Epigral Ltd · NSE:EPIGRAL
Epigral — Q2 FY2027 Earnings Presentation
42 slides from Epigral's earnings presentation, Nov 2, 2026
Slide 1: Exchange filing cover letter for investor presentation
02.11.2026 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 Un-Audited Financial Results – Q2
Slide 2: Epigral Limited Investor Presentation – Q2FY2027
Epigral Limited Investor Presentation – Q2FY2027
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: Q2FY27 Result update
EPIGRAL Q2FY27 Result update
Slide 5: Key Highlights Q2FY27 and H1FY27
Key Highlights Q2FY27 Key Financial Highlights: o YoY sales volume grew by 6%, despite the challenging and volatile market conditions o Revenue grew by 28% to ₹ 752 Crore on account of volume growth and majorly due to improved realizations o Derivatives & Specialty business contributed 57% of revenu
Slide 6: Key Highlights H1FY27 Strategic Highlights
Key Highlights H1FY27 Strategic Highlights: o Epigral spent ₹ 88 Crore on capex in H1FY2027 o Epigral’s board approved capex in below two projects, which are expected to commission by H2FY28 • Epoxy Resin & Formulations plant with capacity of 1,25,000 TPA • Multi-Purpose Plant (MPP) downstream for E
Slide 7: CMD Message
CMD Message “Despite a challenging operating environment in Q2FY27, we achieved revenue growth of 28%, driven by volume growth and improved realisations. Elevated raw material prices had its impact on EBITDA margins; however, our H1FY27 performance remained resilient, with revenue growth of 21% and
Slide 8: Q2FY27 Financial Highlights
Q2FY27 Financial Highlights Revenue EBITDA PAT 752 25% 709 23% 589 179 18% 136 14% 132 9% 9% 99 64 51 Q1FY27 Q2FY26 Q2FY27 Q1FY27 Q2FY26 Q2FY27 Q1FY27 Q2FY26 Q2FY27 ₹ Crore Margin -%
Slide 9: H1FY27 Financial Highlights
H1FY27 Financial Highlights Revenue EBITDA PAT 1,461 25% 1,204 22% 11% 11% 315 164 296 131 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26* H1FY27 ₹ 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. 212 Cr. If we exclude the re
Slide 10: Key ratios as on 30th September 2026
Key ratios as on 30th September 2026 ROCE (%)*# ROE (%)* Net Debt/EBITDA (x)* 21% 18% 16% 15% 12% 13% 0.8 0.9 0.8 Q1FY27 Q2FY26 Q2FY27 Q1FY27 Q2FY26^ Q2FY27 Q1FY27 Q2FY26 Q2FY27 *TTM EBIT, PAT and EBITDA are considered for above ratios #Capital employed in ROCE includes Capital Work in Progress ^PAT
Slide 11: Revenue Transition towards Derivatives & Specialty Chemicals
Revenue Transition towards Derivatives & Specialty Chemicals 57% 54% 50% 50% 52% 51% 48% 49% 46% 43% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 - Chlor-Alkali - Derivatives & Specialty Chemical
Slide 12: Capex Plan
EPIGRAL Capex Plan
Slide 13: Capex Plan: Epoxy Resin and Multi Purpose Plant
Capex Plan: Epoxy Resin and Multi Purpose Plant Epoxy Resin & Formulations Multi Purpose Plant (MPP) Project Details Project Details o Capacity: 1,25,000 TPA o Downstream of Epichlorohydrin and Chlorotoluenes Value Chain o Location: Existing Complex, Dahej o Location: Exiting Complex, Dahej o Expect
Slide 14: Capex Plan: Enhancing CPVC and Epichlorohydrin
Capex Plan: Enhancing CPVC and Epichlorohydrin 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 plant by ca
Slide 15: Capex Project Update as on 30th September 2026
Capex Project Update as on 30th September 2026 Capex Spends - ₹ Crore Expected Product Capacity Commissioning Date Wind Solar Hybrid Power Plant 19.80 MW Q3FY27 (Additional) CPVC Resin 312 75 KTPA Q3FY27 (Additional) 394 Epichlorohydrin 50 KTPA Q3FY27 (Additional) 195 Epoxy Resin & 125 KTPA H2FY28 F
Slide 16: Income Statement
Income Statement Quarterly Half Yearly Particulars (₹ Crore) Q2FY27 Q2FY26 YoY % Q1FY27 QoQ % H1FY27 H1FY26 YoY % Total Revenue 752 589 28% 709 6% 1,461 1,204 21% Gross Profit 236 220 7% 278 -15% 513 472 9% Gross Margin (%) 32% 37% 39% 35% 40% EBITDA 136 132 3% 179 -24% 315 296 7% EBITDA Margin (%)
Slide 17: Balance Sheet
Balance Sheet Liabilities (₹ Crore) FY25 FY26 H1FY27 Assets (₹ Cr) FY25 FY26 H1FY27 Share Capital 43 43 43 Fixed Assets 2,302 2,568 2,559 Reserves & Surplus 1,860 2,178 2,320 Financial Assets 28 80 35 Long-Term Borrowings 449 334 391 Other Non-current Assets 46 31 25 Redeemable Preference Shares 0 0
Slide 18: Company Overview
EPIGRAL Company Overview
Slide 19: 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 20: 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 – 50 • Caustic Soda – 119 KTPA 21 KTPA KTPA KTPA • CPP – 60 MW • CPP – 40 MW Converted al
Slide 21: Our Values
Our Values Together, in caring and agile manner, we make it happen
Slide 22: 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 23: 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 24: 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 25: Derivatives & Specialty Chemicals: Chlorotoluenes Value Chain
Derivatives & Specialty Chemicals Chlorotoluenes Value Chain ❖ Expected demand CAGR: Double digit % Agrochemicals Pharmaceuticals Intermediates Intermediates o 1st company in India to commission this value chain o Will serve Intermediates for manufacturing pharmaceutical and agrochemical active ingr
Slide 26: Diversified and integrated portfolio
Diversified and integrated portfolio Fully Integrated Product Portfolio CPVC High Value Products H2O2 ECH Import Substitution – Make in India Chlor- Alkali Epoxy CMS Diversified End User Industries Resin 1st Manufacturer of ECH in India Chlorotoluene MPP & value chain Diversifying Portfolio; De-Risk
Slide 27: 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 28: 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 29: 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 30: 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 31: Diversified Product Portfolio
Diversified Product Portfolio Manufacturing Plant Capacity (KTPA) Q3FY27 400 H2FY28 75 Q3FY27 H2FY28 50 125 - 75 60 50 50 21 0 Caustic Soda Epoxy Resin & CPVC Resin Epichlorohydrin Chloromethanes Hydrogen Peroxide Caustic Potash Chlorotoluenes MPP Formulations Value Chain Expected Commissioning, * E
Slide 32: 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 33: 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 34: 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 35: 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 36: 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 37: Historical numbers
EPIGRAL Historical numbers
Slide 38: 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 39: 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 40: 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 41: 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 42: About Epigral and contact information
Established in 2007, Epigral Limited is a premier integrated chemical manufacturer For further information in India, operating a highly automated and infrastructure-rich manufacturing complex at Dahej, Gujarat. As a pioneer in the domestic chemical industry, the Please log on to website: www.epigral