Pasupati Acrylon financials and balance sheet

NSE: PASUPTACBSE: 500456Chemicals & PetrochemicalsSmall Cap

₹67.50₹2.10 (3.02%)BSE ₹67.49

Share price at the NSE close on 23 Oct 2026. Previous close ₹69.60.

52-week range of traded prices to 23 Oct 2026

₹40.41Low, 30 Mar 2026₹86.00High, 14 Oct 2026

Market cap: ₹602 Cr1,879th largest listed
P/E: 6.3
P/B: 1.4
Dividend yield: Nonein the last 12 months
ROE: 23.9%
ROCE: 24.2%
Debt to equity: 0.25
Volume, NSE: 3,10,72250.6% delivered

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Pasupati Acrylon annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

The years either side of a change of basis do not compare. From the year to Mar 2018, the company's revenue for that year, ₹579 Cr, differs from its quarters added, ₹568 Cr.

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue1,010
Materials and goods−709
Employee costs−35
Other expenses−155
Operating profit111
Depreciation−12
Other income+8.7
One-off items−0.6
Finance costs−12
Profit before tax94
Tax−24
Net profit70

What the company owns

Plant, investments and other assets₹306 Cr
Inventory₹103 Cr
Current investments₹88 Cr
Receivables₹78 Cr
Cash and bank₹62 Cr

What pays for it: net worth and liabilities

Net worth₹435 Cr
Borrowings₹107 Cr
Owed to suppliers₹57 Cr
Other liabilities₹38 Cr

Pasupati Acrylon business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Standalone, ₹ crore, as the company reports them.Pasupati Acrylon segment results by quarter

Revenue by segment

₹1,010 CrTotal

Fibre₹587 Cr58.1% of total
Ethanol₹324 Cr32.1% of total
CPP Film₹99 Cr9.8% of total

Profit by segment

Fibre₹66.0 Cr61.5% of total
Ethanol₹33.7 Cr31.4% of total
CPP Film₹7.6 Cr7.1% of total

Segment results by year

Standalone, ₹ crore, years to March.

Fibre
Revenue, ₹ crore
784
610
456
676
719
497
538
587
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
51
23
58
56
59
25
50
66
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Ethanol
Revenue, ₹ crore
0
3
324
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
34
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
CPP Film
Revenue, ₹ crore
41
54
49
100
109
78
81
99
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
3
4
9
−7
−4
0
8
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	825	664	505	776	828	575	621	1,010
Company revenue, as in its results	825	664	505	776	828	575	621	1,010
Revenue	784	610	456	676	719	497	538	587
Revenue growth	–	−22.2%	−25.2%	48.1%	6.5%	−30.8%	8.2%	9.1%
Profit	51	23	58	56	59	25	50	66
Profit growth	–	−55.6%	156.1%	−2.6%	4.7%	−57.5%	101.2%	30.6%
Margin	6.5%	3.7%	12.7%	8.4%	8.2%	5.0%	9.4%	11.2%
Return on capital	47.2%	17.9%	37.9%	30.5%	24.7%	11.7%	25.4%	30.0%
Assets	297	294	288	325	376	335	311	304
Liabilities	189	167	135	140	137	121	112	84
Capital employed	108	127	153	185	239	214	199	220
Revenue	–	–	–	–	–	0	3	324
Profit	–	–	–	–	–	0	0	34
Margin	–	–	–	–	–	–	1.5%	10.4%
Return on capital	–	–	–	–	–	0.0%	0.0%	24.6%
Assets	–	–	–	–	–	93	209	251
Liabilities	–	–	–	–	–	45	114	114
Capital employed	–	–	–	–	–	47	95	137
Revenue	41	54	49	100	109	78	81	99
Revenue growth	–	29.5%	−8.3%	102.9%	8.8%	−28.4%	3.7%	22.6%
Profit	0	3	4	9	−7	−4	0	8
Profit growth	–	875.0%	57.5%	98.1%	–	–	–	–
Margin	0.7%	5.1%	8.7%	8.5%	−6.5%	−5.3%	−0.4%	7.7%
Return on capital	0.4%	4.3%	5.4%	9.0%	−9.2%	−6.1%	−0.4%	9.7%
Assets	70	66	82	100	82	71	75	83
Liabilities	1	2	2	6	6	4	5	4
Capital employed	69	63	80	94	76	68	70	79

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Standalone, ₹ crore, years to March.Pasupati Acrylon quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 28 Jul	Mar 2021Filed 29 Jun	Mar 2022Filed 23 May	Mar 2023Filed 16 May	Mar 2024Filed 24 May	Mar 2025Filed 12 Jun	Mar 2026Filed 25 May
Revenue from operations	461	579	825	664	505	776	828	575	621	1,010
	402	524	778	638	446	713	778	559	577	899
Materials and goods bought	300	420	660	517	352	600	618	447	456	709
Employee costs	20	–	24	23	23	24	25	25	29	35
Other expenses	81	–	93	98	71	89	135	87	92	155
Operating profit before depreciation	59	55	48	26	60	62	50	16	45	111
Operating margin	12.9%	9.6%	5.8%	3.9%	11.8%	8.1%	6.0%	2.8%	7.2%	11.0%
Materials, % of revenue	65.2%	–	80.0%	77.9%	69.6%	77.3%	74.7%	77.8%	73.4%	70.2%
Employee costs, % of revenue	4.3%	–	3.0%	3.5%	4.5%	3.1%	3.0%	4.3%	4.6%	3.5%
Other expenses, % of revenue	17.7%	–	11.3%	14.8%	14.1%	11.5%	16.3%	15.1%	14.8%	15.3%
Depreciation and amortisation	7	5	6	7	6	6	6	6	6	12
Operating profit after depreciation	52	50	42	19	54	56	44	10	39	99
Other income	11	5	9	6	9	9	8	11	11	9
Finance costs	5	5	8	5	4	3	4	3	3	12
Profit before one-off items and tax	58	50	43	20	59	62	48	18	48	95
One-off items	−5	−7	0	0	0	0	0	0	0	−1
Profit before tax	53	44	43	20	59	62	48	18	48	94
	19	16	16	7	15	16	13	5	12	24
Current tax	–	12	10	6	16	15	12	5	10	19
Deferred tax	–	4	5	1	−1	0	1	1	2	6
Net profit	34	28	27	13	43	46	36	13	35	70
Other comprehensive income	–	–	0	0	0	0	0	0	0	1
Total comprehensive income	–	–	27	13	44	46	36	13	35	71
Net margin	7.4%	4.8%	3.3%	2.0%	8.5%	5.9%	4.3%	2.3%	5.7%	6.9%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 29 May	Mar 2020Filed 28 Jul	Mar 2021Filed 29 Jun	Mar 2022Filed 23 May	Mar 2023Filed 16 May	Mar 2024Filed 24 May	Mar 2025Filed 12 Jun	Mar 2026Filed 25 May
	177	190	233	280	316	329	364	435
Share capital	89	89	89	89	89	89	89	89
Reserves	88	101	144	190	227	240	275	346
	4	11	4	0	0	44	108	107
Repayable after a year	0	0	0	0	0	44	101	96
Repayable within a year	3	11	4	0	0	1	6	11
	182	160	128	136	133	115	109	86
Trade payables	148	116	107	114	122	101	90	57
Other financial liabilities	0	0	0	0	0	0	0	–
Other liabilities	27	30	7	16	6	8	6	7
Provisions	4	3	5	5	5	4	6	8
Tax owed	0	–	5	1	1	2	2	4
	8	9	9	9	10	55	122	116
Other liabilities	0	–	0	0	0	1	8	1
Provisions	3	3	3	3	3	3	3	2
Deferred tax	5	6	6	6	7	8	10	16
Total assets	367	359	371	425	458	499	595	638
	91	88	91	85	83	173	261	270
Plant in use, after depreciation	85	80	85	81	77	75	250	249
Plant being built	0	0	0	0	1	77	0	0
Property held to earn rent	–	–	0	0	0	0	0	1
Other financial assets	6	7	6	0	0	0	0	–
Other assets	–	–	0	4	5	20	11	20
	276	271	280	340	376	326	334	367
Inventories	91	111	112	144	194	116	135	103
Trade receivables	68	35	55	78	51	56	50	78
Cash and cash equivalents	64	86	65	73	22	35	22	43
Other bank balances	0	0	0	33	15	17	15	20
Current investments	31	0	25	0	75	85	80	88
Other financial assets	6	16	13	0	0	0	0	–
Tax paid in advance	3	1	0	0	0	0	0	0
Other assets	14	21	10	14	19	18	32	36
Net debt	−91	−75	−86	−105	−112	−92	−9	−43

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 29 Jun	Mar 2022Filed 23 May	Mar 2023Filed 16 May	Mar 2024Filed 24 May	Mar 2025Filed 12 Jun	Mar 2026Filed 25 May
	14	−13	30	73	7	52
	23	6	42	77	17	68
	−44	−63	−15	54	−38	−44
Receivables	−20	−23	27	−5	4	−27
Inventories	−1	−31	−51	78	−19	32
Payables	−16	4	7	−20	−11	−33
Other working capital	−7	−13	1	1	−11	−16
Tax paid	−10	0	−12	−4	−10	−17
Interest paid	0	−19	0	0	0	0
Capital spending	8	0	4	95	104	11
Free cash flow	5	−13	26	−22	−97	40
	−32	25	−77	−102	−82	−17
Interest received	2	2	3	2	3	3
	−3	−4	−4	42	62	−13
Borrowings raised	0	0	0	45	63	3
Borrowings repaid	0	−1	0	0	0	−4
Interest paid	−4	−3	−4	−3	−2	−12
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−21	8	−51	13	−13	21

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Standalone, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 28 Jul	Mar 2021Filed 29 Jun	Mar 2022Filed 23 May	Mar 2023Filed 16 May	Mar 2024Filed 24 May	Mar 2025Filed 12 Jun	Mar 2026Filed 25 May
Earnings per share	₹3.82	₹3.14	–	₹1.46	₹4.83	₹5.15	₹4.03	₹1.48	₹3.97	₹7.84
Diluted earnings per share	₹3.82	₹3.14	–	₹1.46	₹4.83	₹5.15	₹4.03	₹1.48	₹3.97	₹7.84
Book value per share	–	–	₹19.82	₹21.31	₹26.19	₹31.36	₹35.42	₹36.88	₹40.85	₹48.85
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	200	213	154	59	126	345	219	319	442	364

Earnings per share is left blank for the year to Mar 2019: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

Standalone, years to March.Pasupati Acrylon PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 28 Jul	Mar 2021Filed 29 Jun	Mar 2022Filed 23 May	Mar 2023Filed 16 May	Mar 2024Filed 24 May	Mar 2025Filed 12 Jun	Mar 2026Filed 25 May
Revenue growth	–	–	42.4%	−19.6%	−23.8%	53.4%	6.8%	−30.5%	8.0%	62.6%
Operating profit growth	–	–	−13.9%	−46.4%	133.6%	4.5%	−20.3%	−67.7%	178.9%	147.8%
Net profit growth	–	−17.7%	−2.2%	−52.3%	229.9%	6.6%	−21.7%	−63.3%	168.2%	97.6%
Earnings per share growth	–	−17.8%	–	–	230.8%	6.6%	−21.7%	−63.3%	168.2%	97.5%
	–	–	15.5%	7.1%	20.3%	17.9%	12.1%	4.1%	10.2%	17.5%
	–	–	–	−8.4 pts	13.2 pts	−2.4 pts	−5.8 pts	−8.0 pts	6.1 pts	7.3 pts
From the net margin	–	–	–	−6.3 pts	23.7 pts	−6.2 pts	−4.8 pts	−5.7 pts	6.1 pts	2.2 pts
From asset turnover	–	–	–	−1.7 pts	−7.5 pts	5.7 pts	−0.5 pts	−2.3 pts	−0.6 pts	5.5 pts
From borrowing	–	–	–	−0.4 pts	−3.0 pts	−2.0 pts	−0.5 pts	0.0 pts	0.6 pts	−0.4 pts
Return on capital employed	–	–	23.2%	9.4%	22.5%	20.1%	13.8%	2.7%	8.2%	18.2%
Cash conversion	–	–	–	–	31.4%	−28.7%	83.6%	551.3%	19.0%	73.7%
Interest cover	9.6	10.8	5.1	3.8	14.2	17.8	12.1	4.0	15.5	8.0
Debt to equity	–	–	0.02	0.06	0.02	0.00	0.00	0.13	0.30	0.25
Receivable days	–	–	30	19	40	37	22	35	29	28
Inventory days	–	–	50	79	116	87	115	95	108	53
Payable days	–	–	82	82	111	70	72	83	72	29
Cash conversion cycle, days	–	–	−2	16	45	54	65	47	65	52
Working capital days	–	–	1	20	48	46	58	48	67	51
Asset turnover	–	–	2.25	1.83	1.38	1.95	1.87	1.20	1.14	1.64
Assets per rupee of net worth	–	–	2.08	1.98	1.72	1.55	1.48	1.49	1.58	1.54
Sales per rupee of plant	–	–	9.70	8.28	5.97	9.60	10.74	7.65	2.48	4.06
Capital spending to depreciation	–	–	–	–	1.32	0.00	0.67	16.10	17.30	0.89
Plant being built, % of plant in use	–	–	0.0%	0.5%	0.0%	0.0%	0.7%	102.9%	0.0%	0.1%

Revenue growth and operating profit growth are left blank for the year to Mar 2018: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 11.3%
Cash from operations against operating profit: 46.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	14.9%	6.9%
Profit growth, yearly rate	–	10.2%	24.9%
Return on equity, average	–	12.4%	10.6%
Return on capital employed, average	–	12.6%	9.7%
Operating margin, average	7.9%	7.0%	7.0%
Net margin, average	5.1%	5.0%	5.0%
Asset turnover, average	–	1.56	1.33
Cash conversion cycle, days, average	–	57	55
Interest cover, average	10.1	11.5	9.2
Debt to equity, average	–	0.14	0.23

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	148	131	52
Cash from investing	−253	−201	−17
Cash from financing	83	91	−13
Capital spending	213	209	11
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	111	111	3
Borrowings repaid	5	4	4

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	6	5	5	6	8
Altman Z-scorePublished threshold 1.81	–	–	3.83	3.06	3.51	4.95	4.43	3.60	3.57	4.51
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.49	−1.34	−2.67	3.10	−2.60	−1.53
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	16.76	8.53	18.86	8.79	20.14	5.82
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.24	0.94	1.30	1.11
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−28.71	81.31	−11.92	−41.36	40.43	−19.03	−6.21
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	44.58	32.58	−42.45	32.27	−12.70	14.73	−79.11
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	2.36	−3.18	−1.20	0.59	−0.12	2.35	0.37
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.25	0.00	0.00	0.22	19.60	0.00	0.02
Effective tax ratePublished threshold 17.16 per cent	35.51	35.87	36.50	36.00	26.45	25.78	25.88	28.32	25.86	25.90
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	25.78	1.49	7.39	4.04	8.39

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
30 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE A-Review, Upgrade	Stable	67.62
30 Jun 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A2+Review, Upgrade		248
30 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE A-Review, Upgrade	Stable	108

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.