Manali Petrochemicals Ltd (MANALIPETC)

Chemicals · Petrochemicals · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹81.46 ↑ 26.86% (1Y)

🎯 Key Takeaways

Manali Petrochemicals is transitioning from a period of operational volatility to stabilized profitability, marked by consistent margin expansion and disciplined cost management. The company has demonstrated a clear turnaround in profitability, with margins improving significantly and profitability driven by pricing power and operational efficiency despite external headwinds.
Revenue declined 6.1% QoQ to ₹275 in Q1FY27.
⚠️ Lease renewal uncertainty for the Tamil Nadu land, with no guarantee of extension beyond the assumed 30-year term, could impact long-term asset securi

Market Cap

₹1,401

P/E Ratio

7.8

P/B Ratio

1.28

ROE

16.4%

ROCE

20.0%

Debt/Equity

0.04

Div Yield

0.61%

Promoter

44.9%

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📖 The Story

Manali Petrochemicals is transitioning from a period of operational volatility to stabilized profitability, marked by consistent margin expansion and disciplined cost management. The company has demonstrated a clear turnaround in profitability, with margins improving significantly and profitability driven by pricing power and operational efficiency despite external headwinds.

📰 What's Happening

In Q1 FY27, Manali Petrochemicals reported consolidated revenue of ₹288.49 crores, up from ₹242.69 crores YoY, with PAT surging to ₹64.36 crores from ₹14.34 crores YoY. This growth was attributed to improved realizations and cost discipline amid geopolitical volatility. The company also announced a dividend of ₹0.50 per share for FY25-26, payable within 30 days of the 40th AGM on 28 September 2026. Additionally, it appointed a cost auditor and disclosed ongoing uncertainty around lease renewal for its Tamil Nadu land, with partial flood damage recoveries received.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	235	248	247	293	275
Operating Profit	15	12	5	15	74
OPM %	6.4%	5.0%	2.1%	5.3%	26.9%
Net Profit	14	18	68	29	64
EPS	₹0.83	₹1.06	₹3.98	₹1.69	₹3.74

The company's financial trajectory shows a sharp recovery in profitability, with OPM expanding to 26.9% in Q1 FY27 from just 5.3% in Q3 FY26, indicating strong margin recovery. Revenue growth has been consistent, supported by pricing power and cost control, while net profit margins have improved despite macroeconomic pressures. This turnaround is underpinned by operational efficiency and better realizations, as highlighted in management commentary.

🔮 Management Outlook & What's Next

Management has emphasized that profitability growth is being driven by improved realizations and cost discipline, even in the face of geopolitical volatility. They have not provided explicit forward guidance on future margins or revenue, but the consistent improvement in operational metrics suggests confidence in sustaining the current trajectory. The focus remains on disciplined execution rather than aggressive expansion.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	86	86	86	86
Reserves	985	1,008	1,056	1,195
Borrowings	89	45	155	137
Total Liabilities	1,322	1,403	1,472	1,596
Fixed Assets	284	596	305	364
Investments	6	15	6	6
Total Assets	1,322	1,403	1,472	1,596

The balance sheet reflects a conservative capital structure with negligible debt (D/E of 0.04) and steady growth in equity and reserves. Total assets have increased modestly, indicating capital investment is limited and primarily focused on maintaining existing operations. There is no evidence of large-scale capex or deleveraging, suggesting a capital-light approach to sustaining profitability.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	-19
Investing	-155
Financing	-0
Net Cash Flow	-174

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	44.9%	44.9%	44.9%	44.9%
FII	0.4%	0.3%	0.4%	0.4%
DII	0.0%	0.0%	0.0%	0.0%
Public	40.0%	39.2%	39.2%	38.8%
# Shareholders	1,57,079	1,51,392	1,48,876	1,46,235

Institutional holding remains very low, with FII ownership at just 0.38% in Q1 FY27, down slightly from 0.44% in Q2 FY26, while DII holding is negligible at 0.01%. Promoter holding remains stable at 44.86%, indicating no dilution or stake sale. The shrinking public float and low institutional interest suggest limited investor awareness or coverage, despite strong profitability trends.

⚖️ Peer Comparison — Petrochemicals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
SPLPETRO	13,709	28.3	28.2%	20.4%	0.00
SOTL	4,717	11.4	31.8%	22.8%	0.00
STYRENIX	3,534	12.9	21.7%	20.0%	0.23
BEPL	3,012	15.1	25.5%	18.4%	0.00
PANAMAPET	2,846	5.9	39.3%	32.6%	0.05
MANALIPETC	1,401	7.8	20.0%	16.4%	0.04
DCW	1,343	18.8	9.6%	12.7%	1.21
TNPETRO	1,084	7.6	20.4%	15.6%	0.13
AGARIND	685	16.8	7.3%	6.5%	0.68
GOACARBON	338	—	-5.3%	-58.3%	1.97

🔗 Peer Stock Analyses

SPLPETRO SOTL STYRENIX BEPL PANAMAPET

⚠️ Risk Factors

1. Lease renewal uncertainty for the Tamil Nadu land, with no guarantee of extension beyond the assumed 30-year term, could impact long-term asset security. 2. Partial recovery of flood damage claims (₹300 lakhs received out of ₹1180 lakhs claimed), with the remainder still unverified, introduces financial and operational uncertainty. 3. Low institutional interest and thin trading volumes may lead to price volatility and limited liquidity. 4. Reliance on volatile commodity pricing and global market dynamics for revenue realization remains a structural risk.

📋 Recent Filings

🧠 Analyst's Read

Manali Petrochemicals is executing a quiet but meaningful turnaround, with profitability and margins improving steadily on the back of cost discipline and pricing power. While the business model remains asset-light and capital-efficient, investors should monitor lease renewal outcomes and the resolution of pending insurance recoveries. The low institutional ownership presents a potential catalyst for re-rating if operational momentum sustains, but the company operates in a capital-intensive, cyclical industry with inherent execution risks.

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 2026-09-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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