A subdued year has ended on a high note for Indian chemicals major Epigral.
The company has delivered its strongest quarterly revenue on record, signalling a sharp operational rebound in the final quarter of FY26, even as full-year performance remained largely flat.
The company reported Q4 FY26 revenue of Rs. 736 crore, up 17% year-on-year from Rs. 631 crore. Profit After Tax (PAT) came in at Rs. 82 crore, slightly below Rs. 87 crore in the same quarter last year. The board has proposed a final dividend of Rs. 5 per equity share.
Momentum picked up decisively on a sequential basis. Revenue surged 22% from Rs. 603 crore in Q3FY26, while PAT more than doubled from Rs. 39 crore. EBITDA margins expanded to 23% from 17%, driven by higher plant utilization and easing cost pressures.
Chairman and Managing Director Maulik Patel said the performance reflects both demand recovery and operational strength.
“In Q4 FY26, we delivered record revenue of Rs. 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 raw material costs supported EBITDA margins of 23%.
"While FY26 saw some impact due to an extended monsoon and planned maintenance in the first half, demand recovery began in November and strengthened through Q4. We expect this momentum to continue into FY27, subject to global macro conditions”.
He added that diversification and expansion projects remain central to future growth: “Our diversified product portfolio continues to provide resilience amid geopolitical uncertainties, including developments in West Asia.
"At the same time, our ongoing capex projects for Epichlorohydrin and CPVC expansion are progressing as planned and within budget. Once commissioned, these plants will address India’s growing demand and enhance our financial performance.
"With these projects nearing completion and a pipeline of new initiatives focused on further integration, we are well-positioned to deliver consistent growth and long-term value for our stakeholders.”
Epigral is doubling down on capacity and sustainability. It invested Rs. 394 crore in capex during FY26, with major projects on track. CPVC resin capacity is set to rise to 1,50,000 TPA, while Epichlorohydrin capacity will double to 1,00,000 TPA. Its wind-solar hybrid power capacity is also expanding to 38.14 MW.
The company also secured the EcoVadis Silver Medal and renewed its Responsible Care certification for three more years.
Q4 saw strong volume growth, with plant utilization crossing 80%. The derivatives and specialty chemicals segment increased its contribution to 54% of revenue, underscoring Epigral’s strategic shift toward higher-margin products. EBITDA rose 64% to Rs. 169 crore.
Despite the strong finish, FY26 revenue slipped 1% to Rs. 2,542 crore due to a 4% decline in volumes earlier in the year. EBITDA stood at Rs. 567 crore with a 22% margin. Return on capital employed dropped to 16%, impacted by lower utilization and ongoing capital investments, while net debt-to-EBITDA edged up to 0.9x.
With demand recovering, margins improving, and major capacity expansions nearing completion, Epigral is entering FY27 with renewed momentum—and a clear growth runway.
