Pasupati Acrylon's ethanol hit ₹324 cr. Now it's spending ₹25 cr to make more.
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%.
— 1 earlier story on Pasupati Acrylon Ltd. →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 this 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.
Questions answered
- How much revenue did the ethanol segment generate?
- The ethanol segment contributed ₹324 crore in revenue for FY26, its first full year of operations. That represents about a third of the company's total ₹1,010 crore top line.
- What is the capacity expansion plan?
- The board approved a ₹25 crore debottlenecking investment to raise ethanol production capacity by 33%, from 180 to 240 kilolitres per day. This follows a recent 20% expansion.
- How did overall profitability change?
- Profit after tax rose to ₹70 crore in FY26, alongside the 63% revenue growth.
- What does this investment mean for the company's profile?
- The ₹25 crore capex is about 5% of the company's ₹514 crore market capitalization. It is a modest outlay to lift ethanol capacity, but it deepens the company's reliance on a segment tied to government policy and demand.
Story so far
All notes on PASUPTAC →- 25 May 2026 · 4:47 PM IST Pasupati Acrylon's ethanol hit ₹324 cr. Now it's spending ₹25 cr to make more.
- 42d ago Pasupati Acrylon profit nearly doubles on ethanol push