Styrenix Performance Materials Ltd(STYRENIX)

NSE: STYRENIXBSE: 506222

₹ 1,944-2.39%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,419 crNext results: 28 Oct 2026Website: www.styrenix.comUpdated: 24 Oct 2026

About

Styrenix Performance Materials Ltd manufactures ABS (Acrylonitrile Butadiene Styrene), HIPS, and Polystyrene resins from plants in India and Thailand, serving OEM and non-OEM customers across appliances, automotive, and electronics. India ABS demand stands at an estimated 350,000 - 370,000 MT with domestic production below 50% of demand, positioning Styrenix as an import-substitution beneficiary.^[1][2][3]

Products

Core products are ABS, SAN, GPPS, and HIPS; ABS debottlenecked from ~60 KT/year at acquisition in FY22 to ~90 - 100 KT in FY25.^[4]
Specialty blend products STYROLOY and ASALAC have grown from zero to 'a few thousand tonnes on an annualised basis' as of Q1FY27.^[5]
Thailand operates under the Absolac and Absolan brand names following a transition away from the INEOS Novodur/Lustran brand; product specifications are unchanged.^[3]
SAN merchant sales of ~15,000 - 20,000 tonnes per year continue and are not expected to be displaced by the ABS Phase 1 expansion.^[5]

Manufacturing capacity and utilisation

India ABS installed capacity stands at 1,00,000 TPA as of Q1FY27.^[5]
India HIPS ran at ~100% capacity utilisation in Q3FY26, with OEM mix exceeding 50 - 60%.^[3]
Thailand plant operated at ~60% utilisation in Q3FY26 and ~50% through H1FY26; breakeven requires 65 - 80% utilisation depending on product mix.^[3][4]

Key operating numbers

India standalone sales volume: 195 KT in FY26 (+5.2% YoY); 38.9 KT in Q1FY27 (−26% YoY) due to non-OEM demand destruction.^[2][5]
Consolidated sales volume (India + Thailand): 248.3 KT in FY26; 50.8 KT in Q1FY27 vs 67.2 KT in Q1FY26.^[2][5]
Standalone EBITDA margin: 14.0% in FY26; surged to 26.1% in Q1FY27 on a timing gap from RM price spikes - management flagged this as non-recurring.^[5][2]
Consolidated EBITDA margin: 22.0% in Q1FY27 vs 10.5% in Q1FY26; standalone ROE 36.5% and ROCE 32.1% for FY26.^[5]
More than 70% of total company volumes are on formula or contract-based pricing with raw-material cost pass-through as of Q4FY26.^[2]

Customers and distribution

OEM customers showed comparatively muted impact in Q1FY27 vs the non-OEM/unorganised segment, which pulled back sharply on purchases.^[5]
Thailand retained approximately 90% of its customer base through the brand transition from INEOS to Absolac/Absolan.^[3]
APAC sales presence covers Japan, South Korea, Vietnam, Shanghai, and Bangkok; company exhibited at CHINAPLAS targeting EV and appliance customers.^[2]
Dubai subsidiary Styrenix Performance Materials FZE incorporated in Jafza in September 2024 to serve as a sales and holding entity for GCC, Middle East, Europe, and US export markets.^[4]

Expansion and capex

ABS Phase 1 brownfield expansion: 50,000 TPA additional capacity at India plant; capex ~INR 350 cr; targeted for commissioning within FY27 (by March 2027).^[5][2][4]
Of the INR 350 cr Phase 1 capex, INR 40 cr had been spent in H1FY26; no cost escalation reported as of Q4FY26.^[4][2]
ABS Phase 2 (additional 50 KT) and PS/HIPS expansions have no committed timeline or capex; scope to be defined after Phase 1 commissioning.^[5]
Technology from Thailand (liner ABS, food-grade SAN, high-heat ABS grades) to be incorporated into India's ABS Phase 1 capacity on commissioning.^[3]

Recent developments

Strait of Hormuz conflict from Q1FY27 eliminated Middle East styrene monomer supply; alternate sources secured with 10 - 15 days longer lead times. Styrene peaked ~$1,600 - 1,700, butadiene >$2,500, ACN ~$1,800 - 1,900.^[5]
Income Tax Department issued an order demanding Rs 1,92,58,290 for AY 2023-24; company disclosed no material financial impact on 25 September 2026.^[6]
Hybrid power supply agreement with a third party went active February/March 2026, reducing power costs from Q4FY26 onwards.^[3][2]
Thailand brand transition from INEOS Novodur to Styrenix's own Absolac/Absolan completed; Q4FY26 Thailand volumes dipped on a one-off customer pre-buy ahead of the switch.^[2]

Market Cap

₹3,419 Cr

High / Low

₹2,657 / 1,773

Stock P/E

12.7

Price / Book

2.5

Book Value

₹777

EPS

₹104.0

No. of Shares

1.76 Cr

ROCE

14.3%

ROE

14.4%

OPM

7.1%

Debt / Equity

0.23

Sales

₹3,438 Cr

Net Profit

₹183 Cr

Promoter holding

46.2%

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Styrenix Performance Materials Ltd(STYRENIX)

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Expansion and capex

Recent developments

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