BSE: 517494 | NSE: | IT - Hardware | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Accel Ltd is a below average quality company.
The key valuation ratios of Accel Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Accel Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -63.8% | -68.2% | -5% | 19.6% | -2.5% | -3.4% | 6.5% | 10.4% | 14% | 10.8% | - |
| Value Creation Index ⓘ | NA | NA | -1.4 | 0.4 | -1.2 | -1.3 | -0.5 | -0.3 | -0 | -0.2 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 0.8 | 0.7 | 2.5 | 1.9 | 1.1 | 1.5 | 69.1 | 111 | 155 | 166 | 169 |
| Sales YoY Gr. | - | -10.4% | 259.4% | -22.2% | -43% | 35.5% | 4,538.9% | 60.4% | 40.1% | 7.1% | - |
| Adj EPS ⓘ | -6.1 | -5.1 | -0.4 | 0.2 | -0.3 | -0.4 | -0.1 | 1.1 | 0.6 | 0.9 | 0.7 |
| YoY Gr. | - | NA | NA | NA | -247.1% | NA | NA | NA | -47.8% | 44.1% | - |
| BVPS (₹) ⓘ | -14.9 | -20.1 | 7.2 | 8.7 | 8 | 7.6 | 8.1 | 8.3 | 8.5 | 9 | 9.2 |
| Adj Net Profit ⓘ | -6.7 | -5.7 | -2.2 | 0.9 | -1.4 | -2.4 | -0.7 | 6.5 | 3.4 | 4.9 | 4 |
| Cash Flow from Ops. ⓘ | -2.2 | -1.3 | -1.4 | 8.2 | -8.7 | 2.2 | 32.1 | 4.7 | 11.7 | 23.5 | - |
| Debt/CF from Ops. ⓘ | -8.9 | -17.7 | -3.6 | 0.2 | -0.5 | 8.3 | 1.8 | 13.5 | 5.5 | 2.7 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 81.7% | 172.8% | 34% | 7.1% | ||||
| Adj EPS ⓘ | NA | NA | NA | 44.1% | ||||
| BVPSⓘ | NA | 2.4% | 3.5% | 5% | ||||
| Share Price | 12.1% | 35.5% | 19.6% | 10.7% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 99.5 | 43.1 | -17.9 | 2.1 | -2.4 | -3.5 | -1.1 | 9.2 | 4.8 | 6.6 | 7.3 |
| Op. Profit Mgn % ⓘ | -432 | -494.9 | -97.9 | -73 | -171.1 | -136.3 | 7.3 | 12.3 | 11.9 | 11.3 | 9.8 |
| Net Profit Mgn % ⓘ | -867.7 | -818.1 | -89.9 | 48.9 | -131.1 | -158.8 | -1.1 | 5.9 | 2.2 | 2.9 | 2.2 |
| Debt to Equity ⓘ | -1.7 | -1.4 | 0.1 | 0 | 0.1 | 0.4 | 1.3 | 1.3 | 1.3 | 1.2 | - |
| Working Cap Days ⓘ | 1,868 | 1,426 | 2,110 | 3,939 | 5,540 | 4,567 | 233 | 231 | 185 | 191 | 65 |
| Cash Conv. Cycle ⓘ | -128 | -58 | -11 | 14 | 193 | 55 | -5 | 22 | 38 | 33 | 5 |
Return on Equity has increased versus last 3 years average to 7.30%
Sales growth is growing at healthy rate in last 3 years 34.01%
Net Profit has been subdued in last 3 years 0.00%
Debt to equity has increased versus last 3 years average to 1.23
Sales growth is not so good in last 4 quarters at 6.11%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 0.7 | 0.6 |
| TTM Sales (₹ Cr.) | 169 | 170 |
| BVPS (₹.) ⓘ | 9.2 | 7.4 |
| Reserves (₹ Cr.) ⓘ | 41 | 31 |
| P/BV ⓘ | 2.47 | 3.07 |
| PE ⓘ | 34.42 | 37.83 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 18.60 / 35.48 |
| All Time Low / High (₹) | 1.10 / 79.60 |
| Market Cap (₹ Cr.) | 130 |
| Equity (₹ Cr.) | 11.5 |
| Face Value (₹) | 2 |
| Industry PE ⓘ | 110.3 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1 | 1 | 2 | 2 | 1 | 1 | 69 | 111 | 155 | 166 |
| Operating Expenses ⓘ | 4 | 4 | 5 | 3 | 3 | 4 | 64 | 97 | 137 | 149 |
| Manufacturing Costs | 1 | 1 | 1 | 0 | 0 | 0 | 16 | 20 | 14 | 19 |
| Material Costs | 0 | 0 | 0 | 1 | 0 | 1 | 25 | 33 | 53 | 58 |
| Employee Cost | 1 | 1 | 1 | 1 | 1 | 1 | 17 | 34 | 55 | 57 |
| Other Costs ⓘ | 2 | 2 | 2 | 1 | 2 | 1 | 6 | 10 | 15 | 14 |
| Operating Profit ⓘ | -3 | -3 | -2 | -1 | -2 | -2 | 5 | 14 | 18 | 18 |
| Operating Profit Margin (%) | -432.0% | -495.0% | -98.3% | -73.1% | -181.0% | -136.0% | 7.3% | 12.3% | 11.7% | 10.6% |
| Other Income ⓘ | 0 | 0 | 3 | 19 | 2 | 1 | 1 | 4 | 4 | 2 |
| Interest ⓘ | 1 | 1 | 1 | 1 | 0 | 0 | 4 | 6 | 7 | 7 |
| Depreciation ⓘ | 3 | 2 | 1 | 1 | 1 | 1 | 5 | 6 | 7 | 7 |
| Exceptional Items ⓘ | -1 | 0 | 0 | -7 | 0 | 0 | 5 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | -7 | -6 | -2 | 9 | -1 | -2 | 1 | 6 | 9 | 5 |
| Tax ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | -1 | -1 | 5 | 1 |
| Profit After Tax | -7 | -6 | -2 | 9 | -1 | -2 | 3 | 7 | 3 | 4 |
| PAT Margin (%) | -914.0% | -818.0% | -78.1% | 454.9% | -131.0% | -158.0% | 4.0% | 6.1% | 2.2% | 2.3% |
| Adjusted EPS (₹) | -6.4 | -5.1 | -0.3 | 1.5 | -0.3 | -0.4 | 0.5 | 1.2 | 0.6 | 0.7 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 26% | 0% | 0% | 0% | 25% | 51% | 45% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | -10 | -16 | 41 | 50 | 69 | 67 | 70 | 71 | 73 | 75 |
| Share Capital ⓘ | 16 | 16 | 11 | 11 | 11 | 11 | 11 | 11 | 12 | 12 |
| Reserves ⓘ | -26 | -32 | 30 | 38 | 58 | 55 | 58 | 60 | 61 | 64 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 19 | 23 | 4 | 1 | 4 | 18 | 57 | 58 | 58 | 58 |
| Long Term Debt | 19 | 23 | 4 | 1 | 4 | 17 | 52 | 53 | 48 | 46 |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | 1 | 5 | 6 | 10 | 12 |
| Trade Payables | 2 | 1 | 1 | 2 | 1 | 2 | 22 | 14 | 24 | 26 |
| Others Liabilities ⓘ | 1 | 1 | 6 | 2 | 1 | 2 | 64 | 32 | 37 | 40 |
| Total Liabilities ⓘ | 12 | 9 | 52 | 55 | 74 | 88 | 213 | 175 | 191 | 199 |
Fixed Assets | ||||||||||
| Gross Block | 34 | 34 | 35 | 30 | 57 | 56 | 76 | 64 | 66 | 70 |
| Accumulated Depreciation | 26 | 27 | 21 | 20 | 20 | 20 | 23 | 29 | 30 | 32 |
| Net Fixed Assetsⓘ | 9 | 7 | 13 | 10 | 37 | 36 | 53 | 35 | 36 | 38 |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 1 | 20 | 37 | 41 | 0 | 1 |
| Investmentsⓘ | 0 | 0 | 10 | 8 | 6 | 10 | 41 | 12 | 12 | 11 |
| Inventories | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 5 | 6 | 8 |
| Trade Receivables | 0 | 0 | 1 | 1 | 1 | 1 | 20 | 27 | 39 | 34 |
| Cash Equivalents | 0 | 0 | 1 | 23 | 12 | 3 | 10 | 4 | 3 | 10 |
| Others Assetsⓘ | 3 | 2 | 26 | 14 | 18 | 19 | 48 | 52 | 94 | 97 |
| Total Assets ⓘ | 12 | 9 | 52 | 55 | 74 | 88 | 213 | 175 | 191 | 199 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -2 | -1 | -1 | 8 | -9 | 2 | 32 | 5 | 12 | 23 |
| PBT ⓘ | -7 | -6 | -2 | 9 | -1 | -2 | 1 | 6 | 9 | 5 |
| Adjustment ⓘ | 6 | 4 | 0 | -10 | 0 | 0 | 9 | 11 | 18 | 16 |
| Changes in Working Capital ⓘ | -1 | 0 | 1 | 7 | -7 | 4 | 21 | -13 | -10 | 4 |
| Tax Paid ⓘ | 0 | 0 | 0 | 2 | 0 | 0 | 1 | 1 | -5 | -1 |
| Cash Flow From Investing Activity ⓘ | -2 | -2 | 2 | 15 | -7 | -19 | -63 | -14 | -5 | -9 |
| Capex | -2 | -2 | 0 | 22 | 0 | 0 | -32 | -7 | -8 | -9 |
| Net Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6 | 2 | 0 |
| Others ⓘ | 0 | 0 | 2 | -7 | -7 | -19 | -31 | -1 | 0 | 0 |
| Cash Flow From Financing Activityⓘ | 4 | 3 | -1 | -2 | 4 | 8 | 34 | 2 | -5 | -9 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 5 | 3 | -1 | -3 | 3 | 0 | 36 | 0 | 0 | 0 |
| Interest Paid ⓘ | -1 | -1 | -1 | -1 | 0 | 0 | -4 | -5 | -7 | -7 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | -2 |
| Others ⓘ | 0 | 0 | 1 | 2 | 2 | 9 | 2 | 7 | 3 | 0 |
| Net Cash Flow ⓘ | 0 | 0 | 0 | 21 | -11 | -9 | 3 | -8 | 2 | 6 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | N/A | N/A | -20.67 | 19.37 | -3.05 | -5.34 | 6.19 | 14.47 | 6.95 | 7.62 |
| ROCE (%) | N/A | N/A | -4.96 | 19.56 | -2.54 | -3.43 | 6.45 | 10.42 | 13.96 | 10.75 |
| Asset Turnover Ratio | 0.05 | 0.07 | 0.08 | 0.04 | 0.02 | 0.02 | 0.46 | 0.57 | 0.85 | 0.85 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | 0.89 | N/A | N/A | 10.67 | 0.71 | 4 | 5.75 | Working Capital Days |
| Receivable Days | 0 | 143 | 72 | 159 | 332 | 202 | 54 | 77 | 77 | 80 |
| Inventory Days | 0 | 36 | 15 | 23 | 37 | 0 | 15 | 12 | 13 | 15 |
| Payable Days | 0 | 4,658 | 1,095 | 960 | 2,192 | 731 | 181 | 197 | 127 | 154 |
Accel Transmatic was originally established as Transmatic Systems (TSL) in the year 1986 by two entrepreneurs from Kerala, M R Narayanan and T Ravindran, with equity participation from Kerala State Industrial Development Corporation, and IDBI. The company was promoted to develop and manufacture professional electronic products and communication systems in the state of Kerala, India.
In 1991, TDICI , the venture capital arm of ICICI provided funding for expansion/diversification to manufacture High Speed Dot matrix printers in colaboration with OutPut Technology Corporation (OTC) of USA.
In 1994, the company had its IPO, the issue was oversubscribed and the company got listed in the Mumbai, Chennai, Cochin Stock Exchanges. Over the years the company developed a strong product portfolio and marketing infrastructure and established as a leading manufacturer and solution provider in the IT industry.
In 2002, the company wanted to diversify into software and technologies space by merging with other technology companies. It approached Accel, an established IT business group based in Chennai for a possible acquisition of the company. Accel acquired the shares held by one of the promoters of the company and the acquisition was completed by August 2003 and thus the company became an Accel group company. Accel's management decided to create a new diversified portfolio for Transmatic Systems by merging two of the group entities namely, Accel Software and Technologies and Accel IT Academy. It was also decided to acquire an embedded software development company based in Technopark, Thiruvananthapuram, namely Ushus Technologies (UTPL) into TSL through the merger process, since they were complimentary to the business of TSL. Accordingly a merged entity had been formed effective from 01-01-2004 by the name, Accel Transmatic (ATL). The legal completion of the merger was completed on 9th February, 2005.
The company currently operates through three business divisions namely, Systems and Services, Ushus Technologies and Accel Animation Studios. The product range of the division is a combination of custom built hardware and application software.
The products are in the Automation, Value Enhancement or CRM areas. Products like ATM Kiosk for SBI (also for other banks), Kiosk ATVM with cash acceptance & return, QMS for smaller CSCs, Cash Envelop Acceptance Machine (CEAM) for ICICI Bank, Enterprise Web-based QMS, Cash (Bundle) Acceptance Machine, Integration of Debit/ Credit Card use in Kiosks etc. are in various stages of development.
The company has its subsidiary companies in Tokyo, Japan and San Jose, California USA. A significant all India presence with offices in 10 strategic locations enables better market reach and customer service. Accel Academy Limited, an associate company is engaged in Career Development Programs in Networking, Embedded Systems and Animation Technologies.
Business Divisions
Products & Services
Technologies Division (Ushus Technologies): Ushus Technologies is the software development wing of Accel Transmatic. It has two development centers and operates in specific verticals and horizontal technology domains.
Engineering Applications
Systems Division (Transmatic Systems): Transmatic Systems is a product development company developing products for utilities, Banking & Financial and e-governance sectors.
The products include the following:
The division also undertakes contract design and manufacturing of electronics hardware products and systems.
Accel Animation Studios: Accel Animation Studios specializes in 3D animation content development and visual effects and in a short span of barely a year, this studio has got acceptance from industry experts for its quality delivery and processes. In this brief period, Accel Animation Studio has garnered several prestigious projects even going to the extent of being nominated for the best animated short film category for the FICCI-BAF awards (a film on the Thirukural).
Accel Animation Studio is equipped with state of art facilities in Chennai and has a talented pool of young and well experienced professionals with a perfect blend of creativity and technology. The studio is presently engaged in several projects for the world market.
Accel Animation Studio has three primary business models for a low risk, high return and high employment generating business in the Indian environment.
Outsourced services: Development of animation content for international production houses. This service basket would also include post production services. Develop IPRs and animation content on its own and market the same globally with distribution houses such as Long Tale. Co-produce animated movies and features with companies such as Kahani World.
With a vision to become India’s No.1 Animation Studio in the next three years, Accel Animation has chalked out plans to expand its operations by creating world class facilities in Special Economic Zones (SEZs) in Kerala, India.
Partners
Accel has different technology partnerships with the following global players.
Milestones:
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The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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