Indian Acrylics Ltd (INDIANACRY)
🎯 Key Takeaways
- Indian Acrylics Ltd is in a structural turnaround phase marked by persistent losses, negative cash flows, and deteriorating profitability metrics. Despite stable promoter holding, the company has been unprofitable for multiple quarters with declining operational efficiency and mounting financial pressures.
- Revenue grew 44.5% QoQ to ₹107 in Q1FY27.
- ⚠️ 1) Persistent operational losses with no clear path to profitability. 2) Extremely high leverage combined with negative equity reserves, creating fina
- Market Cap
- ₹78
- P/B Ratio
- -6.31
- ROE
- 170.1%
- ROCE
- -2.0%
- Debt/Equity
- -18.65
- Promoter
- 62.6%
📖 The Story
Indian Acrylics Ltd is in a structural turnaround phase marked by persistent losses, negative cash flows, and deteriorating profitability metrics. Despite stable promoter holding, the company has been unprofitable for multiple quarters with declining operational efficiency and mounting financial pressures. Management has not provided a clear timeline for profitability, and the business model appears strained under current market conditions.
📰 What's Happening
The company reported six consecutive quarters of negative operating profit, with margins consistently below 1% and worsening sequentially. Management has not announced any new capacity expansions or product launches in recent filings, but has continued to operate under a restructuring framework. There have been no major strategic shifts or M&A activities disclosed in the latest regulatory filings, suggesting operational continuity without visible reinvestment or repositioning.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 86 | 102 | 89 | 74 | 107 |
| Operating Profit | -3 | -1 | 1 | -9 | -1 |
| OPM % | -3.4% | -1.0% | 0.6% | -12.3% | -1.0% |
| Net Profit | -5 | -6 | -2 | -11 | -2 |
| EPS | ₹-0.35 | ₹-0.42 | ₹-0.16 | ₹-0.84 | ₹-0.12 |
Revenue has shown volatility but no clear upward trend, peaking at ₹107 crore in June 2026 before declining to ₹74 crore in March 2026, while operating losses have deepened. The company posted a cumulative net loss of ₹22 crore over the last six quarters, with EPS consistently negative. Despite revenue fluctuations, operating cash flows have remained negative, indicating that core operations are not generating sustainable cash.
🔮 Management Outlook & What's Next
Management has not provided formal forward guidance or profitability targets in the latest filings. There is no indication of a turnaround plan beyond continued operations under current cost structures. The absence of strategic commentary or capital allocation priorities suggests limited confidence in near-term recovery, with no mention of restructuring, divestment, or operational restructuring initiatives in recent disclosures.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 135 | 135 | 135 | 135 |
| Reserves | -125 | -114 | -148 | -135 |
| Borrowings | 183 | 189 | 231 | 194 |
| Total Liabilities | 372 | 373 | 352 | 368 |
| Fixed Assets | 206 | 217 | 194 | 199 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 372 | 373 | 352 | 368 |
The balance sheet reflects a highly leveraged structure with total borrowings of ₹231 crore against equity of ₹135 crore, resulting in a debt-to-equity ratio of 18.06. Reserves have turned deeply negative (₹-148 crore), signaling accumulated losses. Despite high leverage, there has been no meaningful debt reduction, and asset growth has stalled, indicating limited reinvestment capacity or access to capital markets.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | -10 | -30 |
| Investing | +27 | +2 |
| Financing | -17 | +34 |
| Net Cash Flow | +1 | +6 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 62.6% | 62.6% | 62.6% | 62.6% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.1% | 0.1% | 0.1% | 0.1% |
| Public | 34.5% | 34.5% | 34.5% | 34.5% |
| # Shareholders | 1,02,906 | 1,02,598 | 1,02,343 | 1,02,007 |
Promoter holding remains stable at 62.56%, with no signs of dilution or stake sales. Institutional ownership is negligible, with FII and DII holdings collectively below 0.1%. The shareholder base is fragmented, with over 100,000 individual shareholders, but there is no evidence of foreign or domestic institutional accumulation. The lack of institutional interest reinforces the perception of high risk and low investor confidence.
⚖️ Peer Comparison — Textiles
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Persistent operational losses with no clear path to profitability. 2) Extremely high leverage combined with negative equity reserves, creating financial fragility. 3) Complete absence of institutional ownership, suggesting limited market confidence. 4) Negative cash flows from operations despite revenue generation, indicating structural inefficiencies.
📋 Recent Filings
- 🔴 Announcement2026-09-30Indian Acrylics Ltd received an upgrade from Brickwork Ratings on its Rs.99 crore credit facilities, moving long-term to BB-Stable/Upgrade and short-t…
- 🟡 Board Meeting2026-09-29Indian Acrylics held its 39th AGM on September 29, 2026, approving financial statements, reappointing directors including Managing Director Rajinder G…
- 🟡 Board Meeting2026-09-29Indian Acrylics announced that shareholders re-elected Rajinder Kumar Garg as Managing Director for three years starting 01.03.2027 and Alok Goyal as …
- 🔴 Announcement2026-09-28Indian Acrylics Ltd received a credit rating upgrade from Brickwork Ratings on September 28, 2026, elevating its long-term facility rating to BWR BB-/…
- Announcement2026-09-23Indian Acrylics Ltd announced that its trading window will close on October 1, 2026, covering 48 hours after the release of unaudited quarterly result…
- 🔴 annual report2026-09-02Indian Acrylics Limited reported a consolidated net loss of ₹2,408.51 lakhs for FY2025-26, down from ₹3,086.11 lakhs in FY2024-25. The company propose…
- 🔴 annual report2026-09-02Indian Acrylics Limited announced that its 39th Annual General Meeting will be held on September 29, 2026 at 11:00 a.m. at its registered office in Sa…
🧠 Analyst's Read
The company remains in distress with no visible catalysts for improvement. Investors should monitor for any strategic review, debt restructuring, or management changes, but current disclosures suggest continued operational stagnation without a credible recovery plan.
Based on filing content and financial data. Not a recommendation.
Read the full analysis
Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.
Sign Up Free — Unlock Full Analysis2 free AI queries per day.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
📡 Get AI alerts when INDIANACRY files new disclosures
Track INDIANACRY filings, board meetings, and corporate actions. Free email alerts at 5 PM.
Track INDIANACRY — FreeFree account · 2 AI queries/day