Accelya’s revenue grew, but faster costs cut margin by 2.48 points
Net profit fell -5.25% QoQ as depreciation rose +74.65%, despite a 3.14 percentage-point decline in the tax rate.
Filed 22 Oct 2026, 16:39 IST · after market close · Accelya Solutions India Ltd (ACCELYA)
Key takeaways
- Consolidated revenue grew +8.28% QoQ, but expenses grew +12.48%, narrowing operating margin by 2.48 percentage points to 33.80%.
- Net profit fell -5.25% QoQ despite a 3.14 percentage-point decline in the tax rate, as interest rose +100.00% and depreciation increased +74.65%.
- Operating margin was 14.23 percentage points above the 19.57% median for the 22 IT peers that had reported.
Price around the results
Revenue growth did not convert into operating profit
On a consolidated basis, revenue increased +8.28% QoQ, while operating profit grew only +0.91%. Expenses rose +12.48%, outpacing revenue and leaving less of the incremental revenue to reach operating profit. Net profit consequently declined -5.25% QoQ.
Depreciation and interest weighed on profit below the operating line
Operating margin narrowed by 2.48 percentage points to 33.80% as costs grew faster than revenue. Interest expense doubled and depreciation rose +74.65% QoQ, putting additional pressure on profit before tax. The tax rate fell by 3.14 percentage points, which cushioned net profit, while other income contributed 7.97% of profit before tax and was not the main earnings driver.
Margin remains well above the reported IT peer median
The sequential margin decline from 36.28% to 33.80% marks weaker operating leverage than in the preceding quarter. Even after that decline, Accelya's margin was 14.23 percentage points above the 19.57% median among 22 Information Technology peers that had reported.
The stock fell after the results were filed
The results were filed after market close, and the stock fell -5.88% on 23 October. The opening gap was -0.84%, while the relative return was -5.49%; trading volume was 1.99 times the reference level.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹138 cr | ₹127 cr | +8.28% |
| Other income | ₹3 cr | ₹3 cr | +11.15% |
| Expenses | ₹91 cr | ₹81 cr | +12.48% |
| Operating profit | ₹47 cr | ₹46 cr | +0.91% |
| Operating margin (%) | 33.80% | 36.28% | — |
| Interest | ₹1 cr | ₹0 cr | +100.00% |
| Depreciation | ₹10 cr | ₹6 cr | +74.65% |
| Profit before tax | ₹39 cr | ₹43 cr | -9.26% |
| Tax | ₹10 cr | ₹12 cr | -19.19% |
| Net profit | ₹29 cr | ₹30 cr | -5.25% |
| EPS (₹) | ₹19.33 | ₹20.40 | -5.25% |
Operating margin of 33.80% compares with a Information Technology sector median of 19.57% across 22 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -5.88% | -5.49% |
Volume on the results session was 1.99× its 20-day average.
What to watch
- Whether operating margin moves back above 33.80% after the 2.48 percentage-point QoQ decline.
- Whether expense growth falls below the current +12.48% QoQ pace while revenue growth remains above +8.28%.
- Whether depreciation and interest moderate from their current QoQ increases of +74.65% and +100.00%.