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Styrenix Q3 Standalone PAT Dips 7.5% to ₹44.3 Cr; Thailand Integration Impacts Margins
Styrenix Performance Materials reported a 6.2% YoY decline in standalone total income to ₹648.8 crore for Q3 FY '26, while standalone EBITDA margins improved to 11.7%. The consolidated performance was significantly impacted by the recently acquired Thailand business, which faced inventory losses due to falling raw material prices and a transition to new brand names. Despite the profit dip, standalone sales volumes grew by 7.6% YoY to 51.1 KT. Management confirmed that 90% of Thailand customers have been successfully retained during the brand validation process.
Key Highlights
Standalone EBITDA margins improved by 80 basis points YoY to 11.7% despite lower revenue.
Standalone sales volume grew 7.6% YoY to 51.1 KT, while consolidated volume reached 66 KT.
Consolidated PAT stood at ₹16.3 crore, dragged down by inventory losses in the Thailand subsidiary.
One-time impact of ₹3.1 crore recorded due to new labor code implementation regarding gratuity and leave encashment.
Thailand business successfully transitioned most customers from INEOS brands to internal brands Absolac and Absolan.
💼 Action for Investors
Investors should monitor the stabilization of the Thailand subsidiary as inventory losses are expected to be temporary during the brand transition phase. The standalone business remains fundamentally strong with volume growth, suggesting potential for consolidated recovery once the Thailand operations normalize.
Styrenix Receives INR 13.28 Crore Income Tax Demand; Cites Favorable High Court Precedent
Styrenix Performance Materials Limited has received an assessment order from the Income Tax Department for AY 2022-23, raising a demand of INR 13.28 crore. The demand is primarily related to transfer pricing adjustments on international transactions. Management has stated that this specific issue is already covered by a favorable Gujarat High Court order in the company's own case for earlier years. Consequently, the company expects a successful outcome at the appellate stage and does not foresee a material financial impact.
Key Highlights
Income Tax Department raised a demand of INR 13,28,47,790 for Assessment Year 2022-23.
The order pertains to transfer pricing matters relating to international transactions under Section 143(3).
Company claims the issue is directly covered by a favorable Gujarat High Court ruling in its own previous cases.
Management believes there is a strong likelihood of success at the appellate stage and no material impact on operations.
The order was received on January 31, 2026, and disclosed to exchanges on February 02, 2026.
💼 Action for Investors
Investors should monitor the progress of the tax appeal, but the existing legal precedent in the company's favor suggests limited risk of actual cash outflow. No immediate action is required as the company maintains a strong legal position.
Styrenix Q3 Standalone PAT at ₹44.3 Cr; Consolidated Impacted by Thailand Inventory Losses
Styrenix Performance Materials reported a standalone PAT of ₹44.3 crore for Q3 FY26, a slight decline from ₹47.7 crore YoY, despite a 7.6% increase in sales volumes to 51.1 KT. Standalone EBITDA margins improved to 11.7% from 10.9%, showing domestic resilience. However, consolidated performance was significantly dragged down by the newly acquired Thailand operations, with consolidated PAT falling to ₹16.3 crore due to inventory losses caused by falling raw material and product prices. Management remains optimistic about the medium-term benefits of the Thailand acquisition and notes a recovery in Polystyrene demand.
Key Highlights
Standalone sales volume grew 7.6% YoY to 51.1 KT in Q3 FY26, indicating strong market leadership in ABS and SAN.
Standalone EBITDA margins expanded by 80 bps YoY to 11.7% despite a slight dip in total income.
Consolidated PAT dropped to ₹16.3 crore, impacted by inventory losses in the Thailand subsidiary post-acquisition.
Total global capacity now stands at 185,000 TPA for ABS and 200,000 TPA for SAN following the Thailand expansion.
Polystyrene demand showed recovery in Q3 after a sluggish first half of the fiscal year.
💼 Action for Investors
Investors should monitor the stabilization of the Thailand operations and the trajectory of global polymer prices, as current consolidated earnings are being masked by one-time inventory losses. The standalone business remains fundamentally strong with improving margins.
Styrenix Q3 Profit at ₹44.35 Cr; Declares ₹23 Interim Dividend; Re-appoints Director
Styrenix Performance Materials reported a consolidated net profit of ₹44.35 crore for Q3 FY26, a sequential decline from ₹50.26 crore in the previous quarter. The board has declared a substantial second interim dividend of ₹23 per share (230%), maintaining its reputation for high shareholder payouts. Revenue from operations grew to ₹547.62 crore from ₹515.89 crore in Q2, though bottom-line performance was slightly impacted by a ₹3.10 crore exceptional item related to new labour code provisions. Leadership continuity is secured with the re-appointment of Mr. K. Ravishankar as Whole-time Director for a two-year term starting April 2026.
Key Highlights
Declared a 2nd interim dividend of ₹23 per equity share (230%) for FY 2025-26 with a record date of Feb 5, 2026.
Consolidated revenue for Q3 FY26 increased to ₹547.62 crore from ₹515.89 crore in the preceding quarter.
Net profit for the quarter stood at ₹44.35 crore, reflecting a sequential dip from ₹50.26 crore.
Recognized an exceptional item of ₹3.10 crore due to incremental liabilities from new Government Labour Codes.
Mr. K. Ravishankar re-appointed as Whole-time Director (KMP) for a period of 2 years effective April 1, 2026.
💼 Action for Investors
Investors should focus on the high dividend yield and ensure they hold shares by the February 5 record date to eligible for the ₹23 payout. While revenue growth is healthy, the slight sequential margin compression warrants a watch on raw material and operating costs.
Styrenix Declares ₹23 Interim Dividend; Q3 Net Profit at ₹44.35 Crore
Styrenix Performance Materials has declared a substantial second interim dividend of ₹23 per share (230% of face value) for FY 2025-26. The company reported a slight year-on-year decline in standalone net profit to ₹44.35 crore for Q3 FY26, down from ₹47.10 crore. Revenue also saw a marginal dip to ₹647.62 crore compared to ₹662.16 crore in the same period last year. The board has fixed February 5, 2026, as the record date for the dividend payout.
Key Highlights
Declared 2nd interim dividend of ₹23 per equity share for FY 2025-26
Standalone Q3 FY26 Revenue at ₹647.62 Cr vs ₹662.16 Cr YoY
Net Profit (PAT) for the quarter stood at ₹44.35 Cr, impacted by a ₹3.12 Cr exceptional item
Exceptional item of ₹3.12 Cr relates to incremental liability from new Labour Code notifications
Re-appointed Mr. K. Ravishankar as Whole-time Director for a 2-year term starting April 2026
💼 Action for Investors
The high dividend payout remains a strong positive for shareholders, offering a significant yield. Investors should hold the stock before the February 5 record date to be eligible for the ₹23 per share dividend.
Styrenix Declares Rs. 23 Interim Dividend; Q3 Revenue Rises to Rs. 643.89 Crore
Styrenix Performance Materials has declared a significant second interim dividend of Rs. 23 per share (230%) for FY 2025-26, with the record date fixed as February 05, 2026. The company reported a steady revenue growth to Rs. 643.89 crore in Q3 FY26, although net profit slightly dipped to Rs. 44.35 crore from Rs. 47.70 crore year-on-year. Profitability was marginally impacted by an exceptional item of Rs. 3.12 crore related to new Labour Code provisions for gratuity and leave encashment. The board also approved the re-appointment of Mr. K. Ravishankar as Whole-time Director for two years.
Key Highlights
Declared 2nd Interim Dividend of Rs. 23 per equity share with a record date of February 05, 2026
Q3 FY26 revenue from operations increased to Rs. 643.89 crore vs Rs. 611.74 crore in Q3 FY25
Net profit for the quarter stood at Rs. 44.35 crore, reflecting a slight YoY decline from Rs. 47.70 crore
Exceptional charge of Rs. 3.12 crore recognized due to estimated liabilities from new Government Labour Codes
Re-appointed Mr. K. Ravishankar as Whole-time Director for a 2-year term effective April 01, 2026
💼 Action for Investors
The high dividend payout remains a key attraction for shareholders, reflecting the company's strong cash position despite minor margin pressure. Investors should hold for the dividend yield while monitoring the impact of raw material costs on future earnings.
Styrenix Q3 PAT at ₹44.35 Cr; Declares ₹23 Interim Dividend
Styrenix Performance Materials reported a slight year-on-year decline in consolidated revenue to ₹646.55 crore for Q3 FY26. Net profit for the quarter stood at ₹44.35 crore, down from ₹47.10 crore in the previous year, partly due to a ₹3.12 crore exceptional item related to new labor code provisions. To reward shareholders, the board has declared a substantial second interim dividend of ₹23 per share (230%). Additionally, the company has extended the tenure of its Whole-time Director, Mr. K. Ravishankar, for two more years.
Key Highlights
Consolidated Net Profit for Q3 FY26 stood at ₹44.35 crore compared to ₹47.10 crore in Q3 FY25.
Declared a 2nd Interim Dividend of ₹23 per equity share with a record date of February 05, 2026.
Total Income for the quarter was ₹646.55 crore, a marginal decrease from ₹662.16 crore YoY.
Exceptional item of ₹3.12 crore recognized due to incremental gratuity and leave encashment liabilities under new Labour Codes.
Mr. K. Ravishankar re-appointed as Whole-time Director for a 2-year term effective April 01, 2026.
💼 Action for Investors
The high dividend payout remains the primary catalyst for investors; those seeking yield should note the February 5th record date. While earnings were slightly soft, the underlying business remains stable despite regulatory-driven exceptional costs.