Epigral Limited has informed the Exchange about Transcript
EPIGRAL · price
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Epigral Limited held its Q1 FY26 earnings call, reporting a 6% YoY revenue decline to INR 615 crores due to lower volumes from scheduled plant maintenance and an early monsoon. Despite the dip, the company held a healthy 27% EBITDA margin through operational efficiency and a better product mix. Reported PAT of INR 160 crores includes a one-time INR 81 crore credit from shifting to the new 25.17% tax regime; adjusted PAT was INR 79 crores. Management guided that H2 FY26 will be materially better, with optimum utilization returning by end of Q2. Capex projects for CPVC and Epichlorohydrin capacity doubling, plus a 19.8 MW wind-solar hybrid plant, remain on schedule and within budget. The Chlorotoluene value chain, commissioned in March 2025, is in customer-approval phase with commercial revenue expected from Q4 FY26. ROCE improved to 24% and net debt-to-EBITDA fell to 0.6x. Management hinted at a new chemistry project on a 100-acre Dahej land parcel to be announced in the next couple of quarters, targeting 12-13% CAGR import-substitution products.
Near-term stock may stay weak on the 6% revenue dip, but resilient 27% margins, clear H2 recovery guidance, and multiple visible growth drivers (Chlorotoluene ramp-up, CPVC/ECH expansion, new chemistry pipeline) support a constructive medium-term outlook for shareholders.