Styrenix Performance Materials Limited (STYRENIX)
₹2,061.30 -0.52% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Styrenix Performance's revenue was ₹1,011 Cr (+7.1% year on year, +22.4% on the previous quarter), and net profit ₹138 Cr (+166.0% year on year); the operating margin was 21.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,011 | +7.1% | +22.4% |
| Operating profit | ₹220 | +129.4% | +89.9% |
| Net profit | ₹138 | +166.0% | +89.5% |
| EPS (₹) | 78.64 | +166.4% | +88.2% |
| Operating margin | 21.8% | — | — |
STYRENIX delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 53.7% of the STYRENIX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 57.71%. That is close to its usual level. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 65.8% · 51.9% · 57.2% · 66.2% · 53.7%
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
Styrenix Performance Materials Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 03, 2026. It confirms that all securities received for dematerialisation during the quarter were duly processed, confirmed, or rejected, and the underlying certificates were cancelled within prescribed timelines. This is a recurring administrative filing and carries no financial or operational impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited dated October 03, 2026
- Confirms security certificates received were verified, mutilated, and cancelled per regulatory timelines
Styrenix Performance Materials has received an assessment order from the Income Tax Department demanding INR 1,92,58,290 (approx. ₹1.93 crore) for AY 2023-24. The order was passed under sections 143(3), 144C(13), and 144B of the Income-tax Act, 1961, and received on September 24, 2026. The demanded amount is minor relative to the company's financials, representing less than 0.1% of its TTM revenue (₹3,100 crore) and ~0.6% of TTM PAT (₹306 crore). Styrenix stated the order has no material impact on operations or financial standing and confirmed it will file an appeal before appellate authorities within the stipulated timeline.
- Tax demand of INR 1,92,58,290 (~₹1.93 crore) raised by Assessment Unit, Income Tax Department.
- Order passed u/s 143(3) r.w.s 144C(13) r.w.s 144B for Assessment Year 2023-24.
- Order received on September 24, 2026.
- Company confirmed plans to appeal against the assessment order within stipulated timelines.
Styrenix Performance Materials has informed the stock exchanges of an upcoming 1-on-1 virtual meeting with an institutional investor or analyst. The interaction is scheduled for September 21, 2026, starting at 03:00 PM IST onwards. The company stated that discussions will be strictly restricted to publicly available information and no unpublished price-sensitive information (UPSI) will be shared. This represents a procedural intimation required under Regulation 30(6) of SEBI LODR Regulations.
- Meeting date: September 21, 2026
- Scheduled time: 03:00 PM onwards
- Interaction format: One-to-one virtual meeting
- Discussions restricted strictly to publicly available information
Styrenix Performance Materials Limited has announced a one-on-one institutional investor/analyst meeting scheduled for September 17, 2026, from 11:00 AM onwards. The interaction will be held in person and will cover only publicly available information with no unpublished price-sensitive information discussed. The company has a current market capitalization of ₹3,710 crore and reported TTM revenue of ₹3,100 crore. As a standard regulatory intimation under Regulation 30(6), this event has no financial impact on the company.
- One-on-one investor/analyst meeting scheduled for September 17, 2026
- Meeting to commence at 11:00 AM onwards in-person mode
- Company clarified no unpublished price sensitive information (UPSI) will be discussed
- Intimation submitted pursuant to Regulation 30(6) of SEBI LODR Regulations, 2015
Styrenix Performance Materials Limited has announced a virtual group meeting with institutional investors and analysts scheduled for September 10, 2026, starting at 12:00 PM IST. The interaction will focus strictly on publicly available information, with no unpublished price-sensitive information (UPSI) to be shared. The intimation is filed under Regulation 30(6) of the SEBI Listing Regulations. This is a routine investor interaction with no direct financial impact.
- Virtual group meeting with analysts/investors scheduled for September 10, 2026.
- Interaction to commence at 12:00 PM IST onwards via virtual mode.
- Discussions will strictly rely on publicly available information with no UPSI.
- Intimation filed pursuant to Regulation 30(6) of SEBI LODR Regulations, 2015.
Styrenix Performance Materials Limited has notified the exchanges of a scheduled one-on-one meeting with institutional investors/analysts on September 09, 2026, from 03:00 PM IST onwards. The meeting will take place virtually. The company confirmed that discussions will rely exclusively on publicly available information and no unpublished price-sensitive information (UPSI) will be shared.
- One-on-one investor/analyst interaction scheduled for September 09, 2026
- Meeting timing set from 03:00 PM IST onwards via virtual mode
- Discussions strictly limited to publicly available information with no UPSI
Styrenix Performance Materials has declared the voting results of its 53rd Annual General Meeting held on August 27, 2026. All three ordinary resolutions were passed by shareholders, representing approximately 60.95% voter turnout across 17,585,625 total equity shares. Key approvals included the adoption of FY26 financial statements, the re-appointment of Director Mr. Vishal Rakesh Agrawal (which passed with 89.28% favour despite 44.72% institutional dissent), and ratification of cost auditor remuneration for FY27.
- Total voter turnout stood at 60.95% with 10,718,599 votes polled across 17,585,625 outstanding shares
- Adoption of FY26 audited standalone and consolidated financial statements passed with 99.999% favour
- Re-appointment of Director Vishal Rakesh Agrawal approved with 89.28% votes in favour and 1,148,962 votes against
- Institutional shareholders cast 1,148,716 votes (44.72% of institutional turnout) against Director Vishal Rakesh Agrawal's re-appointment
- Ratification of Cost Auditor remuneration for FY 2026-27 approved with 99.997% votes in favour
Styrenix Performance Materials Limited concluded its 53rd Annual General Meeting (AGM) on August 27, 2026, conducted via Video Conferencing from 11:30 AM to 11:58 AM IST. Key agenda items included the adoption of audited standalone and consolidated financial statements for FY26 (FY26 revenue of ₹3,032.8 crore, PAT of ₹220.1 crore). Shareholders also voted on the re-appointment of Director Mr. Vishal Rakesh Agrawal and the ratification of cost auditor remuneration for FY27. Detailed voting results under Regulation 44 will be submitted separately.
- Conducted 53rd Annual General Meeting on August 27, 2026, between 11:30 AM and 11:58 AM IST
- Tabled adoption of FY26 Audited Financial Statements (FY26 Net Profit ₹220.1 crore)
- Proposed re-appointment of retiring Director Mr. Vishal Rakesh Agrawal (DIN: 00056800)
- Ratification of remuneration to Cost Auditors for FY 2026-27 placed for shareholder voting
Styrenix reported a robust Q1 FY27 with standalone EBITDA surging 133.9% YoY to 201.4 cr, driven by a massive 1,420 bps margin expansion to 26.1%. This financial performance came despite a 26% decline in standalone sales volumes (38.9 KT) caused by Middle East geopolitical disruptions and price volatility in the unorganized sector. Consolidated revenue stood at 1,014.2 cr, supported by the Thailand operations which are currently in a 12-24 month product validation phase. Management confirmed that the brownfield ABS capacity expansion remains on track for commissioning within FY27.
- Standalone EBITDA grew 133.9% YoY to 201.4 cr despite volume headwinds
- Standalone PAT increased by 150.3% YoY to 137.3 cr in Q1 FY27
- Standalone sales volume dipped 26% to 38.9 KT due to geopolitical uncertainty and cautious buying
- Consolidated sales volume reached 50.8 KT including the newly acquired Thailand operations
- ABS capacity expansion confirmed for completion within the current financial year (FY27)
Styrenix Performance Materials has published the audio recording of its earnings call held on August 05, 2026. This disclosure follows the company's recent financial performance, which shows a TTM revenue of ‹ 3,033 Cr and a TTM PAT of ‹ 220 Cr. The call likely covers management's strategy for its 7-8% expected growth rate and the integration of the Styrenix Thailand acquisition (US$ 22.3 million). This is a procedural filing under SEBI regulations to ensure transparency for all shareholders.
- Earnings call recording for the session held on August 05, 2026, is now publicly available.
- Company reported TTM revenue of ‹ 3,033 Cr with an operating profit margin of 12.1%.
- Styrenix maintains a strong balance sheet with a low Debt-to-Equity ratio of 0.06.
- Management continues to focus on a 7-8% growth rate through capacity expansion in ABS and SAN segments.
Styrenix Performance Materials has scheduled its 53rd Annual General Meeting (AGM) for August 27, 2026, via video conferencing. The agenda includes the adoption of FY26 financial results, where the company recorded a TTM revenue of ₹3,033 Cr and PAT of ₹220 Cr. Shareholders will vote on the re-appointment of Director Vishal Rakesh Agrawal and the ratification of ₹4.25 lakh remuneration for cost auditors for FY27. The cut-off date for voting eligibility is set for August 20, 2026.
- 53rd Annual General Meeting scheduled for August 27, 2026, at 11:30 AM IST.
- Cut-off date for determining shareholder voting eligibility is August 20, 2026.
- Proposed remuneration for Cost Auditors (M/s. Kailash Sankhlecha and Associates) for FY27 is ₹4,25,000.
- Director Vishal Rakesh Agrawal, seeking re-appointment, holds 0 equity shares in the company despite 26 years of experience.
- Remote e-voting period opens on August 24 and concludes on August 26, 2026.
Styrenix reported a robust Q1 FY27 with standalone PAT rising 150% YoY to ₹137.3 Cr, driven by a sharp expansion in EBITDA margins from 11.9% to 26.1%. Consolidated revenue reached ₹1,010.9 Cr, reflecting the full integration of the Thailand acquisition which added 185,000 TPA of capacity. Management highlighted successful navigation of supply chain disruptions in the Strait of Hormuz and maintained supply continuity. The company confirmed that the first phase of its ABS capacity augmentation is scheduled for commissioning within the current financial year.
- Standalone EBITDA margin expanded to 26.1% in Q1 FY27 from 11.9% in the same quarter last year.
- Consolidated PAT surged to ₹138.3 Cr in Q1 FY27 compared to ₹18.6 Cr in Q1 FY26.
- Domestic Polystyrene (PS) capacity has been successfully debottlenecked to 100,000 TPA.
- Thailand operations added 85,000 TPA of ABS and 100,000 TPA of SAN capacity to the group.
- Standalone sales volume for FY26 stood at 195.0 KT, up from 185.4 KT in FY25.
Styrenix Performance Materials has declared an interim dividend of Rs 23 per share (230% of face value) for FY 2026-27, with a record date of August 10, 2026. The company reported a robust Q1 FY27 standalone performance, with PAT jumping 150% YoY to Rs 137.32 Cr from Rs 54.87 Cr. Standalone revenue grew 6.5% YoY to Rs 768.04 Cr, while the newly acquired Thailand subsidiary contributed Rs 320.90 Cr to consolidated revenue. The standalone EPS for the quarter reached Rs 78.09, representing a significant portion of the previous TTM EPS of Rs 125.37.
- Declared interim dividend of Rs 23 per equity share for FY 2026-27
- Standalone PAT increased by 150.2% YoY to Rs 137.32 Cr in Q1 FY27
- Standalone Profit Before Depreciation and Tax (PBDT) rose to Rs 200.03 Cr from Rs 84.67 Cr YoY
- Thailand subsidiary reported revenue of Rs 320.90 Cr with a net profit of Rs 5.03 Cr
- Record date for dividend eligibility fixed as August 10, 2026
Styrenix Performance Materials reported a robust Q1 FY27 with standalone PAT surging to Rs 137.32 Cr from Rs 54.87 Cr in the year-ago period. The Board declared an interim dividend of Rs 23 per share (230% of face value) with a record date of August 10, 2026. Standalone revenue grew 6.5% YoY to Rs 768.04 Cr, while the newly acquired Thai subsidiary contributed Rs 320.90 Cr to consolidated revenue with a modest PAT of Rs 5.03 Cr. The standalone EBITDA (PBDIT) margin showed significant improvement, rising to 26.2% from 11.9% YoY.
- Interim dividend of Rs 23 per equity share declared for FY 2026-27
- Standalone PAT increased 150% YoY to Rs 137.32 Cr from Rs 54.87 Cr
- Standalone EBITDA (PBDIT) more than doubled to Rs 201.40 Cr from Rs 86.12 Cr YoY
- Thai subsidiary contributed Rs 320.90 Cr to revenue but with a low PAT of Rs 5.03 Cr
- Standalone EPS for the quarter reached Rs 78.09 compared to Rs 31.20 in Q1 FY26
Styrenix Performance Materials reported a robust Q1 FY27 with standalone PAT jumping 150% YoY to Rs 137.32 cr, driven by significant margin expansion. The board declared an interim dividend of Rs 23 per share (230% of face value) with a record date of August 10, 2026. The newly acquired Thailand subsidiary contributed Rs 320.90 cr to revenue but remains at lower profitability with a PAT of Rs 5.03 cr. Standalone EPS for the quarter reached Rs 78.09, nearly 62% of the entire previous TTM EPS of Rs 125.37.
- Standalone PAT increased 150.2% YoY to Rs 137.32 cr from Rs 54.87 cr in the same quarter last year.
- Interim dividend of Rs 23 per equity share declared for FY 2026-27.
- Standalone revenue from operations grew 6.5% YoY to Rs 768.04 cr.
- Thailand step-down subsidiary reported revenue of Rs 320.90 cr and a net profit of Rs 5.03 cr.
- Standalone PBDT (Profit Before Depreciation and Tax) rose to Rs 200.03 cr from Rs 84.67 cr YoY.
Financial Performance
Revenue Growth by Segment
Total Operating Income (TOI) grew 34% YoY in FY25 to INR 2,982 Cr from INR 2,222 Cr in FY24. This was driven by a 23% YoY increase in sales volumes (10% contributed by the Thailand acquisition and 13% organic growth) and a 10% YoY increase in realizations. Q2 FY26 revenue stood at INR 799 Cr, a decrease of 15.32% compared to INR 943 Cr in Q1 FY26.
Geographic Revenue Split
The company is expanding from a domestic-heavy focus to a regional player. The acquisition of Styrenix Thailand in January 2025 contributed approximately 10% to the FY25 volume growth. In Q1 FY26, the Thai entity significantly boosted consolidated volumes by 40% YoY, while standalone domestic volumes grew by 8%.
Profitability Margins
Consolidated PBILDT margin was 11.79% in FY25, slightly down from 11.90% in FY24 due to the lower margin profile of the acquired Thai entity (standalone margin was 12.60%). Q1 FY26 PBILDT margin was 10.22%. Net margins are susceptible to volatile raw material costs and foreign exchange fluctuations on imports.
EBITDA Margin
EBITDA (PBILDT) margin stood at 11.79% for FY25. In Q2 FY26, margins remained under pressure due to competitive intensity and seasonal demand drops, though the company maintains a healthy margin profile relative to the industry through specialty product focus.
Capital Expenditure
The company invested US$ 22.3 million (approx. INR 185 Cr) for the 100% acquisition of Styrenix Thailand, plus a US$ 1 million technology license fee. Future capex for capacity expansion is planned to be funded via internal accruals and moderate debt, targeting a healthy IRR as cleared by the Board.
Credit Rating & Borrowing
CARE Ratings reaffirmed 'CARE A+; Positive / CARE A1+' in October 2025, upgrading the outlook from 'Stable'. The acquisition was funded by a US$ 22.24 million term loan at the subsidiary level, backed by a corporate guarantee from the parent company.
Operational Drivers
Raw Materials
Styrene Monomer (SM) is the primary raw material, representing a significant portion of the cost structure. Other key inputs include Acrylonitrile and Butadiene for ABS production.
Import Sources
100% of Styrene Monomer is imported as there is currently no domestic production capacity in India. Imports are primarily sourced from global markets, exposing the company to international price benchmarks and shipping logistics.
Key Suppliers
While specific vendor names like Saudi Aramco or Shell are not explicitly listed, the company transitioned its supply and technology agreements from INEOS Styrolution following the acquisition of the Thai entity.
Capacity Expansion
Polystyrene (PS) capacity has been successfully debottlenecked from previous levels of 40,000-45,000 tonnes. The company is pursuing further expansion in ABS and SAN to maintain its leadership position and cater to a robust 7-8% incremental industry demand.
Raw Material Costs
Raw material costs are a major driver, with realizations increasing 10% YoY in FY25 to offset input inflation. The company uses a formula-based pricing model for many customers to pass through raw material volatility, though spot market sales remain competitive.
Manufacturing Efficiency
The company focuses on 'operating leverage' by utilizing debottlenecked capacities. Standalone operations maintain higher efficiency and margins (12.60%) compared to the newly acquired Thai operations which are currently undergoing a turnaround.
Logistics & Distribution
The company is setting up a base in Jafza, Dubai, to improve distribution efficiency for long-term sales to the Middle East, Europe, and the US.
Strategic Growth
Expected Growth Rate
7-8%
Growth Strategy
Growth will be achieved through: 1) Capacity expansion in ABS and SAN to capture underserved domestic demand; 2) Turnaround of the Styrenix Thailand entity to boost consolidated volumes; 3) Export expansion via the Dubai subsidiary; and 4) Import substitution in the Indian ABS market.
Products & Services
Acrylonitrile Butadiene Styrene (ABS), Styrene Acrylonitrile (SAN) co-polymers, Polystyrene (PS), and various polymer blends.
Brand Portfolio
Styrenix Performance Materials.
New Products/Services
Focus on customized specialty products and import substitutes in the ABS segment. The company is also exploring specialty OEM business and blends.
Market Expansion
Expansion into the APAC region via the Thailand acquisition and targeting Middle East, Europe, and US markets through the newly incorporated Dubai subsidiary.
Market Share & Ranking
Market leader in ABS and SAN in India; established player in the Polystyrene (PS) market.
Strategic Alliances
Acquisition of 100% shareholding of INEOS Styrolution (Thailand) Co., Limited, including technology and license agreements.
External Factors
Industry Trends
The Indian ABS market is currently underserved, providing a 7-8% growth runway. The industry is seeing a shift toward 'Mass ABS' technology by some competitors, though Styrenix remains focused on the dominant 'Emulsion ABS' process.
Competitive Landscape
Key competitors are expanding capacity (e.g., one peer adding Mass ABS capacity), which may lead to margin pressure in the short term as new supply is absorbed.
Competitive Moat
Moat is built on market leadership in ABS/SAN, long-standing OEM relationships, and specialized product formulations. Sustainability is supported by high entry barriers due to the capital-intensive nature of the industry and stringent environmental norms.
Macro Economic Sensitivity
Highly sensitive to the growth of end-user industries like automotive, household appliances, and electronics, which drive demand for ABS and SAN.
Consumer Behavior
Increasing demand for high-quality, durable plastics in consumer durables and automotive light-weighting is driving volume growth.
Geopolitical Risks
Trade barriers or supply chain disruptions in the APAC region could impact the Thailand operations or the flow of imported raw materials to India.
Regulatory & Governance
Industry Regulations
Operations are subject to manufacturing standards for polymers and safety regulations due to the susceptibility to accidental fires in chemical processing.
Environmental Compliance
The industry is exposed to stringent environmental compliance and pollution norms. Failure to comply could lead to operational disruptions.
Taxation Policy Impact
The Dubai subsidiary was incorporated partly for tax efficiency in long-term international business structuring.
Risk Analysis
Key Uncertainties
Volatility in Styrene Monomer prices (impacts margins by 5-10% if not passed through); successful turnaround of the Thai subsidiary; and the impact of new competitive capacity in the domestic market.
Geographic Concentration Risk
Historically high concentration in India (100% of sales previously), now diversifying with the Thailand acquisition and Dubai export hub.
Third Party Dependencies
High dependency on global Styrene Monomer suppliers due to zero domestic production in India.
Technology Obsolescence Risk
Risk of 'Mass ABS' technology gaining preference over 'Emulsion ABS', though management currently views this risk as minimal for their specific customer segments.
Credit & Counterparty Risk
Receivables quality is generally high given the focus on established OEMs and a strong balance sheet with a 'Positive' credit outlook.
