EPIGRAL LIMITED

Manufactures chlor-alkali and downstream specialty chemicals at its Dahej, Gujarat facility. Caustic soda is the base product; most of the chlorine produced on-site is consumed captively to make epichlorohydrin (ECH), CPVC, chloromethanes, hydrogen peroxide and chlorotoluene. Derivatives and specialty chemicals contributed 48% of FY26 revenue, with a stated target of 70% by FY28E. For FY26, the business reported revenue of ₹2,527.18 crore at a 23% EBITDA margin. Plant utilisation ran above 80% in Q1 FY27, when revenue grew 15% YoY to ₹709 crore at a 25% EBITDA margin despite raw material inflation linked to the Middle East conflict. Raw materials are the dominant cost line at 59% of FY26 revenue, with depreciation and capex together at over 22% of revenue, reflecting the capital intensity of the chemicals build-out. The board has approved ₹600 crore of new capex covering a 125,000 TPA epoxy resin and formulations plant and a multipurpose plant for chlorotoluene and epichlorohydrin derivatives, with pilot plants due by September 2025 and commercial commissioning targeted for H2 FY28. More than 50% of the raw material value for these projects will be sourced internally. Peak revenue from the new projects is sized at ₹1,300-1,500 crore, with total business peak revenue guided around ₹5,000 crore.