Pashupati Polytex Private Limited
Pashupati Polytex Private Limited
INE1FHR01016
Incorporation Date: 22-Jun-2009
Listing Status: DRHP Not Filed
About Pashupati Polytex Private Limited
Overview of Pashupati Polytex Private Limited
Established in 2009–2010 and headquartered in Kashipur, Uttarakhand, Pashupati Polytex Private Limited (PPPL) is a flagship pioneer in India’s organized plastic recycling and circular polyester value chains. Well before sustainability became a mainstream corporate mandate, the company built an industrial infrastructure designed to divert post-consumer plastic waste from landfills and re-engineer it into high-value industrial inputs.
Today, it operates as a key hub under the broader Pashupati Group, which also spans packaging, masterbatches, and technical textiles.
📊 Business Model
Pashupati Polytex operates a highly optimized "Waste-to-Value" circular manufacturing model.
Reverse Logistics & Sourcing: The company sources thousands of tonnes of post-consumer PET bottles through a massive, nationwide network of ragpickers, scrap aggregators, and municipal waste recovery platforms.
Advanced Processing & Value Upgrades: Instead of merely crushing plastic, PPPL utilizes a meticulous, multi-stage processing routine. This includes automated label stripping, high-temperature chemical washes, optical color sorting, and decontamination to create flakes that are up to 99% close to virgin plastic in behavioral purity.
B2B Industrial Supply: They act as an essential B2B vendor, supplying raw material substitutes to cost-conscious and sustainability-mandated corporations. Their output channels target spinning mills, automotive interior manufacturers, and consumer goods packaging brands.
Financial Position: Supported by robust asset integration, the Pashupati Group operates at a healthy scale, commanding revenues exceeding ₹500+ crore, with PPPL standalone contributing a dominant share (posting ₹302.68 crore in FY23 with double-digit growth trajectory through recent fiscal periods).
👥 Management Structure
The corporate leadership reflects a powerful blend of founding promoters with decades of deep polymer domain knowledge alongside operational professionals:
Mr. Vishnu Prakash Goenka (Founder & Chief Managing Director): The visionary founder who laid the strategic groundwork for the group's manufacturing lines.
Mr. Bankey Bihari (B.B.) Goenka (Managing Director): Handles the core day-to-day operations, plant modernizations, and domestic corporate tie-ups.
Mr. Pankaj Tekriwal (Executive Director): Directs the strategic scaling, manufacturing, and commercial sales divisions for the Recycled Polyester Staple Fibre (rPSF) portfolio.
Mr. Vijay Badani (Export Director): A polymer science expert tracking over 20 years in the sector, actively steering the firm's global compliance and international trade presence.
Strategic Advisory: The management is guided by high-profile panels, notably featuring Padma Shri Dr. Swaminathan Sivaram (a distinguished Indian polymer chemist and former director of the National Chemical Laboratory), ensuring cutting-edge R&D alignment.
♻️ Product Portfolio
PPPL produces a varied lineup of raw and value-added sustainable materials, broadly classified into two categories:
| Category | Key Product Offerings | B2B Market Application |
| Recycled Fibres | Recycled Polyester Staple Fibre (rPSF) — also famously trademarked as their “Green Fiber” (Available in solid, hollow, dyed, and flame-retardant variants). | Highly sought after by spinning mills for apparel, home furnishings, non-woven geotextiles, and automotive seating. |
| rPET Granules / Chips | Food-Grade and Non-Food Grade rPET Pellets, Thermoforming flakes, and specialized film-grade resins. | Purchased by FMCG companies and beverage giants to manufacture sustainable bottles, sheets, straps, and rigid packaging. |
| Specialty Solutions | Anti-bacterial, hydrophilic, biodegradable, and concrete reinforcement polypropylene fibers. | Advanced infrastructure projects, heavy construction concrete reinforcement, and specialized technical clothing lines. |
Operational Impact: The company’s plants process over 150 tonnes of PET bottles daily, maintaining a strict Zero Liquid Discharge (ZLD) policy by recycling 100% of internal processing water through advanced effluent treatment plants (ETPs).
Pashupati Polytex has captured a phenomenal early-mover advantage in industrial recycling. However, to scale into an untouchable global ESG champion, they should consider three strategic alignments:
- Scale Up Food-Grade FMCG Direct Partnerships - With global consumer giants (like Coca-Cola, PepsiCo, and Unilever) setting strict internal targets to use 25% to 50% recycled plastic in their packaging, the premium market is moving to Food-Grade rPET. PPPL already possesses the decontamination tech; they should establish long-term, direct-supply off-take agreements with these global brands to insulate themselves from the price fluctuations of the traditional textile fiber market.
- Monetize the "Digital Traceability" Layer - The biggest challenge for global buyers purchasing recycled materials is verifying that the plastic was actually ethically sourced from waste streams rather than standard virgin material. PPPL should implement a blockchain-enabled Traceability Ledger. Giving international buyers a QR-code-backed guarantee tracing a batch of fiber back to the specific municipal collection cluster will allow Pashupati to command a premium "trust margin" over unorganized recyclers.
- Tap the Carbon Credit & EPR Monetization Framework - Under India’s Extended Producer Responsibility (EPR) certificates guidelines, brands that produce plastic are legally forced to buy credits from recyclers like Pashupati to offset their footprint. PPPL should aggressively optimize its compliance data infrastructure to turn its day-to-day recycling metrics into highly structured EPR credits and carbon offsets, introducing a high-margin, digital cash-flow stream straight to its balance sheet.
Insights of Pashupati Polytex Private Limited
Pashupati Polytex Private Limited – Strategic Insights & Financial Overview
Executive Insights
Pashupati Polytex Private Limited (Pashupati Group) is a leader in India's sustainable plastic recycling sector, converting PET waste into recycled polyester staple fibre (rPSF), rPET flakes, and food-grade rPET chips. Driven by Extended Producer Responsibility (EPR) mandates, the company achieved a strong FY25 turnaround, positioning itself as an ESG-focused category leader in the unlisted space.
Key Financials (FY24 – FY25)
The company reported robust top-line growth and a massive profitability turnaround in FY25.
| Category (in ₹ Cr.) | FY24 | FY25 | YoY Change |
| Net Revenue | 486.20 | 587.75 | +20.8% |
| Total Op Cost | 443.95 | 524.02 | +18.0% |
| EBITDA | 42.24 | 63.73 | +50.8% |
| Profit After Tax (PAT) | (0.98) | 26.97 | Turnaround |
Growth Trajectory: Rebounding from a slight net loss in FY24, the company posted a net profit of ₹26.97 crore in FY25. This was driven by stronger operational leverage, higher capacity utilization, and favorable pricing for its recycled products.
Funding, Ratio Analysis & Valuation
Latest Funding Round: The most recent verified financials and corporate actions directly pertain to FY25.
Specifically, in December 2024, the company raised a $36 million Series A (via equity and compulsorily convertible preference shares) from investors including Emerge Capital Partners. . A significant portion of this capital (₹175 crore) was strategically utilized to repay outstanding term loans, which substantially lowered finance costs, strengthened the balance sheet, and improved its overall financial risk profile heading into the new fiscal year. Margin Expansion: The focus on value-added products like food-grade rPET chips and specialty fibers directly improved EBITDA margins.
Valuation Profile: In the unlisted market, shares hover around ₹220, implying a competitive P/E multiple compared to the broader industry. However, with a "DRHP Not Filed" status, an official IPO timeline remains unclear.
Industry Overview, Macro Tailwinds & FY26 Visibility
For Pashupati Polytex, the primary revenue and growth visibility for FY26 is explicitly tied to massive structural shifts driven by government policy.
The 2026 Plastic Waste Management Amendments: The Indian government notified the Plastic Waste Management (Amendment) Rules, 2026 on March 31, 2026, which fundamentally strengthens the Extended Producer Responsibility (EPR) framework.
For the first time, Producers, Importers, and Brand Owners (PIBOs) are strictly mandated to use a minimum percentage of recycled plastic in new packaging, shifting the regulatory burden from mere waste collection to mandatory reuse. Aggressive Recycled Content Targets: Specifically, for Category I rigid plastics, the mandatory recycled content target is set at 30% for FY 2025-26 and scales up aggressively to 40% for FY 2026-27.
Furthermore, a specific mandate requiring 40% recycled PET content in food-grade packaging took effect on April 1, 2026. Quality and Traceability Moats: The new rules mandate that recycled plastics must conform to the strict IS 14534:2023 standard set by the Bureau of Indian Standards (BIS).
Additionally, all packaging must feature digital traceability via QR codes or barcodes to prove origin and processing. Direct Impact on Pashupati Polytex: These stringent regulations provide immense structural demand for Pashupati’s premium, traceable products. FMCG companies and brand owners face severe penalties for non-compliance, including heavy environmental compensation per tonne of shortfall, daily fines, and the potential suspension of operating permits.
Consequently, brands are forced to procure high-quality rPET flakes and certified food-grade rPET chips from organized, compliant recyclers like Pashupati, virtually guaranteeing a captive, high-volume off-take market for the company in FY26 and beyond.
Financial Charts of Pashupati Polytex Private Limited
Balance Sheet of Pashupati Polytex Private Limited
Profit and Loss of Pashupati Polytex Private Limited
Ancillary of Pashupati Polytex Private Limited
Ratio Analysis
Peers
Industry Benchmarking
Segment Revenue
Subsidaries
Security Allotment
Corporate Governance
Team Management Details
FAQs of Pashupati Polytex Private Limited
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How to buy Pashupati Polytex Private Limited?
Below are three ways through which you can purchase Pashupati Polytex Private Limited:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to buy Pashupati Polytex Private Limited, please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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How to sell Pashupati Polytex Private Limited?
Below are three ways through which you can sell Pashupati Polytex Private Limited:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to sell Pashupati Polytex Private Limited, please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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What is the price of Pashupati Polytex Private Limited?
We provide a two way quote on all the shares we deal in. Your buy price for Pashupati Polytex Private Limited is ₹220 and your sell price for Pashupati Polytex Private Limited is ₹0.01. The price is based on our estimates and market conditions.
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What is the lock-in period of Pashupati Polytex Private Limited?
The lock-in period for Pashupati Polytex Private Limited varies depending on the category of investors:
- For retail Investors, HNIs, or Body Corporates, the lock-in period is 6 months from the date of the listing of Pashupati Polytex Private Limited
- For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of Pashupati Polytex Private Limited
- For AIF-II (Alternative Investment Funds - Category II), there is no lock-in period
August 2021 saw the introduction of this regulation by SEBI. The purpose of the regulation change, which lowered the lock-in period from a year to six months, was to incentivize additional investments in firms getting ready for initial public offerings, or IPOs. Since its introduction, a number of Portfolio Management Services (PMS) have advised their clients to purchase Pre-IPO shares in order to take advantage of the advantages associated with early-stage investments. This reduction in the lock-in period is considered as a significant step forward.
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How is the Pashupati Polytex Private Limited price calculated?
Fundamental & Comparative valuation models and the forces of demand and supply in the market for unlisted shares dictate the price. These prices are based on our estimates and transaction history of Pashupati Polytex Private Limited. The price is also determined from the most recent funding round for Pashupati Polytex Private Limited. This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts.
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What are the lot sizes of Pashupati Polytex Private Limited?
We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of Pashupati Polytex Private Limited with us kindly click here.
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What are the financials of Pashupati Polytex Private Limited?
The financials of Pashupati Polytex Private Limited which includes the P/L of Pashupati Polytex Private Limited and the Balance Sheet of Pashupati Polytex Private Limited is in the financials section (Click on link).
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Where can I find the annual report of Pashupati Polytex Private Limited?
The annual report of Pashupati Polytex Private Limited is available in the annual report section (Click on link).
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Is buying Pashupati Polytex Private Limited legal in India?
Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely.
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Short-term Capital Gain taxes to be paid on Pashupati Polytex Private Limited?
When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.
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Long-term Capital Gain taxes to be paid on Pashupati Polytex Private Limited and how are They Taxed?
Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:
- Tax Rate: LTCG on unlisted shares is taxed at a rate of 20%.
- Indexation Benefit: This is a significant advantage for investors. Indexation allows for adjusting the purchase price of the shares for inflation, which can reduce the taxable gain.
- Importance for Investors: Understanding LTCG is crucial, especially for High Net-worth Individuals (HNIs) and retail investors, as it impacts their investment strategy and tax planning. Knowing these details helps in making informed investment decisions.
- Calculation: LTCG is calculated by subtracting the indexed cost of acquisition (the purchase price adjusted for inflation) from the sale price of the shares. The profit thus calculated is subject to a 20% tax.
- Applicability: LTCG tax is applicable to profits from the sale of unlisted shares held for more than two years.
- Relevance: This tax is particularly relevant to investors in the unlisted share market, including those considering selling their holdings after a period of more than two years.
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Applicability of Taxes on Pashupati Polytex Private Limited once it is listed?
When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:
Transition to Listed Market Tax Rates: Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favourable tax treatments for listed shares, as per the prevailing tax laws, will apply.
Taxation Based on Holding Period: The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.
Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.
Conversely, if sold within one-year, Short-term Capital Gains (STCG) tax rates apply.
Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.
Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance. -
How does Altius Investech source Pashupati Polytex Private Limited?
At Altius Investech, our approach to sourcing Boat Unlisted Share (Imagine Marketing) involves a strategic and direct method. Primarily, we acquire these shares from the below key groups:
Employees of the Company: Employee stock option plans (ESOPs) or other compensation packages frequently include shares for firm employees. For a various reasons, such as including portfolio diversification or financial considerations, some of these employees may eventually choose to sell their shares. We engage with these employees, providing them a platform to sell their shares.
Initial Investors: These are the angel or early-stage investors who provided capital to the business in its early stages. These original investors may look to sell all or part of their ownership position in the company as it develops and flourishes. This might be done for various reasons such as in order to maximise their investment, reallocate resources, or make other calculated financial decisions.
Funding rounds and VC funds: Altius Investech sources the shares from private placement rounds in which private companies seek to obtain capital from the market. Through our platform, venture capital funds can liquidate their shares and we receive the inventory from them when they decide to sell a portion of their ownership through block trades.
By establishing connections with these groups, Altius Investech guarantees our clients a steady and dependable supply of Boat Unlisted Share (Imagine Marketing). This process not only makes it easier for employees and initial investors in liquidating their assets, but it also gives our clients access to shares that aren't often found on the open market. Our platform effectively facilitates a win-win situation for both buyers and sellers. -
How to trust Altius Investech before buying Pashupati Polytex Private Limited from its platform?
Altius Investech stands at being India's fastest growing and leading marketplace for buying and selling unlisted shares. We believe in enabling access to alternative sources of investments at lower entry barriers to private equity investments.
With more than 25 years of experience, Altius Investech has carved a niche in the financial market by serving more than 8000 clients. The incredible journey is further highlighted by the vast number of transactions that Altius Investech has facilitated transactions that have already exceeded 300 crores.
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