EPIGRAL

Epigral share price & financials

Gujarat-based chlor-alkali and derivative chemicals maker, running one fully integrated complex at Dahej.

Price: ₹1,127.6
Market cap: ₹4.7k Cr
Sector: Chemicals
Calls analysed: 6

Latest concall · Q1 FY27 · call held 27 Jul 2026

Epigral Limited Q1 FY27

Revenue ₹709 cr +15%EBITDA ₹179 cr +10%EBITDA Margin 25% PAT ₹99 cr +25%

What went well

Revenue grew 15% YoY to INR709 crores despite a challenging operating environment.
Adjusted PAT increased 25% YoY to INR99 crores.
Strategic capex of INR600 crores approved for high-growth Epoxy Resin & Formulations and a Multipurpose Plant, with over 50% raw material value sourced internally.

What to watch

EBITDA margin compressed to 25% in Q1 FY27 from 27% in Q1 FY26 due to challenging operating environment and raw material volatility.
ROCE declined to 16% from 24% YoY, attributed to lower earnings over the trailing 12 months and sizable capital work in progress.

Read the full call →

What Epigral Limited does

Epigral operates a single, fully backward- and forward-integrated manufacturing complex at Dahej, Gujarat, producing chlor-alkali products (caustic soda, caustic potash) and downstream derivative and specialty chemicals (CPVC resin, epichlorohydrin, chloromethanes, hydrogen peroxide, and a chlorotoluene value chain). It earns by selling these chemicals to a diversified customer base spanning industries such as textiles, alumina, pharmaceuticals, agrochemicals, refrigerants, pipes and fittings, and paper and pulp, both domestically and through exports. Captive chlorine, hydrogen and caustic soda generated in the chlor-alkali process feed its own derivative plants, and the company also runs a captive thermal and wind-solar power plant to supply part of its own energy needs. It has been progressively shifting its product mix from base chlor-alkali towards higher-value derivatives and specialty chemicals.

Segments

Chlor-Alkali
Derivatives & Specialty Chemicals

Manufacturing facilities: 1 fully integrated complex (Dahej, Gujarat)
Chlor-Alkali capacity: 421 KTPA (Caustic Soda 400 KTPA + Caustic Potash 21 KTPA)
Derivatives & Specialty capacity: 250 KTPA (CPVC Resin 75, Epichlorohydrin 50, Chloromethanes 50, Hydrogen Peroxide 60, Chlorotoluenes Value Chain 15 KTPA)
Captive power capacity: 132 MW thermal captive power plant + 18.34 MW wind-solar hybrid plant
Domestic market position: 4th largest Caustic Soda, 5th largest Hydrogen Peroxide, 6th largest Chloromethanes producer in India
Employees: 1,100+

Founded 2007Headquarters Ahmedabad, Gujarat, India Company website

Guidance record · Q1 FY27

what the last two calls moved 21 tracked 2 delivered 2 missed 17 open

New Chemistry Project Announcement delivered said Q1 FY26 Promised: Announce in a couple of quarters Q1 FY27: Announced INR 600 cr capex for Epoxy Resin & Formulations and a Multipurpose Plant, fulfilling the promise after a delay.
Derivatives & Specialty Revenue Contribution on track said Q4 FY25 Promised: 70% revenue contribution from Derivatives & Specialty business Q1 FY27: No specific update on the contribution percentage was provided this quarter.
CPVC Optimum Utilization at risk said Q4 FY26 Promised: ~75% by FY28 Q1 FY27: Current CPVC utilization is low at 50-55% due to demand weakness, putting the FY28 target of 75% at risk.

All 21 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 16.1%, net profit down 38.1% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	626	645	628	607	587 −6%	597 −7%	736 +17%	705 +16%
Expenses	448	463	454	443	455	494	568	526
EBITDA	178	183	173	163	132 −26%	103 −44%	169 −2%	179 +10%
Margin	28%	28%	28%	27%	23%	17%	23%	25%
Other income	6	4	3	8	2	6	-1	4
Interest	27	0	12	23	22	11	16	7
Depreciation	32	33	34	42	42	43	42	43
Profit before tax	124	154	131	107	70 −44%	55 −64%	111 −15%	133 +24%
Tax rate	35%	33%	34%	-50%	26%	28%	26%	26%
Net profit	81	104	87	160	52 −36%	39 −62%	82 −6%	99 −38%
EPS	19.38	24.00	20.08	37.18	11.94	9.07	18.99	22.99

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −36.6% 1Y

1Y: ₹1,784.6 on 10 Sept 2025 → ₹1,131.1. High ₹1,798.7 (11 Sept 2025), low ₹810.45 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: −0.5%; 27 Jul
Q4 FY26: +9.3%; 2 May
Q3 FY26: +12.1%; 3 Feb
Q2 FY26: −7.3%; 10 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 4.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 22.4%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹2.2k Cr	₹1.9k Cr	₹2.5k Cr	₹2.5k Cr
Operating profit	₹689 Cr	₹481 Cr	₹710 Cr	₹567 Cr
Operating margin	31.5%	24.9%	27.8%	22.4%
Interest	₹65 Cr	₹73 Cr	₹53 Cr	₹72 Cr
Depreciation	₹109 Cr	₹124 Cr	₹132 Cr	₹169 Cr
Net profit	₹354 Cr	₹196 Cr	₹358 Cr	₹333 Cr
Net margin	16.2%	10.2%	14.0%	13.2%
ROCE	32.0%	17.0%	25.0%	15.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹42 Cr	₹42 Cr	₹42 Cr	₹42 Cr	₹43 Cr	₹43 Cr
Reserves	₹432 Cr	₹684 Cr	₹1.0k Cr	₹1.2k Cr	₹2.1k Cr	₹2.2k Cr
Borrowings	₹753 Cr	₹993 Cr	₹879 Cr	₹964 Cr	₹537 Cr	₹572 Cr
Other liabilities	₹223 Cr	₹405 Cr	₹484 Cr	₹576 Cr	₹598 Cr	₹712 Cr
Total liabilities	₹1.4k Cr	₹2.1k Cr	₹2.4k Cr	₹2.8k Cr	₹3.2k Cr	₹3.5k Cr
Fixed assets	₹1.1k Cr	₹1.1k Cr	₹1.8k Cr	₹1.8k Cr	₹2.2k Cr	₹2.1k Cr
Capital work in progress	₹126 Cr	₹589 Cr	₹158 Cr	₹483 Cr	₹309 Cr	₹451 Cr
Investments	₹0 Cr	₹0 Cr	₹21 Cr	₹21 Cr	₹44 Cr	₹23 Cr
Other assets	₹221 Cr	₹467 Cr	₹449 Cr	₹524 Cr	₹707 Cr	₹915 Cr
Total assets	₹1.4k Cr	₹2.1k Cr	₹2.4k Cr	₹2.8k Cr	₹3.2k Cr	₹3.5k Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

What the price assumes

Expensive

To justify its price of ₹1131, this stock must grow earnings at 10% every year for 7 years. Our analysis caps realistic growth at ~-4%. At that growth it is worth ₹526 — downside of 53%.

Growth the price implies: 10.3% a year; for 7 years, fading to 4%
It has actually compounded at: -2.6% a year; net profit, FY23–FY26 · EPS -3.8%
The gap: 0.1 pp; -53% downside if it only repeats history

Price today ₹1,131.1 Value at the reference growth ₹526.03

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Epigral Limited

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