Access Computech Ltd IPO

01At a glance

What the company does: designs and manufactures point-of-sale devices, biometric authentication devices, attendance management systems and access control products, and sells the software that manages them, from a factory at Makarpura, Vadodara (AP p.3, DRHP p.93).

Who pays it: corporates, manufacturers, logistics companies, banks, financial institutions, fintech companies and government bodies including state co-operative banks and a state traffic police department (AP p.3, DRHP p.93). The largest customer was 8.90% of FY26 revenue and the top ten 45.98% (DRHP p.107).

Why it is raising money: up to ₹2,250.65 lakh to set up a second manufacturing unit on 17,156 square feet at Makarpura with a surface-mount technology line brought in-house, up to ₹1,250.00 lakh for working capital, and general corporate purposes capped at ₹1,000.00 lakh or 15% of gross proceeds (DRHP p.91).

How fast it has grown: revenue from ₹8,084.20 lakh in FY24 to ₹10,948.59 lakh in FY25 and ₹10,815.68 lakh in FY26, about 15.7% a year across the two years, and profit after tax from ₹401.97 lakh to ₹1,173.98 lakh, about 70.9% a year (our arithmetic, DRHP p.57).

The one thing to understand: the plant is full. Utilisation across the three product lines was 33% in FY24, 93% in FY25 and 90% in FY26 on installed capacity of 4,64,500 units, and the surface-mount step is still outsourced for want of space, which is what the issue is for (DRHP p.93).

02The business, in plain words

Someone has to build the terminal a shopkeeper swipes a card on, and the fingerprint reader a bank uses to verify an Aadhaar number. This company designs those boxes, has the circuit boards populated by an outside surface-mount vendor nearby, assembles, tests and loads firmware onto them at its own Vadodara plant, and sells them with the software that manages the fleet.

A bank or an enterprise orders POS terminals or fingerprint readers → the company procures components and printed circuit boards → an outside vendor does the surface-mount assembly → the company assembles, tests, loads firmware and ships → it also licenses the terminal management, attendance and access control software.

The company was incorporated in September 1994 and converted into a public limited company in December 2025 (DRHP p.3). It holds UIDAI approval for an optical fingerprint scanner and a single thermal fingerprint device, which the document says makes it one of very few Indian companies with that certification (DRHP p.90). It holds ISO 27001 information security and environment management certificates and one registered trademark, with one copyright application pending (DRHP p.249). It had 133 employees at July 31, 2026, and offices in Vadodara, Mumbai, Delhi, Jamshedpur and Tiruchirappalli (DRHP p.93, DRHP p.152). Some customer relationships run over 20 years (DRHP p.93).

Earnings equation: Profit ≈ units shipped × price − components and boards − outsourced surface-mount charges − plant and staff cost − interest on the inventory. In FY26 cost of material consumed of ₹6,970.72 lakh was 64.45% of revenue and employee cost ₹1,331.22 lakh, 12.31% (our arithmetic, DRHP p.57).

03Where the money comes from

Source: AP p.3, AP p.4. The vertical table does not add to total revenue from operations of ₹10,815.68 lakh in FY26; the balance is not broken out on the pages read.

Sales are spread across India: in FY26 the largest states were Delhi at 18.27%, Uttar Pradesh 14.70%, Gujarat 14.48%, Tamil Nadu 11.74%, Maharashtra 9.44%, Haryana 6.98% and Karnataka 6.78% (AP p.4). Customer concentration is low for a small manufacturer, and falling:

Source: DRHP p.107. The risk sits on the other side: the largest supplier was 24.42% of FY26 purchases, the top five 69.22% and the top ten 89.24% (DRHP p.149).

04The growth record

Source: DRHP p.57, DRHP p.58, DRHP p.106. Total borrowings were ₹1,485.41 lakh, ₹1,394.84 lakh and ₹1,578.58 lakh; return on equity was 15.20%, 19.08% and 29.08%; return on capital employed 17.71%, 22.88% and 27.51%; and net debt to EBITDA negative 0.04, 0.31 and 0.37 (AP p.6, DRHP p.106).

Our arithmetic over FY24 to FY26: revenue grew about 15.7% a year, EBITDA about 57.0% and profit about 70.9%; EBITDA margin rose 868 basis points and PAT margin 588 basis points (DRHP p.57, DRHP p.106). The margin, not the revenue, is where the change is: revenue rose 35.43% in FY25 and then fell 1.21% in FY26, while EBITDA rose 53.94% in FY26 (our arithmetic, DRHP p.57). Earnings a share, adjusted for the March 2026 bonus, were ₹2.58, ₹3.86 and ₹7.55, and net asset value a share ₹18.32, ₹22.18 and ₹29.73 (AP p.6).

05What the growth is made of

Mix and cost, not volume. Capacity utilisation across the three lines went from 33% in FY24 to 93% in FY25 and 90% in FY26, so the FY25 revenue jump was the plant filling up and FY26 was the plant staying full (DRHP p.93). Within that, the Aadhaar product line ran at 25%, 98% and 92% of a 4,00,000-unit capacity; attendance readers at 81%, 54% and 39% of 4,500 units; and POS devices at 87%, 62% and 78% of 60,000 units (DRHP p.93).

Revenue by vertical moved the same way: biometric devices rose from ₹4,342.58 lakh in FY24 to ₹7,515.47 lakh in FY25 and then fell to ₹6,052.53 lakh in FY26, while attendance and access control nearly doubled from ₹925.03 lakh to ₹1,671.80 lakh and POS devices rose from ₹863.92 lakh to ₹1,322.07 lakh (AP p.3, AP p.4).

The profit came from the cost side. Cost of material consumed fell from ₹8,438.25 lakh in FY25 to ₹6,970.72 lakh in FY26 on almost the same revenue, and other expenses fell from ₹993.46 lakh in FY24 to ₹794.98 lakh in FY26, while depreciation rose from ₹64.90 lakh to ₹357.22 lakh as the company capitalised plant and intangibles (DRHP p.57). The document does not disclose units shipped by product or realisation, so the improvement cannot be separated into price, product mix and procurement cost.

06Earnings quality

Two items need explaining. First, inventory: at ₹3,892.85 lakh it is 48% of the balance sheet and about 204 days of material cost, and it swung by ₹1,496.62 lakh up in FY25 and ₹849.99 lakh down in FY26, which is what turned FY25 operating cash flow negative (our arithmetic, DRHP p.56, DRHP p.58). For a components business exposed to supply disruption that stock is explicable, but the document does not age it.

Second, other current liabilities fell from ₹1,961.03 lakh at March 2025 to ₹837.95 lakh at March 2026, a ₹1,123.08 lakh outflow in the FY26 cash flow, and the pages read do not say what those liabilities were (DRHP p.56, DRHP p.58).

07The balance sheet

At March 31, 2026 total assets were ₹8,101.70 lakh: inventories ₹3,892.85 lakh, property plant and equipment ₹1,572.29 lakh, trade receivables ₹1,423.39 lakh, cash and bank balances ₹825.18 lakh, intangible assets ₹189.90 lakh, short-term loans and advances ₹99.12 lakh and other assets ₹98.97 lakh (DRHP p.56). Against that, short-term borrowings were ₹1,578.58 lakh with no long-term borrowings left, trade payables ₹836.64 lakh of which ₹50.91 lakh is owed to micro and small enterprises, other current liabilities ₹837.95 lakh and provisions ₹223.96 lakh, leaving net worth of ₹4,624.57 lakh (DRHP p.56).

Borrowings are entirely short-term working capital: long-term borrowings fell from ₹97.01 lakh at March 2024 to nil at March 2026, and net debt to EBITDA is 0.37 times (DRHP p.56, DRHP p.106). Contingent liabilities are ₹9.69 lakh (DRHP p.59). Creditors at March 2026 numbered 84, of which four are material creditors owed ₹697.68 lakh between them (DRHP p.245).

After the issue: the fresh issue is up to 58,00,000 shares against 1,55,56,048 in issue, so the count would rise to 2,13,56,048 and the promoters' 99.22% would fall to about 72.3%; the price is not set, so the money raised cannot be stated (our arithmetic, AP p.5, DRHP p.76).

08What the money is for

Source: DRHP p.91. The new unit sits on 17,156 square feet at Plot No. C1-519/3 in the same Makarpura estate as the existing plant, and the company states it will have twice the capacity of the existing facility (DRHP p.92, DRHP p.93).

The reason given is specific: surface-mount mounting is currently done by third-party vendors nearby because there is no room for a line at the current premises, and the plant is already running above 90% utilisation (DRHP p.93).

The total project cost has been certified by the statutory auditor and rests on third-party quotations, but the rest of the fund requirement is management estimate and has not been appraised by any bank or financial institution, and none of the objects has been appraised by any agency (DRHP p.67, DRHP p.92).

Into the business the whole issue: up to 58,00,000 new shares, not priced at draft stage (DRHP p.76). To selling shareholders nothing: there is no offer for sale (AP p.1).

09Who is selling

No one. The issue is a fresh issue of up to 58,00,000 shares by the company, with no offer for sale (AP p.1, DRHP p.76). The issue is made under Regulation 229(2) of Chapter IX of the SEBI regulations, because post-issue paid-up capital will be between ₹10 crore and ₹25 crore (AP p.1).

10Promoters

The promoters are Ajay Amarnath Sinha, aged 60, Managing Director, an electronics engineering graduate of M. S.

Ramaiah Institute of Technology with over 32 years in electrical equipment manufacturing, who looks after marketing and new products; Vinodrai Gulabbhai Naik, aged 77, Whole-Time Director, a mechanical engineering graduate of South Gujarat University with a diploma in industrial engineering and 32 years in the industry, who oversees customer liaison and administration; Ketankumar Upadhyay, aged 57, Whole-time Director, a computer technology diploma holder with 32 years in the industry, responsible for technical matters; and Bijay Amarnath Sinha, aged 55, Whole-Time Director and Chief Financial Officer, with over 25 years in the industry, responsible for management and operations (AP p.3, AP p.4).

Three of the four subscribed to the memorandum in 1994 and the fourth joined the register in 2002; all four have been directors since incorporation or since 2000 (AP p.3, AP p.4, DRHP p.78). Together they hold 1,54,35,308 shares, 99.22% of the capital, in four almost identical blocks of about 24.85% each (AP p.5).

Promoter economics: the shares were built through eight rights issues between 1996 and 2023, seven of them at ₹10 a share and the last two at ₹355 in September 2017 and ₹556 in March 2023, and then multiplied by a bonus issue of 30 shares for one on March 30, 2026, which turned 5,01,808 shares into 1,55,56,048 (DRHP p.77, DRHP p.79). The stated weighted average cost of acquisition is ₹2.34 a share for three of the promoters and ₹2.37 for Bijay Amarnath Sinha, and none acquired any share in the last year (AP p.9).

Remuneration to the four promoters was ₹430.06 lakh in FY24 and ₹526.02 lakh in FY26, and a further ₹99.49 lakh went to six relatives as salary, bonus or consultancy fees in FY26, described in the document as the spouses, daughters, son and son-in-law of directors (our arithmetic, DRHP p.60). The prospectus records no criminal, civil, regulatory or tax proceeding of any kind against the promoters or the directors (DRHP p.242, DRHP p.243, DRHP p.245).

11Who already owns it

Source: AP p.5. The promoters and promoter group hold 99.53% between them; the only outside holders are Prem Aswami with 0.27%, Long Run Services LLP with 0.01%, Shahina Shafaque with 0.06% and Harshal Gohil with a nominal holding (AP p.5). There is no private equity, no venture capital, no institution and no employee stock option scheme, and no convertible instrument is outstanding (DRHP p.76). On full allotment of 58,00,000 shares the count rises to 2,13,56,048 and the promoters would hold about 72.3% (our arithmetic, AP p.5, DRHP p.76). The securities premium account was ₹312.81 lakh before the issue (DRHP p.76).

12What changed just before the IPO

• A 30 for 1 bonus issue on March 30, 2026 turned 5,01,808 shares into 1,55,56,048, the company's stated rationale being to capitalise free reserves and widen the capital base for the listing (DRHP p.77, DRHP p.79).
• The company became a public company in December 2025, 31 years after incorporation (DRHP p.3).
• Authorised capital was raised to ₹25,00,00,000 by a resolution of December 24, 2025, from ₹2,00,00,000 (DRHP p.77).
• Profit almost trebled from ₹401.97 lakh in FY24 to ₹1,173.98 lakh in FY26, on revenue that rose 33.79% over the same two years (our arithmetic, DRHP p.57).
• The plant filled up. Utilisation went from 33% in FY24 to 93% in FY25 and 90% in FY26 (DRHP p.93).
• Capital spending stepped up, from ₹165.53 lakh in FY24 to ₹1,279.10 lakh in FY26, taking property plant and equipment from ₹750.52 lakh to ₹1,572.29 lakh (DRHP p.56, DRHP p.58).
• The statutory auditor changed. R.K. Modi & Co resigned on October 4, 2025 because the company needed a peer-reviewed firm, and A.N. Lakhani & Co was appointed on October 15, 2025 and regularised at the annual general meeting on September 8, 2026 (DRHP p.68).
• Long-term debt was cleared, from ₹97.01 lakh at March 2024 to nil at March 2026 (DRHP p.56).
• Customer concentration fell sharply: the largest customer went from 26.60% of FY24 revenue to 8.90% in FY26 (DRHP p.107).
• A company secretary was appointed on March 30, 2026, unpaid in FY26 (DRHP p.181).

13Capacity and expansion

Source: DRHP p.93, certified by an independent chartered engineer.

The expansion is specific and measurable: a second unit on 17,156 square feet at Makarpura with twice the existing capacity, including a surface-mount line the company currently rents from third-party vendors nearby, for up to ₹2,250.65 lakh (DRHP p.92, DRHP p.93). The reason given is that space at the existing premises does not allow a surface-mount line and that the plant is already above 90% utilisation (DRHP p.93). The chain from that capacity to revenue is not drawn in the document: it gives no expected utilisation, no expected realisation for each unit and no timeline to full production beyond deployment across FY27 and FY28.

14Market size and industry structure

As claimed: the global biometrics market was USD 51.6 billion in 2025 and is estimated at USD 175.0 billion by 2034, a 14.54% compound rate; the India point-of-sale payment market is projected from USD 5.86 billion in 2023 to USD 11.60 billion by FY2032, and the India POS device market from ₹38.82 billion in 2024 to ₹135.32 billion by 2034, a 13.30% rate; India's real GDP is estimated to grow 7.6% in FY2025-26 with nominal GDP reaching USD 3.91 trillion (AP p.5).

The part that is addressable: POS terminals, biometric authentication devices and attendance and access control systems sold to Indian enterprises, banks, fintech companies and government bodies. The document does not size that part separately.

What the company is today: ₹10,815.68 lakh of FY26 revenue, one plant with a 4,64,500-unit capacity and 133 employees (DRHP p.57, DRHP p.93, DRHP p.152).

On structure, the entry condition the company names is certification: it holds UIDAI approval for two fingerprint device categories, which it says places it among very few Indian companies with that approval (DRHP p.90). The demand drivers it cites are contactless and near-field payments, Digital India and the Jan Dhan programme, and the spread of organised retail into smaller cities (AP p.5).

15Competitive position

The prospectus gives no competitor table, because it states that no listed Indian company operates across all three of its segments in a comparable way; certain listed companies are in one segment each, but none has a fully comparable business profile (DRHP p.105, DRHP p.107). What can be set out is what the company claims and what supports it:

Against that: the surface-mount step, which the company itself calls an important component of its manufacturing process, is outsourced; the top five suppliers are 69.22% of purchases; and the company has 133 employees and a single plant (DRHP p.93, DRHP p.149, DRHP p.152).

16Peers the company named

Peers named in the offer document: none. The company states that, based on its review, no listed company has been identified that operates across biometric authentication, point-of-sale terminals and digital payment solutions in a manner comparable to it, and that the industry price to earnings figures are accordingly not available (DRHP p.105).

The basis-for-issue-price chapter prints the industry peer group price to earnings table with "NA" against highest, lowest and average, and the operational comparison section repeats that no listed company operating across all three segments has been identified (DRHP p.105, DRHP p.107). So the document offers no external reference point at all, for either the multiple or the operating metrics. A reader wanting one will have to build it from companies the issuer says are comparable only in part.

17Risks, in plain words

A plant running out of room: utilisation was 90% in FY26 on 4,64,500 units, and the surface-mount step is done by outside vendors for want of space (DRHP p.93) → volume cannot grow much until the new unit is built → the new unit is to be funded entirely from this issue and deployed across FY27 and FY28 (DRHP p.91).

Suppliers: the largest supplier was 24.42% of FY26 purchases and the top five 69.22% (DRHP p.149) → components and printed circuit boards are the dominant cost at 64.45% of revenue → a supply or price disruption lands straight in the margin (our arithmetic, DRHP p.57).

Flat revenue on a rising margin: revenue fell 1.21% in FY26 while profit rose 95.37% (our arithmetic, DRHP p.57) → profit growth of that shape depends on costs staying where they are → biometric device revenue, the largest line, fell from ₹7,515.47 lakh to ₹6,052.53 lakh (AP p.3, AP p.4).

Money in stock: inventory was ₹3,892.85 lakh at March 2026, 48% of total assets and about 204 days of material cost (our arithmetic, DRHP p.56) → electronics stock can be superseded by newer parts → the swing in that stock is what turned FY25 operating cash flow negative (DRHP p.58).

Certification and technology: the business rests on UIDAI approval and on keeping up with payment and authentication standards, which the document lists among its top ten risks (AP p.8, DRHP p.90) → a change in standards can obsolete a product line → the company has one registered trademark and one copyright application pending (DRHP p.249).

A family register and a family payroll: the four promoters hold 99.22%, and related-party transactions of ₹650.18 lakh in FY26, 6.01% of revenue, are almost entirely pay to them and to six relatives (our arithmetic, AP p.5, DRHP p.60) → after the issue the promoters would still hold about 72.3% → the document records no independent oversight of those payments beyond the standard committees.

A short public history: the company became a public company in December 2025, its auditor changed in October 2025 and its first company secretary was appointed in March 2026 (DRHP p.3, DRHP p.68, DRHP p.181).

Issue-specific: none of the objects has been appraised by any agency, the general corporate purposes amount is left blank, and there is no price band (DRHP p.67, DRHP p.91).

18Litigation and regulatory matters

The litigation section is close to empty: no criminal litigation, no action by any regulatory or statutory authority, no material civil litigation and no disciplinary action by SEBI or an exchange in the last five fiscal years, against the company, the promoters, the directors, the key managerial personnel or the group company (DRHP p.242, DRHP p.243, DRHP p.244).

The one tax matter, ₹9.69 lakh of tax deducted at source, is also the whole of the contingent liability (DRHP p.59). Two administrative gaps are recorded: the company cannot trace the letter allotting its Employees' State Insurance code at Jamshedpur, or the letter allotting its Gujarat professional tax enrolment number, and has taken both from the authorities' online records (DRHP p.247, DRHP p.248).

19Related-party transactions

Source: DRHP p.60. The promoter, relative and interest rows are our arithmetic on the recipients the table lists.

The table is short and it is all payroll and interest: there is no trading with related parties, no rent and no guarantee. Promoter pay rose 22.31% over two years while profit almost trebled (our arithmetic, DRHP p.57, DRHP p.60). The relatives paid are described as the wives of three directors, a director's daughter, a director's son and a director's son-in-law (DRHP p.60).

What appeared in the two years before the filing: the son-in-law Shaurya Singh Katal's salary, first paid in FY25 at ₹8.20 lakh and ₹18.24 lakh in FY26; consultancy fees of ₹4.80 lakh to Jhanvi Ajay Sinha in FY26; and ₹2.93 lakh of interest on a loan from Way 2 Growth Private Limited, an associate company to which the company had itself lent ₹29.31 lakh at March 2025 (DRHP p.60, DRHP p.61).

20What the offer document does not say

The vertical revenue table adds to ₹9,393.24 lakh in FY26 against total revenue from operations of ₹10,815.68 lakh, and the balance is not explained on the pages read. Units shipped and realisation for each unit are not disclosed, so the margin improvement cannot be separated into price, mix and procurement cost. The share of revenue that is hardware against software is not given. The age of the ₹3,892.85 lakh of inventory is not disclosed.

What the ₹1,961.03 lakh of other current liabilities at March 2025 consisted of, and why it fell by ₹1,123.08 lakh, is not set out. No customer or supplier is named. The expected utilisation and revenue from the new unit are not stated. No listed peer is identified, so there is no external comparison of any kind. The general corporate purposes amount and the issue expenses are left blank, and there is no price band.

One inconsistency is worth recording as a document matter rather than a business one: the general information chapter gives the company's website as www.selloship.com, while the cover page and the rest of the document give accesscomputech.com (DRHP p.3, DRHP p.68).

21Five questions for management

1. What is the ₹1,422.44 lakh of FY26 revenue that sits outside the three-vertical table, and what does it consist of?
2. How many units were shipped in each line in FY24, FY25 and FY26, and at what average realisation?
3. What drove cost of material consumed down from ₹8,438.25 lakh to ₹6,970.72 lakh on almost the same revenue?
4. What does the company pay outside vendors for surface-mount work today, and what does the in-house line save for each board?
5. How old is the ₹3,892.85 lakh of inventory, and how much of it is components for products no longer being built?

2Sources and cited facts

This study was read from 2 documents the company filed. The 76 figures it cites are listed under the document each came from, with the page and the sentence as printed.