STYRENIX PERFORMANCE LTD

Manufactures specialty plastics, mainly ABS (Acrylonitrile Butadiene Styrene) and polystyrene grades (GPPS and HIPS), sold to industrial customers. The business is split into two reported segments: Specialties, which contributed 67.4% of period segment revenue, and Polystyrene, which contributed 32.6%. Operations sit in India and at Map Ta Phut in Thailand, where a January 2025 acquisition added 85,000 TPA of ABS, 100,000 TPA of SAN and 31,000 TPA of HRG rubber capacity. Consolidated FY26 sales volume was 248.3 KT, of which the standalone India entity shipped 195 KT. Management describes ABS demand in India at around 350,000-370,000 tons, with roughly 100,000+ tons still imported, and frames 5-7 years of import substitution runway. Around 60-70% of the ABS book and over 70% of total business run on formula-based pricing tied to raw material benchmarks. The biggest cost is raw materials — styrene, ethylene and benzene — at 72.4% of revenue in FY26. Standalone Q4 FY26 EBITDA margin was 19.2% (up 734 bps YoY) on tighter supply and better product mix, while full-year consolidated EBITDA margin was 10.4%, with the gap explained by integration of the Thailand unit.