Pasupati Acrylon profit nearly doubles on ethanol push

Tipsheet Editorial — Mon, 25 May 2026 16:55:41 GMT

Annual revenue jumped 63% to ₹1,010 cr, with the new ethanol business contributing ₹324 cr. The board has greenlit a ₹25 cr debottlenecking investment to lift capacity.

What’s new

FY26 revenue grew 63% year-on-year to ₹1,010 cr; net profit nearly doubled to ₹69.92 cr.
Ethanol, operational since March 2025, contributed ₹324 cr in revenue and ₹33.71 cr in segment profit in its first full year.
Board approved ₹25 cr capex to expand ethanol capacity from 180 to 240 KL per day via debottlenecking.

Why it matters

The ethanol business is now the engine of Pasupati's growth, delivering almost a third of group revenue in just its first full year. The board's decision to immediately fund a capacity increase shows conviction that the demand runway extends beyond initial expectations.

What we’re watching

Utilisation rates at the expanded 240 KL/day ethanol plant post-debottlenecking.
Whether the acrylics business can hold its own as ethanol's share of the revenue mix grows.
Progress on the ₹25 cr investment timeline, given the board just approved it.

The full read

Pasupati Acrylon's FY26 results read like two stories. The legacy acrylics business is the flat one. The new ethanol business is the growth engine. In its first full year of operation since March 2025, ethanol delivered ₹324 crore in revenue and ₹33.71 crore in segment profit. That's almost a third of the company's total ₹1,010 crore revenue, which grew 63% year-on-year. Net profit nearly doubled to ₹69.92 crore from ₹35.38 crore. The board is betting this is just the start. It approved a ₹25 crore debottlenecking investment to lift ethanol capacity from 180 to 240 KL per day - a 33% increase. The clean audit opinion is a formality. The real signal is where the money is going: away from fibres and toward fermentation.

Primary source: BSE · NSE

Pasupati Acrylon's ethanol hit ₹324 cr. Now it's spending ₹25 cr to make more.

Tipsheet Editorial — Mon, 25 May 2026 16:47:49 GMT

Revenue rose 63% to ₹1,010 cr and profit rose to ₹70 cr in FY26, with ethanol delivering ₹324 cr. The board is investing ₹25 cr to lift ethanol capacity 33%.

What’s new

FY26 revenue grew 63% to ₹1,010 crore; profit after tax rose to ₹70 crore.
Ethanol contributed ₹324 crore in its first full year, about a third of total revenue.
Board approved ₹25 cr to lift ethanol capacity by 33% to 240 KL/day.

Why it matters

Ethanol is now a third of the company's revenue after one full year. The ₹25 crore capex to lift capacity by a third is a modest outlay for a ₹514 crore market cap firm, but it anchors the company's growth story to a single, policy-linked segment. The risk is that ethanol demand may not absorb the new output, and the segment's sustainability is still unproven.

What we’re watching

Utilization rates and realizations from the new capacity.
Whether ethanol demand can absorb the additional output.
Any further expansion plans beyond the ₹25 cr debottlenecking.

The full read

Pasupati Acrylon's FY26 results show a business remade by ethanol. The segment delivered ₹324 crore in its first full year, accounting for about a third of the company's ₹1,010 crore revenue and driving a 63% top-line jump. Profit after tax rose to ₹70 crore. Now the board is spending ₹25 crore to lift ethanol capacity 33%, from 180 to 240 kilolitres per day, following a prior 20% expansion. For a ₹514 crore market cap company, that is a clear bet on one segment. The debottlenecking cost is modest, but the open question is whether policy-driven demand can absorb the new output. An unmodified audit opinion and a September 24, 2026 AGM were also scheduled.

Primary source: BSE · NSE

Pasupati Acrylon Ltd. (PASUPTAC) — Tipsheet

Pasupati Acrylon profit nearly doubles on ethanol push

What’s new

Why it matters

What we’re watching

The full read

Pasupati Acrylon's ethanol hit ₹324 cr. Now it's spending ₹25 cr to make more.

What’s new

Why it matters

What we’re watching

The full read