Epigral announced its Q3 FY26 results, reporting a slight increase in revenue. Plant utilization remained consistent at 78%. Q3 FY26 revenue increased by 2% to ₹603 Cr. The company continues its capacity expansion for CPVC and Epichlorohydrin, which are on schedule. Epigral spent ₹337 Cr on capex during the first three quarters of FY26.
Q3 FY26 Financial Performance
Epigral’s plant utilization remained stable at 78% compared to the previous quarter. Revenue saw a modest increase of 2%, reaching ₹603 Cr, with 52% of the revenue originating from Derivatives & Specialty business. However, EBITDA margin experienced a decrease, standing at 17% compared to 23% in Q2 FY26. This decline is attributed to lower realizations and increased raw material costs.
9MFY26 Performance Overview
For the first nine months of FY26, plant utilization was reported at 76% compared to 82% in the same period last year. Revenue decreased by 7% to ₹1,807 Cr, with Derivatives & Specialty contributing 51%. The EBITDA margin for 9MFY26 stood at 22%, down from 28% in 9MFY25, also due to lower realizations and increased raw material expenses. Net Debt stood at ₹557 Cr, compared to ₹521 Cr as of December 31, 2024. ROCE was 17%, and the Net Debt/EBITDA ratio was 1.0x.
Capacity Expansion & Capex
Epigral has invested ₹337 Cr in capex during 9MFY26. The additional capacity for CPVC and Epichlorohydrin is progressing according to schedule and is expected to be commissioned within the committed timelines.
CMD Message
According to Mr. Maulik Patel, Chairman and Managing Director, Epigral delivered a marginal sequential topline growth in the third quarter. He noted that the market has strengthened notably since mid-November, and he anticipates sustained positive momentum. Capacity expansion projects for CPVC, Epichlorohydrin, and the Wind Solar Hybrid Power Plant are progressing smoothly and are set for timely commissioning, which will drive growth from FY27 onwards.
Source: BSE
