Key Metrics of Pakka Limited
About Pakka Limited
Company details
- Registered office
- 312, Plaza Kalpana Society,24/147, B-49,, Kanpur Nagar, Birhana Road, Uttar Pradesh, India,, Kanpur, In-up, 208001
- Listed
- NSE: PAKKA · ₹70.56
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
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Credit ratings
WatchDowngraded by CARE on 09 Jun 2026 (from BBB-)
WatchIssuer not cooperating with CARE (rating based on limited information)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 09 Jun 2026 | CARE | Downgraded (from BBB-) | BB+ | A4+ | Stable | ₹631 Cr | View |
| 06 Mar 2026 | CARE | Downgraded (from BBB) | BBB- | — | Negative | ₹631 Cr | View |
| 29 Apr 2025 | CARE | Reaffirmed | BBB | A3+ | Stable | ₹631 Cr | View |
| 06 Jan 2025 | CARE | Watch | BBB | — | Stable | ₹469 Cr | View |
| 07 Mar 2024 | CARE | Watch | BBB | A3+ | Developing | ₹469 Cr | View |
| 06 Apr 2023 | CARE | Reaffirmed | BBB | A3+ | Stable | ₹478 Cr | View |
| 16 Feb 2023 | CARE | Assigned | BBB | A3+ | Stable | ₹162 Cr | View |
| 30 Jul 2021 | CARE | Withdrawn | BBB | — | Stable | — | View |
| 03 Feb 2021 | CARE | Non-cooperating | BBB | A3 | Stable | ₹410 Cr | View |
| 22 Jan 2020 | CARE | Reaffirmed | BBB | A3 | Stable | ₹205 Cr | View |
| 04 Oct 2018 | CARE | Reaffirmed (from BBB) | BBB | A3 | Stable | ₹404 Cr | View |
| 04 Dec 2017 | CARE | Reaffirmed | BBB- | A3 | Stable | ₹165 Cr | View |
| 17 Nov 2017 | CARE | Assigned | BBB- | A3 | Stable | ₹165 Cr | View |
Credit strengths (CARE, Jun 2026)
+ Experienced and professional management team with long track record of operations
Pakka Limited, formerly known as Yash Pakka Limited until July 06, 2023, was founded in 1981 by late KK Jhunjhunwala. The company is currently managed by Ved Krishna, Managing Director, with over 25 years of industry experience and overseeing the company’s overall operations and the help of professionals. The company has a long -standing presence in the paper packaging industry, spanning over four decades, which has helped in establishing long -standing business relationships with customers.
+ Locational advantages in form of easy raw material availability
The primary raw material, bagasse, used by the company in its manufacturing process is agro based. The plant is in Uttar Prad esh, which is the sugarcane hub of India, ensuring ample bagasse availability. Pakka Limited procures its bagasse fibre requiremen t from a 100-km radius, ensuring reliable and consistent supply. The company also benefits from long -term contracts with these suppliers, which enhances its supply chain efficiency.
+ Cost-effective production set-up with integrated operations
The paper packaging industry is capital and energy intensive. The company has set up a cost -effective production mechanism that comprises a captive power plant using rice husk with a capacity of 8.8 MW that addresses its major power requirement and reduces power cost, and an integrated soda recovery plant with a capacity of 145 MTPD that recovers caustic soda and reduces chemical cost. Pakka Limited is increasing the capacity of its captive power plant to 15 MW to cater to the steam and power
+ Liquidity: Adequate
The liquidity position of the company remains adequate as reflected by projected GCA of ~₹42.78 crore in FY26 against scheduled repayment of ₹13.02 crore. The company has free cash and bank balance of ₹15.00 crore as on December 31, 2025, andaverage utilisation of fund-based working capital limits (based on maximum level) remained at ~84% in the past 12 month’s period ending December 2025. Optimal utilisation of PM3 and the timely implementation and stabilisation of PM4 will remain critical for
+ Assumptions/Covenants: Not applicable
Environment, social, and governance (ESG) risks: Not applicable Applicable criteria Definition of Default Information Adequacy Risk and Issuer Non -Cooperation Liquidity Analysis of Non-Financial Sector Entities Rating Outlook and Rating Watch Manufacturing Companies
+ Brief Financials (₹ crore) March 31, 2025 (A) March 31, 2026 (UA)
Total operating income 411.20 355.80 PBILDT* 82.45 42.15 Profit after tax (PAT) 56.70 18.15 Overall gearing (x) 0.42 0.91 Interest coverage (x) 8.00 3.70 A: Audited UA: Unaudited; Note: these are latest available financial results *PBILDT: Profit before interest, lease rentals, depreciation and tax
Credit challenges
− Cost and time overrun in project Jagriti with debt refinancing at high interest rates
Pakka Limited is undertaking a large capex of ₹676.26 crore equivalent to 1.34x of its tangible net worth (TNW) as on March 31, 2026, which is spread over FY24-FY26 (refers to April 01, 2023, to March 31, 2026). Capex aims to expand the company’s production capacity from 130 metric tonne per day (MTPD) to 246 MTPD through installation of a new PM4 of 100 MTPD capacity, 10 MTPD increase in the existing paper mill, and an upgrade of the pulp mill to increase bleached capacity to 180 MTPD from 130
− Project implementation and stabilisation risk
The company incurred ₹465.41 crore of project cost (~62.56% of the total capex of ₹744.00 cror e) as on December 31, 2025, funded through a mix of debt of ₹218.28 crore and balance from equity and internal accruals. Further, as per latest Lender’s Independent Engineer (LIE) report dated December 2025, the company achieved physical progress of 57.61% , financial progress of 69.36% and obtained all “pre -establishment” approvals required for the project. CareEdge Ratings notes a significant fall i
− Operational disruptions impacted FY26 performance
In FY26, total operating income (TOI) moderated to ₹355.80 crore from ₹411.20 crore in FY25, primarily due to reduction in net sales realisations (NSR) across the industry. As part of the phased rollout under project Jagriti, which includes expansion of PM3 and pulp machine, the company undertook a planned shutdown of its manufacturing unit from June 16, 2025, to July 24, 2025. This shutdown led to nil pulp sales in the period, adversely affecting revenue and profit margins in Q1FY26 and Q2FY26.
− Highly fragmented and competitive industry with raw material price volatility
The paper packaging industry is highly competitive with intense competition from organised and unorganised players. This limi ts pricing power of the manufacturers and puts pressure on profitability. Pakka Limited uses agro -based raw material, procured primarily from the domestic markets and subject to seasonal availability that leads to high price volatility. The operating profitability of the company remains highly susceptible to raw material price volatility. Also, the paper packaging indust
− Key strengths
Experienced and professional management team with long track record of operations Pakka Limited, formerly known as Yash Pakka Limited until July 06, 2023, was founded in 1981 by late KK Jhunjhunwala. The company is currently managed by Ved Krishna, Managing Director, with over 25 years of industry experience and overseeing the company’s overall operations and the help of professionals. The company has a long -standing presence in the paper packaging
− Locational advantages in form of easy raw material availability
The primary raw material, bagasse, used by the company in its manufacturing process is agro based. The plant is in Uttar Prad esh, which is the sugarcane hub of India, ensuring ample bagasse availability. Pakka Limited procures its bagasse fibre requiremen t from a 100-km radius, ensuring reliable and consistent supply. The company also benefits from long -term contracts with these suppliers, which enhances its supply chain efficiency.
Could lead to an upgrade
• Improvement in scale of operations to ~₹600.00 crore and maintenance of profit before interest, lease rentals, depreciation and taxation (PBILDT) margin above 20% on a sustained basis. • Sustained improvement in operational cash flows to maintain healthy
Could lead to a downgrade
• Significant decline in scale of operations with the PBILDT margin below 20% in future years (excluding FY26). • Any higher-than-envisaged debt-funded capex/advances to group entities adversely affecting capital structure, leading to overall gearing above 1.50x. • Any further delay in COD of project Jagriti or lower-than-envisaged cash flow from operations adversely affecting
Agency-reported financials (CARE, 09 Jun 2026)
| Metric | March 31, 2025 | March 31, 2026 |
|---|---|---|
| Total operating income | ₹411 Cr | ₹356 Cr |
| PBILDT* | ₹82.45 Cr | ₹42.15 Cr |
| Profit after tax (PAT) | ₹56.70 Cr | ₹18.15 Cr |
| Overall gearing (x) | 0.42× | 0.91× |
| Interest coverage (x) | 8.00× | 3.70× |
| Revenue growth (YoY) | — | −13.5% |
| PAT margin | 13.8% | 5.1% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| ISSUER Long-term bank facilities | Working capital & bank lines | — | ₹618 Cr | — | BB+ (Stable) | Downgraded | CARE |
| NOT ISSUER NOT ISSUER Short-term bank facilities | Working capital & bank lines | — | ₹12.5 Cr | — | A4+ | Downgraded | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | — | Withdrawn |
| BG/LC | — | Withdrawn |
| BG/LC | ₹12.5 Cr | CARE A4+; ISSUER NOT COOPERATING* |
| Cash Credit | — | Withdrawn |
| Term Loan | — | Withdrawn |
| Term Loan | ₹484 Cr | CARE BB+; Stable; ISSUER NOT COOPERATING* |
| Working Capital Limits | ₹135 Cr | CARE BB+; Stable; ISSUER NOT COOPERATING* |
Lenders
| Fund-based - LT | Term Loan | Aditya Birla Finance Ltd. |
| Fund-based - LT | Term Loan | Axis Bank Ltd. |
| Fund-based - LT | Term Loan | Canara Bank |
| Fund-based - LT | Term Loan | Export Import Bank of India |
| Fund-based - LT | Term Loan | Proposed |
| Fund-based - LT | Working Capital Limits | Axis Bank Ltd. |
| Fund-based - LT | Working Capital Limits | Bank of Baroda |
| Fund-based - LT | Working Capital Limits | HDFC Bank Ltd. |
| Fund-based - LT | Working Capital Limits | UCO Bank |
| Non-fund-based - ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - ST | BG/LC | HDFC Bank Ltd. |
| Non-fund-based - ST | BG/LC | UCO Bank |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Not cooperating since 09 Jun 2026 (4 months) |
| Credit enhancement | None – standalone rating |
| Withdrawal | CARE · 30 Jul 2021 · Withdrawn (reason not stated in report) |
| Next action stable or better (model) | 79% |
| Information on file | 89% · missing: Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 79% chance the next rating action is stable or better
- Current rating BB+ (below investment grade)
- Interest coverage 3.7×
- Working-capital limits 84% utilised on average
- Issuer not cooperating with the rating agency
What happened, step by step
- Oct 2018 — ₹3.3 cr raised through equity
- Oct 2018 — Rated term loans fell from ₹58.34 cr to ₹0 cr
“The gearing levels improved on account of infusion of equity of Rs. 3.30 cr in FY18 and accretion of surplus to net worth.”
- Jun 2026 — Project / plant of ₹676.26 cr
- Jun 2026 — Term debt tied up
“The project cost of ₹676.26 crore was to be funded through a debt-equity mix of ₹441.45 crore (~65%), and ₹235.01 crore (~35%) respectively.”
Rated limits by facility
Timeline
From the report
The project cost of ₹676.26 crore was to be funded through a debt-equity mix of ₹441.45 crore (~65%), and ₹235.01 crore (~35%) respectively.
From the report
The company refinanced its existing term debt by repayment of outstanding debt through issuance of non-convertible debentures (NCDs) of ₹540 crore at a high interest rate (overall effective rate of interest of 16.95%).
From the report
However, debt coverage metrics moderated as reflected by total debt to GCA (TD/GCA) of 13.22x in FY26 (PY: 2.95x) because of sizable term debt availed for partly funding capex in Ayodhya, Uttar Pradesh.
From the report
The company has free cash and bank balance of ₹15.00 crore as on December 31, 2025, andaverage utilisation of fund-based working capital limits (based on maximum level) remained at ~84% in the past 12 month’s period ending December 2025.
From the report
The company has free cash and bank balance of ₹15.00 crore as on December 31, 2025, andaverage utilisation of fund-based working capital limits (based on maximum level) remained at ~84% in the past 12 month’s period ending December 2025.
From the report
However, total debt to GCA (TD/GCA) moderated to 2.95x in FY25 (PY: 2.86x) because of sizable term debt availed for partly funding capex in Ayodhya, Uttar Pradesh.
From the report
The project cost of ₹676.26 crore was to be funded through a debt-equity mix of ₹441.45 crore (~65%), and ₹235.01 crore (~35%) respectively.
From the report
The company has free cashand bank balance of ₹15.00 crore as on December 31, 2025, and average utilisation of fund-based working capital limits (based on maximum level) remained at ~84% in the past 12 month’s period ending December 2025.
From the report
This moderation is primarily due to new term loans of ₹125.00 crore (disbursed amount of ₹100.00 crore) availed for the partly debt-funded capex in Ayodhya, Uttar Pradesh.
From the report
Term loans of ₹100.00 crore have been availed and equity of ₹173.43 crore infused in form of new issue, share warrants, and ESOP (share warrants are partly paid and amount of ₹73.44 crore yet to be received reaching total equity infusion to ₹246.87 crore and replacing internal accruals).
From the report
Term loans of ₹100.00 crore have been availed and equity of ₹173.43 crore infused in form of new issue, share warrants, and ESOP (share warrants are partly paid and amount of ₹73.44 crore yet to be received reaching total equity infusion to ₹246.87 crore and replacing internal accruals).
From the report
The company has healthy free cash and bank balance of ₹53.54 crore as on March 31, 2024 (PY: ₹0.77 crore) and healthy operational cash flow of ₹34.69 crore as on March 31, 2024 and strong current ratio of 1.98x as on March 31, 2024 (PY: 1.24x).
From the report
Average utilisation of working capital limits remains ~49.7% for the trailing nine months ending on February 2025.
From the report
The project has now achieved the financial closure with partial equity infusion in form of new issue, share warrants and ESOP following partial debt tie-up of Rs.125.00 crore.
From the report
The term loan of Rs.125.00 crore has been duly sanctioned by banks and equity of Rs.173.43 crore infused in form of new issue, share warrants and ESOP (share warrants are partly paid and amount of Rs.73.44 crore yet to be received reaching total equity infusion to Rs.246.87 crore and replacing internal accruals).
From the report
The term loan of Rs.125.00 crore has been duly sanctioned by banks and equity of Rs.173.43 crore infused in form of new issue, share warrants and ESOP (share warrants are partly paid and amount of Rs.73.44 crore yet to be received reaching total equity infusion to Rs.246.87 crore and replacing internal accruals).
From the report
Liquidity: Adequate The liquidity of the company remains adequate as reflected by sufficient cushion in accruals marked by projected gross cash accruals to the tune of Rs.57.08 crore in FY25 as against scheduled repayment of Rs.12.01 crore.
From the report
Further, the company has healthy free cash & bank balance of Rs.53.54 crore as on March 31, 2024 (PY: Rs.0.77 crore) coupled with healthy operational cash flow of Rs.34.69 crore as onMarch 31, 2024 and strong current ratio of 1.98x as on March 31, 2024 (PY: 1.24x).
From the report
Press Release Liquidity: Adequate The liquidity of the company remains adequate as reflected by projected gross cash accruals to the tune of Rs.64.97 cr in FY24 as against scheduled repayment of Rs.9.03 cr.
From the report
The free cash & bank balance of Rs.0.77 cr, current ratio remained strong at 1.30x as on March 31, 2023 (PY: 1.12x).The company is projected to incur large size debt funded capex of Rs.670.0 crin FY24-FY26.
From the report
Liquidity: Adequate: The liquidity position of the company is adequate as reflected by projected gross cash accruals to the tune of Rs.73.78 crore in FY24 (refers to the period from April 01 to March 31) against scheduled repayment of Rs.13.77 crore. 2 CARE Ratings Ltd.
From the report
Press Release Further, the average utilization of working capital borrowings stood ~71% for the trailing 12 months ended December 31, 2022.
From the report
The company had free cash and bank balance to the tune of Rs.2.17 crore as on December 31, 2022.
From the report
Liquidity: Adequate: The liquidity position of the company is adequate as reflected by projected gross cash accruals to the tune of Rs.73.78 crore in FY24 (refers to the period from April 01 to March 31) against scheduled repayment of Rs.13.77 crore.
From the report
Further, the average utilization of working capital borrowings stood ~71% for the trailing 12 months ended December 31, 2022.
From the report
The company had free cash and bank balance to the tune of Rs.2.17 crore as on December 31, 2022.
From the report
The cash and bank balance of the company stood at Rs. 4.07 crore as on March 31, 2020 and Rs. 3.50 crore as on September 30, 2020. 2 CARE Ratings Limited Press Release Analytical approach: Standalone Applicable Criteria Policy in respect of Non-cooperation by issuer CARE's criteria on rating outlook and credit watch CARE's policy on default recognition Liquidity Analysis of Non-Financial Sector CARE’s methodology for manufacturing companies CARE's rating methodology on financial ratios – Non-financial sector CARE's Rating Methodology- Paper Industry CARE's Rating Methodology- Short Term Instru
From the report
Liquidity : Adequate The company is having an adequate liquidity characterized by sufficient cushion in cash accruals in the range of Rs.30 crores to Rs.40 crores vis-à-vis the repayment obligations of around Rs.15 crores.
From the report
Liquidity : Adequate The company is having an adequate liquidity characterized by sufficient cushion in cash accruals in the range of Rs.30 crores to Rs.40 crores vis-à-vis the repayment obligations of around Rs.15 crores.
From the report
The free cash and bank balance of the company stood at Rs.0.13 crores in FY19 (PY: Rs.0.20 crores). 2 CARE Ratings Limited Press Release Analytical approach: Standalone Applicable Criteria Criteria on assigning ‘outlook’ and ‘credit watch’ CARE's Policy on Default Recognition Criteria for Short-term Instruments Rating Methodology-Manufacturing Companies Financial ratios - Non-Financial Sector About the Company Yash Pakka Limited (the name of the company was changed from Yash Papers Limited w.e.f.
From the report
The gearing levels improved on account of infusion of equity of Rs. 3.30 cr in FY18 and accretion of surplus to net worth.
From the report
Further, the working capital utilization of the company remained high with average utilization of 87.76% for the past 12 months ending August 2018.
From the report
The total project cost incurred is Rs.54 crore funded through term loan of Rs.40.50 crore (already tied up) and equity / unsecured loan of Rs.13.5 crore.
From the report
The total project cost incurred is Rs.54 crore funded through term loan of Rs.40.50 crore (already tied up) and equity / unsecured loan of Rs.13.5 crore.
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.