Press Release

September 04, 2026

PYRAMID TECHNOPLAST LIMITED (ERSTWHILE PYRAMID TECHNOPLAST PRIVATE LIMITED)
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	97.10	ACUITE A- \| Stable \| Assigned	-	RBI
Bank Loan Ratings	77.40	ACUITE A- \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	22.50	-	ACUITE A2+ \| Assigned	RBI
Bank Loan Ratings	38.00	-	ACUITE A2+ \| Reaffirmed	RBI
Total Outstanding	235.00	-	-	-
Total Withdrawn	0.00	-	-	-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.

Rating Rationale

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

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

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.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

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)

Not applicable

Any other information

None

Applicable Criteria

• 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

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
04 Jul 2025	Cash Credit	Long Term	5.70	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	35.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	23.70	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	13.00	ACUITE A- \| Stable (Reaffirmed)
	Letter of Credit	Short Term	11.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	27.00	ACUITE A2+ (Reaffirmed)
05 Apr 2024	Cash Credit	Long Term	5.70	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Cash Credit	Long Term	13.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Cash Credit	Long Term	35.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Proposed Long Term Loan	Long Term	23.70	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Letter of Credit	Short Term	11.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	27.00	ACUITE A2+ (Reaffirmed)
06 Jan 2023	Letter of Credit	Short Term	11.00	ACUITE A2+ (Assigned)
	Letter of Credit	Short Term	27.00	ACUITE A2+ (Assigned)
	Covid Emergency Line.	Long Term	3.36	ACUITE BBB+ \| Stable (Assigned)
	Covid Emergency Line.	Long Term	2.35	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	17.00	ACUITE BBB+ \| Stable (Assigned)
	Cash Credit	Long Term	5.70	ACUITE BBB+ \| Stable (Assigned)
	Cash Credit	Long Term	13.00	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	0.99	ACUITE BBB+ \| Stable (Assigned)
	Cash Credit	Long Term	35.00	ACUITE BBB+ \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
AXIS BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	3.50	Simple	ACUITE A2+ \| Assigned
AXIS BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	13.00	Simple	ACUITE A- \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.70	Simple	ACUITE A- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	35.00	Simple	ACUITE A- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE A- \| Stable \| Assigned
Federal Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	9.30	Simple	ACUITE A- \| Stable \| Assigned
AXIS BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE A- \| Stable \| Assigned
Federal Bank Limited	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	11.00	Simple	ACUITE A2+ \| Reaffirmed
AXIS BANK LIMITED	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	27.00	Simple	ACUITE A2+ \| Reaffirmed
AXIS BANK LIMITED	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE A2+ \| Assigned
Federal Bank Limited	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	14.00	Simple	ACUITE A2+ \| Assigned
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Oct 2032	23.70	Simple	ACUITE A- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	24 Jul 2025	Not avl. / Not appl.	24 Jul 2030	50.16	Simple	ACUITE A- \| Stable \| Assigned
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	25 Jun 2025	Not avl. / Not appl.	25 Jun 2030	7.64	Simple	ACUITE A- \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Nidhi Gala
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:

A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹ ⁶	RBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11 a	Fixed Deposits raised by NBFCs, HFCs, FIs	RBI
11 b	Fixed Deposits raised by Banks ⁷	+
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts ⁶	RBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs) ⁷	+
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.
⁶ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
⁷ To be finalized following a discussion with the regulatory authorities.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁸	Not applicable

⁸ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer:

An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.