Epigral Limited delivered a strong performance in Q4 FY26, reporting a record-high revenue of INR 736 crores, driven by a 15% quarter-on-quarter volume growth. The company achieved an EBITDA margin of 23%, benefiting from normalized raw material costs and increased plant utilization. With major maintenance work completed and strategic capacity expansions in Epichlorohydrin (ECH) and CPVC nearing commissioning, the management remains optimistic about consistent growth throughout FY27.
Financial Highlights
Epigral Limited achieved its highest-ever quarterly revenue of INR 736 crores during Q4 FY26 (January–March), representing a 22% growth compared to the previous quarter. The company’s EBITDA rose by 64% to INR 169 crores, with PAT reaching INR 82 crores compared to INR 35 crores in the previous quarter. For the full fiscal year, the company recorded revenue of INR 2,542 crores and a PAT of INR 330 crores, which includes a one-time benefit of INR 81 crores from deferred tax liability adjustments.
Operational Performance and Plant Utilization
Following the completion of major maintenance in the third quarter, plant utilization for caustic soda improved significantly, operating in the range of 78% to 85%. The derivative and specialty business segment contributed 54% to the total revenue. Management emphasized that despite volatility in the chemical industry caused by the West Asia conflict and shipping disruptions, the company’s diversified product portfolio provided essential resilience, allowing for maintained demand in core segments.
Capacity Expansion and Future Strategy
The company is on track with its expansion projects for Epichlorohydrin (ECH) and CPVC, which are expected to be commissioned in Q2 FY27 (July–September). Management projects a volume growth of 10% to 12% for FY27. Once these facilities reach optimal capacity, the company expects its captive chlorine consumption to increase from the current 75% to approximately 90%–95%. Additionally, Epigral is expanding its renewable energy footprint, with plans to have 15% of its power requirements met by wind-solar hybrid plants.
Market Outlook and Resilience
While the company noted that global geopolitical tensions and raw material price fluctuations remain factors to monitor, the demand in the domestic market is reported as intact for essential chemical segments. The company continues to focus on cost optimization and disciplined capital allocation. Management indicated that future growth will be driven by the ramp-up of new capacities and ongoing focus on specialty chemicals, with further updates on greenfield project plans expected later in the year.
Source: BSE
