Styrenix Performance Materials Limited – Investor Presentation Summary

Key Operational Highlights

  • The company navigated significant geopolitical uncertainty and disruptions across global supply chains during Q2 FY27.
  • Raw material and energy availability and pricing remained volatile, creating a challenging operating environment for the polymer industry.
  • Underlying demand remained robust during the quarter, reflecting the resilience of end markets.
  • The Thailand business continues to face challenges from significant regional capacity overhang and competitive pressures.
  • Key drivers include a diversified sourcing strategy, strong supplier relationships, and agile operating capabilities.

Segment-wise Performance

  • Performance by specific business segments was not detailed in the presentation.

Financial Highlights

Standalone Performance (Q2 FY27 vs Q2 FY26):
  • Revenue: ₹977.7 crore (vs ₹621.5 crore), up 26.7% YoY
  • EBITDA: ₹84.5 crore (vs ₹81.8 crore), up 3.3% YoY
  • EBITDA Margin: 10.8% (vs 13.2%)
  • PAT: ₹51.2 crore (vs ₹50.8 crore), up 0.8% YoY
  • PAT Margin: 6.6% (vs 8.2%)
  • EPS: ₹29.11 (vs ₹28.88)
Standalone Performance (H1 FY27 vs H1 FY26):
  • Revenue: ₹1,547.7 crore (vs ₹1,336.3 crore), up 15.8% YoY
  • EBITDA: ₹285.9 crore (vs ₹167.9 crore), up 70.3% YoY
  • EBITDA Margin: 18.4% (vs 12.5%)
  • PAT: ₹188.5 crore (vs ₹105.7 crore), up 78.4% YoY
  • PAT Margin: 12.2% (vs 7.9%)
  • EPS: ₹107.20 (vs ₹60.08)
Consolidated Performance (Q2 FY27 vs Q2 FY26):
  • Revenue: ₹993.5 crore (vs ₹797.9 crore), up 24.4% YoY
  • EBITDA: ₹75.6 crore (vs ₹88.4 crore), down -14.5% YoY
  • EBITDA Margin: 7.6% (vs 11.0%)
  • PAT: ₹23.2 crore (vs ₹44.7 crore), down -48.2% YoY
  • PAT Margin: 2.3% (vs 5.6%)
  • EPS: ₹13.17 (vs ₹25.43)
Consolidated Performance (H1 FY27 vs H1 FY26):
  • Revenue: ₹2,004.4 crore (vs ₹1,744.4 crore), up 15.0% YoY
  • EBITDA: ₹299.2 crore (vs ₹188.3 crore), up 58.9% YoY
  • EBITDA Margin: 14.9% (vs 10.8%)
  • PAT: ₹161.5 crore (vs ₹96.7 crore), up 67.0% YoY
  • PAT Margin: 8.0% (vs 5.5%)
  • EPS: ₹91.81 (vs ₹54.97)

Geographical Revenue Split

  • Domestic vs Export/Regional Revenue: Not specified in the presentation.

Balance Sheet Snapshot (Consolidated as of Sep-26 vs Mar-26)

  • Total Assets: ₹2,554.0 crore (vs ₹2,482.6 crore)
  • Total Equity: ₹1,491.4 crore (vs ₹1,366.3 crore)
  • Non-Current Assets: ₹1,372.8 crore (vs ₹1,327.6 crore)
  • Current Assets: ₹1,181.2 crore (vs ₹1,154.9 crore)
  • Investments: ₹757.7 crore (vs ₹664.5 crore)
  • Trade Receivables: ₹478.1 crore (vs ₹428.8 crore)
  • Cash and Cash Equivalents: ₹53.2 crore (vs ₹70.1 crore)
  • Total Liabilities: ₹2,554.0 crore (vs ₹2,482.6 crore)
  • Borrowings: ₹203.7 crore (vs ₹309.0 crore)
  • Trade Payables: ₹416.7 crore (vs ₹421.1 crore)

Capex & Cash Flow Health

  • Capital Expenditure: Phase I ABS capacity expansion of 50 KTPA under implementation.
  • Free Cash Flow: Not specified.
  • Operating Cash Flow: Not specified.
  • Net Debt Movement: Not specified.
  • Investment Rationale: Focus on capacity expansion to capitalize on long-term growth opportunities in the Indian engineering polymers market.

Strategic & R&D Initiatives

  • Investments in Innovation: In-depth polymerisation research, global technology operations, customized product & color development, and long-term sustainability initiatives.
  • Phase I Expansion: 50 KTPA brownfield ABS expansion under implementation, progressing as per schedule with commissioning expected in H2 FY27.
  • Thailand Acquisition: Acquired INEOS Styrolution (Thailand) Co. in January 2025 for ~USD 22 million, adding 85 KTPA ABS, 100 KTPA SAN, and 31 KTPA HRG rubber capacity.
  • Strategic Rationale: Expanding into value-added ABS grades, strengthening position as a global supplier, accessing new geographies, and securing better-quality HRG rubber raw material.

Industry Trends & Business Environment

  • Macro/Industry Trends: Significant geopolitical uncertainty, global supply chain disruptions, volatile raw material and energy pricing, and competitive pressures in the Thailand region.
  • Impact on Company: Created a challenging operating environment, but underlying demand remained robust. Thailand operations face capacity overhang issues.

Management Commentary & Growth Outlook

  • Strategic Outlook: Focus on strengthening supply-chain resilience, improving Thailand operations performance, and executing growth plans.
  • FY Guidance: Objective to reach targeted capacity utilization levels in Thailand over the next two years through market development and sharper commercial focus.
  • Market Share Targets: Not specified.
  • Risks and Opportunities: Geopolitical uncertainty, raw material volatility, and competitive pressures in Thailand were highlighted as challenges.

ESG Updates

  • EHS Highlights: Certified to ISO 45001:2018 (May '26) and ISO 14001:2015. 6.17 Mn work hours for employees and 9.57 Mn work hours for contractors with only 3 reportable incidents.
  • Environmental Commitment: Use of clean fuel, energy/waste/water/emission reduction measures, green belts development, and tree plantation drives.
  • Certificates: ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management), ISO 45001:2018 (Occupational Health & Safety).
  • Best Practices: Process Safety Management, Operational Audits, Integrated Asset Care & Process Safety Audits, Use of Flame-Resistant Clothing, HAZOP studies, Management of Change, Rewards & Recognition program.

#CompanyName: Styrenix Performance Materials Limited