Key Metrics of Pacific Industries
About Pacific Industries
Company details
- Registered office
- Village Bedla, Udaipur, Girwa, Udaipur, In-rj, 313011
- Listed
- NSE: PACIFICI · ₹131.00
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
Sign in with access to company financials to review vendor evidence.
Credit ratings
NoteLatest action: rating withdrawn (CARE, 06 Apr 2026)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 06 Apr 2026 | CARE | Withdrawn | BBB- | A3 | Stable | — | View |
| 08 Sep 2025 | CARE | Other | — | — | — | — | View |
| 08 Apr 2025 | CARE | Other | — | — | — | — | View |
| 01 Apr 2024 | CARE | Reaffirmed | BBB- | A3 | Stable | ₹61.5 Cr | View |
| 03 Apr 2023 | CARE | Reaffirmed | BBB- | A3 | Stable | ₹69.3 Cr | View |
| 05 Apr 2022 | CARE | Assigned (from BB+) | BBB- | A3 | Stable | ₹141 Cr | View |
| 23 Feb 2021 | CARE | Revised (from BB-) | BB+ | A4+ | Stable | ₹56.0 Cr | View |
| 20 Mar 2020 | CARE | Reaffirmed | BB- | A4 | Stable | ₹28.0 Cr | View |
| 19 Feb 2019 | CARE | Reaffirmed | BB- | A4 | Stable | ₹18.4 Cr | View |
Credit strengths (CARE, Apr 2026)
+ Experienced and qualified management with strong group presence
Jagdish Prasad Agarwal, Chairman and Managing Director of PIL, has more than three decades of experience and looks after overall affairs of the company. He is assisted by. Kapil Agarwal, Executive Director, who has around 15 years of experience in the industry. Further, the promoters are supported by the experienced second-tier management. The company belongs to Udaipur based Geetanjali Group and group concerns include Ojaswi Marbles and Granites Private Limited, Geetanjali Marble, Krishna
+ Moderate scale of operations
In FY25, TOI of PIL stood moderate at ₹246.08 crore (₹189.46 crore in FY24). In 9MFY26, company reported sales of ~Rs.116 crore, reflecting a significant decline of around 37% from ₹185 crore recorded in 9MFY25.The decline was primarily due to U.S. tariffs being imposed on select Indian imports, including quartz stones, which adversely impacted export volumes given the company’s high dependence on the U.S. market.However, with reduction in tariffs subsequently in Q4, the sales are expected to
+ Comfortable capital structure with moderate coverage indicators
The capital structure of PIL continues to remain comfortable marked by overall gearing of 0.43x (PY: 0.36) and net worth base of ₹170.41 crore as on March 31, 2025.The debt coverage indicators of the company remained moderate marked by profit before interest, lease rentals, depreciation, and taxation (PBILDT) interest coverage of 2.83x and total debt/gross cash accruals (GCA) of 5.04 years. Overall gearing and PBILDT interest coverage continued to remain moderate at 0.31x and 2.90x respectively
+ Location advantage with ease of availability of raw material and labour
PIL’s processing facility of granites is situated in Rajasthan and Karnataka which has the largest reserve of marbles & granites in India accounting of more than 91% of the total marble reserves of the country. There are many units located in the cities of Rajasthan, Karnataka and Andhra Pradesh which are engaged in the business of mining and processing of marbles and granites. Further, skilled labour is also easily available by virtue of it being situated in the marble & granite belt of India.
Credit challenges
− Moderate profitability
PBILDT margin of the company stood moderate at 7.25% in FY25 (PY: 10.04%). The reduction in margin was due to increased raw material costs and intense competition from other players, which hindered the company's ability to pass on higher prices to its customers. In line with PBILDT margin, profit after tax (PAT) margin moderated to 2.58% in FY25 (PY: 4.83%). In 9MFY26, despite significant moderation in scale, PBILDT margin stood moderate at 7.61% (largely stable compared to FY25
− Risk associated with susceptibility to fluctuations in foreign exchange
PIL is exposed to foreign exchange fluctuation risk considering that the company generated ~95% of gross sales from export in FY25. The company gets benefit of natural hedge to some extent through import of raw materials though the proportion of imports is very low. Further, the company does not follow any active hedging policy and hence, profitability is vulnerable to fluctuation in raw material prices and forex fluctuations.
− Presence in highly competitive industry
Globally, granite production is dominated by China, Brazil, India, Saudi Arabia, Italy and Spain. India has abundant resources of granite, which makes it one of the top three granite producers and one of the top five granite exporters in the world. Geologically, the southern and western belts in India are abundant in granite deposits. Different shades of granites are available in abundance in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Maharashtra, Assam, Bihar, Rajasthan, Odisha, Meghalay
Could lead to an upgrade
• Sustained improvement in scale of operations marked by TOI above ₹350 crore and profit before interest, lease rentals, depreciation and taxation (PBILDT) margin above 13% on a sustained basis. • Sustained improvement in working capital cycle below 100 days.
Could lead to a downgrade
• Decline in scale of operations with TOI below ₹140 crore or decline in PBILDT margin below 7.00% on a sustained basis. • Deterioration in capital structure with overall gearing above 1.50x. • Increase in working capital cycle above 180 days. • Deterioration in financial/
Agency-reported financials (CARE, 06 Apr 2026)
| Metric | March 31, 2024 | March 31, 2025 | 9MFY26 |
|---|---|---|---|
| Total operating income | ₹189 Cr | ₹246 Cr | ₹116 Cr |
| PBILDT* | ₹19.02 Cr | ₹17.85 Cr | ₹7.95 Cr |
| Profit after tax (PAT) | ₹9.15 Cr | ₹5.25 Cr | ₹1.09 Cr |
| Overall gearing (x) | 0.33× | 0.43× | — |
| Interest coverage (x) | 5.17× | 2.83× | 2.61× |
| Revenue growth (YoY) | — | 29.9% | — |
| PAT margin | 4.8% | 2.1% | 0.9% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long Term Bank Facilities | Working capital & bank lines | — | ₹11.7 Cr | — | BBB- (Stable) | Reaffirmed | CARE |
| Long Term Short Term Bank Facilities | Working capital & bank lines | — | ₹26.8 Cr | — | BBB- / A3 (Stable) | Reaffirmed | CARE |
| Short Term Bank Facilities | Working capital & bank lines | — | ₹23.0 Cr | — | A3 | Reaffirmed | CARE |
CARE ratings on record (checked 26 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | — | Withdrawn |
| EPC/PSC | — | Withdrawn |
| Forward Contract | — | Withdrawn |
| Letter of credit | — | Withdrawn |
| Term Loan | — | Withdrawn |
| Working capital Term Loan | — | Withdrawn |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2024-25
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Withdrawal | CARE · 06 Apr 2026 · Withdrawn at company request with lender NOCs |
| Next action stable or better (model) | 44% |
| Information on file | 56% · missing: Audited financial statements (last 18 months), Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 44% chance the next rating action is stable or better
- Interest coverage 4.03×
- Working-capital limits 70% utilised on average
- CARE withdrew its ratings on 06 Apr 2026 — usually after the rated bank loans were repaid or moved to another lender
What happened, step by step
- Apr 2024 — ₹47.53 cr raised through equity
- Apr 2025 — Full repayment of term debt
“Improvement in overall gearing was on account of successful completion of rights issue of Rs.47.53 crore in February 2023 which resulted in augmentation of networth base as well as reduction in o/s debt with repayment of USL from directors/ subsidiaries and repayment of working capital borrowings.”
- Apr 2022 — Full repayment of debt
- Apr 2023 — ₹48 cr raised
“The operations are also supported by infusion of funds of ~Rs.48 crore by way of right issue Applicable criteria Policy on default recognition Financial Ratios – Non financial Sector Liquidity Analysis of Non -financial sector entities Rating Outlook and Credit Watch Short Term Instruments Manufacturing Companies Polic...”
Rated limits by facility
Timeline
From the report
Average utilisation of its working capital bank borrowings stood moderate at 60-70% in trailing 12 months.
From the report
PIL had free cash and bank balance of ₹2.70 crore as on March 31, 2025.
From the report
Liquidity: Adequate The liquidity of PIL continued to remain adequate marked by no long-term debt repayment obligations.
From the report
Average utilisation of its working capital bank borrowings was high at 80% in last 12 months ended August 2025.
From the report
CARE Ratings Limited (CARE Ratings) has withdrawn the ratings assigned to the term loan and working capital term loan facility of PIL sanctioned by HDFC Bank as the company has repaid the said facility in full and there is no amount outstanding under the same as on date.
From the report
The improvement in overall gearing was on account of repayment of term debt obligations, part payment of unsecured loans from related parties and accretion of profits to reserves.
From the report
Liquidity: Adequate The liquidity of PIL continued to remain adequate marked by healthy cash flow from operations of Rs.37.09 crore and no long- term debt repayment obligations.
From the report
Average utilization of its working capital bank borrowings was high at 93% during last 6 months ended December 2024.
From the report
Improvement in overall gearing was on account of successful completion of rights issue of Rs.47.53 crore in February 2023 which resulted in augmentation of networth base as well as reduction in o/s debt with repayment of USL from directors/ subsidiaries and repayment of working capital borrowings.
From the report
Press Release Liquidity: Adequate The liquidity of PIL continued to remain adequate marked by healthy cash flow from operations of Rs.20.92 crore and moderate utilisation of working capital limits.
From the report
Average utilization of its working capital bank borrowings was moderate at 85% during last 12 months ended February 2024.
From the report
Average utilization of its working capital bank borrowings of 90% during last 12 months ending February 2023 and moderate operating cycle of 104 days in FY22 improved from 152 days in FY21.
From the report
The gross cash accruals for FY23 expected to remain in line with debt repayment obligation of Rs.10.42 crore in FY24.
From the report
The operations are also supported by infusion of funds of ~Rs.48 crore by way of right issue Applicable criteria Policy on default recognition Financial Ratios – Non financial Sector Liquidity Analysis of Non -financial sector entities Rating Outlook and Credit Watch Short Term Instruments Manufacturing Companies Policy on Withdrawal of Ratings About the company and industry Industry Classification Macro Economic Indicator Sector Industry Basic Industry Consumer Discretionary Consumer Durables Consumer Durables Granites & Marbles Udaipur (Rajasthan), based Pacific Industries Limited (PIL) was
From the report
Consequently, gross cash accruals also improved from Rs. 7.18 crore in FY20 to Rs. 25.58 crore in FY21.
From the report
Further, the company is issuing the rights issue of share worth Rs. 48 crore by which company will use the same partly to repay debt and partly to fund its working capital requirements.
From the report
Further, the company is issuing the rights issue of share worth Rs. 48 crore by which company will use the same partly to repay debt and partly to fund its working capital requirements.
From the report
The average utilization of its working capital bank borrowings of around 94% during last 12 months ending Sept 2021.
From the report
Liquidity: Stretched The liquidity position of the company stood stretched marked by average utilization of its working capital bank borrowings of 92% during last 12 months ending December 2020 and elongated operating cycle of 257 days in FY20 owing to high inventory and collection period, although improved from 265 days in FY19.
From the report
However, it has net cash flow from operating activities of Rs.7.27 crore and cash and bank balance of Rs.1.38 crore as on March 31, 2020.
From the report
It incurred total cost of Rs.58.33 crore which was funded through term loan of Rs.25.00 crore and infused capital by way of right issue amounting to Rs.24.93 crore.
From the report
Liquidity: Stretched Liquidity is marked by tightly matched accruals to repayment obligations and utilizes upto 85% of its working capital bank borrowings during the last twelve months ended on February 29, 2020 along with thin cash balance of Rs.0.88 crore as on March 31, 2019.
From the report
Further, average utilization of the working capital bank borrowing limits stood high at 80-90% for the last 12 months ended January, 2019.
From the report
Furthermore, the cash and bank balance stood at Rs.1.05 crore as on March 31, 2018 The debt coverage indicators remained weak with total debt to GCA at 12.96 times as on March 31, 2018, deteriorated from 10.48 times as on March 31, 2017 and the interest coverage ratio remained modest at 2.30 times during FY18.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.