NSE: STYRENIX · BSE: 506222
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Specialties (67%), Polystyrene (33%). Specialty chemicals manufacturer, ABS-led with polystyrene and Thailand SAN/rubber
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 2,982 | 3,438 |
| EBITDA (ex other income) | 351 | 340 |
| margin % | 11.8 | 9.9 |
| Owners' profit | 235 | 183 |
| EPS, as reported (₹) | 133.73 | 103.98 |
| ROE % · ROCE % | 20.1 · 19.0 | 13.4 · 12.8 |
| Debt / equity (x) | 0.18 | 0.23 |
| Cash from operations | 54 | 183 |
| Capex | (436) | (157) |
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 | 653 | 691 | 940 | 944 | 799 | 869 | 826 | 1,011 |
| Profit before tax | 94 | 64 | 63 | 71 | 57 | 6 | 93 | 189 |
| Net profit | 70 | 48 | 56 | 52 | 45 | 16 | 73 | 138 |
| EPS (₹) | 39.86 | 27.12 | 31.94 | 29.52 | 25.43 | 9.29 | 41.79 | 78.64 |
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) | 11.5 | 23.1 | 15 of 99 | 86% |
| P/B | 2.3 | 2.8 | 41 of 99 | 58% |
| ROCE | 11.7 | 10.1 | 45 of 106 | 58% |
| ROE | 13.4 | 8.1 | 26 of 99 | 75% |
| Debt / Equity | 0.2 | 0.2 | 53 of 99 | 47% |
| EBITDA margin | 22.1 | 15.5 | 33 of 99 | 67% |
| Revenue growth | 7.1 | 24.4 | 77 of 94 | 18% |
| Profit growth | 166.4 | 55.1 | 18 of 92 | 81% |
| Market cap | 3149 | 699 | 30 of 108 | 73% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Q2 FY27 revenue rises, but consolidated margin and profit fall | investor communications | medium | — | — |
| 28 Oct 2026 · Quarter and first-half results show sales growth, higher profit and cash outflow | results | high | — | — |
| 28 Oct 2026 · First-half revenue rises 25.6%, but operating cash flow turns negative | results | high | — | — |
| 26 Oct 2026 · Styrenix to discuss Q2 and H1 FY27 results on October 29 | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 15 Oct 2026 · Reg 74(5) certificate from registrar for Q2 FY26-27 filed with exchanges | compliance | minimal | — | — |
| 29 Sept 2026 · Insider trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 16 Sept 2026 · Investor and analyst meet scheduled on September 21, 2026 | board shareholder meetings | low | — | — |
| 14 Sept 2026 · Styrenix to meet investors and analysts on September 17, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Styrenix schedules virtual investor and analyst meet on September 10 | compliance | minimal | — | — |
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.