Q1 FY27 Financial Performance
- Revenue stood at ₹709 Crore, representing a 15% growth Year-over-Year (YoY), driven by a 5% volume growth and improved realizations.
- EBITDA was ₹179 Crore, a 10% increase from ₹163 Crore in Q1 FY26. The EBITDA margin for the quarter was 25%.
- Profit After Tax (PAT) was ₹99 Crore, a 25% increase from ₹79 Crore in Q1 FY26. The PAT margin was 14%.
- Earnings Per Share (EPS) for the quarter was ₹23.0.
- The company noted that a shift to a new tax rate of 25.17% in FY26 reduced its deferred tax liability by ₹81 Crore. Excluding this one-time benefit, the comparable PAT for Q1 FY26 was ₹79 Crore.
- Key Ratios as of 30th June 2026:
- Return on Capital Employed (ROCE) was 16% (calculated on TTM EBIT, including Capital Work in Progress).
- Net Debt to EBITDA stood at 0.8x.
Operational and Strategic Highlights
- Overall plant utilization stood above 80% for the quarter.
- The Board approved two new capital expenditure projects:
1. Epoxy Resin & Formulations Plant with a capacity of 125,000 TPA, to be located at the existing Dahej complex. Expected commissioning is in H2FY28.
2. Multi-Purpose Plant (MPP) downstream of the Epichlorohydrin (ECH) and Chlorotoluenes Value Chain, also at Dahej. Expected commissioning is in H2FY28.
- The company is setting up pilot plants for both the Epoxy Resin and MPP projects to optimize processes and facilitate customer approvals.
- Ongoing capacity expansion projects are on schedule:
- CPVC Resin: Adding 75,000 TPA, taking total capacity to 150,000 TPA (world's largest). Expected commissioning in Q2FY27.
- Epichlorohydrin (ECH): Adding 50,000 TPA, taking total capacity to 100,000 TPA (India's largest). Expected commissioning in Q2FY27.
- Wind Solar Hybrid Power Plant: Adding 19.80 MW. Expected commissioning in Q2FY27.
Management Commentary (CMD Message)
Mr. Maulik Patel, Chairman and Managing Director, stated that the company delivered steady growth despite severe macroeconomic volatility and geopolitical tensions in West Asia, which caused raw material and freight cost fluctuations. He cited stabilized operating conditions and a positive outlook backed by India's strong economic growth. The new Epoxy Resin plant is intended to cater to demand in renewable energy, infrastructure, electronics, automotive, and industrial sectors, while the MPP will serve pharmaceutical and agrochemical intermediates and water treatment chemicals.
Company Overview and Product Portfolio
Epigral Limited, founded in 2007, is an integrated chemical manufacturer with a complex in Dahej, Gujarat, employing over 1,100 people.
- Chlor-Alkali Capacity: 421 KTPA (Caustic Soda - 400 KTPA, Caustic Potash - 21 KTPA).
- Derivatives Capacity: 250 KTPA (CPVC Resin, ECH, Chlorotoluenes Value Chain, Chloromethanes, Hydrogen Peroxide).
- The presentation provided expected demand CAGRs for key products: Caustic Soda (~8%), CPVC Resin (~13%), Epichlorohydrin (~15%), and Chlorotoluenes Value Chain (double-digit %).
- The company aims for ~70% of revenue to come from Derivatives & Specialty Chemicals by FY28.
Capex Update
A table detailed the capex project status as of 30th June 2026:
| Product | Capacity | Expected Commissioning Date |
| Wind Solar Hybrid Power Plant (Additional) | 19.80 MW | Q2FY27 |
| CPVC Resin (Additional) | 75 KTPA | Q2FY27 |
| Epichlorohydrin (Additional) | 50 KTPA | Q2FY27 |
| Epoxy Resin & Formulations | 125 KTPA | H2FY28 |
| Multi Purpose Plant | - | H2FY28 |
Additional Information
- The company has an R&D center in Changodar, Ahmedabad, focused on developing new molecules.
- The board of directors and their qualifications were listed, comprising 10 members, 50% of whom are independent.
- The full investor presentation is available on the company's website at www.epigral.com.