Styrenix Performance Materials Q2 FY27: PAT ₹138.3 Cr & Rev ₹1,014.2 Cr

Investor Takeaways

PAT grew 150.3% YoY to ₹137.3 crores in standalone Q1 FY27

EBITDA margin expanded by 1,420 bps YoY to 26.1%

Consolidated PAT margin reached 13.6% with ₹138.3 crores profit

Volume declined 15-25% due to Middle East geopolitical disruptions and pricing volatility

OEM demand remained stable at ~70% of ABS and ~50% of PS sales

Management maintained structural strategies despite raw material and freight volatility

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹1,014.2 Cr	50.8 KT sales volume; standalone ₹[amount context mismatch] Cr (6.6% YoY)
Net Profit	₹138.3 Cr	₹137.3 Cr standalone PAT (150.3% YoY)
EBITDA	₹223.6 Cr	22% margin
EPS	Not available
OPM	Not available

What Changed

Styrenix Performance Materials Limited reported significant margin expansion in Q1 FY27 despite volume pressure from external disruptions. Standalone total income showed 6.6% YoY growth to an unreported figure, while EBITDA surged 133.9% YoY to ₹201.4 crores, driven by a 1,420 bps margin improvement to 26.1%. PAT grew 150.3% YoY to ₹137.3 crores, with PAT margin increasing 1,023 bps to 17.8%. Consolidated figures revealed ₹1,014.2 crores in total income, ₹223.6 crores EBITDA (22% margin), and ₹138.3 crores PAT (13.6% margin), supported by 50.8 KT sales volume across India and Thailand. Volume declines of 15-25% resulted from reduced non-OEM demand due to Middle East geopolitical disruptions and price volatility since late March 2026, particularly affecting polystyrene. OEM demand remained stable at ~70% of ABS and ~50% of PS sales. Management emphasized dynamic procurement to manage raw material and freight volatility without altering structural strategies. The filing highlighted that PAT growth was driven by margin expansion rather than volume growth, with no specific guidance provided for FY27 or FY28 volumes or margins.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Styrenix Performance Materials Limited	24.38	N/A	N/A	4,123.48
Solar Industries India Limited	132.27	N/A	N/A	1,56,674.48
Pidilite Industries Limited	75.73	N/A	N/A	1,49,378.89
SRF Limited	69.51	N/A	N/A	79,723.46

Styrenix trades at a significant discount to peers on P/E ratio, suggesting potential relative valuation advantage.

Risks & Concerns

Volume pressure from Middle East geopolitical disruptions and pricing volatility since late March 2026

Dependence on OEM demand stability amid shifting market dynamics

Raw material and freight cost volatility requiring ongoing procurement adjustments

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	690.79	47.69	10.72
Q2FY25	653.22	70.1	15.13

The company reported declining profitability in prior quarters (OPM dropped from 15.13% in Q2FY25 to 10.72% in Q3FY25), but Q1 FY27 shows a sharp reversal with margin expansion to 26.1% EBITDA and 17.8% PAT margin, indicating a potential inflection point in performance.

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About Styrenix Performance Materials Limited (STYRENIX)

Chemicals · Chemicals & Petrochemicals · Listed on NSE

Market Cap: ₹4,123.48 Cr P/E: 24.4

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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