Investor Presentation - Q4 & FY2026.
EPIGRAL · price
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Epigral delivered record Q4FY26 revenue of Rs 736 crore, up 22% sequentially and 17% YoY, driven by 15% QoQ volume growth and plant utilization above 80%. EBITDA surged 64% QoQ to Rs 169 crore with 23% margin (vs 17% in Q3) due to improved utilization and normalized raw material costs. For full year FY2026, revenue stood at Rs 2,542 crore (-1% YoY), EBITDA at Rs 567 crore (22% margin), and PAT at Rs 333 crore (13% margin) - though excluding a Rs 81 crore deferred tax liability benefit, adjusted PAT would be Rs 252 crore. ROCE declined to 16% from 25% due to lower utilization, high capex (Rs 394 crore spent in FY26), and increased raw material prices. Net Debt/EBITDA increased to 0.9x from 0.7x. The board proposed a dividend of Rs 5 per share.
Strong Q4 recovery with margin improvement signals operational leverage as new capex approaches commissioning in H1FY27. However, FY2026 was challenging with lower full-year profitability and higher leverage. The stock may see a positive reaction to Q4 recovery and forward guidance, though investors should monitor debt levels during the expansion phase.