1. At a Glance – The Acrylic Comeback Story?
Pasupati Acrylon is currently quoting at ₹53.7, commanding a modest market cap of ₹479 crore, with a P/E of 8.66 against an industry P/E of 15.1. In the latest Q3 FY26 (Dec 2025) results, revenue came in at ₹269 crore, up 54.8% YoY, while quarterly PAT jumped 158% YoY. EPS for the quarter stood at ₹2.88.
Return over 1 year? 26.3%.
Return over 3 years? 21.4% CAGR-ish vibes.
ROCE? 11.9%.
ROE? 10.2%.
Debt to equity? A comfortable 0.29.
Interest coverage? 7.62.
Oh, and they’ve just started commercial production of a 150 KLPD grain-based ethanol plant.
So here’s the question:
Are we looking at a sleepy textile-linked acrylic manufacturer waking up… or just one good quarter after a long nap?
Let’s dissect.
2. Introduction – From Blankets to Biofuel
Pasupati Acrylon has been around since 1990. Its core business? Making acrylic fibre that eventually becomes sweaters, shawls, carpets, upholstery — basically, anything that keeps North India warm in winter.
But here’s the twist.
For years, the company was running like that uncle who goes to office daily but never gets promoted. Sales were flat. Profit growth inconsistent. ROE stuck in single digits.
Then FY26 shows up and says: “Plot twist.”
Q3 FY26 revenue jumps 54.8%. Profit explodes 158% YoY. And somewhere in Moradabad, a brand-new ethanol plant begins commercial production.
Yes, ethanol. The same ethanol that fuels government blending programs.
So now we have:
- Acrylic fibre
- CPP packaging film
- And a shiny new ethanol vertical
Is this smart diversification or management boredom?
Let’s understand the business first.
3. Business Model – WTF Do They Even Do?
Division 1: Acrylic
