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Pasupati Acrylon Limited (PASUPTAC)

₹79.08 -0.59% last close, 16 Oct

📊 NSE: PASUPTAC 🏢 Textiles - Manmade 📢 Latest filing: 13 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Pasupati Acrylon's revenue was ₹238 Cr (+10.3% year on year, -2.8% on the previous quarter), and net profit ₹27.4 Cr; the operating margin was 16.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹238	+10.3%	-2.8%
Operating profit	₹39.0	+582.3%	+0.1%
Net profit	₹27.4	—	+5.3%
EPS (₹)	3.07	—	+4.1%
Operating margin	16.4%	—	—

Full quarterly financials → Results calendar →

PASUPTAC delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 40.42% of the PASUPTAC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.22%. That is close to its usual level.

40.42%Delivery, 16 Oct

49.22%Own 20-session average

0.8×Volume vs its average

₹79.08NSE close · -0.59%

Delivery in the last 5 sessions: 44.4% · 35.7% · 15.0% · 31.4% · 40.4%

Delivery across the market →

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

Pasupati Acrylon Secures Approval to Expand Ethanol Capacity by 33% to 240 KLPD

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 13 Oct 2026, 04:46 PM

Pasupati Acrylon Limited has received regulatory approval from the Excise Department, Uttar Pradesh Government, to enhance its Ethanol Plant operational capacity from 180 KL per day to 240 KL per day. This marks a 33.3% increase in ethanol manufacturing capacity. The ethanol segment, commissioned in March 2025, is the primary driver behind the company's recent growth, with TTM revenues crossing ₹1,032 Cr. The additional 60 KLPD capacity will further support revenue diversification away from traditional commodity acrylic fiber operations.

Received UP Excise Department consent to expand ethanol production capacity
Manufacturing capacity increased from 180 KL per day to 240 KL per day
Net capacity addition of 60 KL per day (+33.3%)
Follows earlier regulatory intimation submitted on 25th May, 2026

💡 Watch for the ramp-up timeline of the enhanced 240 KLPD capacity and its contribution to quarterly revenue and operating margins in upcoming earnings calls.

Pasupati Acrylon Approves All 43rd AGM Resolutions With 100% Majority

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Sep 2026, 05:06 PM

Pasupati Acrylon Limited announced the voting results and Scrutinizer's Report for its 43rd Annual General Meeting held on September 09, 2026. All three ordinary resolutions, including the adoption of FY26 financial statements, the re-appointment of retiring director Mr. Satya Prakash Gupta, and the ratification of cost auditor remuneration for FY27, were passed with requisite majority. Total votes polled stood at 5,43,30,565, representing 60.95% of the total 8,91,33,127 outstanding shares, with promoter participation driving over 99.8% of the votes cast.

All 3 ordinary resolutions approved with ~100.00% votes in favor
Total votes polled reached 5,43,30,565, representing 60.95% of outstanding equity shares
Promoter group polled 5,42,33,693 votes, accounting for 92.37% of promoter shareholding
AGM attendance comprised 6 promoter shareholders and 30 public shareholders in person or proxy

💡 Track the upcoming Q2 FY27 earnings to monitor operational ramp-up and margin performance in the recently expanded grain-based ethanol segment.

Pasupati Acrylon Concludes 43rd AGM; Voting Results Awaited for 3 Ordinary Resolutions

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Sep 2026, 01:15 PM

Pasupati Acrylon Limited held its 43rd Annual General Meeting (AGM) on September 9, 2026, at its registered office in Thakurdwara, Dist. Moradabad. A total of 38 shareholders attended the physical meeting, where three ordinary resolutions were considered, including adoption of FY26 financial statements and director re-appointment. Remote e-voting was conducted between September 6 and September 8, 2026. The company stated that the final voting results alongside the Scrutinizer's report will be declared within two working days.

43rd Annual General Meeting conducted on September 9, 2026, from 10:30 A.M. to 11:20 A.M.
38 shareholders were present in person (including 7 body corporate representatives)
3 resolutions transacted: adoption of FY26 accounts, re-appointment of Director Mr. Satya Prakash Gupta, and cost auditor remuneration ratification
Scrutinizer voting results to be announced within two working days of the AGM

💡 Track the formal voting results filing within the next two working days to confirm passing of the ordinary resolutions.

Pasupati Acrylon Concludes 43rd AGM; Voting Results Awaited Within Two Days

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Sep 2026, 01:09 PM

Pasupati Acrylon held its 43rd Annual General Meeting (AGM) on September 9, 2026, at its registered office in Thakurdwara, Moradabad. Key ordinary and special businesses transacted included adoption of FY26 financial statements, re-appointment of retiring director Mr. Satya Prakash Gupta, and ratification of cost auditor remuneration for FY27. Total shareholder attendance was 38 members in person (including 7 body corporate representatives). Scrutinizer voting results from remote e-voting and physical ballots are scheduled to be submitted within two working days.

43rd AGM conducted on September 9, 2026, from 10:30 A.M. to 11:20 A.M. IST
38 shareholders attended the meeting in person, including 7 body corporate representatives
Remote e-voting held between September 6, 2026 (10:00 A.M.) and September 8, 2026 (5:00 P.M.)
Voting results along with Scrutinizer's Report to be declared within 2 working days

💡 Track the formal scrutinizer voting report on exchange filings to confirm the approval of all resolutions.

Pasupati Acrylon Schedules 43rd AGM on Sep 9, 2026; Dispatches FY26 Annual Report Links

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Aug 2026, 12:52 PM

Pasupati Acrylon Limited has dispatched letters containing weblinks to access the Notice of the 43rd Annual General Meeting (AGM) and the FY 2025-26 Annual Report to shareholders whose email addresses are unregistered. The 43rd AGM is scheduled to be held on Wednesday, September 9, 2026, at 10:30 AM in Moradabad, Uttar Pradesh. Remote e-voting commences on September 6, 2026, and concludes on September 8, 2026, with the cut-off date fixed as September 2, 2026. This announcement is purely procedural compliance under SEBI LODR regulations.

43rd Annual General Meeting scheduled for Wednesday, 9th September, 2026 at 10:30 A.M.
Cut-off date for remote e-voting eligibility set as Wednesday, 2nd September, 2026
Remote e-voting window active from 6th September, 2026 (10:00 A.M.) to 8th September, 2026 (5:00 P.M.)
Dispatched under Regulation 36(1)(b) of SEBI LODR for shareholders lacking registered email IDs

💡 Shareholders seeking to vote should ensure their demat or physical shareholdings are updated prior to the September 2, 2026 cut-off date and utilize the e-voting window between September 6-8, 2026.

Pasupati Acrylon Schedules 43rd AGM for Sep 9, 2026; FY26 Annual Report Web-Link Issued

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Aug 2026, 12:41 PM

Pasupati Acrylon Limited has dispatched letters containing the web link to the FY2025-26 Annual Report and 43rd AGM Notice to shareholders whose email addresses are not registered, in compliance with Regulation 36(1)(b) of SEBI LODR Regulations. The 43rd AGM is scheduled to take place on Wednesday, September 9, 2026, at 10:30 AM at the company's registered office in Thakurdwara, Moradabad. The cut-off date for remote e-voting eligibility is September 2, 2026, with the e-voting period open from September 6 to September 8, 2026.

43rd Annual General Meeting scheduled for Wednesday, September 9, 2026 at 10:30 AM
Cut-off date for remote e-voting eligibility set as Wednesday, September 2, 2026
Remote e-voting window active from September 6, 2026 (10:00 AM) to September 8, 2026 (5:00 PM)
Dispatched web-link communication under SEBI LODR Regulation 36(1)(b) for FY26 Annual Report

💡 Eligible shareholders on record as of September 2, 2026, can participate in remote e-voting between September 6 and September 8, 2026, or attend the AGM on September 9, 2026.

Pasupati Acrylon Sets Sep 2, 2026 as Record Date for 43rd AGM; No Dividend Declared

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Aug 2026, 12:54 PM

Pasupati Acrylon has announced its 43rd Annual General Meeting (AGM) will be held on September 9, 2026. The company has fixed September 2, 2026, as the record date (cut-off) for determining shareholder eligibility for e-voting. The filing explicitly mentions 'N.A.' for dividend, indicating no payout is associated with this meeting. This administrative update follows a year of significant growth, with FY26 revenue reaching Rs 1,010.28 Cr compared to Rs 620.67 Cr in FY25.

43rd Annual General Meeting scheduled for September 9, 2026
Record date for e-voting eligibility set for September 2, 2026
Book closure period from September 4, 2026, to September 9, 2026
Remote e-voting window open from September 6 (10:00 AM) to September 8 (5:00 PM), 2026
Dividend status confirmed as N.A. for this specific corporate action

💡 Investors should monitor the AGM proceedings for updates on the Grain-based Ethanol segment, which is targeted to contribute over Rs 850 Cr to annual revenue.

Pasupati Acrylon to Hold 43rd AGM on Sept 9, 2026; FY26 Annual Report Released

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Aug 2026, 12:37 PM

Pasupati Acrylon has scheduled its 43rd Annual General Meeting (AGM) for September 9, 2026, to adopt the FY26 financial statements and re-appoint a retiring director. The company reported a significant revenue increase to Rs 1,010.28 Cr in FY26 from Rs 620.67 Cr in FY25, driven by the successful commissioning of its grain-based ethanol plant. Key agenda items include the ratification of Rs 60,000 remuneration for the cost auditor and the re-appointment of Mr. Satya Prakash Gupta as Director (Operations). The register of members will remain closed from September 4 to September 9, 2026.

43rd Annual General Meeting scheduled for September 9, 2026, at 10:30 A.M.
Book closure period set from September 4, 2026, to September 9, 2026, for AGM purposes.
Proposed ratification of Rs 60,000 remuneration for Cost Auditor Mr. Satnam Singh Saggu for FY 2026-27.
FY26 Revenue stood at Rs 1,010.28 Cr, representing a ~63% growth over FY25 revenue of Rs 620.67 Cr.
Promoter holding remains stable at 65.87% as of the latest reporting period.

💡 Investors should review the Annual Report for management's outlook on the Ethanol segment, which is targeted to contribute over Rs 850 Cr to annual revenue.

Pasupati Acrylon Schedules 43rd AGM for September 9, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Aug 2026, 11:01 AM

Pasupati Acrylon Limited has announced its 43rd Annual General Meeting (AGM) to be held on September 9, 2026. The company has fixed September 2, 2026, as the cut-off date for determining shareholder eligibility for e-voting. This follows a significant financial year where the company scaled its revenue to ₹1,010 crore, largely driven by its new Grain-based Ethanol segment commissioned in March 2025. Shareholders will have a three-day window from September 6 to September 8 to cast their votes electronically.

43rd Annual General Meeting scheduled for September 9, 2026, at 10:30 A.M.
Cut-off date for e-voting eligibility is fixed as September 2, 2026.
Remote e-voting period starts September 6, 2026 (10:00 A.M.) and ends September 8, 2026 (5:00 P.M.).
Book closure period for the AGM is from September 4 to September 9, 2026.
Company reported TTM revenue of ₹1,010 Cr and PAT of ₹70 Cr leading up to this meeting.

💡 Investors should monitor the release of the full Annual Report for FY25-26 to evaluate the operational efficiency and margin profile of the new Ethanol plant, which is a key driver for the targeted ₹850 Cr+ revenue segment.

₹27.39 Cr Q1 Net Profit; Ethanol Segment Contributes 26% of Revenue

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 07 Aug 2026, 04:47 PM

Pasupati Acrylon reported a strong Q1 FY27 with Net Profit surging to ₹27.39 Cr, compared to a low base of ₹2.0 Cr in Q1 FY26. Revenue from operations grew 10.3% YoY to ₹238.26 Cr, primarily driven by the scaling of the Ethanol segment which contributed ₹62.95 Cr. Profitability remained steady on a sequential basis (QoQ), with Net Profit rising slightly from ₹26.28 Cr in Mar 2026. The Fibre segment continues to be the largest contributor, generating ₹143.66 Cr in revenue with a healthy segment PBIT of ₹28.79 Cr.

Net Profit increased significantly to ₹27.39 Cr in Q1 FY27 from ₹2.0 Cr in the same quarter last year.
Ethanol segment revenue reached ₹62.95 Cr, accounting for 26.4% of total quarterly revenue.
Fibre segment reported a robust PBIT of ₹28.79 Cr on revenue of ₹143.66 Cr, implying a 20% segment margin.
Finance costs reduced to ₹2.26 Cr from ₹3.12 Cr in Q1 FY26, reflecting improved debt management.
The 43rd Annual General Meeting (AGM) has been preponed to September 9, 2026, from the earlier date of September 24, 2026.

💡 Investors should monitor the sustainability of the Ethanol segment's margins and the impact of global Acrylonitrile price fluctuations on the core Fibre business.

Pasupati Acrylon Submits Routine Share Dematerialization Certificate for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Jul 2026, 05:35 PM

Pasupati Acrylon has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, issued by MCS Share Transfer Agent Ltd, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed within the mandated 15-day timeframe. This is a standard administrative filing confirming that physical shares were cancelled and substituted with the depository's name in the company's records. There is no impact on the company's financial performance or business operations.

Quarterly compliance certificate submitted for the period ended June 30, 2026
Registrar confirms processing of dematerialization requests within 15 days of receipt
Certificate issued by MCS Share Transfer Agent Ltd dated July 4, 2026
Confirms listing of dematerialized securities on the Stock Exchanges

💡 This is a procedural filing. Investors should focus on upcoming quarterly results to monitor the scaling of the Grain-based Ethanol segment, which is targeted to contribute over Rs 850 Cr in annual revenue.

Trading Window Closure from July 1, 2026, for Q1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Jun 2026, 01:23 PM

Pasupati Acrylon Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of un-audited financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially disclosed to the exchanges. This is a standard administrative procedure and does not reflect on the company's operational performance.

Trading window closure effective from July 1, 2026
Closure pertains to the financial results for the quarter ending June 30, 2026
Window to reopen 48 hours after the results are declared
Company reported TTM revenue of Rs 1010 Cr and TTM PAT of Rs 70 Cr
Promoter holding remains stable at 65.87% as of March 2026

💡 Investors should wait for the separate notification regarding the Board Meeting date to assess the company's Q1 FY27 performance, particularly the scaling of the new Ethanol segment.

Pasupati Acrylon Credit Rating Upgraded to 'CARE A-' for ₹175.62 Cr Long-Term Facilities

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 25 Jun 2026, 06:03 PM

CARE Ratings has upgraded Pasupati Acrylon's long-term bank facilities rating to CARE A- (Stable) from CARE BBB+. Simultaneously, the short-term rating has been raised to CARE A2+ from CARE A2. The upgrade applies to total bank facilities worth ₹423.62 crore and follows a review of the company's audited FY26 financial performance. This improvement in credit profile typically suggests better financial stability and potential for reduced borrowing costs.

Long-term rating upgraded to CARE A-; Stable for ₹175.62 crore bank facilities
Short-term rating upgraded to CARE A2+ for ₹248.00 crore bank facilities
Total facilities covered under the rating action amount to ₹423.62 crore
Upgrade driven by improved operational and financial performance in FY26

💡 This upgrade is a positive indicator of the company's improving balance sheet and credit profile. Investors should monitor if this leads to lower finance costs in upcoming quarterly results.

Pasupati Acrylon Appoints Satnam Singh Saggu as Cost Auditor for FY 2026-27

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 May 2026, 05:36 PM

Pasupati Acrylon Limited has appointed Mr. Satnam Singh Saggu as the company's Cost Auditor for the financial year ending March 31, 2027. The appointment was approved by the Board of Directors during their meeting on May 25, 2026, following a recommendation from the Audit Committee. Mr. Saggu is a qualified Cost Accountant (Membership No. 10555) with extensive experience in cost audit matters. This is a standard regulatory appointment to ensure compliance with statutory requirements.

Appointment of Mr. Satnam Singh Saggu as Cost Auditor for the financial year 2026-27.
Board meeting held on May 25, 2026, concluded at 4:30 P.M. after starting at 1:00 P.M.
The appointee holds Membership No. 10555 and has rich experience in Cost Audit matters.
The appointment is in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 This is a routine administrative update with no impact on the company's fundamentals. No specific action is required from investors.

Pasupati Acrylon to Expand Ethanol Capacity to 240 KLPD with Rs 25 Cr Investment

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 25 May 2026, 05:18 PM

Pasupati Acrylon has announced a 33% capacity expansion of its Ethanol Plant located in Uttar Pradesh, increasing daily output from 180 KL to 240 KL. The expansion will be achieved through debottlenecking of the existing facility and is expected to be completed by December 2026. The project involves a capital expenditure of approximately Rs. 25 crore, which the company plans to fund entirely through internal accruals. This move is strategic as the current plant is operating at 100% utilization, driven by demand from Oil Marketing Companies.

Ethanol manufacturing capacity increasing from 180 KL per day to 240 KL per day
Total investment of approximately Rs. 25.00 crore to be funded via internal accruals
Project completion targeted by the end of December 2026
Current capacity utilization stands at 100% subject to OMC order allocations
Expansion to be achieved through debottlenecking of the existing Thakurdwara plant

💡 Investors should monitor the timely execution of the debottlenecking process and the company's ability to maintain high utilization through OMC contracts. The use of internal accruals for expansion is a positive sign of financial health and cash flow management.

View All PASUPTAC Announcements on Live Market Tracking →

💰 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.