore in FY25, while goods transferred at a point in time generated Rs 1.274 crore. The note does not split freight and collection income between the point-in-time and over-time service categories.

Trade receivables were Rs 2.2952 crore at March 31, 2026, down from Rs 2.6898 crore at March 31, 2025 and Rs 3.2668 crore at March 31, 2024. AceVector says these receivables are non-interest-bearing and generally have 70-day terms. Contract liabilities, mainly deferred revenue and customer advances for services not yet rendered, rose to Rs 2.3083 crore from Rs 1.8429 crore over the same one-year period.

Was AceVector’s FY26 revenue primarily generated in India?

AceVector generated Rs 49.9997 crore of FY26 operations revenue in India and Rs 1.0444 crore outside India. India represented about 97.9% of the Rs 51.0381 crore total, while revenue outside India represented about 2.1%. The freight-led revenue mix was therefore reported within a predominantly domestic revenue base.

Revenue generated in India increased from Rs 38.9075 crore in FY25 and Rs 37.5388 crore in FY24. Revenue outside India increased from Rs 59.44 lakh in FY25 and Rs 43.73 lakh in FY24. The geographic disclosure does not identify whether freight and collection income was concentrated in particular Indian regions, customers or contracts.

Conclusion

AceVector’s FY26 disclosures show freight and collection income at Rs 25.7908 crore, ahead of Rs 20.3899 crore in SaaS revenue and equal to 50.5% of operations revenue. Freight income grew 24.9% from FY25, while the combined freight-and-SaaS share of operations revenue rose from 70.7% in FY24 to 90.5% in FY26. The reported mix therefore places greater weight on collection, fulfilment and software-related services than on trading revenue.

The next disclosure to watch is whether AceVector provides a reconciled marketing-fees figure and a clearer link between logistics costs and freight-related income. The FY26 revenue note contains an unreconciled marketing-fees format, while the logistics-expense note reports Rs 240.355 crore under a different stated unit and does not allocate that cost among revenue lines. Those unresolved presentation and allocation matters limit analysis of the freight category beyond its reported revenue scale.