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Paramount Syntex Ltd

PARASYNTEX

BSE

₹80.45-4.96%19 Oct 2026

Reports

Textiles - Spinning - Synthetic / Blended

Paramount Syntex Ltd

PARASYNTEX

BSE

₹80.45

-4.96%

19 Oct 2026

SOICxStockScans Reports

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Textiles - Spinning - Synthetic / Blended

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

Paramount Syntex manufactures recycled acrylic fibres, synthetic yarns, and knitted fabrics at its Ludhiana facility by converting domestic and imported acrylic waste into value-added textile products. The business operates an integrated processing model where recovered polymer waste is dyed, spun, and woven on site to serve northern India's regional knitting hubs.

At a glance


Revenue scale	Grew from 81.95 crore (FY23) to 92.78 crore (FY24) and 112.42 crore (FY25)
Profit arc	PAT expanded from ₹30.90 Lakhs (FY23) to 1.35 crore (FY24) and 6.73 crore (FY25)
Product mix	Yarns generated 58.15% (65.38 crore) and Fabrics 23.66% (26.60 crore) in FY25
Plant footprint	Two adjacent units across 7,268.73 sq yards in Ludhiana, Punjab
Plant utilisation	Operating lines averaged between 70% and 83% capacity utilisation
Client concentration	Top 5 buyers contributed 35.60% and top 10 contributed 54.76% in FY25
Cash generation	Operating cash flow was negative across FY23 (-9.72 cr), FY24 (-₹73.97 L), and FY25 (-2.57 cr)
The offer	Fresh Issue of up to 65,00,000 equity shares; zero OFS by Promoters

Business segments

Two integrated manufacturing engines converting synthetic fiber waste into spun yarns and finished fabrics

1. Spun and dyed acrylic yarns for regional knitters

The primary manufacturing engine spins branded acrylic, polyester, and custom blends for apparel producers, driving 58.15% of company revenue.

Broad yarn portfolio - it spins proprietary high-bulk dyed acrylic yarns sold under the Daffodil Yarn label alongside blended wool, nylon, and polyester varieties.
Diverse apparel outlets - products feed regional knitters producing school uniforms, winter shawls, hosiery, socks, and everyday knitwear.
In-house color processing - operating lines handle raw fiber opening, tow dyeing (coloring continuous synthetic filament strands), hank dyeing, and steam bulking on site.
Certified quality control - operations meet ISO 9001:2015 quality, ISO 14001:2015 environmental, and ISO 45001:2018 safety standards.

2. Converting imported acrylic waste into circular fibres and cloth

A circular processing engine converts industrial synthetic scrap into reusable acrylic staple fiber and finished fabrics, generating 23.66% of sales.

Dual waste sourcing - the facility sources synthetic textile waste across domestic channels and through imports from Thailand and Shanghai.
Scrap recovery lines - recycling equipment reprocesses dense industrial selvedge cuttings, fabric trimmings, and soft spinning droppings into spun fiber.
Standardized chemical base - recovered acrylic fibres maintain a minimum baseline of 85% acrylonitrile content to ensure downstream spinning strength.
Downstream fabric output - recycled yarns are woven into flat acrylic cloth and knitted textiles for winter blankets, home upholstery, and fleece activewear.

Centralised spinning, dyeing, and testing in Ludhiana

A centralized Ludhiana complex houses all mechanical opening, wet processing, and quality validation to support downstream yarn lines.

Dedicated testing unit - an internal laboratory tests inbound waste consistency, tensile fiber strength, and color matching against buyer specifications before batch runs.
Continuous plant flow - raw waste undergoes chemical resistance treatment, automated drying, spinning, and final cone winding within a single industrial campus.

Raw material pass-through burdened by working capital lockup

Heavy material intensity - raw material procurement consumed 93.12% of revenue in FY23, 90.19% in FY24, and 83.59% in FY25, leaving narrow gross margins to absorb fixed costs.
Cash absorbed in working capital - holding ₹36.55 crore of inventory and ₹21.14 crore of unpaid customer receivables in FY25 caused persistent operating cash deficits.
Concentrated input vendors - the top 5 raw material vendors accounted for 49.57% of total procurement in FY25, while the top 10 supplied 67.84%.
High capital velocity - an asset-light net fixed asset base of ₹9.33 crore generated ₹112.42 crore in operational turnover by running fast conversion cycles.

Serving northern knitting belts with no peer disclosure

The company supplies specialized acrylic yarns to northern textile clusters, but its prospectus provides no third-party market data or competitor benchmarks.

Northern manufacturing hub - production directly supplies regional garment units, industrial hosiery makers, and blanket mills clustered across Punjab and adjacent northern states.
Absence of industry benchmarking - while the company positions itself as a specialized recycled yarn maker, the filing omits formal market share estimates and sizing figures.

Promoter entities handling facility leasing and trading

Paramount Syntex executes all core manufacturing directly while leasing operational properties and transacting materials through promoter-owned entities.

Entity	Stake	What it adds
KK Impex	0.00% (Proprietorship of Kumkum Arora)	Supplied raw materials (1.82 crore) and purchased goods (2.23 crore) in FY25
Paramount Dye tec Ltd / Paramount Dye tec	0.00% (Common control)	Factory lessor (₹43.20 Lakhs rent in FY25) and former material supplier (10.27 crore in FY24)
Paraspin Impex Private Limited	0.00% (Common directorship)	Provided material supplies (₹68.82 Lakhs in FY23) and agency services
PSPL Dyers and Processors Private Limited	0.00% (Common directorship)	Related entity held under common directorship with Punit Arora

Factory expansion through unappraised equipment buys

Major equipment budget - the company plans to spend ₹57.12 crore buying ring frames from LMW, Fong's package dyeing systems, and Savio autoconers.
Physical plant addition - capital outlays include constructing a 71,852 sq. ft. multi-story facility and hiring between 100 and 150 production staff to run the lines.
Unverified project estimates - the capex programme rests on non-binding supplier quotations, with zero machinery purchase orders placed and no appraisal by an independent bank.

Worth keeping in mind

Verbatim disclosure error in MD&A stating the company operates in Engineering, Procurement and Construction rather than textiles.
Incorporation records dating to March 1996 were missing during physical RoC inspection, forcing reliance on internal registers.
Promoter financial entanglement including 7.96 crore in unsecured loans availed from CMD Punit Arora and ₹43.20 Lakhs rent paid to a related entity in FY25.
Sudden auditor resignation on July 5, 2025, replaced by a new statutory auditor via shareholder meeting on July 7, 2025.
Uncorrected MD&A narrative reporting a 23.61% drop in material costs for FY23 despite an increase from ₹62.03 crore to ₹76.67 crore.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹148Cr

Close Price

₹80.45

Industry

Textiles - Spinning - Synthetic / Blended

Price To Earnings

—

Price To Sales

1.21

Revenue

₹122Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Standalone

Numbers

Percentage

Quarter
Revenue RevenueCr
Growth YoY Revenue Growth YoY%
Expenses ExpensesCr
Operating Profit Operating ProfitCr
OPM OPM%
Other Income Other IncomeCr
Interest Expense Interest ExpenseCr
Depreciation DepreciationCr
PBT PBTCr
Tax TaxCr
PAT PATCr
Growth YoY PAT Growth YoY%
NPM NPM%
EPS EPS₹

Quarter
Revenue RevenueCr
Growth YoY Revenue Growth YoY%
Expenses ExpensesCr
Operating Profit Operating ProfitCr
OPM OPM%
Other Income Other IncomeCr
Interest Expense Interest ExpenseCr
Depreciation DepreciationCr
PBT PBTCr
Tax TaxCr
PAT PATCr
Growth YoY PAT Growth YoY%
NPM NPM%
EPS EPS₹

Standalone

Numbers

Percentage

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	82	93	112	122
Growth Revenue Growth%		13.2	21.2	8.6
Expenses ExpensesCr	78	83	99	98
Operating Profit Operating ProfitCr	4	9	13	24
OPM OPM%	5.0	10.2	11.8	19.4
Other Income Other IncomeCr	0	0	0	0
Interest Expense Interest ExpenseCr	2	3	3	3
Depreciation DepreciationCr	2	2	2	2
PBT PBTCr	0	5	9	19
Tax TaxCr	0	4	2	5
PAT PATCr	0	1	7	14
Growth PAT Growth%		336.0	399.4	106.1
NPM NPM%	0.4	1.4	6.0	11.4
EPS EPS₹	0.3	1.3	5.7	11.6

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	82	93	112	122
Growth Revenue Growth%		13.2	21.2	8.6
Expenses ExpensesCr	78	83	99	98
Operating Profit Operating ProfitCr	4	9	13	24
OPM OPM%	5.0	10.2	11.8	19.4
Other Income Other IncomeCr	0	0	0	0
Interest Expense Interest ExpenseCr	2	3	3	3
Depreciation DepreciationCr	2	2	2	2
PBT PBTCr	0	5	9	19
Tax TaxCr	0	4	2	5
PAT PATCr	0	1	7	14
Growth PAT Growth%		336.0	399.4	106.1
NPM NPM%	0.4	1.4	6.0	11.4
EPS EPS₹	0.3	1.3	5.7	11.6

Standalone

Numbers

Percentage

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	11	12	12
Reserves ReservesCr	12	3	17	31
Current Liabilities Current LiabilitiesCr	21	39	39	47
Non Current Liabilities Non Current LiabilitiesCr	10	7	9	7
Total Liabilities Total LiabilitiesCr	43	60	76	96
Current Assets Current AssetsCr	32	48	62	81
Non Current Assets Non Current AssetsCr	12	12	14	15
Total Assets Total AssetsCr	43	60	76	96

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	11	12	12
Reserves ReservesCr	12	3	17	31
Current Liabilities Current LiabilitiesCr	21	39	39	47
Non Current Liabilities Non Current LiabilitiesCr	10	7	9	7
Total Liabilities Total LiabilitiesCr	43	60	76	96
Current Assets Current AssetsCr	32	48	62	81
Non Current Assets Non Current AssetsCr	12	12	14	15
Total Assets Total AssetsCr	43	60	76	96

Standalone

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-10	-1	-3	6
Investing Cash Flow Investing Cash FlowCr	-1	-1	-4	-3
Financing Cash Flow Financing Cash FlowCr	9	2	6	-3
Net Cash Flow Net Cash FlowCr	-2	0	-1	0
Free Cash Flow Free Cash FlowCr	-11	-2	-7	3
CFO To PAT CFO To PAT%	-3,146.1	-54.9	-38.2	42.5
CFO To EBITDA CFO To EBITDA%	-235.7	-7.8	-19.4	24.9

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-10	-1	-3	6
Investing Cash Flow Investing Cash FlowCr	-1	-1	-4	-3
Financing Cash Flow Financing Cash FlowCr	9	2	6	-3
Net Cash Flow Net Cash FlowCr	-2	0	-1	0
Free Cash Flow Free Cash FlowCr	-11	-2	-7	3
CFO To PAT CFO To PAT%	-3,146.1	-54.9	-38.2	42.5
CFO To EBITDA CFO To EBITDA%	-235.7	-7.8	-19.4	24.9

Standalone

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					148
Price To Earnings Price To Earnings
Price To Sales Price To Sales					1.2
Price To Book Price To Book					1.2
EV To EBITDA EV To EBITDA
Profitability Ratios Profitability Ratios
GPM GPM%	10.6	22.6	16.5	24.8	24.8
OPM OPM%	5.0	10.2	11.8	19.4	19.4
NPM NPM%	0.4	1.4	6.0	11.4	11.4
ROCE ROCE%	5.9	17.4	19.9	29.2	29.2
ROE ROE%	2.4	9.6	23.4	32.5	32.5
ROA ROA%	0.7	2.2	8.8	14.4	14.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					148
Price To Earnings Price To Earnings
Price To Sales Price To Sales					1.2
Price To Book Price To Book					1.2
EV To EBITDA EV To EBITDA
Profitability Ratios Profitability Ratios
GPM GPM%	10.6	22.6	16.5	24.8	24.8
OPM OPM%	5.0	10.2	11.8	19.4	19.4
NPM NPM%	0.4	1.4	6.0	11.4	11.4
ROCE ROCE%	5.9	17.4	19.9	29.2	29.2
ROE ROE%	2.4	9.6	23.4	32.5	32.5
ROA ROA%	0.7	2.2	8.8	14.4	14.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SONA	PARASYNTEX
Market CapitalizationMkt CapCr	557	148
Close PriceClose₹	98.00	80.45
IndustryIndustry	Textiles - Spinning - Synthetic / Blended	Textiles - Spinning - Synthetic / Blended
Price To EarningsPE	16.36
Price To SalesPS	1.08	1.21
RevenueRevenueCr	517	122
Revenue Growth TTMRev Gr TTM%
PAT Growth TTMPAT Gr TTM%

	SONA	PARASYNTEX
Market CapitalizationMkt CapCr	557	148
Close PriceClose₹	98.00	80.45
IndustryIndustry	Textiles - Spinning - Synthetic / Blended	Textiles - Spinning - Synthetic / Blended
Price To EarningsPE	16.36
Price To SalesPS	1.08	1.21
RevenueRevenueCr	517	122
Revenue Growth TTMRev Gr TTM%
PAT Growth TTMPAT Gr TTM%

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