Epigral Limited Q1 FY27: Revenue Up 15% Amidst Challenging Environment, Announces Major Capex for Epoxy Resin
Epigral Limited reported a 15% revenue growth to ₹709 crore in Q1 FY27, with EBITDA at ₹179 crore and PAT at ₹99 crore. The company announced a strategic capex plan for Epoxy Resin & Formulations (125,000 TPA) and a multipurpose plant, aiming to enhance integration and capture domestic demand. A pilot facility is expected by Q2 FY27. Management targets 15-20% CAGR growth over the next 3-4 years.
The announcement of a substantial capex plan for new product lines (Epoxy Resin & Formulations, multipurpose plant) and the potential to capture significant market share and revenue represents a major strategic shift and investment for the company.
The company reported revenue growth and announced significant strategic expansion plans in high-demand segments like Epoxy Resin, indicating positive future prospects. Despite challenging market conditions, the company demonstrated resilience and financial growth.
Epigral Limited conducted its Q1 FY27 earnings conference call on July 27, 2026, where management discussed the company's performance and strategic initiatives.
Despite a challenging operating environment marked by the West Asia conflict impacting raw material and finished goods costs, and severe disruptions to shipping lines, Epigral demonstrated resilience. The company reported a revenue growth of 15% and maintained an EBITDA margin of 25% in Q1 FY27, driven by increased sales volume and improved realization. This performance was attributed to the company's diversified product basket.
Financially, revenue for Q1 FY27 rose by 15% year-on-year to ₹709 crore from ₹615 crore in Q1 FY26. EBITDA increased by 10% to ₹179 crore, with an EBITDA margin of 25%. Profit After Tax (PAT) grew by 25% to ₹99 crore, compared to an adjusted PAT of ₹79 crore in Q1 FY26. ROCE stood at 16% as of June 30, 2027, and Net Debt-to-EBITDA was 0.8x. Capex incurred in Q1 FY27 was ₹62 crore.
Epigral announced a strategic capex plan approved by its Board for two new projects: entering the Epoxy Resin & Formulations segment with a capacity of 125,000 tons per annum and setting up a multipurpose plant. The company highlighted that over 50% of the raw material value for the epoxy project will be sourced internally, leveraging its integrated manufacturing complex. The multipurpose plant will focus on downstream products of epichlorohydrin and chlorotoluenes value chain, addressing demand for pharmaceutical and agrochemical intermediates and water treatment chemicals. A pilot facility for both epoxy resin and the multipurpose plant is expected to be operational by Q2 FY27.
The company anticipates that the epoxy market in India will grow at a double-digit CAGR, driven by demand in windmill blades, automotive, and construction industries. Management also sees potential for exports to Europe post-FTA agreement. Discussions during the call also covered realizations for ECH and CPVC, capacity utilization for various business segments, and the company's long-term revenue potential, which could reach ₹500,000 crore (sic) once all plants reach optimum levels. The company aims for a 15% to 20% CAGR growth over the next 3-4 years.
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