Epigral Ltd(EPIGRAL)

NSE: EPIGRALBSE: 543332

₹ 899.05+1.31%refreshed 27 Oct, 11:41 am ISTMarket cap: ₹ 3,879 crNext results: 2 Nov 2026Website: www.epigral.comUpdated: 27 Oct 2026

About

Epigral Ltd is an integrated specialty chemicals manufacturer based at Dahej, Gujarat, producing Chlor-Alkali, epichlorohydrin (ECH), CPVC resin, chlorotoluenes and hydrogen peroxide. Epigral operates what it describes as the world's largest single-site CPVC resin plant and India's largest ECH plant, and is actively expanding into epoxy resins and multi-purpose downstream chemistry.^[1][2][3]

Business segments

Derivatives & Specialty chemicals contributed 54% of Q4 FY26 revenue, up from 52% in Q3 FY26 and 50% in Q2 FY26, reflecting a deliberate multi-year shift away from Chlor-Alkali.^[3][4][5]
Management targets Derivatives & Specialty at ~70% of total revenue by FY28 as CPVC and ECH new capacities ramp to optimum utilisation.^[2][3]

Products

Core products are caustic soda, chlorine, epichlorohydrin (ECH), CPVC resin, chlorotoluenes and hydrogen peroxide; the chlorotoluene value chain was commissioned in March 2025.^[5][4]
The chlorotoluene value chain spent most of FY26 in customer approvals and testing; volumes grew month-on-month with actual deliveries, targeting ~40% utilisation in FY27 and ~70-75% by FY28.^[3][4]
Board approved two new product categories in Q1 FY27: Epoxy Resin & Formulations (1,25,000 TPA) and a Multi-Purpose Plant (MPP) for ECH and chlorotoluene derivatives targeting pharma/agrochem intermediates and water treatment chemicals.^[2]

Manufacturing capacity and operations

A wind-solar hybrid power plant is being expanded by 19.80 MW, taking total renewable capacity to 38.14 MW, also targeted for Q2 FY27; at optimum this supplies ~15% of total power.^[2][3]
Chlorine captive consumption stood at ~75% in Q4 FY26; management expects it to rise to 90-95% once CPVC and ECH expansions reach optimum utilisation in FY28.^[3]
Epigral has acquired an additional 100 acres of land at Dahej for a future greenfield chemistry project to be announced in FY27, targeting growth beyond FY29-30.^[3]

Key operating numbers

Overall plant utilisation was >80% in Q1 FY27 and Q4 FY26; caustic soda ran at ~75% and ECH at ~70-75% in Q1 FY27; CPVC ran at only ~50-55% in Q1 FY27 due to customer inventory de-stocking.^[2]
ECU realisation was ₹35,000-36,000 per tonne in Q1 FY27, up from ~₹30,000 in Q4 FY26 and ~₹29,000-30,000 in Q3 FY26, driven by West Asia conflict-related price spikes.^[2][4]
CPVC resin realisation was ~₹95-100/kg in Q3 FY26, down from ₹100-105/kg in Q2 FY26, pressured by a sharp fall in PVC feedstock prices creating a high-cost inventory mismatch.^[4][5]
FY26 full-year revenue fell 1% to ₹2,542 Cr on a 4% volume decline; EBITDA dropped 20% to ₹567 Cr with margin compressing to 22% from 28% in FY25.^[3]
Q1 FY27 revenue rose 15% YoY to ₹709 Cr on 5% volume growth and improved realisations; EBITDA margin was 25% vs 27% in Q1 FY26.^[2]

Raw material integration

For the new Epoxy Resin project, more than 50% of raw material value will be sourced internally: ECH and caustic soda - the key inputs - are already produced in-house, providing a structural cost advantage.^[2]
ECH realisations are supported by rising glycerin prices; 65% of global ECH capacity uses glycerin as feedstock, and biodiesel policy headwinds keep glycerin prices elevated.^[4]

Expansion and capex

Board approved ₹600 Cr capex for an Epoxy Resin & Formulations plant (1,25,000 TPA) and a Multi-Purpose Plant at the existing Dahej complex, targeting H2 FY28 commissioning; peak revenue potential from these two projects guided at ₹1,300-1,500 Cr.^[2]
Combined chlorotoluene value chain and MPP topline targeted at ₹700-800 Cr at peak; first milestone of ~₹500 Cr from specialty derivatives and chlorotoluene downstream expected by FY29-30.^[2]
Total capex in each of FY27 and FY28 expected to be ~₹400 Cr; FY26 capex incurred was ₹394 Cr.^[2][3]
Pilot plants for Epoxy Resin & Formulations and the MPP are being commissioned by Q2 FY27 (September 2026) to run product trials and secure customer approvals ahead of commercial scale-up.^[2]
Management targets overall company revenue and bottomline CAGR of 15-20% over the next 3-5 years.^[2]

Recent developments

In Q1 FY27 the West Asia conflict drove caustic soda prices up 30-35% and energy costs up ~15% vs pre-conflict levels, boosting ECU realisations in Q1 FY27 before softening to ~₹31,000-32,000 post-quarter.^[2][3]
CPVC capacity utilisation fell to ~50-55% in Q1 FY27 as customers controlled PVC/CPVC inventories amid price volatility; new competition from Grasim's capacity addition added pressure.^[2]
Epigral's board approved the ₹600 Cr Epoxy Resin and MPP capex in Q1 FY27; this was the new chemistry project at the existing Dahej complex that had been flagged for announcement since Q2 FY26.^[2][5]

Market Cap

₹3,879 Cr

High / Low

₹1,725 / 806

Stock P/E

14.2

Price / Book

1.7

Book Value

₹515

EPS

₹77.0

No. of Shares

4.31 Cr

ROCE

15.6%

ROE

16.1%

OPM

16.3%

Debt / Equity

0.25

Sales

₹2,527 Cr

Net Profit

₹332 Cr

Promoter holding

68.8%

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