Epigral Limited (EPIGRAL)

Chemicals · Chemicals & Petrochemicals · NSE · Updated 15 July 2026

₹1,052.3 ↓ 40.48% (1Y)

🎯 Key Takeaways

Epigral Limited is in a strategic growth phase, transitioning from a period of margin compression and volume softness in FY24 to renewed expansion momentum driven by capacity additions and product diversification. Management is targeting 10-12% volume growth in FY27, supported by plant utilization improvements and resilience amid geopolitical headwinds.
Revenue grew 3.1% QoQ to ₹645 in Q3FY25.
⚠️ Geopolitical instability in West Asia poses ongoing risks to raw material sourcing and supply chain continuity, which management acknowledges but is m

Market Cap

₹5,248

P/E Ratio

14.6

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Epigral Limited is in a strategic growth phase, transitioning from a period of margin compression and volume softness in FY24 to renewed expansion momentum driven by capacity additions and product diversification. Management is targeting 10-12% volume growth in FY27, supported by plant utilization improvements and resilience amid geopolitical headwinds. Despite a 40% one-year return decline, recent quarters show margin recovery and profitability stabilization, suggesting a turnaround in operational performance.

📰 What's Happening

In Q4 FY26, Epigral reported revenue of ₹736 crores, up 22% QoQ, driven by 15% volume growth and 78-85% plant utilization, with EBITDA margin expanding to 23%. PAT reached ₹330 crores, aided by a one-time INR81 crore tax benefit. Management highlighted ongoing capacity expansions and product diversification to mitigate supply chain and raw material price volatility from West Asia. The company also declared a final dividend of ₹5 per share at its 19th AGM on June 8, 2026, reflecting strong cash flow. Additionally, CRISIL reaffirmed its AA/Stable and A1+ ratings for ₹1050 crores of bank facilities, underscoring stable credit access.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	562	455	478	472	525	651	626	645
Operating Profit	159	97	109	125	157	179	184	186
OPM %	27.5%	20.9%	22.6%	26.0%	29.6%	27.1%	28.5%	28.3%
Net Profit	77	32	38	49	77	86	81	104
EPS	₹18.47	₹7.58	₹9.14	₹11.81	₹18.60	₹20.67	₹19.57	₹24.25

The company's financial trajectory shows a clear inflection point: after a challenging FY24 marked by volume declines and margin pressure, Q1 to Q4 FY26 reveals consistent sequential improvement in revenue, operating profit, and margins. This recovery is underpinned by volume growth and operational efficiency, with EBITDA margin rising to 23% in Q4 FY26 from 22.6% in Q2 FY24. The one-time tax benefit in Q4 FY26 boosted PAT, but underlying operational performance also improved, supporting the narrative of stabilization and early-stage recovery ahead of planned capacity investments.

🔮 Management Outlook & What's Next

Management expressed confidence in sustaining growth through product diversification and capacity expansion, targeting 10-12% volume growth in FY27 despite geopolitical risks in West Asia affecting raw material prices. They emphasized resilience through renewable energy adoption (8-9% of power mix) to insulate against rising energy costs, which increased 15% due to regional conflicts. Management also reaffirmed its ambition to become a respected multi-product chemical company, with expansion plans aligned with long-term structural demand trends in specialty chemicals.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Chemicals & Petrochemicals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Solar Industries India Limited	1.57 L Cr	132.3	—	—	—
Pidilite Industries Limited	1.49 L Cr	75.7	—	—	—
SRF Limited	79,723	69.5	—	—	—
Linde India Limited	62,701	141.9	—	—	—
Gujarat Fluorochemicals Limited	40,793	89.6	—	—	—
Navin Fluorine International Limited	35,894	131.5	—	—	—
Himadri Speciality Chemical Limited	30,071	56.6	—	—	—
Deepak Nitrite Limited	24,911	33.3	—	—	—
Atul Limited	20,904	48.8	—	—	—
Tata Chemicals Limited	19,079	-47.1	—	—	—

🔗 Peer Stock Analyses

SOLARINDS PIDILITIND SRF LINDEINDIA FLUOROCHEM

⚠️ Risk Factors

1. Geopolitical instability in West Asia poses ongoing risks to raw material sourcing and supply chain continuity, which management acknowledges but is mitigating through diversification and renewable energy adoption. 2. Rising energy costs, up 15% due to regional conflicts, could pressure margins if not fully passed on to customers. 3. Volume growth targets of 10-12% in FY27 depend on successful execution of capacity expansions and market demand stability, which remains uncertain amid macroeconomic headwinds.

📋 Recent Filings

🧠 Analyst's Read

Epigral is transitioning from a period of margin and volume pressure to a phase of structured expansion, supported by improving operational metrics and a disciplined capital allocation strategy. Investors should monitor execution of capacity plans, sustainability of margin improvement, and management's ability to insulate profitability from geopolitical and input cost volatility. The upcoming Q1 FY27 results will be critical to validate the growth trajectory.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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