Pashupati Cotspin Limited (PASHUPATI)
₹85.09 +5.36% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Pashupati Cotspin's revenue was ₹130 Cr (+9.7% year on year, -23.6% on the previous quarter), and net profit ₹7.3 Cr (+276.1% year on year); the operating margin was 9.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹130 | +9.7% | -23.6% |
| Operating profit | ₹12.3 | +170.0% | +77.6% |
| Net profit | ₹7.3 | +276.1% | +321.5% |
| EPS (₹) | 0.46 | +265.1% | +318.2% |
| Operating margin | 9.5% | — | — |
EPS restated for the ₹10 to ₹1 split of Apr 2026: Q1 FY26 ₹1.26 to ₹0.13.
PASHUPATI delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 38.61% of the PASHUPATI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 41.6%. That is close to its usual level. It traded 3.6 times its average daily volume. It closed at a price band (circuit) on 1 session in about the last 20. 6 bulk or block deals were reported in PASHUPATI in the last 60 days: ₹23 Cr bought and ₹27 Cr sold.
Delivery in the last 5 sessions: 36.4% · 27.0% · 45.6% · 31.1% · 38.6%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 15 Oct | Buy | Rathod Manoj Chhaganlal Huf | ₹7.67 Cr | ₹80.41 | 953,714 | Bulk |
| 15 Oct | Sell | Rathod Manoj Chhaganlal Huf | ₹7.43 Cr | ₹80.51 | 922,714 | Bulk |
| 14 Oct | Sell | Rathod Manoj Chhaganlal Huf | ₹12.85 Cr | ₹76.77 | 1,673,282 | Bulk |
| 14 Oct | Buy | Rathod Manoj Chhaganlal Huf | ₹9.97 Cr | ₹76.58 | 1,301,457 | Bulk |
| 13 Oct | Sell | Rathod Manoj Chhaganlal Huf | ₹6.43 Cr | ₹72.52 | 886,544 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Pashupati Cotspin Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from RTA MUFG Intime India Private Limited confirms that security certificates received for dematerialisation were processed and verified. Furthermore, the mutilated and cancelled physical certificates had the depositories' names substituted in the register of members within mandated timelines. This is a standard quarterly administrative filing with no financial impact.
- Quarter ended: September 30, 2026
- Certificate issued by RTA MUFG Intime India Pvt. Ltd. dated October 3, 2026
- Filing submitted to BSE (544448) and NSE (PASHUPATI) on October 7, 2026
- Confirms adherence to SEBI Regulation 74(5) demat processing timelines
Pashupati Cotspin Limited has issued a Postal Ballot notice seeking shareholder approval for a 3:2 bonus issue and an increase in authorised share capital. The bonus issue entails issuing 3 bonus equity shares of Re 1 each for every 2 shares held, capitalizing up to Rs 23.68 Cr from free reserves. Post-bonus, the paid-up share capital will increase from Rs 15.78 Cr (15.78 Cr shares) to Rs 39.46 Cr (39.46 Cr shares). The e-voting window runs from October 8, 2026 to November 6, 2026, with results expected by November 8, 2026.
- Proposed bonus share issue in the ratio of 3:2 (3 bonus shares for every 2 held)
- Capitalisation of up to Rs 23,67,60,000 (Rs 23.68 Cr) from free reserves as of March 31, 2026
- Paid-up share capital increases from Rs 15.78 Cr (15.78 Cr shares) to Rs 39.46 Cr (39.46 Cr shares)
- Authorised capital proposed to increase from Rs 16.00 Cr to Rs 40.00 Cr
- Remote e-voting open from October 8, 2026 to November 6, 2026; cut-off date was October 2, 2026
Pashupati Cotspin's Board has approved a 3:2 bonus share issue, offering 3 bonus equity shares for every 2 held as of the record date. The bonus issue requires capitalizing Rs 23.68 Cr from available audited free reserves of Rs 148.32 Cr as of March 31, 2026. Consequently, paid-up share capital will expand from Rs 15.78 Cr to up to Rs 39.46 Cr, alongside an increase in authorized share capital to Rs 40 Cr. The bonus shares are estimated to be credited or dispatched on or before December 2, 2026, subject to shareholder approval via postal ballot.
- Approved bonus share issue in the ratio of 3:2 (3 bonus shares for every 2 shares held)
- Paid-up share capital to expand from Rs 15.78 Cr (15.78 Cr shares) to up to Rs 39.46 Cr (39.46 Cr shares)
- Utilizing up to Rs 23.68 Cr out of total audited free reserves of Rs 148.32 Cr as of March 31, 2026
- Authorised share capital increased from Rs 16.00 Cr to Rs 40.00 Cr
- Estimated dispatch and credit of bonus shares on or before December 2, 2026
Pashupati Cotspin has issued the notice for its 9th Annual General Meeting (AGM) scheduled for September 30, 2026. The company proposed a final dividend of ₹0.05 per equity share of face value Re 1 (5% on paid-up capital) for FY26. Key agenda items include the re-appointment of Director Tushar Trivedi, ratification of cost auditor remuneration of ₹45,000, and appointment of secretarial auditors for a 5-year term. Shareholders will also vote on approving material related-party transactions for FY27 with entities including R.V. Enterprise and PCI Cottex Export LLP.
- 9th Annual General Meeting scheduled for September 30, 2026, at 4:00 PM IST
- Final dividend recommendation of ₹0.05 per equity share (5% of face value Re 1)
- Ratification of ₹45,000 remuneration plus taxes for Cost Auditor M/s Ashish Bhavsar & Associates
- Re-appointment of Director Tushar Trivedi, who holds 33,90,000 equity shares in the company
- Approval sought for material related-party transactions for FY27 without competitive bidding
Pashupati Cotspin Limited has fixed Wednesday, September 23, 2026, as the record date to determine member eligibility for a final dividend of ₹0.05 per equity share (5% on face value of ₹1) for FY 2025-26. The recommended dividend is subject to approval by shareholders at the ensuing Annual General Meeting (AGM). Following approval, payout will be completed within 30 days of the AGM date. At the current market price of ₹83.1, the dividend represents a negligible yield of ~0.06%.
- Record date fixed for Wednesday, September 23, 2026, for FY26 final dividend
- Final dividend recommended at ₹0.05 per equity share (5.00% on ₹1 face value)
- Disbursement to be executed within 30 days from the date of approval at the AGM
Pashupati Cotspin Limited has announced that its Register of Members and Share Transfer Books will remain closed from September 24, 2026, to September 30, 2026 (both days inclusive). The closure is scheduled for determining shareholder eligibility for the dividend, subject to approval at the company's 9th Annual General Meeting (AGM). This is a routine procedural filing under SEBI LODR Regulation 42.
- Book closure period scheduled from September 24, 2026, to September 30, 2026 (both days inclusive)
- Purpose is to determine shareholder eligibility for dividend declaration at the 9th AGM
- Applicable to equity shares traded on BSE (544448) and NSE (PASHUPATI)
Pashupati Cotspin Limited has approved the appointment of M/s. Nisarg Sharma & Associates, Practicing Company Secretaries, as its Secretarial Auditor. The appointment is for a 5-year term spanning FY 2026-27 through FY 2030-31. The decision was approved by the Board on September 3, 2026, upon recommendation of the Audit Committee, and remains subject to shareholder approval at the upcoming Annual General Meeting.
- Appointment of M/s. Nisarg Sharma & Associates as Secretarial Auditor approved on September 3, 2026
- Appointed for a term of 5 consecutive years covering FY 2026-27 to FY 2030-31
- Auditor holds ICSI Peer Review Certificate No. 3941/2023
- Appointment is subject to approval by shareholders at the ensuing Annual General Meeting
Pashupati Cotspin announced that its Board of Directors met on September 3, 2026, and approved key annual procedural items. The company scheduled its 9th Annual General Meeting (AGM) for September 30, 2026, with the e-voting cut-off date fixed for September 23, 2026. The board approved material related party transactions for FY 2026-27 and FY 2027-28 subject to shareholder approval. Additionally, M/s. Nisarg Sharma & Associates was appointed as Secretarial Auditor for a 5-year term covering FY 2026-27 to FY 2030-31.
- 9th Annual General Meeting convened for September 30, 2026 at 4:00 PM
- Record/Cut-off date for AGM e-voting fixed as September 23, 2026
- Share transfer books closed from September 24, 2026 to September 30, 2026
- Approved material related party transactions for FY 2026-27 and FY 2027-28 subject to AGM approval
- Appointed M/s. Nisarg Sharma & Associates as Secretarial Auditor for 5 years (FY27 to FY31)
Pashupati Cotspin has appointed M/s. Nisarg Sharma & Associates as its new Secretarial Auditor effective August 14, 2026. This follows the resignation of the previous auditor, M/s. SJV & Associates, due to the non-renewal of their Peer Review Certificate. The new auditor will complete the audit for FY 2025-26 and is proposed for a five-year term starting FY 2026-27. This change ensures the company remains compliant with SEBI Regulation 24A regarding peer-reviewed secretarial audits.
- Resignation of M/s. SJV & Associates effective August 14, 2026
- Appointment of M/s. Nisarg Sharma & Associates for the FY 2025-26 audit
- New auditor holds a valid Peer Review Certificate No. 3941/2023
- Proposed 5-year appointment term from FY 2026-27 to FY 2030-31
Pashupati Cotspin reported a strong start to FY27 with standalone revenue rising 15.1% YoY to ₹122.11 Cr. Net profit saw a substantial increase of 256.6% YoY, reaching ₹7.24 Cr, driven by significant margin expansion as total expenses grew only 7.4% despite the revenue jump. The company also transitioned its Company Secretary and Compliance Officer role, appointing Ms. Kratika Soni. Investors should note that EPS figures are now adjusted for the 10:1 stock split executed in April 2026.
- Standalone Net Profit increased to ₹7.24 Cr from ₹2.03 Cr in the same quarter last year.
- Revenue from operations grew 15.1% YoY to ₹122.11 Cr compared to ₹106.08 Cr in Q1 FY26.
- Profit Before Tax (PBT) margin expanded to 7.8% from 2.6% in the year-ago period.
- Earnings Per Share (EPS) for the quarter stood at ₹0.46, restated for the 10:1 stock split.
- Consolidated revenue from two LLP subsidiaries (Pashupati Cotyarn and Sarjak Infra) totaled ₹17.05 Cr for the quarter.
Pashupati Cotspin Limited has announced a change in its Key Managerial Personnel (KMP) effective August 5, 2026. Ms. Tanvi Mafatlal Patel has resigned from the post of Company Secretary and Compliance Officer citing personal reasons. To ensure regulatory continuity, the Board has appointed Ms. Kratika Soni as the new Whole Time Company Secretary and Compliance Officer. This transition is a routine administrative requirement for a company with a TTM revenue of Rs 688 Cr.
- Resignation of Ms. Tanvi Mafatlal Patel effective from the close of business hours on August 5, 2026
- Appointment of Ms. Kratika Soni (ICSI Membership No. A80404) effective August 5, 2026
- The transition ensures compliance with Regulation 6 of the SEBI (LODR) Regulations, 2015
- Company maintains a market capitalization of Rs 266 Cr and TTM PAT of Rs 10 Cr
Pashupati Cotspin reported a strong start to FY27 with standalone net profit rising 256.6% YoY to ₹7.24 Cr for the quarter ended June 30, 2026. Revenue from operations grew 15.1% YoY to ₹122.11 Cr, despite the quarter being a seasonally slow period for the ginning business. Profitability was bolstered by a significant expansion in Profit Before Tax (PBT) margins, which rose to 7.6% from 2.5% in the year-ago quarter. The company also completed a 10-for-1 stock split during the period, with the record date being April 17, 2026.
- Standalone Net Profit surged 256.6% YoY to ₹7.24 Cr from ₹2.03 Cr in the previous year's quarter.
- Revenue from operations increased 15.1% YoY to ₹122.11 Cr compared to ₹106.08 Cr in Q1 FY26.
- Profit Before Tax (PBT) reached ₹9.54 Cr, a 243% increase over the ₹2.78 Cr reported in the same period last year.
- Earnings Per Share (EPS) for the quarter stood at ₹0.46, restated for the 10-for-1 stock split completed in April 2026.
- Consolidated results include two LLPs (Pashupati Cotyarn and Sarjak Infra) contributing ₹17.05 Cr in revenue.
Pashupati Cotspin reported a strong year-on-year performance for Q1 FY27, with standalone revenue growing 15.1% to ₹122.11 Cr compared to ₹106.08 Cr in Q1 FY26. Net profit surged 256.6% YoY to ₹7.24 Cr, driven by improved operational margins despite a sequential revenue decline of 24% from Q4 FY26. The company completed a 10-for-1 stock split in April 2026, with the current EPS standing at ₹0.46. Management also announced a change in the Company Secretary and Compliance Officer roles.
- Standalone Net Profit increased to ₹7.24 Cr from ₹2.03 Cr in the same quarter last year, a 256% jump.
- Revenue from operations grew 15.1% YoY to ₹122.11 Cr from ₹106.08 Cr.
- Earnings Per Share (EPS) for the quarter rose to ₹0.46, compared to a restated ₹0.13 in Q1 FY26.
- Finance costs rose to ₹3.85 Cr from ₹3.29 Cr in the previous year's corresponding quarter.
- The company transitioned its Company Secretary role from Ms. Tanvi Patel to Ms. Kratika Soni effective August 5, 2026.
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., confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, have been processed. The registrar verified that the securities are listed on the stock exchanges and the physical certificates have been mutilated and cancelled. This is a routine regulatory filing required for all listed companies in India to ensure the integrity of electronic shareholding records.
- Compliance report for the quarter ended June 30, 2026
- Certificate issued by Registrar MUFG Intime India Pvt. Ltd. dated July 1, 2026
- Confirmation of dematerialization and listing of securities on stock exchanges
- Verification of mutilation and cancellation of physical share certificates
Craft Emerging Market Fund PCC, through its Citadel and Elite Capital funds, has disclosed the acquisition of a 6.42% stake in Pashupati Cotspin Limited. The acquisition involved 1,01,32,543 shares purchased through the open market. While the transaction date is listed as February 2025, the formal disclosure was signed in June 2026. This institutional entry comes at a time when the company's stock has faced significant downward pressure, losing over 90% of its value in the last three months.
- Acquisition of 1,01,32,543 equity shares representing 6.42% of the company.
- Transaction executed via open market purchases by Craft Emerging Market Fund PCC.
- Total share capital of the company stands at 15,78,40,000 shares.
- Acquirer is a non-promoter entity, maintaining the promoter holding at approximately 66%.
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.
Credit & Counterparty Risk
Debtor days improved to 34 days in FY24 from 46 days in FY23, indicating better credit control and reduced counterparty risk.
