NSE: EPIGRAL · BSE: 543332
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Caustic soda, Epichlorohydrin (ECH), CPVC, Chloromethanes, Hydrogen peroxide, Chlorotoluene and derivatives, Epoxy resin and formulations (planned). Capital-intensive, integrated chlor-alkali complex moving up the value chain from commodity caustic soda to specialty derivatives.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,551 | 2,188 | 1,929 | 2,550 | 2,527 |
| EBITDA (ex other income) | 509 | 689 | 481 | 711 | 567 |
| margin % | 32.9 | 31.5 | 24.9 | 27.9 | 22.4 |
| Owners' profit | 253 | 353 | 196 | 358 | 332 |
| EPS, as reported (₹) | 60.84 | 85.03 | 47.13 | 84.68 | 76.95 |
| ROE % · ROCE % | 34.8 · 26.9 | 33.0 · 32.9 | 15.6 · 18.1 | 18.8 · 22.3 | 14.9 · 14.8 |
| Debt / equity (x) | 1.36 | 0.82 | 0.77 | 0.31 | 0.25 |
| Cash from operations | 284 | 626 | 398 | 441 | 436 |
| Capex | (456) | (416) | (398) | (195) | (394) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 626 | 645 | 628 | 607 | 587 | 597 | 736 | 705 |
| Profit before tax | 124 | 154 | 131 | 107 | 70 | 55 | 111 | 133 |
| Net profit | 81 | 104 | 87 | 161 | 51 | 39 | 81 | 100 |
| EPS (₹) | 19.57 | 24.25 | 20.14 | 37.25 | 11.87 | 9.07 | 18.76 | 23.12 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.5 | 23.1 | 24 of 99 | 77% |
| P/B | 1.8 | 2.8 | 35 of 99 | 65% |
| ROCE | 12.2 | 10.1 | 43 of 106 | 60% |
| ROE | 14.9 | 8.1 | 20 of 99 | 81% |
| Debt / Equity | 0.3 | 0.2 | 57 of 99 | 43% |
| EBITDA margin | 26.0 | 15.5 | 19 of 99 | 82% |
| Revenue growth | 16.3 | 24.4 | 65 of 94 | 31% |
| Profit growth | (37.9) | 55.1 | 81 of 92 | 12% |
| Market cap | 3921 | 699 | 27 of 108 | 76% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Epigral to discuss Q2 FY27 results on November 2, 2026 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Epigral board to approve Q2 and half-year results on 2 November 2026 | results | low | — | — |
| 21 Oct 2026 · Epigral schedules Elara Securities plant visit to Dahej | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Routine SEBI compliance filing on share dematerialisation for Q2 FY27 | compliance | minimal | — | — |
| 13 Oct 2026 · Epigral to hold one-on-one analyst meeting with Elara Securities on Oct 14 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed ahead of Q2 FY26 results | compliance | minimal | — | — |
| 16 Sept 2026 · Epigral to attend Anand Rathi G-200 Summit 2026 on 21 Sept | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Epigral to host Bellwether Capital plant visit at Dahej on September 3 | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Epigral schedules one-on-one meeting with Incred Research on Aug 20 | board shareholder meetings | low | — | — |
| 7 Aug 2026 · Epigral officials to attend EMKAY Confluence 2026 in Mumbai on 12 Aug | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.