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PASUPTAC - Pasupati Acrylon

📊 NSE: PASUPTAC 🏢 Textiles - Manmade 📅 Last Updated: 12/14/2025 10:54

📢 Recent Corporate Announcements

Pasupati Acrylon Q3 Revenue Jumps 55% to ₹269 Cr; Net Profit Dips to ₹9.3 Cr

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 11 Feb 2026, 04:22 PM

Pasupati Acrylon reported a robust 54.8% YoY growth in revenue from operations, reaching ₹269.23 crore for Q3 FY26, primarily driven by the new Ethanol segment which contributed ₹98.19 crore. Despite the top-line surge, net profit declined slightly to ₹9.30 crore from ₹10.13 crore in the previous year due to increased finance costs and depreciation. For the nine-month period, revenue is up 42% YoY, but net profit has seen a significant contraction of 44.9% to ₹24.03 crore. The company also recorded an exceptional loss of ₹0.57 crore due to labour law amendments.

Revenue from operations increased by 54.8% YoY to ₹269.23 crore in Q3 FY26.
The newly established Ethanol segment contributed ₹98.19 crore to the quarterly revenue mix.
Net profit for the quarter stood at ₹9.30 crore, a decline from ₹10.13 crore in Q3 FY25.
Finance costs surged to ₹3.43 crore in Q3 FY26 compared to ₹0.65 crore in the same period last year.
Nine-month (9M FY26) net profit fell to ₹24.03 crore from ₹43.63 crore in 9M FY25.

💡 Investors should focus on the operational efficiency of the new Ethanol segment, as its high revenue contribution is currently offset by increased debt servicing costs and depreciation. Wait for margin stabilization before increasing exposure.

Pasupati Acrylon Q3 Net Profit Flat at ₹10.13 Cr; Revenue Surges 55% YoY to ₹269 Cr

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 11 Feb 2026, 04:09 PM

Pasupati Acrylon reported a significant 54.8% YoY increase in revenue to ₹269.23 crore for Q3 FY26, primarily driven by the newly commissioned Ethanol segment which contributed ₹98.19 crore. However, net profit remained stagnant at ₹10.13 crore compared to ₹10.38 crore in the previous year's corresponding quarter. Sequentially, profitability saw a sharp decline from ₹21.76 crore in Q2 FY26, indicating margin pressure. The company also accounted for an exceptional item of ₹0.57 crore due to labour law amendments.

Revenue from operations grew 54.8% YoY to ₹269.23 crore from ₹173.87 crore.
Net Profit for the quarter stood at ₹10.13 crore, down 53% on a sequential (QoQ) basis.
The new Ethanol segment contributed ₹98.19 crore to revenue, representing 36% of total sales.
Fibre segment revenue stood at ₹145.60 crore, while CPP Film contributed ₹25.44 crore.
Nine-month (9M FY26) net profit increased to ₹58.48 crore compared to ₹43.64 crore in 9M FY25.

💡 Investors should monitor the margin performance of the Ethanol segment as it scales, as the current quarter shows a significant drop in sequential profitability despite higher revenues. The stock may face short-term pressure due to the QoQ profit decline.

Pasupati Acrylon Announces Address Change for Registrar & Share Transfer Agent

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Jan 2026, 05:14 PM

Pasupati Acrylon Limited has informed the stock exchanges that its Registrar & Share Transfer Agent (RTA), MCS Share Transfer Agent Limited, has shifted its office address. The RTA moved from its previous location at F-65, First Floor to a new premises at 179-180, 3rd Floor, DSIDC Shed, both within Okhla Industrial Area, Phase – 1, New Delhi. This is a routine administrative update and does not affect the company's business operations or financial health. Shareholders should use the new address for any future physical share-related correspondence.

RTA MCS Share Transfer Agent Limited shifted to 179-180, 3rd Floor, DSIDC Shed, Okhla Industrial Area, Phase – 1, New Delhi.
New contact telephone numbers are 011-41406149, 41406150, and 41406151.
The official email for investor queries remains helpdeskdelhi@mcsregistrars.com.
The notification was issued on January 17, 2026, in compliance with SEBI LODR Regulations.

💡 No action is required for most investors. Shareholders holding physical certificates should note the new address for any future transfer or grievance requests.

Pasupati Acrylon Reports Rejection of 2 Physical Share Transfer Requests Under SEBI Special Window

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 07 Jan 2026, 05:48 PM

Pasupati Acrylon Limited has submitted its monthly report regarding the re-lodgement of transfer requests for physical shares under the SEBI Special Window for the period ending January 6, 2026. During this period, the company received 2 requests for physical share transfers. Both requests were processed within an average of 10 days, but both were ultimately rejected. This filing is a routine regulatory requirement following SEBI's circular dated July 2, 2025, regarding the handling of physical share certificates.

Report covers the period from December 7, 2025, to January 6, 2026
A total of 2 requests for physical share transfers were received during the month
Both requests (100%) were rejected by the Registrar and Transfer Agent, MCS Share Transfer Agent Limited
The average processing time for these requests was 10 days

💡 No action is required for shareholders holding shares in dematerialized form. Investors still holding physical certificates should ensure strict compliance with SEBI guidelines to avoid rejection of transfer requests.

Pasupati Acrylon Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Jan 2026, 04:53 PM

Pasupati Acrylon Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by MCS Share Transfer Agent Ltd, confirms the processing of dematerialization requests for the quarter ended December 31, 2025. It verifies that share certificates received were mutilated, cancelled, and the depository's name was updated in the records within the prescribed 15-day period. This is a standard administrative filing ensuring the company's adherence to depository regulations.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation that dematerialization requests were processed within the mandatory 15-day timeframe.
Registrar and Transfer Agent (RTA) MCS Share Transfer Agent Ltd issued the verification certificate.
Verification that cancelled certificates were replaced by the depository's name in the company's records.

💡 No action is required from investors as this is a routine regulatory filing regarding administrative shareholding procedures.

Pasupati Acrylon Reports Promoter Group Consolidation; Total Holding Steady at 65.87%

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 26 Dec 2025, 05:51 PM

Pasupati Acrylon has announced an inter-se change in shareholding within its promoter group following a Scheme of Amalgamation sanctioned by the NCLT. Three promoter entities—MVA Finance, Inder Overseas, and Nityanand Exports—have merged into Arihant Exports Private Limited. Consequently, Arihant Exports' stake in the company has increased from 5.19% to 6.48%. Crucially, the aggregate promoter and promoter group shareholding remains unchanged at 65.87%, representing 5,87,15,445 shares.

Consolidation of three promoter group entities into Arihant Exports Private Limited following NCLT approval.
Arihant Exports' stake increased from 46,27,867 shares (5.19%) to 57,78,697 shares (6.48%).
Total aggregate promoter group holding remains constant at 65.87% of the paid-up share capital.
The number of promoter group members reduced from 14 to 10 due to the merger and the passing of a promoter member.
The company itself was not a direct party to the Scheme of Amalgamation.

💡 No action is required as this is an internal administrative restructuring of the promoter group with no impact on the company's operations or overall control.

Pasupati Acrylon Announces Trading Window Closure from January 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Dec 2025, 11:01 AM

Pasupati Acrylon Limited has informed the exchanges that its trading window will be closed starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming declaration of un-audited financial results for the quarter and nine months ending December 31, 2025. The window will remain closed for all designated persons, promoters, and KMPs until 48 hours after the results are announced. The specific date for the board meeting to approve these results will be notified separately.

Trading window closure effective from January 1, 2026
Closure relates to un-audited financial results for the period ending December 31, 2025
Restriction applies to all designated persons, directors, and their immediate relatives
Trading window to reopen 48 hours after the official declaration of results

💡 This is a routine regulatory filing with no impact on company fundamentals. Investors should monitor for the upcoming announcement of the board meeting date to review the Q3 financial performance.

Pasupati Acrylon Reports Rejection of Physical Share Transfer Request under SEBI Special Window

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 08 Dec 2025, 04:27 PM

Pasupati Acrylon Limited has filed a report regarding the re-lodgement of physical share transfer requests for the period November 7, 2025, to December 6, 2025. During this period, the company received only one request under the SEBI Special Window. This single request was processed within 7 days but was ultimately rejected. This filing is part of a routine regulatory compliance process mandated by SEBI to handle legacy physical share transfers.

Report covers the period from November 7, 2025, to December 6, 2025.
Only 1 request for physical share transfer re-lodgement was received during the month.
The single request received was processed and subsequently rejected.
The average time taken for processing the request was 7 days.

💡 No action is required from investors as this is a routine administrative disclosure. Shareholders still holding physical certificates are encouraged to dematerialize them for better liquidity.

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💰 Financial Performance

Revenue Growth by Segment

Total revenue for H1 FY25 reached INR 500.34 Cr, representing a 75.93% growth compared to INR 284.40 Cr in H1 FY24. While specific segment-wise revenue splits for the current quarter are not fully detailed, the company operates in Acrylic Staple Fiber (ASF), Cast Polypropylene (CPP) films, and the newly commissioned Grain-based Ethanol segment. In FY24, ASF sales realization dropped 16% to INR 120.12/Kg from INR 143.42/Kg in FY23.

Geographic Revenue Split

Not disclosed in available documents; however, the company faces competitive pressure from cheaper imports and substitutes, suggesting a significant domestic market presence in India.

Profitability Margins

Net Profit Margin improved significantly by 148.44% to 5.59% in FY25 from 2.25% in FY24. Operating Profit Margin also rose 121.78% to 7.94% in FY25 compared to 3.58% in FY24. This recovery follows a difficult FY24 where PBILDT margins had declined 294 bps to 3.07% due to losses in the ASF and CPP segments during Q2 FY24.

EBITDA Margin

Operating Profit Margin stood at 7.94% in FY25, a YoY increase of 121.78%. Core profitability is recovering from FY24 lows (3.07% PBILDT) as the company stabilizes its new Ethanol operations and manages raw material price fluctuations more effectively.

Capital Expenditure

The company recently completed a major capital expenditure for a Grain-based Ethanol Plant which commenced commercial production in March 2025. This project was funded partly through term loans, leading to a 130.76% increase in the Debt-Equity ratio to 0.30 in FY25.

Credit Rating & Borrowing

The company maintains a 'Stable' outlook. Positive rating sensitivities include sustaining a Total Operating Income (TOI) beyond INR 850 Cr and Gross Cash Accruals (GCA) above INR 45 Cr. Interest coverage ratio moderated to 5.49x in FY25 from 35.60x in FY24 due to new term loan obligations for the Ethanol plant.

⚙️ Operational Drivers

Raw Materials

Acrylonitrile (for ASF production) and Polypropylene (for CPP films). Acrylonitrile prices are a primary cost driver, with realizations falling from INR 143.42/Kg in FY23 to INR 120.12/Kg in FY24.

Import Sources

Not specifically named, but the company is noted to have a high dependence on imported raw materials, exposing it to foreign exchange fluctuation risks.

Capacity Expansion

The company successfully commissioned its Grain-based Ethanol Plant in March 2025. This marks a significant expansion into a new business segment to diversify revenue away from the volatile textile and packaging film markets.

Raw Material Costs

Cost of materials consumed in H1 FY25 was INR 349.56 Cr, representing approximately 70.4% of revenue from operations. Raw material price volatility is a key constraint on profitability, as seen in FY24 when price declines led to inventory-related losses.

Manufacturing Efficiency

Return on Capital Employed (ROCE) improved by 138.15% to 11.86% in FY25 from 4.98% in FY24, indicating significantly better utilization of capital and assets following the Ethanol plant commissioning.

📈 Strategic Growth

Expected Growth Rate

15-20%

Growth Strategy

Growth is being driven by the diversification into the Grain-based Ethanol sector, which commenced in March 2025. The strategy involves scaling this new segment to reach a Total Operating Income exceeding INR 850 Cr, reducing reliance on the cyclical Acrylic Staple Fiber market and leveraging the stable demand for Ethanol in fuel blending.

Products & Services

Acrylic Staple Fiber (ASF), Cast Polypropylene (CPP) Films, and Grain-based Ethanol.

Brand Portfolio

Pasupati Acrylon.

New Products/Services

Grain-based Ethanol is the primary new product, with commercial production starting in March 2025. It is expected to be a major contributor to the targeted INR 850 Cr+ annual revenue.

Market Expansion

The company is expanding its footprint into the renewable energy/bio-fuel space through its Ethanol plant to mitigate the risks associated with its traditional textile-related products.

🌍 External Factors

Industry Trends

The industry is shifting toward diversification into bio-fuels (Ethanol) due to government blending mandates. The traditional ASF market is facing disruption from cheaper synthetic substitutes and imports.

Competitive Landscape

Faces intense competition from international manufacturers of Acrylic Fiber and local/international producers of packaging films.

Competitive Moat

The company's moat is based on its diversified revenue base (ASF, CPP, and now Ethanol) and experienced management. However, this moat is vulnerable to global commodity price swings and lack of proprietary technology/patents.

Macro Economic Sensitivity

Highly sensitive to global crude oil and chemical price cycles which dictate the cost of Acrylonitrile and Polypropylene.

Consumer Behavior

Shift toward sustainable packaging and government-mandated Ethanol blending in fuel are the primary trends affecting demand for the company's output.

Geopolitical Risks

Trade barriers or disruptions in the supply of Acrylonitrile from global markets could halt production or significantly increase costs.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to environmental norms for chemical manufacturing and Ethanol production, as well as SEBI listing regulations and the Companies Act 2013.

Environmental Compliance

The company spent INR 86.00 Lakh on CSR activities in FY25, exceeding the statutory requirement of INR 85.79 Lakh (2% of average net profit).

Taxation Policy Impact

Current tax (net) for H1 FY25 was INR 3.63 Cr, with a deferred tax credit of INR 2.58 Cr.

Legal Contingencies

The company reported no pending proceedings under the Insolvency and Bankruptcy Code, 2016. No other specific high-value court cases were detailed in the provided documents.

⚠️ Risk Analysis

Key Uncertainties

Project stabilization risk for the new Ethanol plant (high impact if production stalls), raw material price volatility (can swing margins by >200 bps), and foreign exchange risk.