Epigral Ltd · NSE:EPIGRAL
Epigral — Q4 FY2026 Earnings Presentation
39 slides from Epigral's earnings presentation, May 2, 2026
Slide 1: Exchange filing letter for investor presentation
02.05.2026 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 Audited Financial Results – Q4 &
Slide 2: Epigral Limited Investor Presentation – Q4 and FY2026
Epigral Limited Investor Presentation – Q4 and FY2026
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: Q4 and FY2026 Result update
EPIGRAL Q4 and FY2026 Result update
Slide 5: Key Highlights
Key Highlights Q4FY26 Key Highlights: o QoQ sales volume grew by 15% and overall plant utilization stood above 80% o Highest ever revenue of ₹ 736 Crore, a 22% growth, due to volume growth and improved realization o Revenue contribution from Derivatives & Specialty business increased to 54% in Q4FY2
Slide 6: Key Highlights FY2026 Strategic Highlights
Key Highlights FY2026 Strategic Highlights: o Epigral board proposed final dividend of ₹ 5 per share, 50% on face value of ₹ 10. o Epigral spent ₹ 394 Crore on capex in FY2026 o Capex plans are moving as per schedule and are expected to get commissioned within the timeline and budget o CPVC Resin ca
Slide 7: CMD Message
CMD Message “In Q4 FY26, we delivered record revenue of ₹736 crore, driven by a 15% sequential increase and 14% year-on-year growth in volumes. This performance reflects strong demand conditions and a full recovery post scheduled maintenance in Q3. Improved utilization levels and stabilization in ra
Slide 8: Q4FY26 Financial Highlights
Q4FY26 Financial Highlights Revenue EBITDA PAT 28% 736 23% 631 603 173 17% 169 14% 11% 103 6% 87 82 39 Q4FY25 Q3FY26 Q4FY26 Q4FY25 Q3FY26 Q4FY26 Q4FY25 Q3FY26 Q4FY26 ₹ Crore Margin -%
Slide 9: FY2026 Financial Highlights
FY2026 Financial Highlights Revenue EBIDTA PAT 2,565 2,542 28% 22% 711 14% 567 13% 357 333 FY2025 FY2026 FY2025 FY2026 FY2025 FY2026* ₹ Crore Margin -% *As the company shifted to new tax rate of 25.17%, deferred tax liability reduced by Rs. 81 Cr, resulting in PAT of Rs. 333 Cr. If we exclude the re
Slide 10: Key ratios as on 31st March 2026
Key ratios as on 31st March 2026 ROCE (%)*# ROE (%)* Net Debt/EBITDA (x)* 25% 2.0 23% 18% 17% 16% 16% 0.9 0.7 FY2024 FY2025 FY2026 FY2024 FY2025 FY2026 FY2024 FY2025 FY2026 *TTM EBIT, PAT and EBITDA are considered for above ratios #Capital employed in ROCE includes Capital Work in Progress
Slide 11: Revenue Transition towards Derivatives & Specialty Chemicals
Revenue Transition towards Derivatives & Specialty Chemicals Quarterly Annually 75% 70% 54% 55% 54% 52% 52% 52% 46% 48% 45% 50%50% 50%50% 48% 48% 30% 25% 46% Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 FY2022 FY2023 FY2024 FY2025 FY2026 - Chlor-Alkali - Derivatives & Specialty Chemical
Slide 12: 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 13: Capex Project Update as on 31st March 2026
Capex Project Update as on 31st March 2026 Capex Spends - ₹ Crore Expected Product Capacity Commissioning Date Chlorotoluenes Value Commissioned - Chain March 2025 Wind Solar Hybrid 405 394 400 Power Plant 19.80 MW Q2FY27 (Additional) CPVC Resin 195 75 KTPA Q2FY27 (Additional) Epichlorohydrin 50 KTP
Slide 14: Income Statement
Income Statement Quarterly Annually Particulars (₹ Crore) Q4FY26 Q4FY25 YoY % Q3FY26 QoQ % FY2026 FY2025 YoY % Total Revenue 736 631 17% 603 22% 2,542 2,565 -1% Gross Profit 272 261 4% 197 39% 941 1,067 -12% Gross Margin (%) 37% 42% 33% 37% 42% EBITDA 169 173 -3% 103 64% 567 711 -20% EBITDA Margin (
Slide 15: Company Overview
EPIGRAL Company Overview
Slide 16: Company Overview
Company Overview Founded: 2007 25% 17% 5 Year Revenue CAGR (FY26) 5 Year EBITDA CAGR (FY26) Employees: 1,100 + 0.9x 16% Net Debt to EBITDA (FY26) ROCE (FY26) Capacity: Chlor-Alkali# – 421 KTPA Derivatives# – 250 KTPA Revenue (₹ Crore) 2,565 2,542 2,196 1,936 Certified: 1,555 EcoVadis Silver Medal Ma
Slide 17: 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 Soda – 167 • Caustic Potash – • Chloromethanes – • Caustic Soda – 119 KTPA 21 KTPA 50 KTPA KTPA • CPP – 60 MW • CPP – 40 MW Converted al
Slide 18: Our Values
Our Values Together, in caring and agile manner, we make it happen
Slide 19: 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 20: 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 21: 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 22: 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 23: 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 24: Fully Integrated Complex
EPIGRAL Fully Integrated Complex [cont a Caustic Soda Lye 48% i Caustic Soda Lye 32% Caustic Soda Flakes Caustic Soda istic Potash C SaaS SEES Seale eSeTISTIS ==> 9 «ear ae Chlorine Gas Pipeline CHE Ligue HEL 30% Methylene Dichloride Chloromethanes Hydrogen Chloroform Hydrogen Peroxide Carbon Tetra
Slide 25: 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 26: 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 27: Key Customers
EPIGRAL Key Customers ssKUKDO SNF ¢ssorenis. Westlake Epoxy © core Ca ardolit ol ite MIWON SUMITOMO DEUTSCHLAND GMBH (\ASTRAL A ‘e vedanta AS! PIPES CARAN SZ transforming for good Enduring Valu Kimya ADITYA BIRLA wa O Gtul PRINCE ais SLipca
Slide 28: Diversified Product Portfolio
Diversified Product Portfolio Manufacturing Plant Capacity (KTPA) 400 Q2FY27 75 50 Q2FY27 - 75 60 50 50 21 Caustic Soda CPVC Resin Epichlorohydrin Chloromethanes Hydrogen Peroxide Caustic Potash Chlorotoluenes Value Chain Expected Commissioning, * Commissioning date
Slide 29: Transitioning towards Derivatives & Specialty Chemicals
Transitioning towards Derivatives & Specialty Chemicals ~ 30% 48% FY2026Derivatives 52% 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 30: 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 31: 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 32: 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 33: 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 34: Historical numbers
EPIGRAL Historical numbers
Slide 35: Financial Performance – P&L
Financial Performance – P&L Revenue (₹ Crore) EBITDA (₹ Crore and %) PAT (₹ Crore and %) 2,565 2,542 2,196 33% 31% 28% 1,936 25% 22% 16% 711 16% 14% 13% 689 1,555 10% 567 509 353 357 479 333 253 196 FY2022 FY2023 FY2024 FY2025 FY2026 FY2022 FY2023 FY2024 FY2025 FY2026 FY2022 FY2023 FY2024 FY2025 FY2
Slide 36: Balance Sheet Ratios
Balance Sheet Ratios ROCE (%)# ROE (%) Net Debt/EBITDA (x) 39% 32% 36% 29% 25% 23% 17% 2.0 16% 1.9 17% 16% 1.3 0.9 0.7 FY2022 FY2023 FY2024 FY2025 FY2026 FY2022 FY2023 FY2024 FY2025 FY2026 FY2022 FY2023 FY2024 FY2025 FY2026 #Capital employed in ROCE includes Capital Work in Progress
Slide 37: Historic Income Statement
Historic Income Statement Particulars (₹ Cr) FY2022 FY2023 FY2024 FY2025 FY2026 Total Revenue 1,555 2,196 1,936 2,565 2,542 Gross Profit 716 951 763 1,067 941 Gross Margin (%) 46% 43% 40% 42% 37% EBITDA 509 689 481 711 567 EBITDA Margin (%) 33% 31% 25% 28% 22% Depreciation 86 109 124 133 168 Finance
Slide 38: Balance Sheet
Balance Sheet Liabilities (₹ Crore) FY24 FY25 FY26 Assets (₹ Cr) FY24 FY25 FY26 Share Capital 42 43 43 Fixed Assets 2,249 2,302 2,568 Reserves & Surplus 1,213 1,860 2,178 Financial Assets 29 28 80 Long-Term Borrowings 492 449 334 Other Non-current Assets 14 46 31 Redeemable Pref. Shares 55 0 0 Inven
Slide 39: For further information
For further information Established in 2007, Epigral Limited is a premier integrated chemical manufacturer in India, operating a highly automated and infrastructure- Please log on to website: www.epigral.com rich complex at Dahej. As a pioneer in the domestic market, the Epigral Corporate Film: Vide