Epigral Limited — PPTs, 10-11-2025: Investor Presentation

Epigral reported mixed financial results for Q2FY26. Revenue dipped 4% QoQ to ₹ 589 Cr, largely due to lower product realizations. EBITDA margin also compressed to 23% from 27% in Q1, impacted by these lower realizations and utilization. For H1FY26, revenue was ₹ 1,204 Cr, down 6% YoY, with EBITDA margin at 25%. Sales volumes grew 2% QoQ in Q2 but saw an H1 drop, affected by off-season monsoon. Diversification is key: Derivatives & Specialty Chemicals now make up 50% of Q2 revenue.

Epigral is aggressively expanding its capacity. Its CPVC and Epichlorohydrin projects, aiming to be the world's largest CPVC and India's largest ECH producer, are on track for H1FY27 commissioning. These expansions will boost internal consumption of raw materials. The Chlorotoluenes Value Chain was commissioned in March 2025. Management expects H2FY26 to be stronger with improved utilization post-monsoon and maintenance, with these projects driving FY27 growth. Key metrics include Net Debt at ₹ 496 Cr, ROCE at 21%, and Net Debt/EBITDA at 0.8x. Q2 EPS stood at ₹ 11.9.