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[🚀🔥 20K Microcap Investor 🚀🔥 @20kInvestor]

🚨 A ₹600 Cr COMPANY UNDERGOING A BIG TRANSFORMATION 🧵

PASUPATI ACRYLON

I studied the FY25 & FY26 Annual Reports, FY26 financials, Q1 FY27 results, segment economics, ethanol project disclosures and recent corporate announcements.

What I found is interesting. 👇

1/ Pasupati is no longer just an acrylic-fibre company.

Its businesses now span:

🧵 Acrylic Fibre
🌾 Ethanol
📦 CPP Film

The interesting part?

Ethanol has already become a meaningful second profit engine.

FY26 was the first full year of ethanol operations.

2/ The financial transformation is significant.

FY26:

Revenue: ~₹1,010 Cr
PAT: ~₹70 Cr
EBITDA: ~₹119 Cr

Revenue grew ~63%.

PAT grew ~98%.

But I don't want to look at PAT alone.

The segment economics are where the story becomes interesting.

3/ Let's talk about ethanol.

The company commissioned its 150 KLPD ethanol plant in March 2025.

FY26:

Production: ~41,923 KL
Sales: ~41,162 KL
Revenue: ~₹324 Cr
PBIT: ~₹33.7 Cr

Almost 98% of production was sold.

This is no longer a project on paper.

It's an operating asset.

4/ The number that caught my attention:

Ethanol segment capital employed was roughly ₹137 Cr.

Against:

PBIT: ~₹33.7 Cr

That implies an indicative segment ROCE of around:

24–25%

Even when I look at the more conservative ~₹188 Cr cumulative project investment, the first full-year PBIT represents roughly 18% pre-tax return.

For a newly commissioned plant, that's interesting.

5/ And management isn't stopping at 180 KLPD.

The company moved:

150 KLPD → 180 KLPD

And has now approved:

180 KLPD → 240 KLPD

That's another 33% capacity increase.

Investment:

~₹25 Cr

And importantly:

Funded through internal accruals.

That's the part I like.

6/ The ₹25 Cr capex could be disproportionately important.

Additional capacity:

60 KLPD

Theoretical annual capacity addition:

~21,900 KL

At FY26's average realisation, the theoretical revenue opportunity could be significant.

I'm not putting the entire theoretical number into my valuation.

But the key point is:

₹25 Cr is being spent to extract more capacity from an already-operating asset.

That's very different from betting ₹200 Cr on an unproven project.

7/ And here's something I didn't want to miss.

The old acrylic business is not collapsing.

FY26 Acrylic:

Revenue: ~₹587 Cr
PBIT: ~₹66 Cr

FY25 PBIT:

~₹50.5 Cr

CPP also moved from a small loss to:

~₹7.6 Cr PBIT

So this isn't:

"Ethanol is hiding a weak core business."

All three segments were profitable in FY26.

8/ This is where the transformation becomes visible.

FY26 approximate revenue mix:

🧵 Acrylic — 58%
🌾 Ethanol — 32%
📦 CPP — 10%

But ethanol already contributed roughly 31% of segment PBIT.

So the company is gradually moving from:

Acrylic-fibre company

to: A diversified manufacturing business with multiple profit engines.

9/ But I don't want to ignore the biggest weakness.

FY26:

PAT: ~₹70 Cr

Operating cash flow:

~₹14 Cr

That's only around 21% PAT-to-CFO conversion.

🚨 This is the number I'm watching.

The earnings look strong.

Now cash needs to catch up.

10/ So what could make Pasupati really interesting?

Watch:

✅ 240 KLPD expansion execution
✅ Ethanol PBIT margin sustaining ~10%+
✅ Acrylic margins remaining healthy
✅ CPP profitability improving
✅ Debt reduction
✅ CFO catching up with PAT
✅ ROCE remaining >20%

If these happen together

The market may start valuing Pasupati on its future earnings capacity rather than its historical acrylic-fibre identity.

11/ So where does Pasupati stand?

FMQC: 92/100

🟢 90+ FMQC — EMERGING HIGH-CONVICTION CANDIDATE

Pasupati Acrylon could become a very different company from the one the market sees today.

That's the setup I'm watching. 👀

Not a recommendation. Research-based FMQC analysis.

#PasupatiAcrylon #PASUPTAC #FMQC #SmallCap #Ethanol #Manufacturing #IndianStocks #StockMarketIndia #FundamentalAnalysis #HiddenGem #Investing

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