Annual Report of F.Y. 2025-26.
EPIGRAL · price
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Epigral Ltd released its FY 2025-26 Annual Report ahead of the 19th AGM scheduled for June 8, 2026. The company reported revenue of ₹2,542 Cr (slight de-growth from ₹2,565 Cr), EBITDA of ₹567 Cr (down 20% from ₹711 Cr), and PAT of ₹333 Cr. EBITDA margin stood at 22% versus 28% in the previous year, while RoCE declined to 16% from 25%. The moderation was due to sharp decline in raw material realisations, subdued downstream demand, a major maintenance shutdown affecting capacity utilisation by 10%, and increased interest and depreciation costs from recently commissioned capacities. Despite this, the company continued its structural transformation, with derivatives and specialty chemicals now contributing 52% of revenues. Key expansions are underway: CPVC Resin capacity doubling to 150,000 TPA and Epichlorohydrin capacity doubling to 100,000 TPA, both targeted for Q2 FY 2026-27. The company maintained a strong balance sheet with Net Debt/EBITDA at 0.9x, net worth of ₹2,221 Cr, and CRISIL AA/Stable rating. The AGM will be held via video conferencing with remote e-voting from June 4-7, 2026. Cut-off and record date for entitlements is June 1, 2026.
While FY 2025-26 saw profit and margin compression due to cyclical headwinds, Epigral's balance sheet remains robust with conservative leverage. The ongoing capacity expansions in CPVC and ECH are funded from internal accruals and position the company for multi-year growth as market conditions improve. Shareholders can expect dividend payout if approved at the AGM.