Accretion PharmaceuticalsShare price, financial results, shareholding and management
- Market cap
- ₹225 cr
- Stock P/E
- 23.3peers 10.5
- Book value
- ₹49.2
- Price to book
- 4.12
- EV / operating profit
- 15.6
- Market cap to sales
- 2.51
- ROCE · FY26
- 28.9%
- ROE · FY26
- 27.6%
- ROE, 3-year average
- 27.6%
- Operating margin · FY26
- 16.7%peers 16.9%
- Sales growth, 3 years
- +56.2%
- Profit growth, 3 years
- +42.4%
- Debt to equity
- 0.23peers 0.36
- Borrowings
- ₹12.3 cr
- Interest cover
- 16.4×
- Cash from business / op. profit
- -98%
- Debtor days
- 91
- Pledged
- 0.00%
- Promoter holding
- 73.52%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 776
- 52-week high / low
- ₹220 / ₹55
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Accretion Pharmaceuticals share price chart
Close on 6 Nov 2026 · -4.48% on the day · Vol 23,400
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +9.3%
- 3 months
- +11.9%
- 6 months
- +72.0%
- 1 year
- +267.2%
- Since IPO
- +100.5%
- Traded a day, 20 days
- ₹0.30 cr
- Taken for delivery
- 92%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +56% | +42% |
| 3 years, a year | - | - |
| Latest half, H2 FY26 | +18% | +14% |
About Accretion Pharmaceuticals: business, products and customers
Accretion Pharmaceuticals makes generic medicines, such as tablets, capsules, syrups, creams and oral powders, at one plant near Ahmedabad, mostly for other companies and exporters to market under their own names. Its shares trade on NSE Emerge.
Accretion Pharmaceuticals makes tablets, capsules, oral liquids, ointments and creams, and oral powders across many treatment areas, from antibiotics and antacids to vitamins and cardiac medicines. It works as a contract manufacturer: merchant exporters and domestic marketers give it orders, and the medicines carry their names as marketers and Accretion's as maker.
All production is at one WHO-GMP plant at Xcelon Industrial Park near Ahmedabad, which also holds plant approvals from Cambodia, Rwanda, Nigeria and, since September 2025, Malawi. The company says its products reach more than 30 countries in Africa, Southeast Asia and Latin America, mostly through exporters, and direct exports were 8.56% of FY26 revenue.
Read more about the business
Revenue rose 56.21% to ₹89.6 cr in FY26, but growth slowed to 18.24% in the second half and margins fell as raw material and staff costs rose. The shares listed on NSE Emerge in May 2025, and the issue money paid for new equipment, a plant upgrade, debt repayment and working capital.
From the red herring prospectus (May 2025), the FY25 annual report, the November 2025 earnings call, the results press releases of November 2025 and May 2026 and the company's announcements of September 2025 to January 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 56% a year last year.
- It earns a high return on the money it uses: ROCE 29% in FY26.
- It has little debt for its size: debt to equity 0.23.
- The promoters own a large part of the company: 73.52%.
To watch
- EBITDA margin against the 20% to 21% the company aims to regain once registration costs settle (Earnings call, November 2025, p.22).
- Direct exports to Malawi and other approved countries, 7.98% of second half FY26 revenue (Press release, 15 May 2026, p.2).
- Plant registrations in the Philippines and Ghana and the more than 100 products in registration (Earnings call, November 2025, p.10 and p.22).
- Customers take longer to pay than before: 91 days in FY26, against 74 in FY25.
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Accretion Pharmaceuticals revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before.
Accretion Pharmaceuticals half-yearly results
SME companies report every six months · ₹ crore
| H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|
| Sales | 13.35 | 18.56 | 38.81 | 43.74 | 45.89 |
| Expenses | 10.78 | 14.23 | 31.27 | 36.67 | 38.01 |
| Operating profit | 2.57 | 4.33 | 7.54 | 7.07 | 7.88 |
| OPM | 19.3% | 23.3% | 19.4% | 16.2% | 17.2% |
| Interest | 0.40 | 0.69 | 0.74 | 0.37 | 0.48 |
| Depreciation | 0.22 | 0.37 | 0.41 | 0.40 | 0.81 |
| Profit before tax | 2 | 3.29 | 6.47 | 6.41 | 6.67 |
| Net profit | 1.49 | 2.46 | 4.33 | 4.75 | 4.92 |
Accretion Pharmaceuticals profit and loss
Full years to March, FY25 to FY26 · ₹ crore, consolidated where reported
| FY25 | FY26 | |
|---|---|---|
| Sales | 57.38 | 89.63 |
| Expenses | 45.50 | 74.68 |
| Operating profit | 11.88 | 14.95 |
| OPM | 20.7% | 16.7% |
| Other income | 0.09 | 0.19 |
| Interest | 1.44 | 0.85 |
| Depreciation | 0.77 | 1.21 |
| Profit before tax | 9.76 | 13.08 |
| Tax rate | 30.4% | 26.1% |
| Net profit | 6.79 | 9.67 |
| EPS ₹ | 8.48 | 9.03 |
| Dividend payout | 0.0% | 0.0% |
Accretion Pharmaceuticals profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY25 | FY26 | |
|---|---|---|
| Operating margin | 20.7% | 16.7% |
| Tax rate | 30.4% | 26.1% |
| ROCE | · | 28.9% |
| ROE | · | 27.6% |
| Dividend payout | 0.0% | 0.0% |
Accretion Pharmaceuticals debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY25, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Accretion Pharmaceuticals balance sheet
At each 31 March · ₹ crore
| FY25 | FY26 | |
|---|---|---|
| Equity capital | 8.17 | 11.12 |
| Reserves | 7.12 | 43.59 |
| Net worth | 15.29 | 54.71 |
| Borrowings | 14.10 | 12.32 |
| Other liabilities | 10.48 | 9.63 |
| Total liabilities | 39.87 | 76.66 |
| Fixed assets | 6.09 | 13.21 |
| Capital work in progress | 0 | 0.20 |
| Investments | 0 | 0 |
| Other assets | 33.78 | 63.25 |
| Receivables | 11.66 | 22.40 |
| Inventory | 20.61 | 28.37 |
| Cash | 0.05 | 4.02 |
| Trade payables | 7.59 | 5.77 |
Accretion Pharmaceuticals cash flow
₹ crore
| FY25 | FY26 | |
|---|---|---|
| Cash from operations | 5.83 | -14.62 |
| Cash from investing | -1.61 | -8.53 |
| Cash from financing | -4.26 | 27.12 |
| Net cash flow | -0.04 | 3.97 |
| Capital spending | 1.61 | 8.53 |
Working capital
Days
| FY25 | FY26 | |
|---|---|---|
| Debtor days | 74 | 91 |
| Inventory days | 188 | 159 |
| Days payable | 69 | 32 |
| Cash conversion cycle | 193 | 218 |
| Working capital days | 65 | 145 |
Accretion Pharmaceuticals peers and competitors
Listed SME companies in the same industryBy sales, Accretion Pharmaceuticals is number 16 of the 34 listed SME companies in pharmaceuticals & biotechnology.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Chandra Bhagat Pharma | 32 | 10.5 | 116 | 3 | 3.3% | 0.50 |
| Quest Laboratories | 154 | 10.3 | 112 | 15 | 16.3% | 0.08 |
| KRM Ayurveda | 573 | 28.6 | 102 | 20 | 30.0% | 0.00 |
| Sotac Pharmaceuticals | 100 | 17.3 | 101 | 5.8 | 17.7% | 0.64 |
| Accretion Pharmaceuticals | 225 | 23.3 | 89.6 | 9.7 | 16.7% | 0.23 |
| Walpar Nutritions | 25 | 9.9 | 78.8 | 2.5 | 8.5% | 0.89 |
| Speciality Medicines | 142 | 10.9 | 75 | 13 | 18.0% | 0.10 |
| Shelter Pharma | 85 | 9.5 | 73 | 9 | 17.4% | 0.01 |
| Sunrest Lifescience | 15 | 3.7 | 70.8 | 4.1 | 14.4% | 0.85 |
| Onyx Biotec | 68 | - | 69.5 | -0.2 | 4.9% | 0.27 |
| Curis Lifesciences | 154 | 22.3 | 60.6 | 6.9 | 18.4% | 0.46 |
| Median of the 10 others | 93 | 10.5 | 76.9 | 6.3 | 16.9% | 0.36 |
Accretion Pharmaceuticals shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Accretion Pharmaceuticals shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| May 25 | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|---|
| Promoters | 73.50% | 73.50% | 73.52% | 73.52% | 73.52% | 73.52% |
| Foreign investors (FIIs) | 2.99% | 2.22% | 1.16% | - | - | - |
| Indian institutions (DIIs) | 0.18% | 0.09% | - | - | - | 2.76% |
| HNIs (over ₹2 lakh each) | 0.42% | 0.63% | 1.99% | 5.01% | 5.20% | 5.62% |
| Small holders (up to ₹2 lakh) | 19.02% | 20.83% | 20.87% | 17.00% | 17.72% | 14.60% |
| Companies and others | 3.89% | 2.73% | 2.46% | 4.47% | 3.56% | 3.50% |
| Number of shareholders | 1,605 | 1,622 | 1,497 | 1,179 | 1,182 | 776 |
The named holders are at 30 June 2026, beside 31 March 2026, each under the group the pattern files them in.
Accretion Pharmaceuticals study: the business from its own documents
Read from 6 of the company's own documentsAccretion Pharmaceuticals so far
From the company's own record
- 21 May 2025Listed on NSE Emerge at ₹101
- 30 June 2026Promoters at 73.52%
- 15 Sept 2026Highest close since listing, ₹219.00
Accretion Pharmaceuticals key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹89.6 cr
- Up 56.21% on FY25, with profit after tax of ₹9.7 cr; second half revenue grew 18.24% after a much faster first half.Press release, 15 May 2026, p.2 to 3
- Contract work
- 64.35%
- Share of FY25 revenue from contract and loan licence manufacturing; domestic sales gave 27.00% and direct exports 8.65%.Annual report FY25, p.14
- Direct exports
- 8.56%
- Share of FY26 revenue exported by the company itself, and 7.98% in the second half; most exports go through merchant exporters.Press release, 15 May 2026, p.2 to 3; Earnings call, November 2025, p.17
- Plant approvals
- 4 countries
- Cambodia, Rwanda, Nigeria and Malawi have approved the plant; Malawi's two year approval came in September 2025, and the Philippines and Ghana have audited it.Announcement, 19 September 2025, p.1; Earnings call, November 2025, p.10 and p.12
- Product permissions
- 1,198
- Products the company is authorised to make, across tablets, capsules, liquids, ointments and powders.Annual report FY25, p.14 and p.20
Show 5 more facts
- Registrations under way
- Over 100
- Products in the process of registration in export markets, a step needed before orders can come from those countries.Earnings call, November 2025, p.12 and p.22
- Top ten clients
- ₹36.7 cr
- FY25 revenue from the ten largest of 165 active clients, about 64% of the total (our arithmetic).Annual report FY25, p.13 to 14; our arithmetic
- Capacity added
- 40%
- Rise in production capacity the company says came from new equipment and plant upgrades paid for by the issue.Earnings call, November 2025, p.5
- Public issue
- ₹29.8 cr
- Raised from 29,46,000 shares at ₹101 with listing on 21 May 2025; ₹2.0 cr of it was still unused at September 2025.Result filing clarification, 22 January 2026, p.2; Earnings call, November 2025, p.5
- SEBI penalty
- Order of 7 January 2026
- SEBI fined the company a small sum because management made forward looking projections at an investor meet the day before the issue opened.Announcement, 7 January 2026, p.2
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the November 2025 call the company said it had a good order book, without giving a figure, and expected the first half's growth momentum to continue. It said EBITDA margin should return towards the 20% to 21% it earned before, once registration and scale up costs settle, but gave no date. It plans plant registrations in the Philippines, Ghana, Cameroon and Sierra Leone.
| What management said | When | What happened |
|---|---|---|
| The same growth momentum in the second half of FY26 as in the first half | Nov 2025 call | Second half revenue grew 18.24%, against 135.59% in the first half |
| Malawi approval expected to lift revenue in FY26 and beyond | Sept 2025 press release | Direct exports were 7.98% of second half revenue and 8.56% of FY26 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Accretion Pharmaceuticals earns a manufacturing margin by making generic medicines to order for exporters and marketers from a single plant.
Its weak spots are thin pricing power as a contract maker, money tied up for months before it is paid, and margins that slipped as it grew.
WatchCan it set its own prices?Little. It makes medicines to order for others, and its margin fell when raw material and staff costs rose.
AverageHow strong is it against rivals?A wide product range and four foreign plant approvals help it win orders from smaller distributors, but generic contract making has many players.
AverageWho are its customers?Merchant exporters and domestic marketers, more than a hundred and sixty of them, with the ten largest giving about two thirds of revenue.
WatchDoes it need a lot of money?Yes. Export orders mean waiting for shipments and payment, so money is tied up for around half a year.
AverageCan it keep finding new work?It keeps adding customers, products and country registrations, but each new country takes one to two years to open.
AverageDo good and bad years swing a lot?Demand for basic generics is steady, but growth has jumped around from half to half and margins move with input costs.
Who runs Accretion Pharmaceuticals?
Promoters, directors and officers; tap a name for the background
VAVivek Ashok Kumar PatelPromoter and Managing Director · holds 17.69%
Holds a Bachelor of Pharmacy from LJIP, Ahmedabad, and an MBA in pharma from D Y Patil, Mumbai. Trained at Alive Pharma and spent three years as a marketing executive at Merck in Ahmedabad; with the Accretion group since the start and Managing Director since July 2024.
Prospectus, p.209 and p.212HNHarshad Nanubhai RathodPromoter, Chairman, Director and Chief Financial Officer · holds 17.69%
Holds a Bachelor of Pharmacy from Gujarat University and an MBA from Madhyanchal Professional University, Bhopal, with over 14 years of experience. Was Marketing Head at Recspeed Healthcare, which Harshad Nanubhai Rathod co-founded with Hardik Mukundbhai Prajapati; Director and CFO since July 2024 and chairs the board.
Prospectus, p.209 and p.212 to 213; Annual report FY25, p.47 to 48HMHardik Mukundbhai PrajapatiPromoter and Executive Director · holds 17.69%
Holds a B.Pharm from LJIP, Ahmedabad, and a Master's in Pharmacy from Gujarat Technological University, with over 14 years in pharmaceutical production. Worked in manufacturing at Lincoln Pharmaceuticals and co-founded Recspeed Healthcare; oversees operations.
Prospectus, p.210 and p.213; Annual report FY25, p.14MPMayur Popatlal SojitraPromoter and Non-Executive Director · holds 17.69%
Holds a Bachelor of Pharmacy from Gujarat University and an MBA in international business from the University of Greenwich, London, with 12 years in the pharmaceutical industry. Was a partner in the earlier Accretion Pharmaceuticals firm; moved from executive to non-executive director from September 2025.
Prospectus, p.208 and p.212; Annual report FY25, p.91; Earnings call, November 2025, p.2GAGrishma A ShewaleIndependent Director
A Company Secretary with B.Com, M.Com and LL.B. degrees and over nine years as a company secretary and compliance officer. On the board since July 2024.
Prospectus, p.210 and p.213CRChand Rameshbhai KanabarIndependent Director
Holds B.Com and M.Com degrees from Saurashtra University and has completed CA Intermediate, with 11 years in finance, accounting and business development. On the board since April 2025 and chairs the stakeholders relationship committee.
Prospectus, p.211 to 213 and p.224; Annual report FY25, p.47Accretion Pharmaceuticals latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹45.9 cr (+18%), net profit ₹4.9 cr (+14%) on H2 FY25.
- Shareholding, 30 June 2026: promoters unchanged at 73.52%.
Accretion Pharmaceuticals announcements
84 on record, latest first; each opens the filing on the exchange
- Shareholders meetingProceedings of Postal Ballot. Further, the company has submitted the Exchange a copy of Srutinizers reportPDF ↗
- Amendment to AOA/MOAOf the companyPDF ↗
- Shareholders meetingSrutinizers report of Postal BallotPDF ↗
- Shareholders meetingProceedings of Postal BallotPDF ↗
- Quarterly Compliance Report on Corporate governance - within 21 days from the enAccretion Pharmaceuticals Limited has informed regarding Submission of the Compliance Report on Non-Applicability of Corporate Governance for the Q2 FY 2026-27PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Shareholders meetingNotice of Postal BallotPDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Amendment to AOA/MOAOf the companyPDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on August 27, 2026PDF ↗
Accretion Pharmaceuticals annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Accretion Pharmaceuticals share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Accretion Pharmaceuticals' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,11,16,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY25 to FY26.
- iPrices run to the close on 13 Oct 2026, from the exchange's daily figures.
Questions people ask about Accretion Pharmaceuticals
What does Accretion Pharmaceuticals do?
Accretion Pharmaceuticals makes generic medicines, such as tablets, capsules, syrups, creams and oral powders, at one plant near Ahmedabad, mostly for other companies and exporters to market under their own names. Its shares trade on NSE Emerge.
What is the share price of Accretion Pharmaceuticals?
₹203 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Accretion Pharmaceuticals?
₹225 cr at the close on 6 Nov 2026, on 1,11,16,000 shares.
What is the P/E of Accretion Pharmaceuticals?
23.3 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Accretion Pharmaceuticals' revenue and profit?
Revenue ₹90 cr and profit after tax ₹10 cr in FY26.
Who are the promoters of Accretion Pharmaceuticals?
Vivek Ashok Kumar Patel, Harshad Nanubhai Rathod, Hardik Mukundbhai Prajapati, Mayur Popatlal Sojitra; promoters held 73.52% at 30 June 2026.
What was the IPO price of Accretion Pharmaceuticals?
₹101 a share; it listed on 21 May 2025.
What is Accretion Pharmaceuticals' website?
www.accretionpharma.com
More SME companies like Accretion Pharmaceuticals
Other listed SME companies in pharmaceuticals & biotechnology, the closest in size first, each read from its own documents.
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Every listed SME company in Pharmaceuticals & Biotechnology → · SME companies listed in 2025 →
Built from 2 press releases, 1 offer document, 1 result filing, 1 earnings call transcript, 1 annual report, 84 exchange announcements, 6 shareholding patterns and 2 years of reported results. Every figure carries its source; where the documents are silent, the page says so.