Epigral Ltd

Meeting Details

• Date: Thu, 20 Aug 2026.
• Time: Not disclosed.
• Mode: One-on-One.
• Location: Ahmedabad.
• Organizer: Incred Research Services Pvt. Ltd.

Participants

• Key company participants: Company Secretary and Compliance Officer.

Purpose

• Purpose: One-on-one investor/analyst meeting to discuss earnings and corporate presentations.

Additional Notes

• Earnings and Corporate Presentations are available on the company website.

Meeting Details

• Date: Wednesday, 12 August 2026; Time not specified.
• Type/Mode: Group conference; in-person in Mumbai.
• Event: EMKAY Confluence 2026.
• Key participants: Company Secretary & Compliance Officer.
• Purpose: Participation in investor conference.

Meeting Details

• Date: Monday, 3 August 2026
• Time: Not disclosed
• Type/Mode: One-on-One meeting; physical (Ahmedabad)
• Organizer: VVD Asset Managers; event: Investor/Analyst meeting

Participants

• Company participants: not specified in filing

Purpose

• Purpose: One-on-One investor/analyst meeting

Additional Notes

• Presentations: Latest Earnings and Corporate Presentations on epigral.com
• No unpublished price sensitive information will be shared or discussed

Financial Performance

• Revenue rose 15% YoY to INR709 crores in Q1 FY27.
• EBITDA rose 10% to INR179 crores; margin 25% vs 27% in Q1 FY26.
• PAT grew 25% to INR99 crores; adjusted Q1 FY26 PAT was INR79 crores.
• ROCE stood at 16% as on 30 June; excluding capex, ROCE is 18%.
• Net debt to EBITDA 0.8x as on 30 June; 0.6x as on 30 June FY25.
• Net debt at INR474 crores vs INR439 crores on 30 June FY25.
• Capex spent in Q1 FY27 was INR62 crores.

Capex and Projects

• Board approved two new capex projects: Epoxy Resin & Formulations capacity 125,000 tpa.
• Multipurpose plant to manufacture downstream products of epichlorohydrin and chlorotoluene value chain.
• Pilot facility for epoxy resin and MPP to be commissioned by September 2026.
• 50% of epichlorohydrin to be consumed in-house; 50% to be sold.
• Total post-expansion capacity expected around 1 lakh tonnes (net KTA).
• Demand for epoxy and CPVC products projected to maintain double-digit CAGR.
• Epoxy market size estimated at 2.5–3 lakh tonnes; Europe post-FTA potential.
• Pilot facility for epoxy resin and MPP to enable customer trials ahead of scale-up.

Outlook and Guidance

• Epoxy and CPVC markets to grow; ROCE target around 20%.
• Peak revenue for both projects projected INR1,000–1,500 crores.
• FY27 and FY28 capex guidance around INR400 crores each.
• Tax rate expected around 25%.
• Power strategy: no new captive plant; sourcing from solar and wind hybrids.

Q&A Highlights

• Epoxy capacity expansion includes LER and value-added products; total post-expansion around 1 lakh tonnes.
• Capex breakup for INR600 crores not disclosed; combined capex guidance provided.
• 50% epichlorohydrin consumed in-house; 50% sold in market.
• Pilot plant to enable trials; commissioning by September FY27.
• Epoxy margins expected to be lower; ROCE target around 20%.
• Capex funding: 60% internal, 40% debt.
• ECH realization currently around INR180–185; Q1 ECU realization around INR35,000; Q4 FY26 ECU around INR30,000.
• Power: not investing in captive power; 20 MW solar and wind hybrid agreements.
• CPVC margins affected by PVC MIP; pass-through to customers gradual.
• Chlorotoluenes: base products sold; derivatives under MPP ramp to 500 crores revenue.
• Estimated total top-line from chlorotoluenes and MPP project INR700–800 crores.

Meeting Details

• Date and time: conference call on 27 July 2026 at 5:00 p.m.
• Type and mode: group conference call; audio recording available.
• Event: Q1 FY27 Results Conference Call.
• Key participants: Company Secretary & Compliance Officer.
• Purpose: discuss Q1 FY27 results with investors.
• Availability: audio recording on Epigral's results page.

Business Overview

• Integrated chemical complex at Dahej with automated operations.
• Core products include Caustic Soda, Caustic Potash, Chloromethanes, Hydrogen Peroxide, CPVC.
• Expanding into Epoxy Resin & Formulations and Multi-Purpose Plant to deepen integration.

Key Operational Highlights

• Q1FY27 revenue ₹709 Cr; YoY +15%; volume +5%; plant utilization >80%.
• EBITDA ₹179 Cr; margin 25%; PAT ₹99 Cr; margin 14%.
• Net Debt/EBITDA 0.8x as of 30 June 2026.
• Capex approvals for Epoxy Resin & Formulations and MPP; commissioning H2 FY28.
• Pilot plants for Epoxy Resin & Formulations and MPP to optimise process.

Financial Performance

• Q1FY27 revenue ₹709 Cr; gross margin 39%; gross profit ₹278 Cr.
• EBITDA ₹179 Cr; EBITDA margin 25%; PAT ₹99 Cr; PAT margin 14%.
• FY26: Revenue ₹2,542 Cr; EBITDA ₹567 Cr; PAT ₹333 Cr; net debt/EBITDA 0.8x; ROCE 16%.
• Equity: share capital ₹43 Cr; reserves ₹2,178 Cr; borrowings ₹334 Cr (LT) and ₹229 Cr (ST).

Capital Structure & Liquidity

• Long-term borrowings ₹334 Cr; short-term borrowings ₹229 Cr FY26.
• Cash & equivalents ₹5 Cr; reserves ₹2,178 Cr; share capital ₹43 Cr.
• No new debt disclosed; capex funded via internal accruals.

Strategic Priorities & Outlook

• Forward/backward integration to scale existing products and add value.
• Enter new value chains and specialty chemicals; add reaction capabilities.
• Derivatives & Specialty revenue to about 70% by FY28E.
• R&D center Changodar to develop pharma/agrochemical intermediates.
• Wind-Solar Hybrid JV for internal energy; reduce effluents.
• Capex: Epoxy Resin & Formulations 125 KTPA; MPP; CPVC +75 KTPA; ECH +50 KTPA.
• Commissioning: CPVC & ECH in Q2 FY27; Epoxy Resin & MPP in H2 FY28.

Risks & Mitigation

• Geopolitical volatility in West Asia impacting raw materials and freight.
• Mitigation: diversified product mix and integrated complex reduce exposure.

Governance & Leadership

• Board comprises 50% independent directors; five committees chaired by independent.
• MD & Chairman: Maulik Patel; Executive Director: Kaushal Soparkar.
• ESG focus and internal energy optimization underpin governance.

Financial highlights

• Q1FY27 revenue rose 15% YoY to ₹709 crore.
• PAT rose 25% YoY to ₹99 crore.
• EBITDA ₹179 crore; EBITDA margin 25%.
• Net debt/EBITDA 0.8x as of 30 June 2026.
• ROCE 16% in Q1FY27 vs 24% in Q1FY26.
• YoY sales volume grew 5%; plant utilization above 80%.

Strategic developments

• Board approved capex of ₹600 crore for Epoxy Resin & Formulations plant and MPP.
• Epoxy plant capacity 125,000 TPA; MPP downstream for ECH and chlorotoluene.
• Pilot plant for Epoxy Resin & Formulations and MPP to be operational by Q2 FY27.
• Commissioning targeted for H2 FY28.
• Over 50% of raw material value for the project to be sourced internally.

Expansion plan at Dahej facility

• Board proposes a new Dahej facility for epoxy resin, formulations, and MPP.
• Proposed capacity for epoxy resin and formulations is 125,000 TPA.
• Investment expected at Rs 600 crore.
• Financing mix comprises debt and internal accruals.
• Capacity addition targeted by H2 FY2028.
• Rationale: expand product portfolio to meet growing demand.

Standalone results

• Standalone Q1 FY2026-27 revenue from operations Rs 705.36 cr; total income Rs 709.46 cr.
• Standalone expenses Rs 576.28 cr; PBT Rs 133.18 cr; PAT Rs 99.18 cr.
• Standalone EPS Basic and Diluted Rs 22.99.
• Standalone tax expense Rs 34.00 cr.
• Single segment: Chiaro Alkali & derivatives; domestic market.

Consolidated results

• Consolidated Q1 FY2026-27 revenue from operations Rs 705.36 cr; total income Rs 709.46 cr.
• Consolidated expenses Rs 576.28 cr; PBT Rs 133.18 cr; PAT Rs 99.74 cr.
• Consolidated EPS Basic and Diluted Rs 23.12.
• Consolidated tax expense Rs 34.00 cr.
• Single segment: Chloro Alkali & derivatives; domestic market.
• Share of profit from associates Rs 0.56 cr.

Corporate actions & audit

• Epigral Advanced Material Limited incorporated July 7, 2026 (WOS).
• Power producer: invested 0.13 cr for 26% equity; 21.25 cr in OCDs.
• 80 MW wind-solar hybrid plant in Gujarat; ESA enables 51% power purchase for 25 years.
• Earlier Sept 2025 investment: 0.13 cr equity and 2.13 cr OCDs.
• Auditors SRBC & CO LLP concluded no material misstatement for standalone and consolidated.