Accel Limited FY26 Audited Results with Qualified Opinion

AL/CS/BSE/012/2026-27

Board Meeting Details

The Board Meeting commenced at 5:00 PM (IST) on May 27, 2026, and concluded at 12:25 AM (IST) on May 28, 2026. The Board approved/noted the following:

1. Upon recommendation of the Audit Committee, approved the audited Standalone and Consolidated Financial Results for the financial year ended March 31, 2026.
2. Noted the Statutory Auditors' Report on the Audited Financial Results for the quarter and financial year ended March 31, 2026.

The date of the Annual General Meeting for FY26 will be communicated in due course.

Key Financial Figures - Standalone (₹ in lakhs)

For the Year Ended March 31, 2026 (Audited) vs. March 31, 2025 (Audited):

Total Revenue: 16,816.70 (16,648.46 in FY25)
Revenue from Operations: 16,432.88 (16,304.53)
Other Income: 383.82 (343.93)
Total Expenses: 16,525.15 (16,236.48)
Cost of purchases: 5,435.49 (5,142.18)
Employee benefits: 5,087.97 (5,234.60)
Finance costs: 652.82 (782.66)
Depreciation: 659.04 (622.78)
Other expenses: 4,741.99 (4,336.81)
Profit before Exceptional Items: 291.55 (411.98)
Exceptional Items: (122.25) (Nil)
Profit before tax: 169.30 (411.98)
Tax expense: (374.36) (233.21)
Net Profit for the year: 543.66 (178.77)
Other Comprehensive Income: 47.76 (19.04)
Total Comprehensive Income: 591.42 (197.81)
Paid-up Equity Share Capital (Face value ₹2): 1,151.45 (1,151.45)
Reserves excluding revaluation reserve: 4,022.22 (3,032.69)
Earnings Per Share (₹):
Basic: 0.94 (0.31)
Diluted: 0.94 (0.31)

Quarterly Standalone Performance (₹ in lakhs):

| Total Revenue | 4,314.24 | 4,101.53 | 4,818.58 |

| Profit before Exceptional Items | (18.32) | 103.29 | 230.98 |

| Exceptional Items | (26.74) | (95.52) | Nil |

| Profit before tax | (45.06) | 7.77 | 230.98 |

| Tax expense | (370.15) | 0.08 | 170.46 |

| Net Profit | 325.09 | 7.69 | 60.52 |

| EPS (Basic) (₹) | 0.56 | 0.01 | 0.11 |

Key Financial Figures - Consolidated (₹ in lakhs)

For the Year Ended March 31, 2026 (Audited) vs. March 31, 2025 (Audited):

Total Revenue: 16,816.70 (16,648.46)
Revenue from Operations: 16,432.88 (16,304.53)
Other Income: 383.82 (343.93)
Total Expenses: 16,526.11 (16,284.62)
Profit before share of profit of Associate and exceptional items: 290.59 (363.84)
Share of profit/(loss) of Associate: (9.47) (53.13)
Profit before Exceptional Items: 281.13 (416.97)
Exceptional Items: (122.25) (Nil)
Profit before tax: 158.87 (416.97)
Tax expense: (374.36) (233.21)
Net Profit/(loss) for the year: 533.23 (183.76)
Attributable to Owners: 533.71 (184.08)
Attributable to Non-Controlling Interest: (0.48) ((0.32))
Other Comprehensive Income: 53.02 (19.68)
Total Comprehensive Income: 586.25 (203.44)
Attributable to Owners: 586.73 (203.77)
Attributable to Non-Controlling Interest: (0.48) ((0.32))
Paid-up Equity Share Capital (Face value ₹2): 1,151.45 (1,151.45)
Reserves excluding revaluation reserve: 4,051.73 (3,107.87)
Earnings Per Share (₹):
Basic: 0.93 (0.32)
Diluted: 0.93 (0.32)

Quarterly Consolidated Performance (₹ in lakhs):

| Total Revenue | 4,224.91 | 4,111.12 | 4,803.03 |

| Profit before share of profit of Associate and exceptional items | 12.72 | 78.32 | 163.66 |

| Share of profit/(loss) of Associate | (6.82) | 2.17 | (0.30) |

| Profit before Exceptional Items | 5.90 | 80.49 | 163.36 |

| Exceptional Items | (26.74) | (95.52) | Nil |

| Profit before tax | (20.84) | (15.03) | 163.36 |

| Tax expense | (370.15) | 0.08 | 170.46 |

| Net Profit/(loss) | 349.31 | (15.11) | (7.10) |

| EPS (Basic) (₹) | 0.61 | (0.03) | (0.01) |

Segment-wise Performance - Consolidated (₹ in lakhs)

Revenue for FY26:

IT Services: 15,642.59
Realty: 790.29
Media Services: 224.66
Total Segment Revenue: 16,432.88

Segment Results for FY26:

IT Services: 1,137.02
Realty: 695.60
Media Services: 441.42
Total Segment Results: 2,274.04

Exceptional Items

An exceptional item of ₹122.25 lakhs was recognized towards past service cost for gratuity and compensated absences. This arose from the notification of the four Labour Codes by the Government of India on November 21, 2025, which changed the definition of "wages." The impact is classified as exceptional due to its material, regulatory-driven, and non-recurring nature.

Merger with Accel Media Ventures Limited (AMVL)

Pursuant to the NCLT order dated March 10, 2026, a scheme of amalgamation of AMVL with Accel Limited was sanctioned, effective from the appointed date of April 1, 2024.

Revised Authorized Capital Post-Merger:

Equity Shares of ₹2 each: 16,87,50,000 shares (₹33,75,00,000)
Cumulative Preference Shares of ₹10 each: 77,50,000 shares (₹7,75,00,000)

Net Assets of AMVL as of April 1, 2024 (acquisition date):

Total Equity: (206.72)
Total Liabilities: 315.08
Total Net Assets: 521.80
Company's Investment in AMVL: 400.55
Minority Shareholders' investment in AMVL: 121.25
Allotment to minority shareholders was made on May 4, 2026 (1 share of Accel for every 2 shares of AMVL), amounting to ₹12.13 lakhs. The balance ₹109.12 lakhs was transferred to Capital Reserve.

The financial results for the quarter ended March 31, 2026, include AMVL's figures for the period April 1, 2025, to December 31, 2025. The standalone financial results have been restated for all periods presented due to the merger.

Impact of Merger on FY25 Figures (₹ in lakhs):

| Particulars | As Published | As Restated |

| Revenue from operations | 16,282.39 | 16,304.53 |

| Profit after tax | 264.35 | 178.77 |

| Total Assets | 19,093.22 | 18,212.06 |

| Total Equity | 7,639.79 | 6,396.20 |

| Total Liabilities | 11,453.43 | 11,815.86 |

Investment in Associate Company

The Company has an investment of ₹487.79 lakhs in equity shares of Secureinteli Technologies Private Limited (an associate, 30.97% holding) at cost as of March 31, 2026. An independent valuer's report dated February 28, 2025, indicated a fair value of ₹172.82 lakhs as of March 31, 2026. The management believes no impairment is necessary due to the associate's steep growth prospects. This is the subject of a qualification by the statutory auditors.

Asset Reclassification

A property previously classified as "Asset Held for Sale" could not be sold during the year and was reclassified as "Investment Property" amounting to ₹245.01 lakhs.

Investor Complaints

There were no investor complaints pending at the beginning of the quarter, received during the quarter, resolved during the quarter, or unresolved at the end of the quarter.

Auditor's Report - Qualified Opinion

The statutory auditors, K.S. Aiyar & Co., issued a qualified opinion on both the standalone and consolidated financial results. The qualification pertains to the non-impairment of the ₹487.79 lakhs investment in Secureinteli Technologies Private Limited, despite a fair valuation report indicating a value of ₹172.82 lakhs. The auditors state that in the absence of sufficient appropriate evidence to support management's conclusion, they are unable to comment on adjustments that may be required.

Management's View on Qualification:

The management believes the reduction in valuation is temporary, citing the company's turnover of ₹9.15 crores in FY26 and expectations of higher growth and profitability leading to a turnaround.

Quantified Impact of Qualification (Standalone, ₹ in lakhs):

| Particulars | Without Qualification | With Qualification |

| Total Expenditure | 16,525.15 | 16,840.12 |

| Profit before Exceptional Items | 291.55 | (23.42) |

| Profit before Tax | 169.30 | (145.67) |

| Net Profit after Tax | 543.66 | 228.69 |

| Earnings per share (₹) | 0.94 | 0.40 |

| Total Assets | 17,626.25 | 17,311.28 |

| Net Worth | 6,814.90 | 6,499.93 |

Quantified Impact of Qualification (Consolidated, ₹ in lakhs):

| Particulars | Without Qualification | With Qualification |

| Total Expenditure | 16,648.37 | 16,963.34 |

| Net profit before share of profit from Associates | 168.34 | (146.63) |

| Profit Before Tax | 158.87 | (156.10) |

| Net Profit After Tax | 533.23 | 218.26 |

| Earnings per share (₹) | 0.93 | 0.38 |

| Total Assets | 17,667.11 | 17,352.14 |

| Net Worth | 6,815.10 | 6,500.13 |

Other Entities in Consolidation

The consolidated results include:

Subsidiary: Cetronics Technologies Private Limited (50% holding)
Associate: Secureinteli Technologies Private Limited (30.97% holding)

The annual financial results of the subsidiary were audited by other auditors.

Compliance Statement

The financial results are prepared in accordance with Indian Accounting Standards (Ind AS) and are published as per the format prescribed under Regulation 33 of the SEBI (LODR) Regulations, 2015. Figures for corresponding previous periods have been regrouped/reclassified where necessary.

Signatories:

N.R. Panicker, Managing Director (DIN: 00236198)
Vishnu Sivanandan, Company Secretary and Compliance Officer
Senthil R, Chief Financial Officer
S. Kalyanaraman Aiyar, Partner, K.S. Aiyar & Co. (Chartered Accountants)