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Epigral Results: Latest Quarterly Results & Analysis

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Epigral Ltd. 10 Nov 2025 14:22 PM
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Q2FY26 Quarterly Result Announced for Epigral Ltd.

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

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

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

Speciality Chemicals company Epigral announced Q1FY25 results:

Financial Highlights:

  • Highest ever quarterly revenue of Rs 651 crore, growth of 43% YoY and 24% QoQ on account of volume growth
  • Revenue contribution from Derivatives & Specialty segment increased to 53% in Q1FY25 vs 37% in Q1FY24
  • EBITDA stood at Rs 176 crore vs Rs 95 crore in Q1FY24. Growth of 85% YoY and 14% QoQ
  • EBIDTA margin stood at 27% in Q1FY25 vs 21% in Q1FY24 on account of increase in utilization and volume contribution from new projects commissioned
  • PAT stood at Rs 86 crore. PAT margin stood at 13% vs 7% in Q1FY24
  • ROCE stood at 21% as on 30th June 2024 vs 17% as on 31st March 2024
  • Net Debt / EBITDA stood at 1.59x as on 30th June 2024 vs 1.99x as on 31st March 2024

Operational Highlights:

  • Volume grew 29% YoY and 14% QoQ. Major growth comes from Derivatives & Specialty business
  • Capacity utilization stood at 83% in Q1FY25 vs 71% in Q1FY24
  • QoQ realizations dropped for all the products in range of 1% to 7%, except for Caustic Soda

Commenting on the results Maulik Patel; Chairman and Managing Director – Epigral said: “Epigral witnessed highest ever quarterly revenue of Rs. 651 crore in the quarter under review. The company delivered volume growth of 29% YoY and 14% QoQ; this growth is primarily attributed to efficient utilization of capacities and also volume from new projects commissioned. Revenue contribution from Derivatives & Specialty business rose sharply and stood at 53% in Q1FY25 vs 37% in Q1FY24”.

“In the April to June 2024 quarter, we commissioned CPVC Resin and Compound facility and by the end of current quarter we expect to commission Chlorotoluenes Value Chain facility, both these projects will drive growth for Epigral in FY2025 and FY2026. We are moving in line with our long term vision to become fully integrated complex catering to diversified industries and grow consistently to create value for our stakeholders.”

Result PDF

Specialty chemicals company Meghmani Finechem announced Q1FY24 results:

  • Revenue from operations of Rs 455 crore in Q1FY24 compared to Rs 533 crore in Q1FY23, down 15% YoY
  • EBITDA of Rs 95 crore in Q1FY24 compared to Rs 187 crore in Q1FY23, down 49% YoY
  • PAT of Rs 32 crore in Q1FY24 compared to Rs 108 crore in Q1FY23, down 71% YoY

Commenting on the results Maulik Patel, Chairman and Managing Director, MFL said, “FY24 started with a quarter that witnessed global level slowdown and inventory destocking, impacting the chemical industry both at demand level and also at realization level. MFL too got impacted during the quarter gone by, on account of the drop in realizations. However, MFL achieved volume growth of 11% YoY in Q1FY24; this volume growth is in line with our expansion plans resulting in volume coming from CPVC Resin, Epichlorohydrin, and Hydrogen Peroxide. Revenue contribution from Derivatives and Specialty Chemical stood at 38% compared to 21% for a similar period last year. We estimate this volume growth story will continue further as these new projects will further contribute in FY24.

Considering our long-term vision, we are on schedule for our expansions of CPVC Resin of 45,000 TPA and Chlorotoluene value chain, this will drive volume growth in FY25. Our R&D centre is almost ready; hence we are ready with another strong pillar for our future growth in the Specialty Chemical segment.

We believe that the current scenario is a phase that will pass and the long-term story remains intact. Hence, we are preparing ourselves for long-term growth and we are moving in that direction.

Our board has taken the initiative to rename our company Epigral. This activity is proposed to strengthen our corporate brand in line with our commitment to transform the company as a global multi-product chemical conglomerate and enhance our reputation as an integral partner for esteemed clients and our stakeholders.”

 

 

Result PDF

Specialty Chemicals Company Meghmani Finechem announced FY23 & Q4FY23 results:

  • FY23:
    • Revenue from operations rose 41% to Rs 2,188 crore as against Rs 1,551 crore in FY22 on account of higher realization compared to last year and volume growth from existing products as well as new products
    • Revenue contribution from derivatives & specialty chemical segment increased to 30% in FY23 vs 25% in FY22
    • EBITDA grew 35% to Rs 689 crore. Margin stood at 31% in FY23 vs 33% in FY22 on account of the high cost of inventory compared to realization
    • PAT grew 40% to Rs 353 crore as against Rs 253 crore in FY22 and PAT margin stood at 16% (16% in FY22)
    • Net debt/EBITDA stood at 1.3x (1.9x in FY22). Net debt/equity stood at 0.8x (1.3x in FY22)
    • Total debt decreased by Rs 112 crore to Rs 877 crore (Rs 989 crore in FY22)
  • Q4FY23:
    • Volume growth of 15% YoY (13% QoQ) – Led by new product CPVC resin and epichlorohydrin contributed and growth in the volume of caustic soda and hydrogen peroxide
    • Capacity utilization of hydrogen peroxide reached 98% and CMS reached 102%
    • Realization - caustic soda dropped by 23%, chloromethanes dropped by 13% and hydrogen peroxide increased by 1%
    • Revenue grew 13% to Rs 562 crore as compared to Rs 499 crore in Q4FY22 on account of volume growth of 15%
    • Revenue contribution from derivatives & specialty chemical segment increased to 38% in Q4FY23 vs 19% in Q4FY22
    • PAT stood at Rs 77 crore in Q4FY23 as against Rs 99 crore in Q4FY22

Commenting on the results Maulik Patel, Chairman and Managing Director – MFL, said: “FY 2022-23 was a very exciting year, despite business undergoing through lot of volatility. Realizations were at their peak at the start of the year and dropped sharply by the end of the year. Our strategy to diversify in high-value new products and continuous expansion has brought us volume growth of 15% YoY and 13% QoQ. Revenue contribution from Derivatives & Specialty Chemical segment touched 38% of our revenue in Q4FY23 and our efforts are to further enhance revenue share from this segment. All our future expansion plans are towards this segment.”

“Our new expansions that got commissioned in FY23, contributed marginally in FY23, however in the current fiscal (FY24) a sizeable volume growth is expected from these commissioned plants. Further expansions that we are currently working in FY24 will drive growth for FY25 With our focus on continuous expansion and strengthening our integrated complex, we are geared to bring consistent growth to business,” he added.

 

 

Result PDF

Specialty chemicals company Meghmani Finechem announced Q3FY23 result:

  • Q3FY23:
    • Revenue grew 27% to Rs 538 crore on account of volume growth of 18% and higher realizations from majority products. Revenue contribution from derivative & specialty segment increased to 31% in Q3FY23 vs 25% in Q3FY22
    • EBITDA grew 18% YoY. Margin stood strong at 31% (33% Q3FY22) 
    • PAT grew 11% YoY to Rs 77 crore and PAT margin dropped by 2.2% on account of higher interest and depreciation due to the commissioning of new capacities
  • 9MFY23:
    • 9MFY23 revenue, EBIDTA and PAT surpassed FY22’s full-year numbers
    • Revenue grew 55% to Rs 1,626 crore on account of 7% volume growth and high realizations
    • PAT grew 80% to Rs 277 crore and margin improved to 17% vs 15% in 9MFY22, on account of higher realizations
    • ROCE and ROE grew to 35% and 46% respectively on account of higher realization and volume growth

“We have witnessed 18% volume growth in Q3FY23, resulting in Revenue growth of 27% YoY. Even in this volatile market, we have seen volume growth in all our products and have grown on an absolute basis. The new products that we commissioned in 9MFY23 have marginally started contributing to P&L and we expect that contribution to increase from Q4FY23 onwards. Revenue contribution from derivatives & specialty segment increased to 31% in Q3FY23 vs 25% in Q3FY22.

For CPVC resin, our product is well accepted by all customers and we are expected to reach optimum capacity utilization in Q4FY23. Considering the market size and growth potential, we are increasing our CPVC resin capacity to 75,000 TPA, by adding another 45,000 TPA. We are ready with the basic infrastructure required for CPVC resin expansion; hence we will be able to execute this project faster and at a lower capex compared to the 1st phase. This expansion will further strengthen our integrated complex as chlorine will be consumed as a key raw material in CPVC resin.

MFL board has declared its 1 st maiden interim dividend of 25% on face value of Rs 10 (Rs 2.5 per equity share).

With our expansion plans, we are moving in line with our long-term vision to become a fully integrated complex catering to diversified industries and grow consistently.” Maulik Patel, Chairman and Managing Director

 

 

Result PDF

Specialty Chemical firm Meghmani Finechem announced Q2FY23:

  • Q2FY2023:
    • Revenue grew 64% to Rs 556 crore on account of high realizations from Chlor-alkali and Hydrogen Peroxide. Chlor-alkali grew by 65% and Derivatives grew by 59%
    • EBITDA increased 79% to Rs 180 crore while maintaining EBIDTA margin of 32% vs 30% in Q2FY22
    • PAT increased 95% to Rs 92 crore and PAT margin improved by 267 bps for Q2FY23
  • H1FY2023:
    • Revenue grew 73% to Rs 1,088 crore on account of 3% volume growth and high realizations from all the products vs H1FY22
    • EBITDA grew 91% to Rs 368 crore and margin improved to 34% on account of higher realizations vs 31% in H1FY22
    • ROCE and ROE improved to 37% and 50% respectively on account of higher realization from all the products.

Mr Maulik Patel; Chairman and Managing Director – MFL said: “We achieved highestever revenue in Q2FY23. The performance of the quarter is on account of high realizations from majority of our products H1FY2023 was an exciting period as we commissioned all our planned expansion projects, namely- India’s first Epichlorohydrin plant, India’s largest CPVC resin plant and additional capacity of Caustic Soda. Our team is working towards maximizing contribution from the new projects. However, we expect substantial revenue impact from these projects by Q3FY23 onwards.

Our vision is to become a fully integrated complex catering to diversified industries, hence we will be further adding downstream chemistries where Chlorine, Hydrogen and other chemicals will be used as a raw material. Our focus is to identify molecules and chemistries which will provide us high margins and are extension of our existing product portfolio.”

Result PDF

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