Epigral Limited announced its un-audited financial results for the quarter ended June 30, 2026 (Q1FY27) pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance Highlights

  • Revenue: ₹709 crore in Q1FY27, representing 15% growth compared to ₹615 crore in Q1FY26
  • EBITDA: ₹179 crore in Q1FY27, showing 10% growth from ₹163 crore in Q1FY26
  • EBITDA Margin: 25% in Q1FY27
  • PAT: ₹99 crore in Q1FY27, representing 25% growth compared to ₹79 crore in Q1FY26
  • PAT Margin: 14% in Q1FY27
  • ROCE: 16% in Q1FY27 compared to 24% in Q1FY26, due to lower EBIT in TTM and sizeable Capital Work in Progress
  • Net Debt/EBITDA: 0.8x as of June 30, 2026
  • Sales Volume: Grew by 5% year-over-year
  • Plant Utilization: Stood above 80%

Strategic Expansion and Capex Approval

The Board of Directors approved two major expansion projects with total estimated capex of approximately ₹600 crore:

1. Epoxy Resin & Formulations Plant

  • Production capacity: 1,25,000 TPA
  • Represents forward integration into advanced materials and specialty chemicals segment
  • Expected commissioning: H2FY28

2. Multi-Purpose Plant (MPP)

  • Will manufacture downstream products of Epichlorohydrin and Chlorotoluenes value chains
  • Focus on pharmaceutical and agrochemical intermediates and water treatment chemicals
  • Expected commissioning: H2FY28

Integration Advantages

More than 50% of the raw material value for the Epoxy Resin project will be sourced internally from existing production:

  • Epichlorohydrin (ECH) - already produced within integrated manufacturing complex
  • Caustic Soda - already produced within integrated manufacturing complex

Pilot Plant Development

Epigral is establishing pilot plant facilities for both projects:

  • Expected operational by Q2FY27
  • Purpose: Validate product quality, optimize manufacturing processes, and facilitate customer approvals ahead of commercial-scale operations

Ongoing Projects Status

Capex projects for enhancing CPVC Resin, ECH and Wind Solar Hybrid Power Plant capacity are progressing as per schedule and expected to be commissioned within timeline and budget.

Management Commentary

Maulik Patel, Chairman and Managing Director, commented that the company delivered steady growth despite severe macroeconomic volatility driven by geopolitical tensions in West Asia. The quarter was marked by fluctuations in raw material and finished goods prices, elevated freight costs, and shipment delays. The company leveraged its diversified product mix to navigate these challenges.

Market Applications

The Epoxy Resin plant will cater to demand from:

  • Renewable energy (windmill blades)
  • Infrastructure
  • Electronics
  • Automotive
  • Industrial sectors (coatings, chemical storage, electrical insulation, marine structures)

The MPP will address growing domestic demand for:

  • Pharmaceutical intermediates
  • Agrochemical intermediates
  • Water treatment chemicals

Company Background

Epigral Limited operates an integrated manufacturing complex at Dahej, Gujarat and is:

  • Pioneer in domestic chemical industry with India's first Epichlorohydrin (ECH) plant
  • Established India's first Chlorotoluenes Value Chain facility
  • Operator of India's largest CPVC resin production capacity

Current product portfolio includes: Caustic Soda, Caustic Potash, Chloromethanes, Hydrogen Peroxide, CPVC, Epichlorohydrin, and Chlorotoluenes Value Chain.