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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,59,479 | 60.2 | 14.43 | 42.3 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 73,583 | 34.0 | 5.24 | 22.7 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 52,514 | 85.7 | 6.64 | 41.5 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,836 | 55.4 | 11.03 | 39.5 | 16.7 | 16.4 | 23.0 | 37.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · Styrenix schedules virtual investor and analyst meet on September 10 | compliance | minimal | — | — |
| 4 Sept 2026 · Intimation regarding Investor/analyst meet | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Notice to shareholders on special window for transfer and demat of physical shares | compliance | minimal | — | — |
| 27 Aug 2026 · Styrenix 53rd AGM: 3 resolutions passed on Aug 27, 2026 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · 53rd AGM held on Aug 27, 2026 - proceedings submitted | board shareholder meetings | low | — | — |
| 12 Aug 2026 · Q1 FY27 Earnings Call Transcript Filed | investor communications | medium | — | — |
| 6 Aug 2026 · 53rd AGM notice published in newspapers, e-voting details announced | compliance | minimal | — | — |
| 5 Aug 2026 · Earnings Call Recording for August 5, 2026 Uploaded | investor communications | low | — | — |
| 5 Aug 2026 · Styrenix files BRSR for FY2025-26 with ESG details | compliance | low | — | — |
| 5 Aug 2026 · Notice of 53rd AGM on August 27, 2026 | board shareholder meetings | low | — | — |
| 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 |
| AETHER INDUSTRIES LIMITED | 22,229 | 94.3 | 9.05 | 60.4 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 21,769 | 27.8 | 3.71 | 22.4 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 18,401 | 23.1 | 2.92 | 14.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 17,846 | 33.6 | 3.00 | 18.8 | 7.0 | 4.4 | 13.0 | 16.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.6 | 23.4 | 22 of 103 | 79% |
| P/B | 2.7 | 2.9 | 47 of 99 | 53% |
| ROCE | 11.7 | 10.3 | 47 of 108 | 57% |
| ROE | 13.4 | 8.1 | 26 of 101 | 75% |
| Debt / Equity | 0.2 | 0.2 | 55 of 101 | 46% |
| 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 | 3717 | 732 | 30 of 107 | 73% |
| 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 |
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.
