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EPIGRAL - Epigral

📊 NSE: EPIGRAL 🏢 Chemicals 📅 Last Updated: 12/13/2025 21:55

📢 Recent Corporate Announcements

Epigral to Host Q4 FY26 Earnings Conference Call on May 2, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 28 Apr 2026, 03:02 PM

Epigral Limited has scheduled its Q4 FY26 earnings conference call for Saturday, May 2, 2026, at 4:30 PM IST. The call will be attended by top management, including the Chairman and Managing Director, Executive Director, and CFO, to discuss the company's financial performance. This is a standard post-earnings interaction facilitated by Emkay Global Financial Services. Investors can join via the provided universal access numbers or international toll-free lines.

Conference call scheduled for May 2, 2026, at 4:30 PM IST to discuss Q4 FY26 results.
Participation from top management including CMD Maulik Patel and CFO Rakesh Agrawal.
Hosted by Emkay Global Financial Services with DiamondPass registration available.
International toll-free dial-in numbers provided for major regions including USA, UK, and Singapore.

💡 Investors should review the Q4 FY26 financial results once released and attend the call to gain insights into management's outlook on margins and growth guidance.

Epigral Seeks Shareholder Approval for Re-appointment of Three Independent Directors

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 17 Apr 2026, 12:15 PM

Epigral Limited has issued a postal ballot notice to seek shareholder approval for the re-appointment of three Non-Executive Independent Directors for a second five-year term starting May 20, 2026. The directors proposed for re-appointment are Mr. Sanjay Asher, Mr. Kanubhai Patel, and Mr. Raju Swamy. Notably, a special resolution is required for Mr. Raju Swamy as he has surpassed the age of 75 years. The e-voting period for these resolutions is scheduled from April 20, 2026, to May 19, 2026, with results expected by May 21, 2026.

Proposed re-appointment of three Independent Directors for a second term of 5 consecutive years each.
New terms for all three directors are scheduled to run from May 20, 2026, until May 19, 2031.
Special resolution sought for Mr. Raju Swamy's continuation as he is over 75 years of age.
E-voting window opens on April 20, 2026, and concludes on May 19, 2026.
Cut-off date for determining shareholder eligibility for voting was April 10, 2026.

💡 Investors should review the credentials and past contributions of the independent directors to ensure the board maintains strong governance. Shareholders eligible as of April 10, 2026, should cast their votes during the e-voting window ending May 19, 2026.

Epigral Re-appoints Three Independent Directors for a Second 5-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 16 Apr 2026, 05:12 PM

Epigral Limited has approved the re-appointment of three Non-Executive Independent Directors—Mr. Sanjay Asher, Mr. Kanubhai Patel, and Mr. Raju Swamy—for a second consecutive term of five years each. These appointments are effective from May 20, 2026, to May 19, 2031, subject to shareholder approval via postal ballot. The directors bring diverse expertise in legal, finance, and business strategy, ensuring continuity in the company's governance framework. This move reflects the board's confidence in the existing independent oversight as the company moves into its next growth phase.

Re-appointment of three Independent Directors for a second term of 5 consecutive years each.
New terms for all three directors will run from May 20, 2026, to May 19, 2031.
Mr. Sanjay Asher brings over 30 years of legal expertise in M&A and capital markets.
Mr. Kanubhai Patel offers over 3 decades of experience in finance and general management.
Mr. Raju Swamy contributes over 40 years of experience in family business consulting and governance.

💡 This is a routine governance update that ensures stability and continuity within the board. No immediate action is required from investors as this maintains the current leadership oversight.

Epigral Limited Schedules Investor Meeting with Dhamma Capital on April 10, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Apr 2026, 02:49 PM

Epigral Limited has announced a scheduled interaction with Dhamma Capital on April 10, 2026, via video conferencing. This meeting is part of the company's routine engagement with institutional investors under SEBI Listing Obligations. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during the discussion. Investors are directed to the existing corporate and earnings presentations available on the company's official website for current business details.

Meeting with Dhamma Capital scheduled for April 10, 2026, via Video Conferencing.
Interaction conducted under Regulation 30 of SEBI (LODR) Regulations, 2015.
Company confirms that no unpublished price sensitive information will be disclosed.
Discussion will be based on existing Earnings and Corporate Presentations already in the public domain.

💡 No immediate action is required as this is a routine investor interaction. Shareholders may monitor the company's website for any post-meeting transcripts or updated presentations.

Epigral Limited Schedules Investor Meeting with Dhamma Capital on April 10, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Apr 2026, 02:45 PM

Epigral Limited has scheduled a meeting with Dhamma Capital on April 10, 2026, via video conferencing. This interaction is part of the company's routine engagement with institutional investors to discuss publicly available corporate and earnings information. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during the call. Such meetings are standard for maintaining transparency with the investment community and do not typically signal immediate fundamental changes.

Meeting with Dhamma Capital scheduled for April 10, 2026, via Video Conferencing.
Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
Company explicitly stated that no unpublished price sensitive information (UPSI) will be discussed.
Discussions will be based on existing Earnings and Corporate Presentations already available on the company website.

💡 No immediate action is required as this is a routine investor interaction; investors may review the existing corporate presentations on the company's website for context.

Epigral Limited Submits Quarterly SEBI Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Apr 2026, 01:12 PM

Epigral Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ending March 31, 2026. The certificate, issued by Registrar MUFG Intime India Private Limited, confirms that all dematerialization requests were processed and certificates were mutilated/cancelled within prescribed timelines. This filing ensures that the company's shareholding records are accurately maintained with the depositories. Such filings are standard procedural requirements for all listed entities in India.

Compliance certificate submitted for the quarter ended March 31, 2026.
Confirmation received from Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
Verified that securities received for dematerialization are listed on relevant stock exchanges.
Confirmed that physical security certificates were mutilated and cancelled after due verification.

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's upcoming full-year financial performance.

Epigral Limited Announces Trading Window Closure from April 1, 2026 for Q4 and FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Mar 2026, 04:47 PM

Epigral Limited has informed the stock exchanges that its trading window for dealing in equity shares will be closed starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of audited financial results for the fourth quarter and full year ending March 31, 2026. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are made public. The company has also implemented PAN-level freezing via CDSL to ensure regulatory compliance.

Trading window closure effective from Wednesday, April 1, 2026.
Closure pertains to the Audited Financial Results for Q4 and the full year ended March 31, 2026.
Restriction applies to all Insiders, Directors, Promoters, and Designated Persons.
Trading window to reopen 48 hours after the official declaration of financial results.
PAN-level freezing implemented for ISIN INE071N01016 through Central Depository Service Limited.

💡 This is a routine regulatory announcement and does not impact the company's fundamentals. Investors should monitor for the upcoming board meeting date announcement to review the Q4 and FY26 performance.

Epigral Limited to Hold One-on-One Investor Meeting with Ardeko Asset Management

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Mar 2026, 05:03 PM

Epigral Limited has scheduled a one-on-one meeting with Ardeko Asset Management Pvt. Ltd. on March 12, 2026. The interaction will take place via video conferencing to discuss the company's performance and outlook. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this session. This meeting is part of the company's routine investor relations activities as per SEBI regulations.

One-on-one meeting scheduled with Ardeko Asset Management Pvt. Ltd. on March 12, 2026.
The meeting will be conducted through Video Conferencing (V.C.) mode.
Discussions will be based on the latest Earnings Presentation and Corporate Presentation already available on the company website.
The company confirmed that no unpublished price sensitive information will be disclosed.

💡 No immediate action is required as this is a routine investor interaction. Investors can review the latest corporate presentation on the company's website to understand the current business trajectory.

Epigral Limited to Hold One-on-One Meeting with Abakkus Asset Manager on March 9

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Mar 2026, 05:54 PM

Epigral Limited has scheduled a one-on-one meeting with Abakkus Asset Manager Private Limited on March 9, 2026. The meeting will be conducted via video conferencing as part of the company's regular investor relations activities. Management has confirmed that no unpublished price sensitive information (UPSI) will be shared during the discussion. The interaction will likely focus on the company's existing corporate and earnings presentations already available in the public domain.

One-on-one meeting scheduled with Abakkus Asset Manager Private Limited.
The interaction is set for Monday, March 9, 2026, via Video Conferencing.
Company explicitly stated that no unpublished price sensitive information will be disclosed.
Discussions will be based on the latest Earnings and Corporate Presentations available on the company website.

💡 No immediate action is required as this is a routine investor interaction. Investors should monitor for any subsequent disclosures or management commentary that may emerge from such institutional engagements.

Epigral Limited to Hold One-on-One Investor Meeting with Sameeksha Capital on March 2, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Feb 2026, 06:16 PM

Epigral Limited has scheduled a one-on-one meeting with Sameeksha Capital Pvt. Ltd. via video conferencing on March 2, 2026. This interaction is part of the company's regular engagement with institutional investors to discuss business performance. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this session. Discussions will be based on the latest earnings and corporate presentations already available in the public domain.

One-on-one meeting scheduled with Sameeksha Capital Pvt. Ltd. for March 2, 2026.
The meeting will be conducted through Video Conferencing (V.C.) mode.
Company confirms that no unpublished price sensitive information (UPSI) will be discussed.
Interaction will focus on the latest Earnings Presentation and Corporate Presentation available on the company website.
Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 No immediate action is required as this is a routine investor relations activity. Investors can review the latest corporate presentations on the company's website to understand the current business trajectory.

Epigral Limited to Meet Institutional Investors and Analysts on February 10, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Feb 2026, 03:34 PM

Epigral Limited has announced its participation in the Systematix India Annual Conference scheduled for February 10, 2026, in Mumbai. Additionally, the company will hold one-on-one physical meetings with Vallum Capital Advisors Pvt. Ltd. and Svan Investments Advisors on the same day. These meetings are part of the company's regular investor outreach program to discuss existing corporate and earnings presentations. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during these interactions.

Participation in Systematix India Annual Conference on February 10, 2026
One-on-one physical meetings scheduled with Vallum Capital Advisors and Svan Investments Advisors
All scheduled meetings will take place in Mumbai
Discussions will be limited to publicly available earnings and corporate presentations
Compliance with Regulation 30 of SEBI (LODR) Regulations, 2015

💡 This is a routine disclosure; investors should monitor the company's website for any updated corporate presentations that might be discussed during these meetings.

Epigral Limited Awarded EcoVadis Silver Medal; Ranks in Top 15% Globally

🟢 POSITIVE ⭐ 4/10

OTHER 📅 03 Feb 2026, 04:53 PM

Epigral Limited has achieved the EcoVadis Silver Medal, placing it in the top 15% of over 150,000 companies evaluated globally for sustainability. This rating assesses the company's performance across four key pillars: Environment, Labor & Human Rights, Ethics, and Sustainable Procurement. As India's leading integrated chemical manufacturer, this recognition validates Epigral's commitment to ESG principles within its operations at Dahej, Gujarat. Such certifications are increasingly critical for attracting institutional investment and maintaining supply chain relationships with global clients.

Awarded the prestigious EcoVadis Silver Medal for sustainability excellence.
Ranked within the top 15% of more than 150,000 companies assessed worldwide.
Performance evaluated across Environment, Labor & Human Rights, Ethics, and Sustainable Procurement.
Reinforces the company's position as a responsible manufacturer of CPVC, Epichlorohydrin, and Caustic Soda.

💡 Investors should recognize this as a positive step in the company's ESG journey, which can lead to better valuation multiples and interest from ESG-focused funds. No immediate portfolio changes are necessary based on this news alone.

Epigral Q3 FY26: Revenue Grows 2% to ₹603 Cr; EBITDA Margins Contract to 17% Amid Cost Pressures

🔵 WATCH ⭐ 7/10

EARNINGS 📅 03 Feb 2026, 04:38 PM

Epigral reported a marginal 2% sequential revenue growth to ₹603 crores in Q3 FY26, though EBITDA fell 22% to ₹103 crores due to lower realizations and higher raw material costs. The Derivatives and Specialty segment now contributes 52% of total revenue, aligning with the company's long-term target of 70%. Management highlighted a volume recovery starting mid-November 2025 and expects significant contributions from the chlorotoluene value chain starting FY27. Despite current margin pressure, the company maintains a healthy net debt to EBITDA ratio of 1.0x.

Revenue grew 2% QoQ to ₹603 crores; EBITDA margins contracted to 17% from 22% in 9M FY26.
Derivatives and Specialty business contribution increased to 52% of total revenue.
Net debt remains stable at ₹557 crores with a comfortable Net Debt/EBITDA ratio of 1.0x.
Chlorotoluene value chain and CPVC capacity doubling on track for significant FY27 impact.
ECU realizations remained steady at approximately ₹29,000 to ₹30,000 per unit.

💡 Investors should monitor the recovery in realizations and the ramp-up of the chlorotoluene plant in FY27. The shift toward high-margin specialty derivatives provides a long-term cushion against commodity price volatility.

Epigral Limited Releases Audio Recording of Q3 FY2026 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 31 Jan 2026, 10:32 AM

Epigral Limited has officially released the audio recording of its Q3 FY2026 earnings conference call held on January 30, 2026. The recording provides a detailed discussion of the company's financial performance and operational updates for the quarter ending December 2025. This disclosure is part of the mandatory regulatory requirements under SEBI (LODR) Regulations, 2015. Investors can access the full audio via the company's website to understand management's perspective on market trends and future growth strategies.

Audio recording of the Q3 FY2026 earnings call is now available for public access.
The conference call was conducted on January 30, 2026, at 5:00 p.m. IST.
The recording covers management's commentary on the financial results for the third quarter of fiscal year 2026.
Compliance filing made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations.
Direct links to the audio file and the results section of the company website have been provided.

💡 Investors should listen to the recording to understand management's outlook on the chemical sector and specific volume growth guidance. It is a valuable resource for assessing the qualitative aspects of the Q3 performance.

Epigral Q3 FY26 Revenue at ₹603 Cr; PAT Drops 62% YoY to ₹39 Cr Amid Margin Pressure

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 30 Jan 2026, 02:35 PM

Epigral reported a weak Q3 FY26 with PAT falling 62% YoY to ₹39 Crore, primarily due to lower realizations and higher raw material costs. Revenue declined 7% YoY to ₹603 Crore, though it showed a marginal 2% sequential growth. EBITDA margins contracted significantly to 17% from 23% in the previous quarter. Despite short-term headwinds from an extended monsoon, management expects a recovery in Q4 FY26 and remains focused on its massive expansion projects in CPVC and Epichlorohydrin set for FY27.

Revenue stood at ₹603 Cr, down 7% YoY but up 2% QoQ, with 52% contribution from Derivatives & Specialty segment.
PAT declined significantly to ₹39 Cr from ₹104 Cr in Q3FY25 and ₹51 Cr in Q2FY26.
EBITDA margins compressed to 17% due to softer product realizations and elevated input costs.
Net Debt increased to ₹557 Cr with a Net Debt/EBITDA ratio of 1.0x as of December 2025.
Major capex of ₹337 Cr spent in 9MFY26 on doubling CPVC and Epichlorohydrin capacities.

💡 Investors should monitor the recovery in realizations and margin stabilization in Q4 as guided by management. While current earnings are under pressure, the long-term growth depends on the successful commissioning of high-value specialty chemical capacities in FY27.

View All EPIGRAL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue from the Specialty and Derivative segment grew significantly, increasing its revenue share to 54% in the first nine months of FY2025 compared to 42% in the previous year. Overall revenue for FY2024-25 reached INR 2,550.13 Cr, a 32.2% increase from INR 1,929.19 Cr in FY2023-24. However, H1 FY2026 saw a 6% YoY revenue decline to INR 1,204 Cr due to lower realizations.

Geographic Revenue Split

Not disclosed in available documents; however, the company focuses on import substitution for the domestic Indian market for products like ECH and CPVC where domestic capacity is low.

Profitability Margins

Profit After Tax (PAT) for FY2024-25 was INR 356.70 Cr, representing a 14% net margin, up from INR 195.79 Cr (10.1% margin) in FY2023-24. H1 FY2026 PAT stood at INR 212 Cr (18% margin), though this was aided by a one-time deferred tax credit of INR 81 Cr.

EBITDA Margin

EBITDA margin was 28.5% in FY2024-25 (INR 725.93 Cr) compared to 25.3% in FY2023-24. In Q2 FY2026, the margin compressed to 23% (INR 132 Cr) from 29% in Q2 FY2025 due to a drop in product realizations while raw material costs remained stagnant.

Capital Expenditure

The company is investing INR 780 Cr to double capacities for CPVC (to 150,000 TPA) and ECH (to 100,000 TPA). In H1 FY2026, actual capex spent was INR 236 Cr.

Credit Rating & Borrowing

Long-term credit rating is CRISIL AA-/Positive (upgraded from Stable) and short-term rating is CRISIL A1+. Adjusted interest coverage is healthy at 6-9 times for the FY2024-2027 period.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Glycerol (for ECH production), Salt (for Caustic Soda), and Chlorine. Raw material costs remained high in Q2 FY2026, contributing to a 19% drop in EBITDA as realizations fell.

Capacity Expansion

Current CPVC capacity is 75,000 TPA, expanding to 150,000 TPA; ECH is 50,000 TPA, expanding to 100,000 TPA by H1 FY2027. The Chlorotoluene value chain plant was commissioned in March 2025.

Raw Material Costs

Raw material costs as a percentage of revenue increased in Q2 FY2026 as product prices dropped while input costs stayed flat. The company uses a glycerol-based process for ECH to manage costs and sustainability.

Manufacturing Efficiency

Overall plant utilization stood at 78% in Q2 FY2026, down from 83% in Q2 FY2025. H1 FY2026 utilization was 75% compared to 83% in H1 FY2025.

📈 Strategic Growth

Expected Growth Rate

12-15%

Growth Strategy

Growth will be driven by doubling CPVC and ECH capacities by H1 FY2027 and ramping up the new Chlorotoluene value chain, which is expected to contribute significantly from FY2027. The strategy focuses on import substitution for high-demand derivatives and increasing the specialty revenue share to 70%.

Products & Services

Caustic Soda, Chlorine, Hydrogen, Chloromethanes (CMS), Chlorinated Polyvinyl Chloride (CPVC), Epichlorohydrin (ECH), and Chlorotoluene derivatives.

Brand Portfolio

Epigral (formerly Meghmani Finechem).

New Products/Services

Chlorotoluene value chain and expanded CPVC/ECH capacities are expected to drive double-digit revenue growth over the medium term.

Market Expansion

Focusing on downstream chlorine and hydrogen derivatives to diversify away from the competitive Chlor-Alkali market.

Market Share & Ranking

The company is a major player in the Indian Chlor-Alkali industry, competing with GACL, DCM Shriram, and Grasim.

Strategic Alliances

Part of the Ahmedabad-based Meghmani Group; originally a subsidiary of Meghmani Organics Ltd.

🌍 External Factors

Industry Trends

The industry is shifting toward integrated operations and downstream derivatives. Epigral is positioning itself by moving from a 30% specialty mix in FY2023 to a target of 70% to insulate against commodity price cycles.

Competitive Landscape

Intensely competitive Chlor-Alkali market dominated by large players like Gujarat Alkalis and Chemicals Ltd (GACL) and Grasim Industries.

Competitive Moat

Moat is built on integrated operations (captive chlorine/hydrogen use) and a low-cost production model. Sustainability is supported by being the first in India to use glycerol-based ECH production.

Macro Economic Sensitivity

Demand is sensitive to slowdowns in key end-user industries (textiles, alumina, paper) which can lead to destocking and lower realizations.

Consumer Behavior

Increased domestic demand for CPVC (pipes) and ECH (epoxy resins) is driving the shift toward these import-substitute products.

Geopolitical Risks

Exposure to global supply chain shifts and regulatory changes in environmental laws.

⚖️ Regulatory & Governance

Industry Regulations

Subject to environmental regulations on greenhouse gases and hazardous chemical management. Compliance with Extended Producer Responsibility (EPR) for packaging waste is maintained.

Environmental Compliance

Invested in an 18.34 MW wind-solar hybrid plant and uses waste-minimizing technologies to comply with emission and wastewater disposal norms.

Taxation Policy Impact

The company shifted to a new tax rate of 25.17% in FY2026, which resulted in a one-time reduction of deferred tax liability by INR 81 Cr.

⚠️ Risk Analysis

Key Uncertainties

Vulnerability of operating margins to fluctuations in Caustic Soda prices and potential delays in the commissioning of the INR 780 Cr CPVC/ECH expansion projects.