Epigral Limited (EPIGRAL)
₹995.80 +2.20% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Epigral's revenue was ₹705 Cr (+16.3% year on year, -4.2% on the previous quarter), and net profit ₹99.7 Cr (-37.9% year on year); the operating margin was 25.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹705 | +16.3% | -4.2% |
| Operating profit | ₹179 | +9.7% | +6.9% |
| Net profit | ₹99.7 | -37.9% | +23.2% |
| EPS (₹) | 23.12 | -37.9% | +23.2% |
| Operating margin | 25.4% | — | — |
EPIGRAL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 55.39% of the EPIGRAL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.45%. That is close to its usual level.
Delivery in the last 5 sessions: 54.4% · 46.6% · 47.9% · 63.9% · 55.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Epigral Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September 2026. The certificate from RTA MUFG Intime India confirms that all securities received for dematerialisation during the period were processed and listed on stock exchanges within prescribed timelines. This is a recurring administrative filing and carries no financial or operational impact.
- Compliance certificate filed for the quarter ended 30th September 2026
- Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Certificate confirmed by RTA MUFG Intime India Private Limited on 03-10-2026
Epigral Limited announced that company officials will participate in the Anand Rathi Annual Flagship Conference: G-200 Summit 2026 on September 21, 2026, in Mumbai. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the interactions. This is a routine institutional investor conference participation intimation under SEBI Listing Regulations.
- Officials participating in Anand Rathi Annual Flagship Conference: G-200 Summit 2026
- Scheduled date of conference: September 21, 2026
- Location of the event: Mumbai
- Company confirmed no unpublished price sensitive information (UPSI) will be discussed
Epigral Limited has notified exchanges of an upcoming analyst and institutional investor plant visit by Bellwether Capital on Thursday, September 3, 2026. The visit is scheduled to take place at the company's plant in Dahej, Gujarat. The company stated that no unpublished price sensitive information (UPSI) will be discussed during the interaction.
- Plant visit scheduled for Thursday, 3rd September, 2026
- Participating institutional firm: Bellwether Capital
- Visit location: Dahej, Gujarat facility
- Company confirmed no UPSI will be shared or discussed
Epigral Limited has informed the exchanges of a scheduled one-on-one investor/analyst meeting with Incred Research Services Pvt. Ltd. on Thursday, August 20, 2026, in Ahmedabad. The company confirmed that discussions will rely on publicly available presentations and no unpublished price sensitive information (UPSI) will be shared. This is a routine compliance filing pursuant to SEBI LODR Regulation 30 with no financial impact.
- One-on-one meeting scheduled with Incred Research Services Pvt. Ltd.
- Meeting set for Thursday, 20th August, 2026, in Ahmedabad.
- Company confirmed that no unpublished price sensitive information (UPSI) will be shared.
Epigral Limited has announced its participation in the EMKAY Confluence 2026 investor conference scheduled for August 12, 2026, in Mumbai. This interaction comes at a time when the company is managing a TTM revenue of ₹2,527 Cr and an operating margin of 22.4%. Management is likely to discuss the progress of its capacity expansions, specifically the doubling of CPVC and ECH capacities targeted for H1 FY2027. While the meeting itself is routine, it provides institutional investors an update on the ramp-up of the Chlorotoluene value chain commissioned in March 2025.
- Participation in EMKAY Confluence 2026 scheduled for August 12, 2026, in Mumbai.
- Company is currently executing a capacity expansion to reach 150,000 TPA for CPVC by H1 FY2027.
- ECH capacity is also slated to double to 100,000 TPA within the same H1 FY2027 timeline.
- TTM revenue stands at ₹2,527 Cr with a current market capitalization of ₹4,751 Cr.
Epigral reported a resilient Q1 FY27 with revenue growing 15% YoY to ₹709 Cr and adjusted PAT rising 25% to ₹99 Cr, despite logistical headwinds from the West Asia conflict. The company announced a major strategic forward integration into Epoxy Resins with a 125,000 TPA capacity, which will consume 50% of its in-house Epichlorohydrin (ECH) production. Management also highlighted that the Chlorotoluene value chain, including a new multipurpose plant, is expected to reach a top-line of ₹700-800 Cr at peak utilization. EBITDA margins saw a slight compression to 25% from 27% YoY due to volatile raw material costs.
- Q1 FY27 Revenue increased 15% YoY to ₹709 Cr, driven by volume growth and improved realizations.
- Announced new 125,000 TPA Epoxy Resin & Formulations capacity to leverage integrated ECH and Caustic Soda production.
- Chlorotoluene value chain revenue potential estimated at ₹700-800 Cr, up from the current base project potential of ₹300-350 Cr.
- CPVC and ECH capacity doubling projects are on track for completion by H1 FY2027.
- Net debt-to-EBITDA remains healthy at 0.8x as of June 30, 2026, despite ₹62 Cr capex spend in Q1.
Epigral reported a resilient Q1 FY27 with revenue growing 15% YoY to ₹709 cr and adjusted PAT rising 25% to ₹99 cr, despite logistical disruptions from the West Asia conflict. The company announced a major strategic entry into Epoxy Resins with a 125,000 TPA capacity, designed to consume 50% of its internal Epichlorohydrin (ECH) production. Management also detailed a new Multipurpose Plant (MPP) for specialty intermediates, with the combined Chlorotoluene and MPP value chain expected to generate ₹700-800 cr in annual revenue at peak. Existing projects to double CPVC and ECH capacities remain on track for H1 FY2027 completion.
- Revenue increased 15% YoY to ₹709 cr driven by higher volumes and realizations.
- Announced new 125,000 TPA Epoxy Resin & Formulations capacity to facilitate forward integration.
- Chlorotoluene and MPP value chain projected to reach ₹700-800 cr top line at peak utilization.
- Adjusted PAT grew 25% YoY to ₹99 cr (excluding a ₹81 cr deferred tax adjustment in the base year).
- Company plans to consume 50% of its expanded 100,000 TPA ECH capacity internally for Epoxy production.
Epigral Limited has released the audio recording of its Q1 FY27 earnings conference call held on July 27, 2026. This is a procedural filing following the company's quarterly results. Investors should look for management commentary regarding the doubling of CPVC and ECH capacities expected by H1 FY2027, which are key to the company's growth strategy. The company currently maintains a TTM revenue of Rs 2,527 Cr and an operating margin of 22.4%.
- Conference call conducted on July 27, 2026, at 5:00 p.m. IST
- Recording pertains to the financial performance of Q1 FY27
- Company is currently executing a capacity expansion to 150,000 TPA for CPVC by H1 FY2027
- ECH capacity is also being doubled to 100,000 TPA within the same H1 FY2027 timeline
Epigral reported a strong Q1 FY27 with revenue growing 15% YoY to ₹709 Cr, supported by 5% volume growth and improved realizations. Adjusted PAT (excluding one-time tax benefits in the base year) rose 25% to ₹99 Cr, while EBITDA margins remained robust at 25%. The company announced a major strategic expansion into Epoxy Resins (1,25,000 TPA) and a Multi-Purpose Plant (MPP) for H2 FY28. Meanwhile, existing expansions in CPVC and ECH are on track for commissioning in Q2 FY27, which will double their respective capacities.
- Revenue increased 15% YoY to ₹709 Cr with overall plant utilization exceeding 80%
- Adjusted PAT grew 25% to ₹99 Cr from ₹79 Cr in the previous year's corresponding quarter
- Board approved a new 1,25,000 TPA Epoxy Resin & Formulations plant expected to commission by H2 FY28
- CPVC capacity doubling to 1,50,000 TPA and ECH to 1,00,000 TPA remains on schedule for Q2 FY27
- Net Debt/EBITDA maintained at a conservative 0.8x despite ongoing heavy capital expenditure
Epigral reported a strong Q1 FY27 with revenue growing 15% YoY to ₹709 Cr and PAT increasing 25% to ₹99 Cr. The company announced a major ₹600 Cr capex (approx. 24% of TTM revenue) to enter the Epoxy Resin business with a 1,25,000 TPA capacity and a Multi-Purpose Plant (MPP). This expansion is a strategic forward integration, as over 50% of raw material value will be sourced internally from existing ECH and Caustic Soda production. Commercial operations for the new plants are expected by H2 FY28, with a pilot plant starting as early as Q2 FY27.
- Q1 FY27 PAT increased 25% YoY to ₹99 Cr, up from ₹79 Cr in the previous year.
- Approved ₹600 Cr capex for a 1,25,000 TPA Epoxy Resin plant and a Multi-Purpose Plant.
- Revenue grew 15% YoY to ₹709 Cr, driven by 5% volume growth and improved realizations.
- EBITDA margins remained healthy at 25%, with absolute EBITDA rising 10% to ₹179 Cr.
- Net Debt/EBITDA maintained at a conservative 0.8x as of June 30, 2026.
Epigral has announced a major strategic diversification into Epoxy Resins and a Multi-Purpose Plant (MPP) at its Dahej site with an investment of Rs 600 Cr. The proposed Epoxy Resin capacity is 1,25,000 TPA, with a targeted completion by H2 FY2028. This investment is significant, representing approximately 23.7% of the company's TTM revenue and 27% of its Net Worth. The project will be funded through a mix of debt and internal accruals, supported by a healthy current Debt/Equity ratio of 0.26.
- Total capital expenditure of Rs 600 Cr for new manufacturing lines
- Proposed Epoxy Resin & Formulations capacity of 1,25,000 TPA
- Projected completion timeline set for the second half of FY2028
- Capex magnitude represents ~27% of the current Net Worth of Rs 2221 Cr
- Expansion includes a Multi-Purpose Plant (MPP) to further diversify the product portfolio
Epigral reported a solid operational performance for Q1 FY27 with revenue growing 16.3% YoY to ₹705.36 Cr, despite a 4.2% sequential dip. Profit Before Tax (PBT) rose 25% YoY to ₹133.74 Cr, significantly aided by a 69% reduction in finance costs to ₹7.22 Cr. While reported PAT fell 38% YoY to ₹99.74 Cr, this is purely due to a high base in Q1 FY26 which included a one-time deferred tax credit of ₹80.87 Cr. The company also announced the incorporation of a new subsidiary, Epigral Advanced Material Limited, on July 7, 2026.
- Revenue from operations reached ₹705.36 Cr, up 16.3% from ₹606.54 Cr in the corresponding previous year quarter.
- Finance costs saw a sharp reduction of 69.1%, falling to ₹7.22 Cr from ₹23.37 Cr in Q1 FY26.
- Profit Before Tax (PBT) grew 22.1% sequentially to ₹133.74 Cr from ₹109.54 Cr in Q4 FY26.
- The company incorporated a new wholly-owned subsidiary, Epigral Advanced Material Limited, on July 7, 2026, for chemical manufacturing.
- Investing in a 19.80 MW Wind Solar Hybrid Power plant in Gujarat to optimize energy costs.
Epigral Limited has scheduled its Q1 FY27 earnings conference call for July 27, 2026, at 5:00 PM IST. This follows a fiscal year where the company reported TTM revenue of ₹2,527 crore and a PAT of ₹332 crore. Investors will be looking for updates on the company's major expansion plans, specifically the doubling of CPVC and ECH capacities expected by H1 FY2027. The management team, including the Chairman and CFO, will lead the discussion on quarterly performance and the ramp-up of the Chlorotoluene value chain.
- Conference call scheduled for July 27, 2026, to discuss Q1 FY27 results
- Company is in the process of doubling CPVC capacity from 75,000 TPA to 150,000 TPA
- ECH capacity expansion from 50,000 TPA to 100,000 TPA is targeted for H1 FY2027
- TTM revenue stands at ₹2,527 crore with an operating margin of 22.4%
- Management will address the impact of Caustic Soda realizations on overall margins
Epigral Limited has responded to a clarification request from the National Stock Exchange (NSE) regarding a significant increase in trading volume. The company stated that it has disclosed all price-sensitive information as per SEBI (LODR) Regulations, 2015. Management clarified that the recent volume and price movements are market-driven and not connected to any undisclosed internal developments. This is a standard procedural response to exchange surveillance queries.
- NSE issued a surveillance letter (Ref: NSE/CM/Surveillance/17288) on July 21, 2026
- Company submitted its formal response on July 22, 2026
- Management confirmed compliance with Regulation 30 of SEBI (LODR) Regulations
- Company stated no material information has been withheld from the exchanges
CRISIL Ratings has reaffirmed Epigral Limited's long-term rating at 'CRISIL AA/Stable' and short-term rating at 'CRISIL A1+'. The rating covers total bank loan facilities of Rs 1050 crore, representing approximately 41.5% of the company's TTM revenue. This reaffirmation indicates a stable credit profile despite a 39.6% decline in share price over the last 12 months and a drop in plant utilization to 78% in Q2 FY2026. The company continues to focus on its expansion strategy, aiming to double CPVC and ECH capacities by H1 FY2027.
- Long-term credit rating reaffirmed at CRISIL AA/Stable for bank facilities.
- Short-term credit rating reaffirmed at CRISIL A1+.
- Total bank loan facilities covered under this rating amount to Rs 1050 crore.
- Rating rationale was officially published by CRISIL on July 13, 2026.
- Company maintains a low Debt-to-Equity ratio of 0.26 as per latest financial context.
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.
Geographic Concentration Risk
Manufacturing is concentrated at Dahej, Gujarat (CH/1 and CH/2 sites).
Third Party Dependencies
High dependence on the intensely competitive Chlor-Alkali industry for base revenue, though this is reducing as specialty share grows.
Technology Obsolescence Risk
The company mitigates this by integrating advanced technologies and manufacturing techniques, such as the glycerol-to-ECH process.
Credit & Counterparty Risk
Liquidity is strong with expected annual cash accruals of INR 450-700 Cr, providing a significant cushion against debt obligations of INR 150-250 Cr.
