Specialty Chemicals company Epigral announced Q2FY26 results Q2FY26 Financial Highlights: Plant utilization stood at 78% vs 73% in previous quarter Sales volume grew by 2% compared to previous quarter QoQ Revenue dropped by 4% to Rs 589 crore on account of drop in realizations in few of the products EBITDA margin stood at 23% vs 27% in Q1FY26 on account of drop in realizations and lower utilization PAT stood at Rs 51 crore H1FY26 Financial Highlights: Plant utilization stood at 75% vs 83% in H1FY25 Sales volume dropped in H1FY26 majorly on account of off season for few of the products and we expect sales volume to improve in H2FY26 Revenue dropped by 6% to Rs 1,204 crore on account of drop in sales volume EBITDA margin stood at 25% vs 28% in H1FY25 on account of drop in realizations and lower utilization Net Debt stood at Rs 496 crore vs Rs 489 crore as on 31st March 2025 ROCE stood at 21% and Net Debt/EBITDA stood at 0.8x Maulik Patel; Chairman and Managing Director – Epigral said: “This quarter ended with lower revenue on account of low sales volume and drop in realization of few products. Volume drop was majorly on account of extended monsoon which is off season for few products. Overall plant utilization stood at 75% for H1FY26 and we expect utilization to improve in H2FY26, as extended monsoon is over and maintenance work at plant is also completed, resulting in better H2 compared to H1. Our project to expand capacity of CPVC, Epichlorohydrin and Wind Solar Hybrid power plants are moving as per schedule and expected to be commissioned within committed timelines. These projects will drive growth from FY2027 onwards. We have further moved a step closer for the new projects. We will be announcing the same once it is freezed and approved by the board. We will continue to advance along our path of scalable profitable growth, optimize capital allocation, strengthen our integration, and create enduring value for all stakeholders.” Result PDF
Specialty Chemicals company Epigral announced Q1FY26 results YoY Revenue dropped by 6% to Rs 615 crore. Revenue contribution from Derivatives & Specialty business stood at 50%. EBITDA dropped by 7% to Rs 163 crore, however EBITDA margin remained unchanged at 27% on account of sustained focus on efficiency and product mix. PAT stood at Rs 160 crore, however PAT excluding deferred tax liability benefit stood at Rs 79 crore as against Rs 86 crore in Q1FY25. Plant utilization stood at 73%. ROCE grew to 24% as on 30th June 2025 vs 21% as on 30th June 2024 due to improved earnings. Net Debt/EBITDA reduced to 0.6x as on 30th June 2025 vs 1.6x as on 30th June 2024 on account of improvement in EBITDA and reduction in Net Debt. Maulik Patel; Chairman & Managing Director, Epigral said: “Q1FY26 quarter ended with slightly lower volume and drop in realizations, however we maintained our EBITDA margin of 27% on account of sustaining efficiency level and better product mix. We expect H2FY26 to be stronger compared to H1FY26. Revenue contribution from Derivatives and Specialty business stood at 50% and we expect this to further increase. Our capex projects of expanding CPVC and Epichlorohydrin capacity are moving as per schedule and are expected to be commissioned within the target timeline and budget. We are still left with a land parcel in the current complex for which we will announce a capex to further strengthen our integrated complex. We are working on the new chemistry at our new land parcel. This new chemistry project will be on similar lines of our earlier projects, i.e. import substitution products where demand is expected to grow in double digits and where we can generate good ROCE. We continue our journey to move forward in our direction of scalability with profitability, strengthening our integration and creating value for our stakeholders.” Result PDF
Specialty Chemicals company Epigral announced Q4FY25 & FY25 results Q4FY25 Financial Highlights: YoY Revenue grew by 20% to Rs 631 crore, on account of volume growth from Derivative products. Revenue contribution from Derivatives & Specialty business increased to 52% in Q4FY25 vs 48% in Q4FY24. EBITDA grew by 12% to Rs 173 crore vs Rs 155 crore in Q4FY24, and EBITDA margin stood at 28%. PAT rose by 13% to Rs 87 crore. ROCE grew to 25% as on 31st March 2025 vs 18% as on 31st March 2024 due to improvement in earnings. Net Debt/EBITDA significantly reduced to 0.7x as on 31st March 2025 vs 2.0x as on 31st March 2024 on account of improvement in EBITDA and reduction in net debt. FY25 Financial Highlights: Highest ever revenue of Rs 2,565 crore, growth of 33% on account of volume growth from Derivative products. Revenue contribution from Derivatives & Specialty business increased to 54% in FY25 vs 45% in FY24. EBITDA grew by 48% to Rs 711 crore vs Rs 481 crore in FY24. EBITDA margin stood at 28% in FY25 vs 25% in FY24 on account of a better product mix, led by contribution from new projects. PAT jumped by 82% to Rs 357 crore. Maulik Patel, Chairman and Managing Director, Epigral, said: “We ended FY25 with the highest ever revenue of Rs 2,565 crore, a growth of 33% compared to the previous year. This growth is on account of a volume rise of 11%, majorly from high-value products. Derivatives & Specialty business volume grew by around 24% in FY25, and its contribution to revenue touched 54% compared to 45% in FY24. Considering the growth opportunity, we further announced expanding our CPVC and Epichlorohydrin capacity, which are expected to be commissioned in the first half of FY27 and will contribute from FY27 onwards. Once these projects reach optimum utilisation, our integrated complex will further strengthen. We are geared up and strengthened our position, to grow further, by focusing on import substitute products, further diversifying and increasing Derivatives & Specialty business and with prudence allocation of capital, rewarding our stakeholders.” Result PDF
Conference Call with Epigral Management and Analysts on Q3FY25 Performance and Outlook. Listen to the full earnings transcript.
Specialty Chemicals company Epigral announced Q3FY25 results Q3FY25 Financial Highlights: Revenue stood at Rs 649 crore, growth of 37% YoY on account volume growth from Derivative products. Revenue contribution from Derivatives & Specialty business increased to 50% in Q3FY25 vs 47% in Q3FY24. EBITDA grew by 49% to Rs 183 crore vs Rs 123 crore in Q3FY24. EBIDTA margin stood at 28% vs 26% in Q3FY24. o PAT jumped by 110% to Rs 104 crore. PAT margin grew to 16% vs 10% in Q3FY24. ROCE grew to 25% as on 31st December 2024 vs 18% as on 31st December 2023. Net Debt / EBITDA significantly reduced to 0.8x as on 31st December 2024 vs 1.96x as on 31st December 2023 on account of improvement TTM EBITDA and reduction in Net Debt. Maulik Patel, Chairman and Managing Director, Epigral said: “Epigral’s revenue grew by 37% in Nine months of FY25 on account 15% growth in sales volume from Derivatives business and high value products. The diversification strategy of our company has played a key role in witnessing consistent and stable growth in this subdued demand scenario. Revenue contribution from Derivatives business stood at 54% for 9MFY25 vs 44% in 9MFY24” “Epigral is a growth-focused company and the volume in FY25 grew on account of various projects commissioned in the recent past. These projects will further contribute in FY26 along with a contribution from Chlorotoluenes Value Chain, it is expected to get commissioned in the current quarter. Further we are expanding and doubling our CPVC Resin and Epichlorohydrin capacity and we expect volume contribution from these projects from FY27 onwards. At Epigral we are moving in line with our strategy to grow consistently along with strengthening our integrated complex and catering to diversified industries for creating value for our stakeholders.” Result PDF
Specialty Chemicals company Epigral announced H1FY25 & Q2FY25 results Q2FY25 Financial Highlights: Revenue stood at Rs 632 crore, growth of 32% YoY on account of volume growth from Derivative products. Revenue contribution from Derivatives & Specialty business increased to 59% in Q2FY25 vs 46% in Q2FY24. EBITDA stood at Rs 178 crore vs Rs 108 crore in Q2FY24, grew by 65% YoY. EBIDTA margin stood at 29% in Q2FY25 vs 23% in Q2FY24 on account of increase in utilization and volume contribution from new projects commissioned. PAT grew by 111% to Rs 81 crore. PAT margin grew to 13% vs 8% in Q2FY24. ROCE grew to 24% as on 30th September 2024 vs 21% as on Q2FY24. Net Debt / EBITDA reduced to 1.4x as on 30th September 2024 vs 1.8x as on Q2FY24. Q2FY25 Operational Highlights: Sales volume grew 6% YoY, it majorly comes from Derivatives and Specialty business. Capacity utilization stood at 83% in Q2FY25 vs 77% in Q2FY24. YoY realizations dropped for all the products in range of 1% to 7%, except for Chloromethanes. Caustic Soda realization dropped by 9% QoQ. Realization marginally improved for value added products. H1FY25 Financial Highlights: Revenue stood at Rs 1,285 crore, growth of 37% on account of volume growth from Derivative products. Revenue contribution from Derivatives & Specialty business increased to 56% in H1FY25 vs 42% in H1FY24. EBITDA stood at Rs 355 crore vs Rs 203 crore in H1FY24, grew by 75%. EBIDTA margin stood at 28% in H1FY25 vs 22% in H1FY24 on account of increase in utilization and volume contribution from new projects commissioned. PAT grew by 139% to Rs 166 crore. PAT margin grew to 13% vs 7% in H1FY24 H1FY25 Operational Highlights: Sales volume grew 17% YoY, it majorly comes from Derivatives and Specialty business. Capacity utilization stood at 83% in H1FY25 vs 74% in H1FY24. Realizations dropped for all the products in H1FY25 vs H1FY24 Maulik Patel; Chairman and Managing Director, Epigral said: “Epigral witnessed the topline growth of 37% in H1FY25, on account of 17% sales volume growth coming from high value products of Derivatives and Specialty business, despite marginal drop in realizations for all the products. Revenue contribution from Derivative and Specialty business has reached to 59% in Q2FY25 vs 46% in Q2FY24”. “At Epigral we are focused on continuous growth and entering products which are 1st time in India. In line with that, we had entered into CPVC and ECH, import substitute products. Considering the acceptance of our product, market size and growing demand for both the products, we are excited to further expand in both the products and double it from our existing capacity. The additional capacities are expected to get commissioned by H1Y27 and these projects are expected to contribute FY27 onwards. Our strategy to diversify into value added products, strengthening our integrated complex and sustained investment in capex will help us efficiency of scale and create value for our shareholders,” Result PDF