Key Metrics of Pasupati Acrylon Limited
About Pasupati Acrylon Limited
Company details
- Registered office
- Thakurdwara, Kashipur Road, Moradabad, 244601
- Listed
- NSE: PASUPTAC · ₹73.03
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
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Credit ratings
PositiveUpgraded by CARE on 30 Jun 2026 (from BBB+)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 30 Jun 2026 | CARE | Upgraded (from BBB+) | A- | A2+ | Stable | ₹424 Cr | View |
| 07 Jul 2025 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹424 Cr | View |
| 11 Jul 2024 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹424 Cr | View |
| 16 Aug 2023 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹399 Cr | View |
| 23 Mar 2023 | CARE | Reaffirmed | BBB+ | — | Stable | ₹421 Cr | View |
| 03 Aug 2022 | CARE | Reaffirmed | BBB+ | A2 | Positive | ₹291 Cr | View |
| 05 Oct 2021 | CARE | Reaffirmed | BBB+ | A2 | Positive | ₹291 Cr | View |
| 01 Dec 2020 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹331 Cr | View |
| 05 Apr 2019 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹291 Cr | View |
| 03 Jan 2019 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹216 Cr | View |
Credit strengths (CARE, Jun 2026)
+ Healthy growth in scale of operations and profitability during FY26
The company reported healthy growth in income from operations by ~62% to ₹1,010.25 crore in FY26 ( PY: ₹622.07 crore), primarily led by the ramp up of operations in the ethanol segment, which emerged as the key growth driver in the year. The ethanol plant, which was operational for only few days in previous year, ramped up sharply and contributed substantially (~32% in FY26) to the overall revenue in FY26, thereby contributing significantly to the company’s scale and business profile. This was
+ Comfortable financial risk profile
The overall gearing remained comfortable and improved to 0.33x as on March 31, 2026 (from 0.51x as on March 31, 2025), supported by accretion to net worth and reduction in debt levels, particularly letter of credit (LC) acceptances. The LC acceptances were relatively lower as on the balance sheet date owing to delays of 15 –20 days in raw material shipments amid geopolitical disruptions in the Middle East region. Debt protection metrics also strengthened, with total debt/PBILDT improving to 1.30
+ Diversified sources of revenue
The company had two key revenue segments until FY25, comprising ASF and CPP Film. It entered the CPP film (flexible packaging ) segment in September 2017 with an initial capacity of 5,000 MTPA, which was subsequently expanded to 10,000 MTPA. In March 2025, the company further diversified into the ethanol segment with the commencement of a 150 KLPD grain-based ethanol plant in Uttar Pradesh. With the ethanol segment scaling up significantly in FY26, the revenue mix has diversified across three se
+ Experienced promoters and management team
PAL is promoted by Vineet Jain, a BBA graduate from London, who serves as the Managing Director and brings over 30 years of experience in the acrylic industry. Satya Prakash Gupta, Director of Operations, holds a B. Tech in Chemical Engineering and joined PAL in 2012. With over 40 years of experience across sectors such as acrylic fibre, chemicals, fertilizers, andtea, he adds significant operational strength to the company. The promoters are supported by a skilled and experienced professional
+ Established position in acrylic fibre industry with strong customer relationships
PAL was established in 1982 and commenced commercial operations in 1990 and is one of the leading manufacturers of ASF in India, with an installed capacity of 42,000 MTPA. The domestic ASF industry is largely concentrated among a few major players, including PAL, Vardhman Acrylic Limited, and Indian Acrylics Limited, with PAL being among the key participants. Over the years, the company has further diversified into the CPP segment, strengthening its business profile.
Credit challenges
− Volatility in profitability due to raw material
PAL’s profitability margins remain exposed to volatility in raw material prices across all the segments. In the ASF segment, margins are affected by fluctuations in imported acrylonitrile (ACN) , a crude-linked, dollar-denominated input, which constituted ~36% of total cost in FY26. With an average lead time of ~5 months between procurement and sales, the company faces timing mismatches in passing on cost changes. Although ACN prices exhibited relative stability in FY26 compared to the sharp dec
− Foreign exchange fluctuation risk
In FY26, PAL sourced ~53% of its raw materials from Asian countries, exposing the company to foreign exchange fluctuation risk. This exposure is partially mitigated by export revenues, which declined to ~3% of total income in FY26 (from ~9% in FY25) due to increased domestic demand, thereby reducing the natural hedge available. To manage currency risk, the company engages Green Back Forex as its hedging consultant and follows a calibrated approach, undertaking limited and short-term hedging thro
− Competitive industry scenario with cheaper substitutes and imports
Acrylic is a substitute for cotton, wool, and polyester and thus faces intense competition from these substitutes. The industry also faces competition from imports due to demand supply mismatch and capacities. The domestic acrylic industry is concentrated among few players and the major raw material ACN has high volatility. However, as the prices are set on monthly basis, considering the current raw material prices, import prices, and exchange rate, reducing the competition to certain extent.
Could lead to an upgrade
• Growth in scale of operations as marked by the total operating income (TOI) above ₹1500 crore and profit before interest, lease rentals, depreciation, and taxation (PBILDT) margins above 10.00% on a sustained basis. • Total debt to gross cash accruals (TD/GCA) less than 1.50x on a sustained basis.
Could lead to a downgrade
• Sustained decline in scale of operations below ₹800 crore and PBILDT margins below 8.00%. • Deterioration in the profitability level leading to Net debt to PBILDT above 2x on a sustained basis.
Agency-reported financials (CARE, 30 Jun 2026)
| Metric | March 31, 2025 | March 31, 2026 |
|---|---|---|
| Total operating income | ₹622 Cr | ₹1,010 Cr |
| PBILDT* | ₹45.47 Cr | ₹111 Cr |
| Profit after tax (PAT) | ₹35.38 Cr | ₹69.91 Cr |
| Overall gearing (x) | 0.51× | 0.33× |
| Interest coverage (x) | 18.22× | 8.99× |
| Revenue growth (YoY) | — | 62.4% |
| PAT margin | 5.7% | 6.9% |
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 | — | ₹176 Cr | — | A- (Stable) | Upgraded | CARE |
| Short Term Bank Facilities | Working capital & bank lines | — | ₹248 Cr | — | A2+ | Upgraded | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹248 Cr | CARE A2+ |
| Cash Credit | ₹67.6 Cr | CARE A-; Stable |
| Term Loan | ₹108 Cr | CARE A-; Stable |
Lenders
| Fund-based - LT | Cash Credit | Bank of Baroda |
| Fund-based - LT | Cash Credit | Indian Bank |
| Fund-based - LT | Cash Credit | Proposed |
| Fund-based - LT | Cash Credit | State Bank of India |
| Fund-based - LT | Cash Credit | UCO Bank |
| Fund-based - LT | Cash Credit | Yes Bank Ltd. |
| Fund-based - LT | Term Loan | Indian Bank |
| Non-fund-based - ST | BG/LC | Bank of Baroda |
| Non-fund-based - ST | BG/LC | Indian Bank |
| Non-fund-based - ST | BG/LC | State Bank of India |
| Non-fund-based - ST | BG/LC | UCO Bank |
| Non-fund-based - ST | BG/LC | Yes Bank Ltd. |
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 | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 53% |
| 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: 53% chance the next rating action is stable or better
- Current rating A- (investment grade)
- Interest coverage 8.99×
Rated limits by facility
Timeline
From the report
Liquidity: Adequate The liquidity profile of PAL remains adequate, supported by free cash and bank balances along with liquid investments aggregating to ₹130.40 crore as on March 31, 2026 (including mutual funds of ₹87.80 crore).
From the report
The company has moderate term debt repayment obligations of ₹10.53 crore against projected healthy cash accruals of approximately ₹75 crore in FY27.
From the report
The company has moderate term debt repayment obligations of ₹10.53 crore against projected healthy cash accruals of approximately ₹75 crore in FY27.
From the report
Liquidity: Adequate The liquidity of PAL is adequate characterised by cash and bank balance including liquid investment of ₹122.83 crore (including lien marked FDs of ₹20.72 crore and mutual funds of ₹80.36 crore) as on March 31, 2025.
From the report
Project implementation and stabilisation Risk : PAL has undertaken capex plan with total project cost of Rs.182.58 crore for setting up Grain Based Ethanol Plant of 150 KLPD Capacity at Village Mohammad Ganj, Tehsil - Thakurdwara, Dist.
From the report
Liquidity: Strong The liquidity of PAL is strong characterised by cash and bank balance including liquid investment of Rs.139.87 crore (includi ng lien marked FDs of Rs.18.46 crore and mutual funds of Rs.85.17 crore) as on March 31, 2024.
From the report
PAL has generated cash accruals of Rs.19.75 crore in FY24 and envisaged cash accruals of ~Rs. 44 crore in FY25.
From the report
Press Release Project execution and stabilization risk: PAL has undertaken capex plan with total project cost of Rs.182.58 crore (including margin money of Rs.15.00 crore) for setting up Grain Based Ethanol Plant of 150 KLPD Capacity at Village Mohammad Ganj, Tehsil - Thakurdwara, Dist.
From the report
PAL has generated cashaccruals of Rs.42.70 crore in FY23 and envisaged cash accruals of Rs.22.13 crore in FY24.Furthermore, company has sufficient liquidity in the form of cash and bank balance including liquid investment of Rs.113.82 crore (including lien marked FDs of Rs.18.35 crore and mutual funds of Rs.74.70 crore) as on March 31, 2023.
From the report
Project execution and stabilization risk: PAL has undertaken capex plan with total project cost of Rs.182.58 crore for setting up Grain Based Ethanol Plant of 150 KLPD Capacity at Village Mohammad Ganj, Tehsil - Thakurdwara, Dist.
From the report
Liquidity: Strong Liquidity is marked by strong envisaged GCA of Rs. 43.08 crore in FY23 against no repayment obligations of term debt and cash and bank balance to the tune of Rs. 121.09 crore as on Dec 31, 2022 (including margin money for LC).
From the report
Liquidity: Strong Liquidity is marked by strong envisaged GCA of Rs. 43.08 crore in FY23 against no repayment obligations of term debt and cash and bank balance to the tune of Rs. 105.43 crore as on March 31, 2022 (including margin money for LC).
From the report
Liquidity analysis: Strong- Liquidity is marked by strong accruals of Rs 49.59 crore in FY21 and envisaged GCA of Rs. 33.20 crore in FY22 against negligible repayment obligations of Rs 0.06 crore and liquid investments to the tune of Rs. 68.76 crore as on March 31, 2021.
From the report
Liquidity analysis: Strong- Liquidity is marked by strong accruals of Rs 49.59 crore in FY21 and envisaged GCA of Rs. 33.20 crore in FY22 against negligible repayment obligations of Rs 0.06 crore and liquid investments to the tune of Rs. 68.76 crore as on March 31, 2021.
From the report
The overall gearing has improved to 0.58x as on March 31, 2020 from 0.77x as on March 31, 2019 which has improved over the last three years on account of improvement in net worth (accretion of profits) and repayment of debt.
From the report
The company has not availed any moratorium as per RBI guidelines. 2 CARE Ratings Limited Press Release Analytical approach: Standalone Applicable Criteria Criteria on assigning Outlook to Credit Ratings CARE’s Policy on Default Recognition Criteria for Short Term Instruments Rating Methodology for Manmade Yarn Manufacturing Sector Rating Methodology - Manufacturing Companies Financial ratios – Non-Financial Sector About the Company Pasupati Acrylon Limited (PAL), promoted by Mr.
From the report
The overall gearing has been consistently improving over the last three years on account of improvement in net worth (accretion of profits) and repayment of debt.
From the report
The company has further expanded its CPP capacity by another 5000 MTPA with a total cost of Rs.20 crore funded through internal accruals in Q4FY19.
From the report
The company had cash and bank balance of around Rs.12 crore and liquid investments of around Rs.30 crore as on March 31, 2019.
From the report
The total operating income of the company declined to Rs. 343.96 crore in H1FY20 from Rs. 411.51 crore in H1FY19 (i.e. by ~16%) mainly on account of sluggish market conditions in fibre division The overall gearing as on March 31, 2019 stood at 0.77x which has improved over the last three years on account of improvement in net worth (accretion of profits) and repayment of debt.
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.