Accelya Solutions India Limited (ACCELYA) share price
₹1131.00 on NSE as of 2026-09-04. +0.12% on the day. market cap ₹1,688 Cr. P/E 17.7. 52-week range ₹1024.60 to ₹1501.40. Information Technology.
Accelya Solutions India FY26: ₹80 of Dividend, ₹63.90 of EPS, and a Fourth Quarter That Went Two Directions at Once
At a glance
A company that has recommended ₹80 per share in dividends for a year in which it earned ₹63.90 per share has, at minimum, an interesting relationship with arithmetic. Accelya Solutions India closed FY26 (year ended 30 June 2026) with revenue of ₹532 crore, up 0.67% on FY25's ₹529 crore, and net profit of ₹95 crore against ₹129 crore the year before — an 18.5% fall in profit on a flat top line.
The June quarter itself pulled in two directions. Sales of ₹127 crore were 3.5% below the ₹132 crore of June 2025, and PAT of ₹30.45 crore was 10.3% below the ₹33.95 crore of a year earlier. But against the March 2026 quarter, PAT rose from ₹21.38 crore, and operating profit climbed from ₹34.24 crore to ₹46.11 crore. March, it turns out, was carrying the year's heaviest single load: a ₹11.72 crore exceptional charge from the New Labour Codes, which the company states increased gratuity liability through past service cost, primarily due to the redefinition of "wages."
Meanwhile the operating margin for the full year slipped to 33% from 37%, cash from operations fell from ₹145 crore to ₹99 crore, and debtor days stretched from 62 to 84. And the market pays 16.4x for all of this, against an industry multiple of 23.1x.
Somewhere in a Pune office, a spreadsheet is quietly doing more work than a mid-sized airline.
Introduction
Accelya Solutions India Limited is a Pune-headquartered, BSE- and NSE-listed software company that sells financial and commercial solutions to airlines and the travel industry. It is part of the Accelya Group, which owns 74.66% of the Indian listed entity through Accelya Holding World S.L.U. — a holding structure whose shareholding disclosure now runs to roughly two dozen named entities across the UK, Luxembourg, France, Tunisia, Colombia, Mexico and the UAE, most of them holding precisely 0.00%.
The listed entity consolidates two subsidiaries: Accelya Solutions Americas, Inc. and Accelya Solutions UK Limited. The group as a whole reports operations across 11 countries, more than 250 airline customers, and over 2,500 employees. The Indian company's own standalone headcount, per data extracted from its filings, has moved from 1,528 in FY16 to 1,241 in FY25 — a business that has spent a decade producing more revenue from fewer people.
Its financial year ends 30 June, which is why an entry written in mid-2026 is discussing a completed FY26 while most of listed India is still arguing about the June quarter. The FY26 results were approved by the board on 29 July 2026, alongside a recommended final dividend of ₹35 per share, with a record date of 9 October 2026 and payout on 17 November 2026. Total dividend for FY26 comes to ₹80 per share.
The recent institutional history is worth stating plainly. Statutory auditor Walker Chandiok & Co LLP signed the FY26 numbers with an unmodified opinion; the FY25 comparatives were audited by Deloitte Haskins & Sells LLP. In October 2024 the company received administrative warning letters from SEBI regarding non-compliance with LODR Regulations. In March 2025 it disclosed a cyber-security incident affecting its IT infrastructure. In May 2023 it disclosed that Air India did not renew its agreement, which the company stated would impact revenues.
Business model
Airlines are magnificent at flying planes and historically shaky at counting money. Every ticket sold generates a settlement obligation between airlines, travel agents, industry bodies like IATA, and roughly nine intermediaries nobody has met. Accelya sits in that plumbing.
The company describes solutions for passenger, cargo, and industry functions, covering what it calls the end-to-end digital transformation of the airline business — commercial planning and optimisation, sales and distribution management, and financial reconciliation and settlement. The FY23 revenue split is the clearest picture on record: Finance Solutions 82%, Commercial Solutions 14%, Industry & Audit Solutions 3%, and Cargo Solutions 1%. Geographically, that year: Asia Pacific 35%, Americas 27%, Europe 22%, Middle East and Africa 16%.
That Finance Solutions figure has been extraordinarily stable — the extracted data shows it between 76% and 80% of revenue across six years. This is a company that found one thing airlines will pay for indefinitely and has declined all invitations to become something else.
The delivery model is hosted and outsourced, on pay-per-use. Airlines avoid upfront capital investment; Accelya takes a share of the risks and rewards. In plain terms: the customer doesn't buy a system, the customer rents a meter, and the meter spins whenever tickets move. Group-level, the platform touches more than 25% of the world's NDC traffic, over 400 travel agents, and a client roster including British Airways, Emirates, Lufthansa, Qatar Airways, Delta and Cathay Pacific.
The flip side of a roster like that is arithmetic: standalone top-five customer concentration was 37%, then 39%, then 44% across the three years disclosed. When a business is built on very large carriers, a single non-renewal is a line item — which is exactly what the May 2023 Air India disclosure was.
Employee cost of ₹150.64 crore against revenue of ₹532.27 crore in FY26 tells you the rest. This is people writing and running software for airlines, with the entire business logic being that reconciliation is boring, mandatory, and enormously difficult to switch away from once installed. There is no factory. There is no inventory — the balance sheet line is literally blank. There is a room full of engineers and forty years of accumulated understanding of how airline money moves.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Accelya Solutions India Limited.
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