🔍

MANALIPETC - Manali Petrochem

📊 NSE: MANALIPETC 🏢 Petrochemicals 📅 Last Updated: 12/14/2025 9:31

📢 Recent Corporate Announcements

Manali Petrochemicals Designates A R Swamydurai as Senior Management Personnel

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 09 Mar 2026, 06:20 PM

Manali Petrochemicals Limited has designated Mr. A R Swamydurai, the current Deputy General Manager (Operations), as a Senior Management Personnel effective March 9, 2026. Mr. Swamydurai is a company veteran who joined as an ESS trainee in 1989, bringing approximately 37 years of internal experience to the senior role. He currently leads operations across both of the company's manufacturing plants. This internal promotion suggests a focus on operational continuity and leveraging deep-rooted technical expertise within the organization.

Mr. A R Swamydurai designated as Senior Management Personnel effective March 9, 2026
Appointee has over 36 years of experience with the company, having joined in 1989
Currently serves as DGM (Operations) overseeing both manufacturing plants
Holds a diploma in Chemical Technology and rose through the ranks from a trainee position

💡 This is a routine internal promotion and does not necessitate any immediate change in investment strategy. Investors should view this as a move to maintain operational stability.

Manali Petrochemicals: CARE Reaffirms A+ Stable Rating for ₹125 Crore Bank Facilities

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 26 Feb 2026, 06:57 PM

CARE Ratings Limited has reaffirmed the credit ratings for Manali Petrochemicals Limited's bank facilities totaling ₹125 crore. The long-term facilities of ₹75 crore and the combined long/short-term facilities of ₹25 crore both maintained a 'CARE A+; Stable' rating. The short-term facilities of ₹25 crore were reaffirmed at 'CARE A1+'. This reaffirmation indicates that the company maintains a stable financial profile and a strong ability to service its debt obligations.

CARE A+; Stable rating reaffirmed for ₹75.00 crore long-term bank facilities
CARE A1+ rating reaffirmed for ₹25.00 crore short-term bank facilities
Combined long-term and short-term facilities of ₹25.00 crore reaffirmed at CARE A+; Stable / CARE A1+
Total bank facilities covered under the rating action amount to ₹125.00 crore

💡 The reaffirmation of credit ratings suggests financial stability; investors should maintain their positions while monitoring the company's quarterly margin performance.

Manali Petrochemicals Wins 30-Year Legal Battle; Rs 10.82 Cr Claim Dismissed

🟢 POSITIVE ⭐ 6/10

LEGAL 📅 13 Feb 2026, 05:17 PM

Manali Petrochemicals Limited has received a favorable judgment in a long-standing civil suit filed by Unimark Remedies Ltd. in 1995. The suit sought damages and specific performance regarding a 1995 MOU, with a claim value of Rs 10.82 crore plus interest. The Hon’ble City Civil Court, Mumbai, dismissed the suit in favor of the company on February 11, 2026. This resolution effectively removes a decades-old contingent liability from the company's financial outlook.

Mumbai City Civil Court dismissed the 1995 civil suit filed by Unimark Remedies Ltd.
The legal dispute involved a claim of Rs 10.82 crore plus additional interest.
The case originated from a Memorandum of Understanding (MOU) dated May 17, 1995.
The ruling eliminates a potential financial liability that has been pending for over 30 years.
The company was formerly known as U.B. Petroproducts Ltd. during the time of the initial filing.

💡 Investors should view this as a positive development that clears a long-term legal overhang and protects the company's cash flows from a potential payout. No immediate action is required, but it improves the overall risk profile of the stock.

Manali Petrochemicals Receives Rs 5.22 Lakh Income Tax Penalty for AY 2017-18

🟡 NEUTRAL ⭐ 3/10

LEGAL 📅 09 Feb 2026, 06:45 PM

Manali Petrochemicals Limited has received a penalty order of Rs 5.22 lakh from the Income Tax Department under Section 270A for the Assessment Year 2017-18. The penalty is related to the disallowance of certain expenditures previously claimed by the company. The company had already filed an appeal with the Madras High Court in July 2025 regarding the underlying tax demand, which is still pending. Management has clarified that this order will not have any material impact on the company's financial or operational performance.

Penalty of Rs 5,22,035 imposed by the Income Tax Department for AY 2017-18.
Penalty arises from the disallowance of certain expenditure items.
Company has a pending appeal in the Madras High Court filed in July 2025 regarding the primary tax demand.
Management states there is no material impact on financials, operations, or other activities.

💡 No action is required as the penalty amount is insignificant compared to the company's scale. Investors should treat this as a routine legal update regarding historical tax assessments.

Manali Petrochemicals Q3 Consolidated PAT Jumps to Rs 68.43 Cr Aided by Subsidiary Sale

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 02 Feb 2026, 07:32 PM

Manali Petrochemicals reported a consolidated PAT of Rs 68.43 crore for the quarter ended December 2025, a sharp rise from Rs 18.15 crore in the preceding quarter. The total consolidated income stood at Rs 266.80 crore, showing steady growth from Rs 260.94 crore. A key driver for the profit surge was the gain on disposal of a UK subsidiary, alongside consistent performance from other international units. Standalone PBT also improved to Rs 5.09 crore, reflecting better operational efficiencies compared to the previous quarter's Rs 0.19 crore.

Consolidated PAT increased to Rs 68.43 crore in Q3 FY26 from Rs 18.15 crore in Q2 FY26.
Total consolidated income grew to Rs 266.80 crore compared to Rs 260.94 crore in the previous quarter.
Standalone PBT improved significantly to Rs 5.09 crore from Rs 0.19 crore on a quarter-on-quarter basis.
Profitability was significantly boosted by a one-time gain from the disposal of a UK subsidiary.
Management remains focused on cost optimization and product mix to counter macro-economic uncertainty.

💡 Investors should note that the substantial profit surge is largely due to a non-recurring gain from a subsidiary sale. Focus on the recovery in standalone margins and core petrochemical demand in upcoming quarters to assess long-term value.

Manali Petrochemicals Q3 Net Profit Rises to ₹4.55 Cr; Revenue Up 38% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 02 Feb 2026, 03:50 PM

Manali Petrochemicals reported a significant turnaround in Q3 FY26, posting a net profit of ₹4.55 crore compared to a loss of ₹2.83 crore in the same quarter last year. Revenue from operations grew 38% year-on-year to ₹195.14 crore, reflecting improved operational performance. The company navigated several exceptional items, including a ₹45.87 lakh gain from land sale and a ₹33.62 lakh provision for new labour codes. While inventory insurance claims from Cyclone Michaung are settled, a substantial ₹12.26 crore claim for property damage remains under assessment by insurers.

Revenue from operations increased 38% YoY to ₹195.14 crore in Q3 FY26.
Net profit stood at ₹4.55 crore, recovering from a net loss of ₹2.83 crore in the year-ago period.
Profit Before Tax (PBT) reached ₹5.09 crore, despite a net exceptional loss of ₹1.41 crore during the quarter.
Insurance claims of ₹12.26 crore for property, plant, and equipment damage are still pending final assessment.
Lease renewal for the Unit-II manufacturing site remains pending with the Government of Tamil Nadu since 2017.

💡 The company has demonstrated a strong recovery in profitability and revenue growth, suggesting a cyclical upturn. Investors should monitor the final settlement of the ₹12.26 crore insurance claim and the status of the Unit-II lease renewal for long-term operational stability.

Manali Petrochemicals Announces Retirement of AVP T Thangasagaran

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 30 Jan 2026, 10:57 PM

Manali Petrochemicals Limited has informed the exchanges about the retirement of Mr. T Thangasagaran, who served as the Assistant Vice President - Projects & Technical Services. He was designated as a Senior Management Personnel (SMP) of the company. The retirement became effective at the close of business hours on January 30, 2026. This is a routine administrative transition as per the company's internal policies and SEBI Listing Regulations.

Mr. T Thangasagaran retired as Assistant Vice President - Projects & Technical Services on January 30, 2026
He has ceased to be a Senior Management Personnel (SMP) of the company following his retirement
The disclosure was made in compliance with Regulation 30 of SEBI Listing Regulations, 2015
The announcement follows the close of business hours on the specified date

💡 This is a routine management change due to retirement and does not necessitate any immediate action from investors. Monitor for future appointments to the Projects & Technical Services leadership role.

Manali Petrochemicals Reports Dematerialization of 7,050 Shares for Late December 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jan 2026, 04:21 PM

Manali Petrochemicals Limited has filed its routine compliance report under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing details the dematerialization and rematerialization of shares for the period between December 16, 2025, and December 31, 2025. A total of 7,050 shares were processed across 26 folios and 27 certificates. This is a standard administrative procedure to update the company's register of members with the depositories NSDL and CDSL.

Total of 7,050 shares dematerialized during the period from December 16 to December 31, 2025
The administrative process involved 26 folios and 27 individual share certificates
Compliance fulfilled under Regulation 74(5) of SEBI (Depositories & Participants) Regulations, 2018
Largest single folio processed involved 1,200 shares for a CDSL participant

💡 No action is required from investors as this is a routine regulatory filing regarding share certificate processing. Investors should continue to monitor the company's core financial performance and petrochemical industry trends.

Manali Petrochemicals: Routine Dematerialization of 8,475 Shares (Dec 1-15, 2025)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jan 2026, 04:13 PM

Manali Petrochemicals Limited has submitted its periodic report regarding the dematerialization and rematerialization of shares as per SEBI regulations. For the period from December 1, 2025, to December 15, 2025, the company processed a total of 8,475 shares. This activity involved 30 distinct folios and 30 share certificates. This is a standard administrative disclosure required to track the conversion of physical shares into electronic format.

Total of 8,475 shares processed for dematerialization/rematerialization
Reporting period covers December 1, 2025, to December 15, 2025
Involves 30 folios and 30 share certificates in total
Compliance filing under Regulation 74(5) of SEBI (Depositories & Participants) Regulations, 2018

💡 This is a routine regulatory filing with no impact on the company's financial performance or stock valuation. No action is required from investors.

Manali Petrochemicals Reinstates UK Subsidiary PPSL for Tax Refund Collection

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Jan 2026, 06:38 PM

Manali Petrochemicals has announced the temporary reinstatement of its step-down subsidiary, Penn Print Solutions Limited (PPSL), UK. This action is strictly time-limited and intended solely for the receipt and distribution of Corporation Tax refunds due to the subsidiary. The company has confirmed that no other business activities will be conducted by PPSL during this period. Once the tax dues are received, the subsidiary will undergo a voluntary strike-off with the UK Companies House. Management has explicitly stated that there are no material financial implications for the parent company.

Reinstatement of step-down subsidiary Penn Print Solutions Limited (PPSL), UK
Action taken solely to facilitate the collection of Corporation Tax refunds
PPSL will not engage in any other business activities or transactions
Voluntary strike-off to be initiated immediately after receipt of tax dues
Management confirms zero material or financial impact on Manali Petrochemicals

💡 This is a procedural update regarding a subsidiary's tax recovery and requires no action from investors. The focus should remain on the company's core petrochemical operations and quarterly performance.

Manali Petrochemicals Processes Transfer of 150 Physical Shares Under SEBI Special Window

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Dec 2025, 05:58 PM

Manali Petrochemicals Limited has successfully processed a request for the transfer of 150 physical equity shares under the SEBI special window for re-lodgement. The company confirmed that a newspaper advertisement was published as per regulatory requirements, and no objections were received from the public or stakeholders. This administrative action follows SEBI circulars from 2018 and 2025 designed to handle physical share certificates. The shares involved have a face value of Rs. 5 each and belong to folio number C0020511.

Transfer of 150 equity shares with a face value of Rs. 5 each processed.
Action taken under SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 dated July 2, 2025.
No opposition or objections received following the mandatory newspaper advertisement.
The transfer pertains to Folio No C0020511 for distinctive numbers 35195814 to 35195963.

💡 This is a routine administrative disclosure regarding physical share transfers and has no impact on the company's fundamentals. No action is required from investors.

Manali Petrochemicals to Close Trading Window from December 31, 2025

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Dec 2025, 04:51 PM

Manali Petrochemicals Limited has announced the closure of its trading window for designated persons starting December 31, 2025. This move is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the announcement of quarterly financial results. The window will remain closed until 48 hours after the un-audited standalone and consolidated financial results for the quarter ending December 31, 2025, are made public. The specific date for the Board Meeting to approve these results will be communicated at a later date.

Trading window closure effective from December 31, 2025.
Closure pertains to the un-audited financial results for the quarter ending December 31, 2025.
Window to remain closed until 48 hours post-disclosure of results.
Applies to all designated persons and their immediate relatives as per company code.
Board meeting date for result approval to be intimated in due course.

💡 This is a routine regulatory announcement and does not impact the company's fundamentals. Investors should monitor for the upcoming board meeting date to prepare for the quarterly earnings release.

Manali Petrochemicals Signs MoA with CPCL for Loading Facility Utilization at Plant-I

🟢 POSITIVE ⭐ 4/10

OTHER 📅 17 Dec 2025, 05:25 PM

Manali Petrochemicals Limited (MPL) has entered into a Memorandum of Agreement (MoA) with Chennai Petroleum Corporation Limited (CPCL). Under this agreement, CPCL will utilize the loading facilities at MPL's Plant-I in Manali, Chennai, to handle its products. This collaboration is expected to enhance the utilization of MPL's existing infrastructure and reflects operational synergy between the two companies. While the specific financial impact was not disclosed, the move is a positive step toward infrastructure monetization.

MoA signed between Manali Petrochemicals and Chennai Petroleum Corporation (CPCL).
CPCL to utilize loading facilities at MPL's Plant-I located in Manali, Chennai.
The agreement focuses on handling CPCL's products using MPL's infrastructure.
Disclosure made voluntarily by the company to ensure transparency and good governance.

💡 This is a minor positive development regarding asset utilization; investors should maintain their current positions while awaiting further details on revenue or cost-sharing impacts.

Manali Petrochemicals Reports Dematerialization of 4,950 Shares in Early November 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Dec 2025, 05:58 PM

Manali Petrochemicals Limited has filed its periodic certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The report details share dematerialization activities for the period between November 1, 2025, and November 15, 2025. During this period, the company processed 4,950 shares across 14 folios. This is a standard administrative filing and has no impact on the company's operational or financial standing.

Total of 4,950 equity shares were dematerialized during the reporting period.
The dematerialization process involved 14 folios and 16 share certificates.
The reporting period covers the first half of November 2025 (Nov 1 to Nov 15).
Compliance was met under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.

💡 No action is required from investors as this is a routine regulatory disclosure regarding share processing. Focus should remain on the company's core business performance and upcoming financial results.

Manali Petrochemicals: Details of Dematerialised/Rematerialised Shares

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 04 Dec 2025, 05:38 PM

Manali Petrochemicals Limited has furnished details of dematerialized/rematerialized share certificates for the period from October 16, 2025, to October 31, 2025, as per Regulation 74(5) of the SEBI (Depositories & Participants) Regulations, 2018. A total of 5550 shares were dematerialized across 16 folios during this period. This is a routine regulatory filing related to share dematerialization. Investors should note that this announcement does not directly impact the company's financials or operations.

Dematerialized shares: 5550
Number of folios: 16
Reporting period: 16th October 2025 to 31st October 2025

💡 This is a routine regulatory filing. Investors can review the details if they are tracking dematerialization trends, but no immediate action is required.

View All MANALIPETC Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue declined 13.18% YoY to INR 921.63 Cr in FY25. Standalone revenue fell 18.58% to INR 669.27 Cr. The Propylene Glycol (PG) segment maintained stable demand in pharma and food sectors, but Slabstock Polyol witnessed a notable decline in volume and value due to intensified price competition from low-cost imports.

Geographic Revenue Split

The company has expanded its presence in Europe through the acquisition of Penn-White Limited (UK). Subsidiaries now contribute a major portion of consolidated profits, with investments in subsidiaries forming approximately 40% of the tangible net worth. Strategic focus is on Nordics, mainland Europe, and MENA regions.

Profitability Margins

Consolidated Profit After Tax (PAT) margin improved to 3.18% (INR 29.31 Cr) in FY25 from 1.81% (INR 19.21 Cr) in FY24. Standalone operations are at breakeven margins, with a PAT loss of INR 8.74 Cr in FY25. CARE Ratings notes that operating margins remaining below 8% on a consistent basis is a negative rating factor.

EBITDA Margin

Consolidated EBITDA for Q1 FY25 included INR 10.6 Cr from standalone operations and INR 5.7 Cr from Penn-White. Standalone EBITDA margin was approximately 6% in Q1 FY25, while Penn-White achieved a significantly higher margin of 24.7% on its INR 23 Cr turnover.

Capital Expenditure

Total additions to fixed assets in FY25 amounted to INR 15.99 Cr. Planned capital expenditure includes a West India greenfield project with a modeled IRR of 30%, PG capacity expansion (20.7% IRR), and Polyester Polyol expansion (23% IRR).

Credit Rating & Borrowing

CARE Ratings assigned 'CARE A+; Stable' for long-term bank facilities and 'CARE A1+' for short-term facilities. The company maintains a low level of long-term debt with a comfortable interest coverage ratio of 5.10x in FY24 and >2x in Q1 FY25.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include Propylene and Propylene Oxide (PO). Propylene is the base feedstock, with global capacity increasing by 11 MTA in 2023, primarily in China.

Import Sources

The company faces significant pressure from low-cost imports and dumping from China and Thailand, particularly in the industrial and fragrance grades of Propylene Glycol.

Capacity Expansion

Penn-White production capacity is 6,000 MTPA. Standalone capacity utilization was low at 15.39% for the 12 months ended August 2024, while subsidiaries operate at 50-60% capacity.

Raw Material Costs

Raw material prices are volatile and restrict profit margins. Brent Crude oil prices above $76/barrel impact the cost of propylene-based feedstocks. The company is focusing on alternate vendor management to balance production costs.

Manufacturing Efficiency

Average capacity utilization remained low at 15.39% as of August 2024. The company is shifting focus toward strategic project management and energy optimization to improve efficiency.

📈 Strategic Growth

Expected Growth Rate

2.30%

Growth Strategy

Growth will be achieved through a proactive strategic shift toward differentiation and specialty chemicals (currently 37% of portfolio). Key projects include the West India greenfield expansion (30% IRR) and the Econic MoU (signed 2021) to produce CO2-based polyols, turning waste CO2 into economic potential.

Products & Services

Propylene Glycol (Pharma, Food, Fragrance, Industrial grades), Polyols (Slabstock), Specialty Polyols, Foam Control Agents, Release Agents, and Specialty Cast Polyurethanes.

Brand Portfolio

Manali Petrochemicals, Penn-White, and Notedome (Note: Notedome is being divested to strengthen liquidity).

New Products/Services

New product launches include CO2-based polyols through the Econic partnership and specialty cast polyurethanes for subsea, automotive, and defense applications.

Market Expansion

Targeting expansion in the Nordics, mainland Europe, and MENA regions through strategic distribution agreements and the Penn-White acquisition.

Strategic Alliances

Signed a Memorandum of Understanding (MoU) in 2021 with Econic for a two-phase project to produce sustainable polyols using captured CO2.

🌍 External Factors

Industry Trends

The industry is currently at the bottom of the cycle due to increased Chinese capacity and softening downstream demand. Future direction involves a shift toward sustainability and eco-efficiency (CO2-based polyols).

Competitive Landscape

Dominated by global integrated players who enjoy benefits of scale. Manali competes by focusing on the premium end of the market and specialty chemicals.

Competitive Moat

Durable advantages include a 5-year product guarantee (USP) and being the first responder to quality queries from drug control authorities. Technical service intimacy and a large portfolio of tailored specialty products create high switching costs.

Macro Economic Sensitivity

Highly sensitive to global propylene capacity (11 MTA increase in 2023) and Brent Crude oil prices (>$76), which dictate the bottom-of-the-cycle trajectory for earnings.

Consumer Behavior

Softening demand in downstream sectors like Slabstock Polyol has been observed, while demand remains stable in pharma and personal care segments.

Geopolitical Risks

Trade barriers and the potential for government intervention via Anti-Dumping Duties (ADD) on Chinese and Thai imports are critical for protecting domestic market share.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by SEBI Listing Regulations 2015 and the Companies Act 2013. The company relies on government support for Anti-Dumping Duties (ADD) to counter unfair import competition.

Environmental Compliance

The company is investing in energy optimization and CO2 capture technology to turn waste into economic potential, aligning with ESG standards.

Taxation Policy Impact

The consolidated tax rate for FY25 was approximately 30.3% (INR 12.74 Cr provision on INR 42.05 Cr PBT).

Legal Contingencies

The company has complied with provisions relating to the Internal Complaints Committee under the Sexual Harassment of Women at Workplace Act. No specific pending court case values were disclosed.

⚠️ Risk Analysis

Key Uncertainties

Aggressive dumping practices from China and Thailand pose a significant risk to margins, with potential impacts on profitability if Anti-Dumping Duties are not maintained.

Geographic Concentration Risk

Significant profit contribution from UK-based subsidiaries (Penn-White and Notedome), with investments in these entities representing 40% of tangible net worth.