Epigral logo

Epigral

EPIGRAL NSE

Key Fundamentals

MicrocapSpecialty ChemicalsChemicals
Market Cap
₹4,847 Cr
Volatility
Moderate
P/E Ratio
17.96
EBITDA
₹582 Cr
Return on Equity
14.94%
Debt to Equity
0.26
Book Value
₹514.92
EPS
₹60.22
52W High
₹1,808.8
52W Low
₹807

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company's median sales growth is 25.5% of last 10 years

Weaknesses

1
  • Debtor days have increased from 42.4 to 60.2 days.

Growth Rate

Revenue Growth
-0.9% lower than 3Y
Net Income Growth
-7.18% lower than 3Y
Cash Flow Change
-1.14% lower than 3Y
ROE
-20.45% lower than 3Y
ROCE
-33.97% lower than 3Y
EBITDA Margin (Avg.)
-19.08% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 44d ago
AI opinion · based on fundamentals
Risk high

Epigral Ltd (formerly Meghmani Finechem) is a ₹4,784 Cr market-cap integrated chemicals company trading at a PE of 17.6x. While it delivered 33% revenue growth in FY25 to ₹2,565 Cr and has a 10-year median sales CAGR of 20%, its TTM profit has declined 37% and the stock has fallen 45% over the past year, reflecting near-term earnings pressure amid ongoing capacity expansion.

Bull Case 8
  • Strong long-term revenue track record with 10-year compounded sales CAGR of 20% and median sales growth of 25.5% over the last decade
  • FY25 full-year revenue grew 33% YoY to ₹2,565 Cr, demonstrating continued top-line momentum
  • Significant capacity doubling underway — CPVC Resin from 75,000 TPA to 1,50,000 TPA and Epichlorohydrin from 50,000 TPA to 1,00,000 TPA with ~₹780 Cr investment, expected commissioning H1 FY27
  • New ₹600 Cr capex approved for 1,25,000 TPA Epoxy Resin & Formulations plant plus Multi-Purpose Plant, targeting commissioning by H2 FY28, diversifying into high-value derivatives
  • 5-year compounded profit CAGR of 26% and 5-year ROE averaging 24% indicate historically strong capital efficiency
  • Q1 FY27 showed sequential recovery with PAT up 25% QoQ to ₹99 Cr and revenue at ₹709 Cr (15% YoY growth)
  • Valuation at PE of 17.6x is moderate for a chemicals company with 20%+ long-term growth history
  • Management targets derivatives and speciality products to contribute 70% of revenue by FY28, reducing commodity cyclicality
Bear Case 8
  • TTM compounded profit declined 37%, with Q1 FY27 PAT down 38% YoY to ₹99 Cr, signaling significant near-term earnings erosion
  • Stock price has declined 45% over the past 1 year, reflecting loss of market confidence and potential de-rating
  • Debtor days increased from 42.4 to 60.2 days, indicating deteriorating working capital efficiency and potential collection issues
  • 3-year compounded profit CAGR turned negative at -3%, showing earnings stagnation over the medium term despite revenue growth
  • ROE has declined from a 5-year average of 24% to 16% in the last year, suggesting declining return on capital deployed
  • Heavy ongoing capex of ₹780 Cr (CPVC/ECH doubling) plus ₹600 Cr (Epoxy Resin) totaling ~₹1,380 Cr creates execution risk and may pressure free cash flows
  • Net debt/equity ratio at approximately 0.8x indicates elevated leverage during the expansion phase
  • Chemicals sector faces cyclical pricing pressure — revenue growth slowed to just 5% on TTM basis versus 25% 5-year CAGR, indicating a potential down-cycle

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 42d ago
Headwinds 1
  • Q1FY26 profit drops 38% YoY Jul 27

    Standalone net profit fell 38% YoY to ₹99.18 Cr in Q1FY26, driven by higher material costs despite 16% revenue growth.

Positives 3
  • Q1FY27 PAT up 25% YoY Jul 27

    Epigral reported 25% YoY PAT growth to ₹99 Cr in Q1FY27, signaling recovery from the prior year's margin compression.

  • ₹600 Cr Dahej expansion approved Jul 27

    Board approved ₹600 Cr capex for Epoxy Resin & Formulations plant adding 1.25 lakh TPA capacity, funded by debt and internal accruals, targeting H2FY28 commissioning.

  • New advanced materials unit launched Jul 8

    Epigral launched Epigral Advanced Materials, a new unit to produce advanced chemical products in India, expanding operational and product capabilities.

Neutral 2
  • Investor meeting with VVD Asset Jul 30

    Epigral scheduled a one-on-one meeting with VVD Asset Managers on August 3, 2026 in Ahmedabad. No UPSI to be shared.

  • Q1 FY27 earnings call scheduled Jul 22

    Company hosted conference call on July 27, 2026 at 5:00 PM IST to discuss Q1 FY27 results with Chairman and CFO participating.

TL;DR: Epigral is showing strong recovery with Q1FY27 PAT growing 25% YoY after a difficult Q1FY26 that saw 38% profit decline from cost pressures. The ₹600 Cr Dahej expansion and new advanced materials unit signal aggressive capacity and portfolio diversification. Key risk remains input cost volatility in the chemicals sector. The trend is improving, with earnings rebounding and growth capex underway for H2FY28 commissioning.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
455
478
472
525
651
626
645
628
607
587
597
736
705
Expenses
360
370
349
369
475
448
463
454
443
455
494
568
526
Operating Profit
95
108
123
155
176
178
183
173
163
132
103
169
179
OPM %
21%
23%
26%
30%
27%
28%
28%
28%
27%
23%
17%
23%
25%
Other Income
2
1
2
2
2
6
4
3
8
2
6
-1
4
Interest
18
21
20
14
14
27
0
12
23
22
11
16
7
Depreciation
31
32
31
30
33
32
33
34
42
42
43
42
43
PBT
48
56
74
113
131
124
154
131
107
70
55
111
133
Tax %
33%
32%
34%
32%
34%
35%
33%
34%
-50%
26%
28%
26%
26%
Net Profit
32
38
49
77
86
81
104
87
160
52
39
82
99
EPS in Rs
7.62
9.18
11.87
18.45
20.7
19.38
24
20.08
37.18
11.94
9.07
18.99
22.99
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
394
392
598
710
611
829
1,551
2,188
1,929
2,550
2,527
2,626
Expenses
245
248
346
405
416
567
1,041
1,499
1,448
1,839
1,960
2,043
Operating Profit
149
144
252
306
194
261
510
689
481
711
567
583
OPM %
38%
37%
42%
43%
32%
32%
33%
31%
25%
28%
22%
22%
Other Income
2
1
8
16
2
2
4
8
6
15
15
11
Interest
19
14
9
25
11
29
44
66
73
53
72
56
Depreciation
44
55
55
54
44
74
86
109
124
133
168
170
PBT
88
75
195
242
141
161
383
523
291
540
342
368
Tax %
23%
11%
20%
25%
21%
37%
34%
32%
33%
34%
3%
—
Net Profit
67
67
155
183
112
101
253
353
196
357
333
272
EPS in Rs
9.49
9.4
21.97
44.38
27.19
24.48
60.84
85.04
47.12
82.68
77.19
62.99
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
6%
11%
7%
6%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
71
71
71
41
42
42
42
42
42
43
43
Reserves
224
291
447
241
331
432
684
1,028
1,213
1,860
2,178
Borrowings
190
123
74
601
737
753
993
879
964
593
572
Other Liabilities
55
42
79
162
164
223
405
484
576
655
712
Total Liabilities
540
527
671
1,044
1,273
1,449
2,124
2,432
2,794
3,151
3,505
Fixed Assets
364
398
347
295
440
1,102
1,068
1,804
1,767
2,238
2,117
CWIP
69
3
79
468
691
126
589
158
483
64
451
Investments
0
29
71
0
0
0
0
21
21
97
23
Other Assets
106
98
173
281
142
221
467
449
524
752
915
Total Assets
540
527
671
1,044
1,273
1,449
2,124
2,432
2,794
3,151
3,505
Figures in ₹ Crores

Cash Flow

Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
—
—
—
—
165
229
284
626
398
441
436
Investing
—
—
—
—
-363
-197
-455
-437
-401
-262
-355
Financing
—
—
—
—
69
-32
195
-200
-8
-164
-94
Net Cash Flow
—
—
—
—
-129
1
24
-11
-11
15
-14
Free Cash Flow
—
—
—
—
-205
32
-172
210
-1
254
50
CFO/OP
—
—
—
—
99
99
68
106
93
78
90
Figures in ₹ Crores

Ratios

Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
43
41
47
40
46
52
60
28
34
33
60
Inventory Days
75
59
45
58
64
51
74
69
90
105
89
Days Payable
31
37
51
52
62
69
42
36
63
50
66
Cash Conversion Cycle
86
63
42
46
48
34
92
61
61
88
83
Working Capital Days
43
40
19
-27
-76
-92
-26
-41
-54
26
16
ROCE %
—
18%
37%
36%
15%
16%
29%
32%
17%
25%
15%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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62 extracted metrics + investor summaries across FY16–FY28.

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Shareholding Pattern

FIIs1.03%Govt.0.02%Promot.68.83%DIIs5.56%Others6.68%Public17.88%As ofJun 2026

Documents

Frequently Asked Questions about Epigral

What does Epigral Ltd do?
Epigral Limited, formerly known as Meghmani Finechem Ltd, incorporated in 2007, is a leading integrated manufacturer of chemicals.[1]
Where is Epigral Ltd (EPIGRAL) listed?
Epigral Ltd trades as EPIGRAL on the NSE and under code 543332 on the BSE.
Which sector does Epigral Ltd belong to?
Epigral Ltd is classified under the Chemicals sector, in the Specialty Chemicals industry.
What is the market capitalisation of Epigral Ltd?
Epigral Ltd has a market capitalisation of ₹4,847 Cr, which places it in the Small Cap band.
What is the PE ratio of Epigral Ltd?
Epigral Ltd trades at a PE ratio of 17.96, on earnings per share of ₹60.22, against a book value of ₹514.92 per share.
What is the 52-week high and low of Epigral Ltd?
Over the last 52 weeks Epigral Ltd has traded between ₹807 and ₹1,808.8.
Does Epigral Ltd pay dividends?
Epigral Ltd has a dividend yield of 0.43%.
What is the Return on Equity (ROE) of Epigral Ltd?
Epigral Ltd reported a return on equity of 14.94%. Its debt-to-equity ratio is 0.26.

Company Information

Epigral Limited, formerly known as Meghmani Finechem Ltd, incorporated in 2007, is a leading integrated manufacturer of chemicals.[1]

Website epigral.com
CEO Mr. Maulik Jayantibhai Patel
Employees 1,072
Listed 2021-08-18
Face Value ₹ 10
Issued Size 4,31,41,338

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