| Metric | Value (₹ Cr) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 587.36 | 3.2% | 6.2% |
| Total Income | 589.10 | 4.2% | 6.7% |
| Expenditure | 519.15 | 2.2% | 2.4% |
| PBT | 69.95 | 34.5% | 43.8% |
| Net Profit | 51.22 | 68.1% | 37.0% |
| OPM | 22.53% | 4.41pp | 13.06pp |
| NPM | 8.69% | 17.45pp | 4.06pp |
| EPS | 11.87 | 68.1% | 39.4% |
Epigral Ltd Reports Q2FY26 Revenue of ₹ 589 Crore, Despite Lower Sales Volume and Realization Drop
10 Nov 2025 · 10 Nov 2025, 01:39 pm
Summary
Epigral Ltd, a leading integrated chemical manufacturer in India, announced its financial results for the quarter ended September 30, 2025. The company posted a revenue of ₹ 589 Crore for Q2FY26, a decrease from ₹ 632 Crore in Q2FY25. The profit after tax (PAT) stood at ₹ 51 Crore compared to ₹ 81 Crore in Q2FY25. The lower revenue was due to low sales volume and a drop in realization of some products. The company expects plant utilization to improve in H2FY26, as the extended monsoon is over and maintenance work at the plant is completed. Epigral has several expansion projects in progress, which are expected to be commissioned within committed timelines and drive growth from FY2027 onwards.
Key Highlights
- 1
Plant utilization stood at 78% vs 73% in previous quarter
- 2
Sales volume grew by 2% compared to previous quarter QoQ
- 3
Revenue dropped by 4% to ₹ 589 Cr on account of drop in realizations in few of the products
- 4
EBITDA margin stood at 23% vs 27% in QIFY26 on account of drop in realizations and lower utilization
- 5
PAT stood at ₹ 51 Cr
- 6
Plant utilization stood at 75% vs 83% in H1FY25
- 7
Sales volume dropped in H1FY26 majorly on account of off season for few of the products and we expect sales volume to improve in H2FY26
- 8
Revenue dropped by 6% to ₹ 1,204 Cr on account of drop in sales volume
- 9
EBITDA margin stood at 25% vs 28% in H1FY25 on account of drop in realizations and lower utilization
- 10
Net Debt stood at ₹ 496 Cr vs ₹ 489 Cr as on 31 March 2025
- 11
ROCE stood at 21% and Net Debt/EBITDA stood at 0.8x
- 12
Epigral spent ₹ 236 Cr on capex in H1FY26
- 13
CPVC Resin capacity will reach to 1,50,000 TPA, by adding additional 75,000 TPA
- 14
Epichlorohydrin capacity will reach to 1,00,000 TPA, by adding additional 50,000 TPA
- 15
Wind Solar Hybrid Power Plant capacity will reach to 38.14 MW, by adding additional 19.80 MW
- 16
Epigral commissioned India’s 1st Chlorotoluenes Value Chain plant in March 2025
Management Comments
Mr. Maulik Patel
This quarter ended with lower revenue on account of low sales volume and drop in realization of few products. Volume drop was majorly on account of extended monsoon which is off season for few products. Overall plant utilization stood at 75% for H1FY26 and we expect utilization to improve in H2FY26, as extended monsoon is over and maintenance work at plant is also completed, resulting in better H2 compared to H1. Our project to expand capacity of CPVC, Epichlorohydrin and Wind Solar Hybrid power plants are moving as per schedule and expected to be commissioned within committed timelines. These projects will drive growth from FY2027 onwards. We have further moved a step closer for the new projects. We will be announcing the same once it is freezed and approved by the board. We will continue to advance along our path of scalable profitable growth, optimize capital allocation, strengthen our integration, and create enduring value for all stakeholders.
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