CFO — Finance, Cash & Capital

Quality of earnings, 13-week cash, covenant runway, working-capital unlock and the value levers behind the PE thesis.

Accex Supply Chain Private Limited · FY26 (modeled)

Top 10 Indian logistics solution providers (modeled)

420 employees · 0+ US sites · 1 countries

▲ Executive read· the answer, then the moves

Liquidity of $5.5M (≈ 8 weeks of cover) and $14M of deal capacity make capital the lever, not the constraint. Free the trapped cash first: normalizing DSO to 48d releases ≈ $0.6M and clears $0.7M of overdue receivables.

7 of 8 headline metrics improving vs prior · still off target: Revenue $30M vs $32M, EBITDA $4M vs $4M, EBITDA Margin 12.8% vs 14.0%

Do now — ranked by urgency

1
Myntra credit exposureAct now
Why it matters
Move to credit hold pending paydown; reforecast ARR net of likely churn.
What's driving it
Overdue AR
Signal: Alert
FYI
Distress filings + overdue AR; churn risk High on $6.4M account.
Act →▤ open the overdue book
2
Covenant headroom 0.9× (lev 4.6× vs 5.5×)Act now
Why it matters
Sets deal capacity and refinancing risk.
What's driving it
Q1 (act)
Signal: Threshold
FYI
Net-debt/EBITDA 4.6× against a 5.5× ceiling.
Owner: CFO · Treasury
Act →
3
Pull working capital — drive DSO 56→48dWatch
Why it matters
Closing the DSO gap releases ≈ $0.6M of one-time cash; $0.7M is already >60 days overdue and at collection risk.
What's driving it
DSO 56d vs 48d target
Overdue (>60d) $0.7M of $4M AR
FYI
Brand-level unlock to a 50d stretch ≈ $0.3M
Owner: Treasury
Collect →▤ open the overdue receivables
4
3 brands running DSO > 65 daysWatch
Why it matters
Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
What's driving it
DSO
Signal: Alert
FYI
ISC (67d), Audit & Compliance (66d), Myntra account (67d) lifting blended DSO.
Act →▤ open the overdue book

Adjusted EBITDA

$3.8M

+26% YoY · 12.8% margin

Liquidity

$5.5M

≈ 8 weeks of disbursements

M&A deal capacity

$14M

≈ $1M EBITDA @ ~10x to 5.5x

Working-capital unlock

$0.6M

DSO 56→48d target

Quality of earnings

Reported → Adjusted EBITDA

$0.3299999999999996M of add-backs (9% of adj.) — the diligence-grade walk.

Driver bridge

EBITDA — prior to current year

Organic vs. acquisitive vs. price/mix vs. cost.

Treasury

13-week direct cash flow forecast

Breach risk

Net weekly cash (bars) and ending cash (line) vs. $20M minimum. Forecast trough: $1.08M.

$1.28M

Opening cash

$9M

13-wk collections

$9M

13-wk disbursements

$1.4M

Closing cash

Capital structure

Leverage runway vs. covenant

Net Debt/EBITDA deleveraging path against the 5.5x covenant ceiling.

Headroom = firepower

Deal capacity

Net-debt capacity to 5.5x

$14M

≈ $1M acquirable EBITDA @ ~10x

Net Debt/EBITDA1.7x

Covenant Headroom1.3x

DSCR2.8x

Free Cash Flow$3M

Where the cash is trapped

Working-capital cash unlock

$0.3M opportunity

Normalizing laggard brands to a 50-day DSO releases ~$0.3M of one-time cash.

Collections Team67d

$0.1M

Warehouse Management System (WMS)61d

$0.1M

Mumbai Fulfilment Ops56d

$0.1M

Audit & Compliance66d

$0.0M

Autonomous Reroute60d

$0.0M

Pune Warehouse58d

$0.0M

Transport Management System (TMS)54d

$0.0M

Concentrated in newer cohorts (ISC, Signet, RFI) where billing discipline lags integration — the fastest cash win this fiscal year.

Revenue quality

Recurring engine & margin

Annuity growth and where EBITDA is generated.

ARR

$5M

▲ 17.9% vs priorTarget $5M

Recurring Mix

16.1%

▲ 34.2% vs priorTarget 18.0%

Net Revenue Retention

94.2%

▲ 3.5% vs priorTarget 96.0%

Gross Revenue Retention

97.1%

▲ 2.2% vs priorTarget 98.0%

Annuity engine

ARR bridge

Trend

ARR growth

By business unit

EBITDA margin

Collections

AR aging

Total AR $4M

Current days$2.06M

1-30 days$1.09M

31-60 days$0.51M

61-90 days$0.37M

90+ days$0.35M

Overdue (>60d) = $0.7M at collection risk.

By account

Receivables & credit watch

Accounts ranked by DSO and credit/churn risk.

Account	Revenue	DSO	NRR	Credit/Churn
Myntra	$0.24M	67d	97%	High
Amazon India	$0.49M	63d	104%	Medium
Croma	$0.15M	59d	100%	Medium
Flipkart	$0.54M	58d	112%	Low
Pharmeasy	$0.27M	55d	105%	Medium
IBM	$0.37M	52d	101%	Medium
UPS	$0.43M	49d	106%	Low
Reliance Retail	$0.7M	47d	108%	Low
Tata Cliq	$0.61M	44d	119%	Low
Future Group	$0.22M	41d	110%	Low

M&A

Acquisition cohort economics

EBITDA uplift, DSO normalization and synergy realization (as-acquired → current).

Brand (cohort)	Acq.	Revenue	EBITDA %	DSO	Integration	Synergy	Status
Pune Warehouse	2021	$1.28M	0.34→0.53%	71→58d	100%	92%	Integrated
Transport Management System (TMS)	2021	$0.83M	0.3→0.49%	66→54d	100%	90%	Integrated
Mumbai Fulfilment Ops	2022	$3.62M	0.41→0.6%	68→56d	95%	88%	Integrated
Warehouse Management System (WMS)	2023	$2.19M	0.38→0.49%	70→61d	82%	74%	In progress
Collections Team	2024	$1.55M	0.34→0.41%	73→67d	60%	55%	In progress
Autonomous Reroute	2024	$1.4M	0.34→0.45%	71→60d	80%	78%	In progress
Audit & Compliance	2024	$1.09M	0.3→0.34%	69→66d	45%	40%	Early

Supply

Supplier terms & risk

Partner spend, DPO (working-capital lever), delivery and risk.

Supplier	Category	Spend	DPO	OTIF	Score	Risk
Shree Logistics	Video Surveillance	$2.41M	45d	96%	91	Low
Blue Dart	Fire & Access	$2.19M	42d	93%	88	Low
TCI Express	Critical Comms	$1.55M	38d	90%	85	Medium
Gati	Video Surveillance	$1.02M	36d	89%	83	Medium
Mahindra Logistics	Video VMS	$0.87M	40d	95%	87	Low
Delhivery	AV / Collaboration	$0.72M	44d	92%	86	Low