Financial Performance - Standalone (Q1 FY27 vs Q1 FY26)

Income Statement:

  • Revenue from Operations: ₹768.0 crore (vs ₹721.1 crore in Q1 FY26) - 6.5% growth
  • Other Income: ₹2.5 crore (vs ₹1.9 crore)
  • Total Income: ₹770.5 crore (vs ₹723.0 crore)
  • Cost of Goods Sold: ₹482.7 crore (vs ₹551.2 crore) - 12.4% decrease
  • Employee Cost: ₹20.4 crore (vs ₹18.9 crore)
  • Other Expenses: ₹66.0 crore (vs ₹66.8 crore)
  • EBITDA: ₹201.4 crore (vs ₹86.1 crore) - 134% increase
  • EBITDA Margin: 26.1% (vs 11.9%)
  • Finance Cost: ₹1.4 crore (vs ₹1.5 crore)
  • Depreciation: ₹13.3 crore (vs ₹10.8 crore)
  • Profit Before Tax: ₹186.7 crore (vs ₹73.9 crore) - 153% increase
  • Tax: ₹49.4 crore (vs ₹19.0 crore)
  • Profit After Tax: ₹137.3 crore (vs ₹54.9 crore) - 150% increase
  • PAT Margin: 17.8% (vs 7.6%)
  • EPS: ₹78.08 (vs ₹31.20)

Financial Performance - Consolidated (Q1 FY27)

Income Statement:

  • Total Income: ₹1,014.2 crore
  • Cost of Goods Sold: ₹638.0 crore
  • Employee Cost: ₹38.9 crore
  • Other Expenses: ₹113.7 crore
  • EBITDA: ₹223.6 crore
  • EBITDA Margin: 22.0%
  • Finance Cost: ₹4.4 crore
  • Depreciation: ₹30.5 crore
  • Profit Before Tax: ₹188.6 crore
  • Tax: ₹50.3 crore
  • Profit After Tax: ₹138.3 crore
  • PAT Margin: 13.6%
  • EPS: ₹78.64

Note: Styrenix Performance Materials (Thailand) Ltd was acquired effective January 2025, making consolidated results not comparable with full year FY2025-26.

Management Commentary

Mr. Rahul R. Agrawal, Managing Director, commented on Q1 FY27 performance:

  • Geopolitical developments around the Strait of Hormuz created significant disruption across global supply chains
  • Resulted in heightened volatility in availability and pricing of energy and key raw materials
  • Company's strategy of diversifying sourcing and reducing geographical dependence helped navigate disruptions
  • Avoided declaring force majeure through close collaboration with suppliers and customers
  • Temporary demand moderation occurred in non-OEM segment due to raw material price volatility
  • Belief that demand impact is transitory and should recover as input costs stabilize

Strategic Updates & Expansion Plans

  • Phase I ABS capacity expansion of 50,000 TPA currently under implementation
  • Expansion progressing as per schedule, expected commissioning during current financial year (FY27)
  • Acquisition of INEOS Styrolution (Thailand) Company completed in January 2025 for USD 22 million
  • Acquisition funded through term loan
  • Thailand facility manufacturing capacity: ABS - 85,000 TPA, SAN - 100,000 TPA, HRG Rubber - 31,000 TPA
  • Thailand plant operates at Map Ta Phut, Thailand, spread across 69,160 sq.m

Operational Highlights

  • India's leading engineering polymer manufacturer with over 5 decades of experience
  • Leader in manufacturing Acrylonitrile Butadiene Styrene (ABS) and Styrene Acrylonitrile resin (SAN)
  • Five state-of-the-art manufacturing facilities (4 domestic, 1 international)
  • Total manufacturing capacity: ABS - 80,000 TPA, SAN - 100,000 TPA, Polystyrene - 100,000 TPA, Rubber - 27,000 TPA
  • R&D center established in 1995 with NABL ISO/IEC 17025:2005 certified labs
  • Color excellence center housing over 1,300 colors
  • 10+ sales offices across geographies
  • 4 lakh+ sq meters of operational area

Corporate History & Milestones

  • 1973: Incorporated as ABS Plastics Ltd. by Mr. Rakesh Agrawal
  • 1992: ABS capacity increased to 10,000 TPA
  • 1993: Commissioned new SAN plant in Katol (5,000 TPA)
  • 1995-1996: ABS capacity to 20,000 TPA, SAN to 10,000 TPA, R&D facility established
  • 2000-2003: ABS capacity to 39,000 TPA, SAN to 40,000 TPA
  • 2005-2012: ABS capacity to 80,000 TPA, SAN to 60,000 TPA
  • 2013: PS business acquired from BASF (66,000 TPA capacity)
  • 2014: SAN capacity increased to 100,000 TPA
  • 2019-2020: Moxi capacity increased to 100,000 TPA
  • 2022: Shiva Group led by Mr. Rakesh Agrawal acquires majority equity stake
  • 2023: Debottlenecking & Brownfield expansion announced
  • 2024: De-bottlenecking completed - PS increased to 100,000 TPA, Rubber to 27,000 TPA
  • 2025: Acquisition of INEOS Styrolution, Thailand

EHS & Certifications

  • Certified to ISO 9001:2015 (Quality Management System)
  • Certified to ISO 14001:2015 (Environmental Management System)
  • Certified to ISO 45001:2018 (Occupational Health & Safety Management System) in May 2026
  • Safety record: 5.8 million work hours for employees and 8.9 million work hours for contractors (Apr'22 to Jun'26) with only 3 reportable incidents
  • Environmental initiatives include use of clean fuel, energy/waste/water/emission reduction measures, green belt development

Board of Directors

  • Rakesh S. Agrawal, Chairman - Over five decades of experience, set up first ABS & SAN manufacturing plant in India
  • Rahul R. Agrawal, Managing Director - 25+ years experience in chemical manufacturing
  • Vishal R. Agrawal, Joint Managing Director - 25+ years experience in chemical manufacturing
  • Ravishankar Kompalli, Whole-Time Director - Four decades in polymer industry, co-patented HRG ABS powder technology
  • Milin Mehta, Independent Director - Chartered Accountant
  • Prem Kumar Taneja, Independent Director - Ex-Additional Chief Secretary, Government of Gujarat
  • P.N. Prasad, Independent Director - Former Deputy Managing Director, SBI
  • Radhika Nath, Independent Director - 31 years experience in retail, export, and trade