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| Product | Quantum (Rs. Cr) (SEBI) | Quantum (Rs. Cr) (Other FSR) | Long Term Rating | Short Term Rating | Regulated By |
| Bank Loan Ratings | 0.00 | 97.10 | ACUITE A- | Stable | Assigned | - | RBI |
| Bank Loan Ratings | 0.00 | 77.40 | ACUITE A- | Stable | Reaffirmed | - | RBI |
| Bank Loan Ratings | 0.00 | 22.50 | - | ACUITE A2+ | Assigned | RBI |
| Bank Loan Ratings | 0.00 | 38.00 | - | ACUITE A2+ | Reaffirmed | RBI |
| Total Outstanding | 0.00 | 235.00 | - | - | - |
| Total Withdrawn | 0.00 | 0.00 | - | - | - |
| Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. |
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Rating Rationale |
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Acuité has reaffirmed its long-term rating of 'ACUITÉ A-’ (read as ACUITE A minus) on the Rs 77.40 Cr. bank facilities and reaffirmed short-term rating of ‘ACUITÉ A2+’ (read as ACUITE A Two Plus) on the Rs 38.00 Cr. bank facilities of Pyramid Technoplast Limited (ERSTWHILE Pyramid Technoplast Private Limited) (PTL). The outlook is ‘Stable’.
Acuité has assigned its long-term rating of 'ACUITÉ A-’ (read as ACUITE A minus) on the Rs 97.10 Cr. bank facilities and short-term rating of ‘ACUITÉ A2+’ (read as ACUITE A Two Plus) on the Rs 22.50 Cr. bank facilities of Pyramid Technoplast Limited (ERSTWHILE Pyramid Technoplast Private Limited) (PTL). The outlook is ‘Stable’. Rationale for reaffirmation: The rating reaffirmation reflects PTL's sustained improvement in its revenues while maintaining comfortable profitability. The rating also factors in the extensive experience of the management, the long operational track record of the company and healthy financial risk profile, characterised by a healthy net worth, low gearing levels, comfortable debt protection metrics, and adequate liquidity position. However, the rating remains constrained by the company's moderately intensive working capital operations and susceptibility of profitability to volatility in raw material prices, forex risk in a highly competitive and fragmented nature of the industry. |
| About the Company |
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Pyramid Technoplast Limited (PTL) (erstwhile Pyramid Technoplast Private Limited) is a Mumbai-based listed (BSE and NSE) company incorporated in 1997 and promoted by the Agarwal family. The company is engaged in the manufacturing of industrial packaging products, including polymer-based molded products such as HM-HDPE drums, containers, barrels, cans, Intermediate Bulk Containers (IBCs-1000 Litres capacity), and Mild Steel (MS) drums. These products are primarily used by chemical, agrochemical, specialty chemical, and pharmaceutical companies for their packaging requirements. Presently, the company has nine manufacturing units, out of which 4 four are located at Bharuch GIDC and 2 are situated at Silvassa. The 7th manufacturing unit was completed in FY2024 at Bharuch GIDC adjacent to the existing units. Unit 8th is located in Maharashtra, while Unit 9 is a Recycling Unit located at Bharuch. The company is currently managed by Mr. Jaiprakash Bijaykumar Agarwal (Whole-time Director), Mr. Madhu Jaiprakash Agarwal (Whole-time Director), Ms. Vandana Agarwal (Director), and Mr. Bijaykumar Agarwal (Director).
The company has successfully completed its planned capex programme, including the expansion of Unit-8 and commissioning of the 13.25 MW captive solar power plant in FY2026. Further, the Unit-9 recycling facility commenced commercial operations in Q3FY2026. Going forward, the company plans to set up a new IBC manufacturing facility in Kutch, Gujarat, with an estimated project cost of around Rs. 20 crore, to be funded through internal accruals. The facility is expected to commence operations from April 2027. |
| Unsupported Rating |
| Not Applicable |
| Analytical Approach |
| Acuité has taken a standalone view of the business and financial risk profile of PTL to arrive at the rating. |
| Key Rating Drivers |
| Strengths |
| Long track record of operations and experienced management
The promoters of PTL have been in the packaging and container industry within the manufacturing domain for over two decades, establishing a strong track record of operations. With this extensive experience, the company is considered one of the leading players in the industry. The company is currently headed by Mr. Jaiprakash Bijaykumar Agarwal (Whole-time Director), Mr. Madhu Jaiprakash Agarwal (Whole-time Director), Ms. Vandana Agarwal (Director), and Mr. Bijaykumar Agarwal (Director). The promoters' extensive experience has enabled the company to establish healthy relationships with reputed customers. The company also exports its products through deemed exports via third-party participation and supplies to several government departments and companies. Acuite believes that the company will continue to benefit from the promoters' experience and established track record of operations, thereby improving its business risk profile over the medium term. Sustained improvement in operating performance The company’s revenue grew by ~15 percent to Rs. 681.42 crore in FY2026 from Rs. 591.87 crore in FY2025, supported by steady demand across its product segments. Further, the company reported revenue of ~Rs. 222.49 crore in Q1FY27 as against Rs. 163.81 Cr in Q1FY26. The company’s operating profitability improved, with EBITDA margins increasing to 8.52 percent in FY2026 from 7.66 percent in FY2025, driven by better operating efficiencies and cost management measures. However, PAT margin moderated slightly to 4.23 percent in FY2026 from 4.51 percent in FY2025 on account of higher depreciation and interest costs associated with the recently completed capex and the corresponding debt drawdown. PTL caters to a diversified customer base comprising established players in the chemical, agrochemical, specialty chemical, and pharmaceutical sectors, which mitigates customer concentration and counterparty credit risks to an extent. Further, the company has completed its planned capacity expansion in a timely manner, including the enhancement of its Intermediate Bulk Container (IBC) manufacturing capacity. Given the healthy demand for IBC products, the additional capacity is expected to support revenue growth over the near to medium term. Acuite expects PTL to steadily grow its operating performance over the medium term, supported by its diversified customer profile, established market position, and steady demand for its key products. Healthy financial risk profile The financial risk profile of the company moderated in FY2026 due to debt funded capex; however, it continues to remain healthy, marked by a healthy net worth, low gearing, and comfortable debt protection metrics. The net worth increased to Rs. 276.55 crore as on March 31, 2026, from Rs. 249.23 crore as on March 31, 2025, driven by the accretion of profits to reserves. The gearing stood at 0.67 times as on March 31, 2026, as against 0.22 times as on March 31, 2025, on account of higher working capital borrowings and debt availed for the recently completed capex. Consequently, total debt increased to Rs. 183.98 crore as on March 31, 2026, from Rs. 55.14 crore as on March 31, 2025. Total debt of Rs. 183.98 Crore comprises of Rs. 68.52 crore of long term debt, Rs. 5.00 crore of USL from directors/ promoters, Rs. 91.35 Crore of short-term debt and Rs. 19.10 crore of CPTLD as on March 31, 2026. The company's debt protection metrics moderated during the year but remained comfortable, with the interest coverage ratio (ICR) and debt service coverage ratio (DSCR) at 7.82 times and 4.23 times, respectively, as on March 31, 2026, compared to 17.34 times and 7.47 times as on March 31, 2025. Further, TOL/TNW stood at 0.91 times as on March 31, 2026, against 0.48 times as on March 31, 2025, debt to EBITDA deteriorated and stood at 3.12 times from 1.18 times over the same period. The company is planning to set up a new manufacturing facility in Kutch, Gujarat, to augment its IBC production capacity by 10,000 units per month. The proposed facility is expected to commence commercial operations from April 2027. While the project is currently at a preliminary stage and construction activities have not yet commenced, the company has acquired land in Kutch at a cost of approximately Rs. 1 crore. The total project cost is estimated at around Rs. 20 crore and is proposed to be funded entirely through internal accruals. Acuite expects the company's financial risk profile to remain healthy, supported by its comfortable net worth and the absence of any major debt-funded capex plans over the near to medium term. |
| Weaknesses |
| Moderately intensive working capital operations
PTL's working capital operations are moderately intensive, marked by Gross Current Assets (GCA) of 147 days in FY2026 as compared to 114 days in FY2025. The elongation in the working capital cycle was primarily on account of higher inventory days and an increase in other current assets, mainly comprising advances to suppliers and statutory deposits. The receivables period stood at 77 days in FY2026 as against 71 days in FY2025, while inventory days increased to 63 days from 41 days over the same period. The payable period moderated to 31 days in FY2026 as compared to 35 days in FY2025. Further, the company's fund-based working capital limits remained moderately utilized, with average utilization of approximately 66.09 percent during the five-month period ending June 2026. Acuite believes, the company's working capital operations to remain at similar levels over the near to medium term. Susceptibility of profitability to volatility in raw material prices, forex risk in a competitive and fragmented nature of industry The company’s profitability remains susceptible to fluctuations in the prices of key raw materials, primarily steel and HDPE granules, with the latter being linked to crude oil and polymer prices. The company is also exposed to foreign exchange risk, as imports account for around 42 percent of its raw material procurement. However, the forex risk is partially mitigated through forward hedging contracts. The company operates in a highly competitive and fragmented industry, with the presence of several organized and unorganized players leading to intense pricing pressures. Acuite believes that the company's profitability will continue to remain exposed to raw material price volatility, foreign exchange fluctuations and competitive industry dynamics. |
Rating Sensitivities
| Potential triggers (individual or collective) for an upward rating action: |
| - Significant growth in revenues surpassing Rs. 1000 Cr while improving profitability margins
-Improvement in working capital cycle -Improvement in financial risk profile |
| Potential triggers (individual or collective) for a downward rating action: |
| -Significant decline revenues and profitability
-Deterioration in financial risk profile on the back of unexpected debt funded capex or working capital borrowings with debt to EBITDA above 3.5 times and DSCR below 1.80 times on sustained basis -Elongation in working capital cycle |
| Liquidity Position |
| Adequate |
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The company’s liquidity is adequate marked by sufficient net cash accruals against its repayment debt obligations. PTL generated cash accruals of Rs. 40.75 Cr. in FY2026, while its maturing debt obligations stood at Rs. 3.87Cr. during the same period. The company is expected to generate adequate net cash accruals of ~Rs. 50-60 Crore against maturing repayment obligations of ~Rs. 19-20 Crore in FY2027-2028. PTL's working capital operations are moderately intensive, marked by Gross Current Assets (GCA) of 147 days in FY2026 as compared to 114 days in FY2025. Further, the company's fund-based working capital limits remained moderately utilized, with average utilization of approximately 66.09 percent during the five-month period ending June 2026. The unencumbered cash and bank balances stood at Rs.0.40 Cr. and the current ratio at 1.66 times as on March 31, 2026. Acuite believes that the liquidity position of the company will remain adequate due to steady cash accruals and buffer available from unutilized working capital limits.
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| Outlook: Stable |
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| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 26 (Actual) | FY 25 (Actual) |
| Operating Income | Rs. Cr. | 681.42 | 591.87 |
| PAT | Rs. Cr. | 28.82 | 26.67 |
| PAT Margin | (%) | 4.23 | 4.51 |
| Total Debt/Tangible Net Worth | Times | 0.67 | 0.22 |
| PBDIT/Interest | Times | 7.82 | 17.34 |
| Status of non-cooperation with previous CRA (if applicable) |
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Not applicable
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| Any other information |
| None |
| Applicable Criteria |
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• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm |
| Note on complexity levels of the rated instrument |
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| Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. |
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Contacts |
List of instruments and names of regulators of the instruments |
