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PASHUPATI - Pashupati Cotsp.

📊 NSE: PASHUPATI 🏢 Textiles - Cotton/Blended 📅 Last Updated: 12/14/2025 10:54

📢 Recent Corporate Announcements

Pashupati Cotspin Announces 1:10 Stock Split; Face Value to Reduce from ₹10 to ₹1

🟢 POSITIVE ⭐ 7/10

OTHER 📅 27 Feb 2026, 05:26 PM

Pashupati Cotspin Limited has issued a postal ballot notice to seek shareholder approval for a 1:10 stock split. The proposal involves sub-dividing each equity share of face value ₹10 into ten equity shares of face value ₹1 each to improve liquidity and retail participation. The voting period for this resolution is scheduled from February 28 to March 29, 2026, with results expected by March 31, 2026. The total authorized share capital will remain at ₹16 crore, but the number of shares will increase tenfold.

Proposed sub-division of equity shares from a face value of ₹10 to ₹1 per share.
Total authorized share capital of ₹16,00,00,000 to be divided into 16,00,00,000 shares.
Paid-up capital of ₹15,78,40,000 will consist of 15,78,40,000 shares post-split.
Remote e-voting period runs from February 28, 2026, to March 29, 2026.
Cut-off date for eligibility to vote was February 20, 2026.

💡 Investors should monitor the announcement of the Record Date following shareholder approval to understand when the split will reflect in their portfolios. The split is likely to increase trading liquidity and make the stock more accessible to retail investors.

Pashupati Cotspin Approves 1:10 Stock Split to Boost Liquidity

🟢 POSITIVE ⭐ 7/10

OTHER 📅 26 Feb 2026, 10:02 PM

Pashupati Cotspin's Board of Directors has approved a sub-division of its equity shares from a face value of Rs. 10 to Re. 1 per share. This 1:10 split is intended to make the shares more affordable for retail investors and enhance market liquidity. The total paid-up share capital remains unchanged at Rs. 15.78 crore, while the number of shares will increase tenfold to 15.78 crore. The company expects to complete the process within 2 to 2.5 months, pending shareholder and regulatory approvals.

Approved sub-division of 1 equity share of Rs. 10 into 10 equity shares of Re. 1 each
Total issued and paid-up shares to increase from 1,57,84,000 to 15,78,40,000
Total paid-up share capital remains constant at Rs. 15,78,40,000
The split is expected to be completed within a tentative timeline of 2 to 2.5 months
Rationale is to enhance market liquidity and broaden shareholder participation

💡 Investors should monitor the announcement of the record date to ensure eligibility for the additional shares. While the split increases the number of shares held, the total investment value remains unchanged as the share price will adjust proportionally.

Pashupati Cotspin Approves 1:10 Stock Split to Boost Liquidity

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 26 Feb 2026, 05:48 PM

Pashupati Cotspin's Board has approved a sub-division of its equity shares from a face value of Rs. 10 to Re. 1 per share, effectively a 1:10 split. This corporate action will increase the total number of issued shares from 1,57,84,000 to 15,78,40,000 while keeping the total paid-up capital constant at Rs. 15.78 crore. The move is intended to make the shares more affordable for retail investors and enhance market liquidity. The process is expected to be completed within 2 to 2.5 months, pending shareholder approval via postal ballot.

Stock split ratio of 1:10, reducing face value from Rs. 10 to Re. 1 per share
Total number of issued and paid-up shares to increase from 1.57 crore to 15.78 crore
Authorized share capital to be restructured to 16,00,00,000 shares of Re. 1 each
Expected completion timeline of 2 to 2.5 months from the date of approvals
Primary objective is to enhance market liquidity and broaden the shareholder base

💡 Investors should recognize that a stock split does not change the company's valuation or their proportional ownership, but it may improve trading volumes. Monitor for the announcement of the record date following shareholder approval.

Pashupati Cotspin Q3 PAT Jumps 238% YoY to ₹2.69 Cr Despite Revenue Dip

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 05:52 PM

Pashupati Cotspin reported a standalone Profit After Tax (PAT) of ₹269.12 Lakhs for Q3 FY26, a significant increase from ₹79.61 Lakhs in the same quarter last year. However, revenue from operations declined by 10.2% YoY to ₹14,768.57 Lakhs. On a nine-month basis, PAT grew to ₹876.57 Lakhs compared to ₹691.79 Lakhs in the previous year, showing improved margins. The company noted that its cotton ginning business is seasonal, typically peaking between October and April, making sequential comparisons less relevant.

Net Profit for Q3 FY26 surged 238% YoY to ₹2.69 Crore from ₹0.80 Crore in Q3 FY25.
Revenue from operations for the quarter stood at ₹147.69 Crore, down from ₹164.54 Crore YoY.
Nine-month (9M FY26) PAT increased to ₹8.77 Crore against ₹6.92 Crore in 9M FY25.
Total expenses for Q3 FY26 decreased significantly to ₹147.74 Crore compared to ₹165.93 Crore in Q3 FY25.
Basic EPS for the quarter improved to ₹1.71 from ₹0.51 in the corresponding previous quarter.

💡 The significant improvement in bottom-line margins despite lower revenue suggests better operational efficiency or favorable raw material pricing. Investors should monitor the seasonal performance in Q4, which is typically a peak period for the ginning business, to see if this margin expansion is sustainable.

Pashupati Cotspin Q3 Net Profit Surges 238% YoY to ₹2.69 Crore

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 05:24 PM

Pashupati Cotspin reported a significant 238% year-on-year increase in net profit to ₹269.12 lakhs for the quarter ended December 31, 2025, despite a 10.2% dip in revenue from operations to ₹14,768.57 lakhs. The company's profitability improved substantially due to better cost management, with finance costs reducing by 38% YoY to ₹223.41 lakhs. For the nine-month period, net profit rose 26.7% to ₹876.57 lakhs compared to the previous year. The company recently migrated to the main board of NSE and BSE in July 2025 and is now reporting under Ind AS standards.

Net profit for Q3 FY26 jumped 238% YoY to ₹269.12 lakhs from ₹79.61 lakhs in the previous year.
Revenue from operations decreased by 10.2% YoY to ₹14,768.57 lakhs compared to ₹16,453.95 lakhs.
Finance costs saw a sharp decline of 38% YoY, falling to ₹223.41 lakhs from ₹360.01 lakhs.
Nine-month net profit reached ₹876.57 lakhs, up from ₹691.79 lakhs in the corresponding period of the previous year.
The company successfully migrated from the SME platform to the Main Board of NSE and BSE on July 17, 2025.

💡 Investors should focus on the company's improved margins and significant reduction in interest expenses, which are driving bottom-line growth despite flat revenue. Monitor the upcoming peak seasonal performance as the cotton ginning business typically accelerates between October and April.

Pashupati Cotspin Submits SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Jan 2026, 11:08 AM

Pashupati Cotspin Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Pvt. Ltd., covers the quarter ending December 31, 2025. It confirms that share certificates received for dematerialization were processed and the name of the depositories was updated in the register of members within prescribed timelines. This is a standard procedural filing required for all listed companies to ensure transparency in shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
Issued by Registrar and Share Transfer Agent, MUFG Intime India Pvt. Ltd. (formerly Link Intime).
Confirms dematerialization requests were processed and listed on stock exchanges.
Confirms physical certificates were mutilated and cancelled after due verification by the depository participant.

💡 No action is required from investors as this is a routine regulatory filing confirming the company's administrative compliance.

Pashupati Cotspin Credit Rating Upgraded to IVR BBB-/Stable for Rs 125.92 Cr Bank Facilities

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 06 Jan 2026, 04:19 PM

Infomerics has upgraded Pashupati Cotspin's long-term credit rating to IVR BBB-/Stable and short-term rating to IVR A3. The upgrade is primarily driven by a significant improvement in the company's capital structure, with the overall gearing ratio dropping from 2.56x in FY24 to 0.85x in FY25. While FY25 revenue saw a marginal decline of 2.14% to Rs 646.96 crore, the PAT margin improved from 1.24% to 1.98%. The company maintains adequate liquidity with gross cash accruals of Rs 26 crore against debt repayments of Rs 23.22 crore.

Long-term rating upgraded to IVR BBB-/Stable from IVR BB+/Stable for facilities worth Rs 114.92 crore.
Overall gearing ratio improved significantly to 0.85x in FY25 from 2.56x in FY24 due to reduced debt reliance.
PAT margin increased to 1.98% in FY25 from 1.24% in FY24, despite a slight dip in total operating income.
H1FY26 provisional revenue reported at Rs 347.93 crore with a PAT of Rs 6.07 crore.
Tangible Net Worth strengthened to Rs 119.93 crore as of March 31, 2025, compared to Rs 76.39 crore in the previous year.

💡 The credit upgrade signals a stronger balance sheet and reduced financial risk, which is a positive development for long-term investors. Monitor the company's ability to maintain these improved margins and manage working capital in the cyclical textile industry.

Pashupati Cotspin to Close Trading Window from Jan 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Dec 2025, 11:54 AM

Pashupati Cotspin Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is a standard procedure ahead of the board meeting to approve financial results for the quarter and nine months ending December 31, 2025. The window will remain closed until 48 hours after the official announcement of the results. This routine filing ensures that insiders do not trade while sensitive financial data is being finalized.

Trading window closure begins on January 1, 2026, for all designated persons.
Closure is related to the approval of unaudited financial results for the period ending December 31, 2025.
The window will reopen 48 hours after the Board Meeting results are declared.
The specific date for the Board Meeting will be announced separately in due course.

💡 No action is required as this is a routine regulatory compliance filing. Investors should look out for the upcoming board meeting date to assess the company's Q3 performance.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated Profit Before Tax (PBT) grew by 16.74% YoY, reaching INR 853.58 Lakhs for the half-year ended September 30, 2025, compared to INR 731.15 Lakhs in the previous year. The subsidiary Pashupati Cotyarn LLP contributed a turnover of INR 12.43 Cr for FY25.

Geographic Revenue Split

The company operates primarily out of Kadi, Gujarat, leveraging the state's textile hub. While specific regional % splits are not disclosed, the 'Pashupati' brand maintains a presence in both domestic and international markets, benefiting from its strategic location near end-users.

Profitability Margins

Net Profit for the half-year ended September 30, 2024, was restated to INR 531.75 Lakhs under Ind AS. The subsidiary Pashupati Cotyarn LLP reported a Profit After Tax (PAT) of INR 14.41 Lakhs on a turnover of INR 12.43 Cr, representing a thin PAT margin of approximately 1.16%.

EBITDA Margin

Operating Profit Before Working Capital Changes stood at INR 1,855.28 Lakhs for H1 FY26, a 5.45% increase from INR 1,759.41 Lakhs YoY. This indicates stable core operational profitability despite fluctuations in the broader textile market.

Capital Expenditure

The company has no major capital expenditure plans in the near term. This lack of heavy investment allows for the preservation of cash, as evidenced by the projected gross cash accruals of INR 15.00 Cr to INR 24.00 Cr for the FY25-FY27 period.

Credit Rating & Borrowing

The company maintains a satisfactory liquidity buffer with average fund-based limit utilization at approximately 66%. Debt repayment obligations are projected between INR 1.57 Cr and INR 9.00 Cr for FY25-FY27, well-covered by expected cash accruals.

⚙️ Operational Drivers

Raw Materials

Raw cotton and cotton lint are the primary raw materials, accounting for the bulk of the cost of goods sold for its ginning and spinning operations.

Import Sources

Raw materials are primarily sourced from Gujarat, India, which is a leading cotton-producing state, ensuring proximity to the manufacturing facility in Kadi.

Key Suppliers

Specific supplier names are not disclosed, but the company sources from local ginners and cotton farmers within the Gujarat textile belt.

Capacity Expansion

Current capacity details in MT are not specified, but the company has evolved from a small ginning unit in 1993 to a multi-activity textile group. No major capacity expansion is planned for the immediate FY25-FY26 period.

Raw Material Costs

Raw material costs are highly sensitive to seasonal cotton yields. The company manages these costs through its strategic location in Kadi, which minimizes lead time and procurement logistics expenses.

Manufacturing Efficiency

Efficiency is driven by the strategic proximity of the plant to end-users in the textile value chain, allowing for rapid delivery and reduced transit losses.

Logistics & Distribution

Distribution costs are optimized by the plant's location in Kadi, which is central to various textile end-users, reducing the outward freight as a percentage of total revenue.

📈 Strategic Growth

Expected Growth Rate

15-20%

Growth Strategy

Growth is targeted through the stabilization of the 'Pashupati' brand in international markets and the optimization of the operating cycle. The company is transitioning from high-debt growth to a model funded by internal accruals, with projected accruals rising to INR 24 Cr by FY27.

Products & Services

The company produces cotton yarn and provides cotton ginning services. It also manages infrastructure through LLPs like Sarjak Infra LLP.

Brand Portfolio

Pashupati

New Products/Services

The company is focusing on higher-value textile-related activities, though specific new product names and their % revenue contribution are not currently disclosed.

Market Expansion

Expansion is focused on deepening the domestic footprint in the Gujarat textile association network and increasing export volumes for cotton yarn.

Market Share & Ranking

The company is a established player in the Gujarat cotton segment; however, specific market share percentage and industry ranking are not provided.

Strategic Alliances

The company operates through subsidiaries including Pashupati Cotyarn LLP (99% shareholding) and Sarjak Infra LLP to diversify its operational base.

🌍 External Factors

Industry Trends

The textile industry is shifting toward integrated value chains. Pashupati is positioning itself by maintaining a lean operating cycle (47 days) to remain competitive against larger, integrated players.

Competitive Landscape

The company competes with numerous organized and unorganized ginning and spinning units in the Gujarat region.

Competitive Moat

The moat is built on the 20+ years of experience of Mr. Saurin Parikh and the strategic location in Kadi. This cost leadership through logistics and procurement efficiency is sustainable as long as Gujarat remains a cotton hub.

Macro Economic Sensitivity

Highly sensitive to agricultural output and monsoon patterns in India, which dictate raw cotton availability and pricing.

Consumer Behavior

Increased demand for sustainable and high-quality cotton yarn in the global apparel industry is driving the company's focus on quality standards.

Geopolitical Risks

Trade barriers on textile exports or changes in import duties on cotton in target international markets could impact the 16.74% PBT growth trend.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Ministry of Textiles and local Gujarat state industrial policies, including cotton procurement norms and export-import (EXIM) regulations.

Environmental Compliance

The company must adhere to pollution control norms for textile units in Gujarat; specific ESG compliance costs in INR are not disclosed.

Taxation Policy Impact

The company transitioned to Ind AS effective April 1, 2025. Deferred tax adjustments for the half-year ended September 30, 2024, amounted to INR 83.85 Lakhs.

Legal Contingencies

The company reported the resignation of Mrs. Bijal Kaivan Thakkar as Company Secretary and the subsequent appointment of a new KMP to ensure regulatory compliance. No major pending court case values were disclosed.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw cotton prices poses a risk to the projected INR 15-24 Cr cash accruals. A 5% fluctuation in raw material costs can significantly impact the 1.16% PAT margin of subsidiaries.

Geographic Concentration Risk

High geographic concentration with 100% of manufacturing assets located in Kadi, Gujarat.

Third Party Dependencies

Dependency on the Gujarat cotton farming community for raw material supply; no single supplier is named as dominant.

Technology Obsolescence Risk

The spinning industry requires periodic machinery upgrades to maintain yarn quality; the absence of major capex plans may pose a long-term technology risk.