Epigral Ltd
NSE:EPIGRAL
Epigral Ltd
Meghmani Finechem Ltd. engages in the manufacture of chemicals involved in pigments and pesticides. The company is headquartered in Ahmedabad, Gujarat and currently employs 936 full-time employees. The company went IPO on 2021-08-18. The firm is engaged in manufacturing and selling chlor alkali and its derivatives. The company is also engaged in the trading of agrochemical products. The firm manufactures a range of products, such as chlorinated polyvinyl chloride (CPVC) resin, caustic soda, caustic potash, chlorine, hydrogen, chloromethanes, and hydrogen peroxide. The Company’s products are used in alumina, textile, crop protection, refineries, pharmaceutical, paper & pulp, soaps & detergent, and other industries. The Company’s subsidiaries include Meghmani Advanced Sciences Limited.
Meghmani Finechem Ltd. engages in the manufacture of chemicals involved in pigments and pesticides. The company is headquartered in Ahmedabad, Gujarat and currently employs 936 full-time employees. The company went IPO on 2021-08-18. The firm is engaged in manufacturing and selling chlor alkali and its derivatives. The company is also engaged in the trading of agrochemical products. The firm manufactures a range of products, such as chlorinated polyvinyl chloride (CPVC) resin, caustic soda, caustic potash, chlorine, hydrogen, chloromethanes, and hydrogen peroxide. The Company’s products are used in alumina, textile, crop protection, refineries, pharmaceutical, paper & pulp, soaps & detergent, and other industries. The Company’s subsidiaries include Meghmani Advanced Sciences Limited.
Revenue Growth: Revenue grew marginally by 2% sequentially to INR 603 crore in Q3 FY '26, with volumes largely flat compared to the previous quarter.
Margin Pressure: EBITDA margin fell to 17% in Q3, down from 22% for the 9-month period, due to lower realizations and higher raw material and inventory costs, but management expects improvement from Q4 onward.
Segment Mix: Derivatives and specialty business contributed 52% of revenue, up from 50% last quarter, reflecting ongoing diversification efforts.
Capacity Expansion: CapEx projects to double capacity in CPVC, epichlorohydrin, and wind-solar hybrid power are progressing on schedule, and the chlorotoluene plant commissioned in March 2025 is expected to add meaningful revenue from FY '27.
Industry Outlook: Management sees demand and pricing recovering from recent lows, with positive signals since mid-November and expectations for further improvement in coming quarters.
CPVC & ECH Dynamics: Despite some industry overcapacity concerns, management believes Indian demand growth will absorb new supply within 1–2 years of new plant commissioning.
Debt Position: Net debt increased slightly to INR 557 crore with net debt to EBITDA at 1x, which management considers comfortable.
