Epigral Ltd · NSE:EPIGRAL
Epigral — Q1 FY2026 Earnings Presentation
37 slides from Epigral's earnings presentation, Aug 2, 2025
Slide 1: Stock exchange covering letter for Q1 FY2026 investor presentation
02.08.2025 To, National Stock Exchange of India Limited BSE Limited “Exchange Plaza”, Floor- 25, P J Tower, Bandra-Kurla Complex, Dalal Street, Bandra (East) Mumbai 400 051 Mumbai 400 001 SYMBOL:- EPIGRAL Scrip Code: 543332 Dear Sirs, Sub.: Investors Presentation on Un-Audited Financial Results – Q1
Slide 2: Investor Presentation – Q1FY2026
Epigral Limited (formerly known as Meghmani Finechem Limited) Investor Presentation – Q1FY2026
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by Epigral Limited (the “Company”) solely for the information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities and shall not form
Slide 4: Q1FY2026 Result update
EPIGRAL Q1FY2026 Result update
Slide 5: Q1FY26 - Key Highlights
Q1FY26 - Key Highlights Q1FY26 Operational and Financial Highlights: o Plant utilization stood at 73% vs 76% in previous quarter o YoY Revenue dropped by 6% to ₹ 615 Crore. Revenue contribution from Derivatives & Specialty business stood at 50% o EBITDA dropped by 7% to ₹ 163 Crore, however EBITDA m
Slide 6: CMD Message
CMD Message “Q1FY26 quarter ended with slightly lower volume and drop in realizations, however we maintained our EBITDA margin of 27% on account of sustaining efficiency level and better product mix. We expect H2FY26 to be stronger compared to H1FY26. Revenue contribution from Derivatives and Speci
Slide 7: Q1FY26 Financial Highlights
Q1FY26 Financial Highlights Revenue EBITDA PAT 654 631 615 28% 27% 27% 26% 173 176 163 160 14% 13% 87 86 Q4FY25 Q1FY25 Q1FY26 Q4FY25 Q1FY25 Q1FY26 Q4FY25 Q1FY25 Q1FY26* ₹ Crore Margin -% *As the company shifted to new tax rate of 25.17%, deferred tax liability reduced by Rs. 81 Cr, resulting in PAT
Slide 8: Key ratios as on 30th June 2025
Key ratios as on 30th June 2025 ROCE (%)*# ROE (%)* Net Debt/EBITDA (x)* 25% 25% 24% 23% 21% 21% 1.6 0.7 0.6 Q4FY25 Q1FY25 Q1FY26 Q4FY25 Q1FY25 Q1FY26 Q4FY25 Q1FY25 Q1FY26 *TTM EBIT, PAT and EBITDA are considered for above ratios #Capital employed in ROCE includes Capital Work in Progress
Slide 9: Revenue Transition towards Derivatives & Specialty Chemicals
Revenue Transition towards Derivatives & Specialty Chemicals 59% 53% 52% 50% 50% 50% 50% 47% 48% 41% Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 - Chlor-Alkali - Derivatives & Specialty Chemical
Slide 10: Capex Plan – Enhancing CPVC and Epichlorohydrin capacity
Capex Plan – Enhancing CPVC and Epichlorohydrin capacity CPVC Epichlorohydrin (ECH) Project Details Project Details o Additional capacity – 75,000 TPA o Additional capacity – 50,000 TPA o Total capacity after expansion – 1,50,000 TPA o Total capacity after expansion – 1,00,000 TPA (World’s largest p
Slide 11: Capex Project Update as on 30th June 2025
Capex Project Update as on 30th June 2025 Capex Spends - ₹ Crore Expected Product Capacity Commissioning Date Chlorotoluenes Value Commissioned - Chain 24th March 2025 328 Wind Solar Hybrid Power Plant 19.80 MW H1FY27 405 (Additional) CPVC Resin 75 KTPA H1FY27 195 (Additional) 122 Epichlorohydrin 50
Slide 12: Income Statement
Income Statement Particulars (₹ Cr) Q1FY26 Q1FY25 YoY % Change Q4FY25 QoQ % Change Total Revenue 615 654 -6% 631 -3% Gross Profit 252 262 -4% 261 -3% Gross Margin (%) 42% 40% 42% EBITDA 163 176 -7% 173 -6% EBITDA Margin (%) 27% 27% 28% Depreciation 42 33 24% 34 22% Finance Cost 23 14 64% 12 98% PBT
Slide 13: Company Overview
EPIGRAL Company Overview
Slide 14: Company Overview
Company Overview Founded: 2007 33% 30% 5 Year Revenue CAGR (FY25) 5 Year EBITDA CAGR (FY25) Employees: ~ 1000 0.3x 25% Debt to Equity (FY25) ROCE (FY25) Capacity: Chlor-Alkali# – 421 KTPA Derivatives# – 235 KTPA Revenue (₹ Crore) 2,565 2,196 1,936 Certified: 1,555 Responsible Care Certificate 831 Ma
Slide 15: Our Journey
Our Journey FY 2007 FY 2010 FY 2015 FY 2017 FY 2020 Epigral Ltd (MFL) Commissioned 1st Increased capacity to Commissioned Commissioned incorporated Plant • Caustic Potash – • Chloromethanes – • Caustic Soda – 167 21 KTPA 50 KTPA • Caustic Soda – 119 KTPA KTPA • CPP – 60 MW Converted all Announced Ca
Slide 16: Our Values
Our Values Together, in caring and agile manner, we make it happen
Slide 17: Chlor-Alkali
Chlor-Alkali Caustic Soda (NaOH) Caustic Potash (KOH) Expected demand CAGR: ~ 8% Expected Demand CAGR: ~ 8% Alumina Textile Chemicals Agrochemicals API o We are 4th largest producer in India o We are 3rd largest producer in India o Caustic Soda is basic raw material and caters to many o Caustic
Slide 18: Derivative Products
Derivative Products Chloromethanes (CMS) Hydrogen Peroxide (H2O2) Expected demand CAGR: ~ 12% Expected demand CAGR: ~ 10% Solvent in Pharma PTFE Pipes Refrigerant Gas Paper & pulp Textile Chemicals o We are 6th largest producer in India o We are 5th largest producer in India o CMS plant produces
Slide 19: Derivatives & Specialty Chemicals
Derivatives & Specialty Chemicals CPVC Epichlorohydrin (ECH) Expected demand CAGR: ~ 13% Expected demand CAGR: ~ 15% Wind mill Automobile Adhesives Pipes and Fixtures o Expanding – Will be world’s largest manufacturer o 1st company in India to produce sustainable bio based ECH o Key raw material
Slide 20: Derivatives & Specialty Chemicals
Derivatives & Specialty Chemicals Chlorotoluenes Value Chain Expected demand CAGR: Double digit % Agrochemicals API o 1st company in India to commission this value chain o Will serve Intermediates for manufacturing pharmaceutical and agrochemical active ingredients o In 1st phase, ~ 10 to 12 set o
Slide 21: Diversified and integrated portfolio
Diversified and integrated portfolio Fully Integrated Product Portfolio CPVC High Value Products Import Substitution – Make in India H2O2 ECH Chlor- Alkali Diversified End User Industries Chlorotoluene Sole Manufacturer of ECH in India CMS & value chain Diversifying Portfolio; De-Risking Business Mo
Slide 22: Fully Integrated Complex
EPIGRAL Fully Integrated Complex =» ce GEE Caustic Soda Flakes Caustic Soda istic Potash z ==D «°c» ae Chlorine Gas Pipeline CHES Ligue HEL 30% Methylene Dichloride Chloromethanes Hydrogen Chloroform Hydrogen Peroxide Carbon Tetra Chloride Dil. Sulfuric Acid 78% Hydrogen Gee mae Epichlorohydrin Hydr
Slide 23: Competitive Strength
Competitive Strength Well Invested Infrastructure Well established brand o State of the art manufacturing facility o Epigral is a known brand in Indian chemical market o Strategic location with close connectivity to ports o Serving domestic customers for last 14 Yrs and raw material availability. o
Slide 24: Catering to high growth industries
Catering to high growth industries Increased market potential & higher growth exposure Refinery Paper & Pulp Fluoropolymers Soap & Detergents Textiles Dyes & Pigment Pharmaceuticals Agrochemicals Alumina PU Foams Paints PTFE Pipes CPVC Pipes Refrigerant Gas Water Treatment Electronics The addressabl
Slide 25: Key Customers
EPIGRAL Key Customers GVearsoite Supr eme:? > SOLENIS. GEL Hsé Chemistry for Tomorrow — Begnie Ml who know eme ics best GUJARAT FLUOROCHEMICALS “The Chemical People AXASTRAL (Qinis) ETE) SNF Cll WATER SCIENCE Ze, 3 vedanta by 4 A of | pc Ca Som - transforming for good of life GRASIM Enduring Value
Slide 26: Diversified Product Portfolio
Diversified Product Portfolio Manufacturing Plant Capacity (KTPA) 400 H1FY27 75 50 H1FY27 - 75 60 50 50 21 Chlorotoluenes Value Caustic Soda CPVC Resin Epichlorohydrin Chloromethanes Hydrogen Peroxide Caustic Potash Chain Expected Commissioning, * Commissioning date
Slide 27: Transitioning towards Derivatives & Specialty Chemicals
Transitioning towards Derivatives & Specialty Chemicals ~ 30% 46% FY2025Derivatives 54% FY2028(E) 26% ~ 70% Derivatives & Specialty Chlor-Alkali Derivatives & Specialty Chlor-Alkali Revenue from the derivatives and specialty segment to be ~ 70% by FY28E Derivatives & Specialty – CPVC Resin, Epichlor
Slide 28: Research & Development Centre
Research & Development Centre o A step towards strengthening presence in Specialty chemicals o Location Changodar, Ahmedabad o R&D center will be used for creating further molecules for Chlorotoluene and other new molecules, which will be intermediates for pharmaceutical and agrochemical active ingr
Slide 29: Focused on ESG
Focused on ESG ENVIRONMENT o Focused on using best technology to manage critical resources, to moderate the consumption of energy and natural resources and drive operations efficiently o Focus is to manufacture more from less, basis for environment responsibility o Entered in JV to set up 38.14 MW W
Slide 30: Experienced and qualified board
Experienced and qualified board Mr. Maulik Patel Mr. Kaushal Soparkar Mr. Karana Patel Mr. Ankit Patel Chairman & Managing Director Executive Director Non-Executive, Non-Independent Director Non-Executive, Non-Independent Director He has 16 years of experience in the He has 15 years of experience in
Slide 31: Growth Strategy
Growth Strategy Forward & Backward Opportunities in high New Value Chains: Achieving economies Integration: growth sectors: of scale: o Scale up capacities in o Explore opportunities o Expand chemistry o Optimising existing existing products in various sectors expertise to enter complex o New value
Slide 32: Historical numbers
EPIGRAL Historical numbers
Slide 33: Financial Performance – P&L
Financial Performance – P&L Revenue (₹ Crore) EBITDA (₹ Crore and %) PAT (₹ Crore and %) 2,565 33% 2,196 32% 31% 28% 25% 1,936 16% 16% 14% 689 711 1,555 12% 10% 509 353 357 481 253 831 196 261 101 FY2021 FY2022 FY2023 FY2024 FY2025 FY2021 FY2022 FY2023 FY2024 FY2025 FY2021 FY2022 FY2023 FY2024 FY202
Slide 34: Balance Sheet Ratios
Balance Sheet Ratios ROCE (%)# ROE (%) Net Debt/EBITDA (x) 39% 32% 36% 29% 25% 23% 17% 2.1 2.0 16% 1.9 16% 17% 1.3 0.7 FY2021 FY2022 FY2023 FY2024 FY2025 FY2021 FY2022 FY2023 FY2024 FY2025 FY2021 FY2022 FY2023 FY2024 FY2025 #Capital employed in ROCE includes Capital Work in Progress
Slide 35: Historic Income Statement
Historic Income Statement Particulars (₹ Cr) FY2021 FY2022 FY2023 FY2024 FY2025 Total Revenue 831 1,555 2,196 1,936 2,565 Gross Profit 407 716 951 763 1,067 Gross Margin (%) 49% 46% 43% 40% 42% EBITDA 261 509 689 481 711 EBITDA Margin (%) 32% 33% 31% 25% 28% Depreciation 74 86 109 124 133 Finance Co
Slide 36: Balance Sheet
Balance Sheet Liabilities (₹ Crore) FY23 FY24 FY25 Assets (₹ Cr) FY23 FY24 FY25 Share Capital 42 42 43 Fixed Assets 1,962 2,249 2,302 Reserves & Surplus 1,028 1,213 1,860 Financial Assets 28 29 28 Long-Term Borrowings 435 492 449 Other Non-current Assets 23 14 46 Redeemable Preference Shares 100 55
Slide 37: For further information
For further information Epigral Limited (Epigral), formerly known as Meghmani Finechem Ltd, incorporated in 2007, is a leading integrated manufacturer of chemicals in Please log on to website India. Epigral’s Dahej facility is a backward and forward integrated and www.epigral.com automated complex w