Update on Alternicq Limited (formerly Manjushree Technopack Limited), which has a Scheme of Amalgamation with Pravesha Industries Private Limited currently pending before the National Company Law Tribunal (NCLT), Chandigarh Bench.
FY25 (₹ in Crore)
| Alternicq | Pravesha | Combined | |
|---|---|---|---|
| Total Income | 2,584.0 | 602.8 | 3,186.8 |
| PBT | 266.7 | 94.3 | 361.0 |
| PAT | 247.6 | 70.9 | 318.5 |
| Net Worth | 1,411.1 | 648.6 | — |
9M FY26 (₹ in Crore)
| Alternicq | Pravesha | Combined | |
|---|---|---|---|
| Total Income | 1,910.2 | 453.6 | 2,363.8 |
| PBT | (1.7) | 108.2 | 106.5 |
| Net Worth | 1,410.3 | 759.1 | — |
| Pre-Scheme | Post-Scheme (Combined) | |
|---|---|---|
| Total Equity Shares | 9,43,70,875 | 11,08,32,795 |
| Promoters & Promoter Group | 8,68,11,980 (92%) | 9,99,97,979 (~90%) |
| Public / Other Shareholders | 75,58,895 (8%) | 1,08,34,816 (~10%) |
As recommended by GT Valuation Advisors Private Limited (Registered Valuer) and incorporated into the Scheme:
111 equity shares of Alternicq (face value ₹2 each), for every 100 equity shares / CCPS of Pravesha (face value ₹10 each)
At an illustrative unlisted price of ₹850 per share and the post-scheme total outstanding share count of 11,08,32,795 shares, the implied market capitalisation of the combined entity works out to approximately ₹9,420.8 Crore.
(This is an illustrative, indicative figure for reference only. It is not sourced from the company’s Valuation Report and should not be treated as a target price or recommendation.)
CRISIL Ratings, in its rationale dated May 20, 2026, has indicated that requisite NCLT approvals are expected to be completed by September 2026. The rationale continues to affirm Alternicq’s established market position, healthy operating efficiency, and strong financial risk profile (debt/EBITDA of ~1.3x for FY25), and projects standalone FY26 revenue growth of ~5% to ~₹2,716 Crore and PAT of ~₹76 Cr.
The Scheme is currently pending approval from Alternicq’s unsecured creditors at an NCLT-convened meeting, following which it will require final NCLT sanction. We will continue to track and share updates as the process progresses.
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