Pasupati Acrylon Limited — Credit Ratings, 07-07-2025: Credit Rating

CARE Ratings has reaffirmed Pasupati Acrylon Limited’s long-term rating at CARE BBB+ with a stable outlook and short-term rating at CARE A2. The rating action reflects improved operational performance in FY25, with total operating income rising ~8% to ₹622 crore and PBILDT margin rebounding to 7.31% from 3.07%. The company benefits from a comfortable capital structure, adequate liquidity including cash and liquid investments of ₹123 crore, and diversified revenue streams across acrylic staple fibre, cast polypropylene film, and a newly commercialized grain-based ethanol plant. While exposure to foreign exchange fluctuations, working capital intensity, and project stabilization risks remain, the stable rating supports continued investor confidence and helps maintain reasonable borrowing costs for the company.