Pashupati Cotspin Ltd (PASHUPATI)
🎯 Key Takeaways
- Pashupati Cotspin Ltd is in a mature, cash-generating phase with stable profitability and modest growth, operating in the traditional textiles segment without signs of aggressive expansion or transformation. The company has demonstrated consistent financial discipline, with improving ROE and ROCE alongside a declining P/E ratio, indicating market confidence in its steady earnings profile.
- Revenue declined 23.6% QoQ to ₹130 in Q1FY27.
- ⚠️ Sustained revenue decline across four consecutive quarters raises concerns about demand erosion or competitive pressure in the core textiles business.
- Market Cap
- ₹1,465
- P/E Ratio
- 92.8
- P/B Ratio
- 8.93
- ROE
- 9.5%
- ROCE
- 12.6%
- Debt/Equity
- 0.60
- Div Yield
- 0.05%
- Promoter
- 66.0%
📖 The Story
Pashupati Cotspin Ltd is in a mature, cash-generating phase with stable profitability and modest growth, operating in the traditional textiles segment without signs of aggressive expansion or transformation. The company has demonstrated consistent financial discipline, with improving ROE and ROCE alongside a declining P/E ratio, indicating market confidence in its steady earnings profile. Management has maintained a conservative capital structure while returning capital through dividends, and recent governance updates reflect procedural compliance rather than strategic shifts. The business remains resilient but lacks visible catalysts for accelerated growth.
📰 What's Happening
In the last three quarters, management has focused on governance and audit stabilization, appointing new cost and internal auditors in May 2026 and replacing the secretarial auditor in August 2026 due to regulatory non-renewal, which was framed as a compliance-driven update. The company revised its FY2026 financials in May 2026 to correct accounting errors across multiple line items, including reclassification of borrowings and MSME payables, though profitability and cash flows were unaffected. A final dividend of ₹0.05 per share was recommended for FY2025-26, pending shareholder approval at the upcoming AGM, continuing its historical pattern of modest shareholder returns. No new business initiatives, capacity expansions, or strategic partnerships were disclosed in recent filings.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 240 | 159 | 170 | 130 |
| Operating Profit | 7 | 3 | 5 | 10 |
| OPM % | 2.9% | 1.8% | 2.9% | 7.8% |
| Net Profit | 4 | 3 | 2 | 7 |
| EPS | ₹2.59 | ₹1.68 | ₹0.11 | ₹0.46 |
The company's quarterly revenue has shown a clear downward trend, declining from ₹240 crore in September 2025 to ₹130 crore in June 2026, with operating margins also contracting from 2.9% to 7.8% despite higher base levels earlier. While operating profit improved in absolute terms from ₹3 crore to ₹10 crore in the latest quarter, this came from a much lower revenue base, and net profit dropped sharply from ₹4 crore to ₹7 lakh, indicating margin pressure and volume weakness. EPS also declined significantly from ₹2.59 to ₹0.46 over the same period, reflecting the contraction in core operations. These trends suggest operational headwinds that management has not yet linked to specific corrective actions or demand recovery initiatives.
🔮 Management Outlook & What's Next
Management has not provided forward-looking guidance or strategic outlook in the recent filings beyond routine governance updates and dividend recommendations. There is no explicit commentary on revenue recovery, margin improvement, or market conditions in the financial results or board meeting summaries, leaving future performance expectations unclear. The focus remains on compliance, audit transitions, and dividend continuity rather than growth planning or market expansion.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2024 | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 15 | 16 | 15 | 16 | 16 |
| Reserves | 103 | 139 | 109 | 148 | 144 |
| Borrowings | 151 | 114 | 116 | 98 | 91 |
| Total Liabilities | 311 | 300 | 357 | 307 | 293 |
| Fixed Assets | 138 | 130 | 134 | 121 | 126 |
| Investments | 39 | 28 | 17 | 33 | 31 |
| Total Assets | 311 | 300 | 357 | 307 | 293 |
The balance sheet shows stable equity of ₹16 crore and modest growth in reserves from ₹139 to ₹148 crore, indicating limited reinvestment or profit retention. Borrowings have declined from ₹114 crore to ₹99 crore year-on-year, suggesting a deliberate deleveraging trend, while total assets remain flat around ₹300 crore. This pattern reflects a conservative capital allocation strategy focused on maintaining financial stability rather than funding expansion or aggressive investments.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2024 | Mar 2026 |
|---|---|---|
| Operating | +56 | +37 |
| Investing | -15 | -5 |
| Financing | -41 | -30 |
| Net Cash Flow | -1 | +2 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 66.0% | 66.0% | 66.0% | 66.0% |
| FII | 13.4% | 13.4% | 13.2% | 12.9% |
| DII | 0.2% | 0.2% | 0.2% | 0.2% |
| Public | 14.4% | 14.4% | 14.2% | 14.3% |
| # Shareholders | 777 | 794 | 699 | 2,038 |
Promoter holding remains stable at 65.99% across all recent quarters, indicating no signs of stake sales or dilution, while FII allocation has slightly increased from 13.36% to 13.22% in Q4FY26, showing modest foreign interest. DII holding is negligible at 0.19%, and the number of public shareholders has slightly decreased, suggesting limited retail participation. No significant changes in institutional activity or pledging patterns are evident from the data.
⚖️ Peer Comparison — Textiles
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Sustained revenue decline across four consecutive quarters raises concerns about demand erosion or competitive pressure in the core textiles business. 2. Operating margins remain volatile and low, with no clear indication of cost control or pricing power to drive improvement. 3. The company’s reliance on a stable but shrinking revenue base without visible reinvention strategies increases vulnerability to market cyclicality. 4. Despite stable promoter shareholding, the lack of new investor interest or trading activity could limit liquidity and valuation re-rating potential.
📋 Recent Filings
- 🟡 Board Meeting2026-09-29Pashupati Cotspin announced its sixth board meeting for FY 2026-27 on October 3, 2026, to consider increasing authorized share capital, approving a bo…
- Announcement2026-09-25Pashupati Cotspin Ltd announced that its trading window will close on October 1, 2026, ahead of the board meeting to approve un-audited quarterly resu…
- 🟡 Board Meeting2026-09-09Pashupati Cotspin announced its 9th AGM on September 30, 2026, with e-voting open from September 27 to September 20, 2026, and a record date of Septem…
- 🟡 Board Meeting2026-09-08Pashupati Cotspin Ltd announced its 9th Annual General Meeting on September 30, 2026, at 4:00 PM IST at its registered office in Gujarat. Shareholders…
- 🔴 annual report2026-09-08Pashupati Cotspin Ltd announced its 9th AGM on 30 September 2026 to approve FY2025-26 financials, declare a final dividend of [amount context mismatch…
- 🟡 Board Meeting2026-09-05Pashupati Cotspin Ltd announced its 9th Annual General Meeting will be held on Wednesday, September 30, 2026 at 4:00 p.m. IST at its registered office…
- 🔴 Corporate Action2026-09-03Pashupati Cotspin announced a book closure from September 24 to September 30, 2026, to determine shareholders eligible for a dividend to be declared a…
- 🟡 Board Meeting2026-09-03Pashupati Cotspin announced the appointment of M/s. Nisarg Sharma & Associates as its Secretarial Auditor for a five-year term starting FY 2026-27 to …
- 🟡 Board Meeting2026-09-03Pashupati Cotspin's board approved appointing Nisarg Sharma & Associates as secretarial auditor for five years, convened the 9th AGM on September 30, …
- 🟡 Board Meeting2026-08-14Pashupati Cotspin announced the resignation of its secretarial auditor SJV & Associates effective August 14, 2026 due to non-renewal of its Peer Revie…
🧠 Analyst's Read
Pashupati Cotspin appears to be a cash-generating but stagnant textile manufacturer with stable governance and modest shareholder returns, but its long-term prospects are constrained by persistent volume and margin pressures. Investors should monitor quarterly volume trends, pricing power, and any future strategic announcements, as the current trajectory suggests limited upside without structural transformation.
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 PASHUPATI files new disclosures
Track PASHUPATI filings, board meetings, and corporate actions. Free email alerts at 5 PM.
Track PASHUPATI — FreeFree account · 2 AI queries/day