Epigral Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Epigral Ltd filed with BSE on 06 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Epigral reported its highest ever quarterly revenue of Rs 736 crore in Q4 FY26, with EBITDA up 64% quarter-on-quarter to Rs 169 crore and PAT at Rs 82 crore. Management attributed the improvement to 15% quarter-on-quarter volume growth, completion of major maintenance work, and normalized raw material prices, while full-year FY26 revenue declined 1% due to a 4% drop in volumes. Management also discussed the impact of West Asia conflict on raw material and finished goods prices, and progress on Epichlorohydrin and CPVC capacity expansion projects expected to be commissioned in Q2 FY27.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR736 crores (Q4 FY26)
p. 3
“In quarter 4 FY26, we achieved highest ever revenue of INR736 crores, driven by volume growth of 15% quarter-on-quarter and 14% Y-o-Y.”
Milind Kotecha, page 3 of the filed PDF · View the filing
EBITDA margin: 23% (Q4 FY26)
p. 3
“Leading to our EBITDA margin has been normalized range of 23% on account of better sweating of the plants and also normalized level of raw material prices.”
Milind Kotecha, page 3 of the filed PDF · View the filing
EBITDA: INR169 crores (Q4 FY26)
p. 4
“EBITDA increased by 64% to INR169 crores compared to INR103 crores in the previous quarter.”
Rakesh Agrawal, page 4 of the filed PDF · View the filing
PAT: INR82 crores (Q4 FY26)
p. 4
“PAT stood at INR82 crores versus INR35 crores in previous quarter.”
Rakesh Agrawal, page 4 of the filed PDF · View the filing
PAT margin: 11% (Q4 FY26)
p. 4
“PAT margin stood at 11%.”
Rakesh Agrawal, page 4 of the filed PDF · View the filing
Revenue: INR2,542 crores (FY26)
p. 4
“full year revenue dropped marginally by 1% to INR2,542 crores on account of drop in volume of around 4% in the year.”
Rakesh Agrawal, page 4 of the filed PDF · View the filing
EBITDA: INR567 crores (FY26)
p. 4
“EBITDA stood at INR567 crores compared to INR711 crores in the previous year.”
Rakesh Agrawal, page 4 of the filed PDF · View the filing
EBITDA margin: 22% (FY26)
p. 4
“EBITDA margin for full year stood at 22%.”
Rakesh Agrawal, page 4 of the filed PDF · View the filing
PAT: INR330 crores (FY26)
p. 4
“PAT stood at INR330 crores, which includes one-time benefit of INR81 crores on account of reduction in deferred tax liability.”
Rakesh Agrawal, page 4 of the filed PDF · View the filing
PAT excluding one-time benefit: INR252 crores (FY26)
p. 4
“So if we exclude that, then our PAT will be INR252 crores compared to INR357 crores in the previous year.”
Rakesh Agrawal, page 4 of the filed PDF · View the filing
ROCE: 16% (FY26)
p. 4
“ROCE stood at 16%.”
Rakesh Agrawal, page 4 of the filed PDF · View the filing
ROCE excluding CWIP: 17% (FY26)
p. 4
“If we exclude capital work in progress of INR451 crores, then our ROCE stood at 17%.”
Rakesh Agrawal, page 4 of the filed PDF · View the filing
Net debt to EBITDA: 0.9 (as on 31st March '26)
p. 4
“Net debt to EBITDA stood at 0.9 as on 31st March '26 compared to 0.7 in the previous year.”
Rakesh Agrawal, page 4 of the filed PDF · View the filing
Net debt: INR508 crores (FY26)
p. 4
“Our net debt stood at INR508 crores versus INR489 crores in the previous year.”
Rakesh Agrawal, page 4 of the filed PDF · View the filing
Capex spent: INR394 crores (FY26)
p. 4
“During the year, we spent around INR394 crores on the ongoing capex and we have generated around INR436 crores from the operations.”
Rakesh Agrawal, page 4 of the filed PDF · View the filing
ECU realization: INR30,000 (Q4 FY26)
p. 5
“So see, current quarter, quarter 4 we have ended with the ECU of around INR30,000 and that has been there.”
Milind Kotecha, page 5 of the filed PDF · View the filing
Current ECU: around INR37,000
p. 5
“So current ECU would be ranging somewhere around INR37,000 kind of thing.”
Milind Kotecha, page 5 of the filed PDF · View the filing
Wind-solar share of power consumption: 8% to 9%
p. 6
“in terms of like wind-solar energy in our total power consumption, it is currently somewhere around 8% to 9% for Epigral.”
Milind Kotecha, page 6 of the filed PDF · View the filing
Current chlorine captive consumption: 75%
p. 7
“Current chlorine captive consumption is around 75%.”
Milind Kotecha, page 7 of the filed PDF · View the filing
Exports as share of company revenue: 4% to 5%
p. 11
“See, company put together we hardly have around 4% to 5% of exports and that too it's to the Europe.”
Milind Kotecha, page 11 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Volume growth — 10% to 12% · FY27
stated conditionally by Milind Kotecha
p. 7
“See, I would avoid giving any number, but in terms of volume growth, we are targeting around 10% to 12% of volume growth from here on.”
Milind Kotecha, page 7 of the filed PDF · View the filing
Chlorine captive consumption — 90% to 95% · FY28
stated conditionally by Milind Kotecha
p. 7
“we expect this 75% chlorine captive consumption to reach around 90% to 95% captive consumption.”
Milind Kotecha, page 7 of the filed PDF · View the filing
Chlorotoluene plant utilization — 70% to 75% · FY28
stated as an aspiration by Milind Kotecha
p. 8
“So optimum would be in the range of 70% to 75% utilization level, which we expect to reach in FY '28.”
Milind Kotecha, page 8 of the filed PDF · View the filing
Chlorotoluene contribution — around 40% · FY27
stated as an aspiration by Milind Kotecha
p. 12
“I guess FY '27 will be a year where we will have a sizeable contribution and the plant should be somewhere around 40%.”
Milind Kotecha, page 12 of the filed PDF · View the filing
CPVC utilization at optimum — around 75% · FY28
stated as an aspiration by Milind Kotecha
p. 14
“Yes, so for like CPVC it will be around 75% and for ECH it will be around 80%.”
Milind Kotecha, page 14 of the filed PDF · View the filing
New greenfield project announcement — this year
stated firmly by Milind Kotecha
p. 13
“So this will be announced this year only because see we are always if you look our history as well, we have always done a capex and once that capex is almost on the verge of completion, we announce the next one.”
Milind Kotecha, page 13 of the filed PDF · View the filing
EBITDA margin — FY27
stated conditionally by Milind Kotecha
p. 9
“I would defer giving any guidance on the EBITDA margins. But what we have achieved so far, we would be maintaining in that range.”
Milind Kotecha, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said Q4 ECU was around INR30,000 but current ECU is around INR37,000 due to the war, and expects four to five months for stabilization.
Answered by Milind Kotecha
Asked by Priyank Chedda: What was the realized ECU for the quarter and how are supply chains expected to affect ECU going forward?
p. 5
“So considering the situations, the stabilize as well, like if there is a pause in the current situation, then also it will take at least four to five months of time for things to stabilize for the realizations of all the products to come down.”
Milind Kotecha, page 5 of the filed PDF · View the filing
Management attributed it to major maintenance and prolonged monsoon affecting CPVC demand, with utilization improving to 78-85% after November.
Answered by Milind Kotecha
Asked by Priyank Chedda: What caused the weak performance in the first nine months of FY26 and what utilization levels are now being seen?
p. 6
“So that's where you can say Quarter 4, I mean, even from mid of November, we were running at optimum for both, I mean, the whole plant put together.”
Milind Kotecha, page 6 of the filed PDF · View the filing
Management said Epigral's current wind-solar share is 8-9%, expected to reach around 15% after further capacity addition.
Answered by Milind Kotecha
Asked by Priyank Chedda: What is the wind-solar share of energy versus the industry?
p. 6
“And as we are further expanding into the further addition of wind-solar of around 19.50 megawatts, so once that commissions and reaches at optimum level, then around 15% of our power requirement will be coming from the wind-solar hybrid power plant.”
Milind Kotecha, page 6 of the filed PDF · View the filing
Management said the product mainly serves agrochemical and pharmaceutical customers and volumes are ramping up gradually after approvals.
Answered by Milind Kotecha
Asked by Nipun Sharma: What are the plans for the Chlorotoluene product line and target markets?
p. 8
“This majorly goes into the agrochemical and pharmaceutical segments.”
Milind Kotecha, page 8 of the filed PDF · View the filing
Management declined to give specific margin guidance but indicated the current range would likely be maintained.
Answered by Milind Kotecha
Asked by Kiran Naik: Will EBITDA margin for FY27 be at the same level as FY26?
p. 9
“I would defer giving any guidance on the EBITDA margins. But what we have achieved so far, we would be maintaining in that range.”
Milind Kotecha, page 9 of the filed PDF · View the filing
Management said Q4 did not majorly benefit from the price escalation since orders were placed before the price rise, and the impact will show in Q1 instead.
Answered by Milind Kotecha
Asked by Resham Jain: Was there an inventory gain in Q4 profitability from the price increases in March?
p. 11
“So to put it short, the price increase because of war will be majorly reflected in Q1 and not in Q4.”
Milind Kotecha, page 11 of the filed PDF · View the filing
Management attributed the higher interest cost to a mark-to-market impact from a foreign exchange derivative linked to INR depreciation.
Answered by Milind Kotecha
Asked by Shubhanshu: Why was the interest cost significantly higher than the earlier guided range?
p. 15
“So, it was majorly because of one of the loan that where we had we had a mark-to-market impact.”
Milind Kotecha, page 15 of the filed PDF · View the filing
Management said the project is still under due diligence and evaluation, and will be announced this year.
Answered by Milind Kotecha
Asked by Shubhanshu: Has the new greenfield project been delayed indefinitely?
p. 13
“Out of that we have selected few, I mean one of them, and then we are further doing due diligence on that.”
Milind Kotecha, page 13 of the filed PDF · View the filing
Risks flagged
West Asia conflict disrupting global supply chains and raw material availability
p. 3
“However, on the escalation in the West Asia, this disrupted the global supply chains and tightened the availability of key raw materials.”
Milind Kotecha, page 3 of the filed PDF · View the filing
Inflationary pressure on raw material and finished goods prices expected in coming quarters
p. 3
“We expect this inflationary pressures to be reflected in the coming quarters.”
Milind Kotecha, page 3 of the filed PDF · View the filing
Uncertainty over war escalation impacting demand
p. 10
“unless the war escalates too much and it disrupts the market all together in terms of demand.”
Milind Kotecha, page 10 of the filed PDF · View the filing
Elevated prices restricting demand in part of the product basket
p. 11
“So there the volume will be bit lower.”
Milind Kotecha, page 11 of the filed PDF · View the filing
Currency depreciation causing mark-to-market impact on interest costs
p. 15
“But since last one and a half year because of many global reasons, it has depreciated more.”
Milind Kotecha, page 15 of the filed PDF · View the filing
Volatility in PVC prices affecting CPVC price forecasting
p. 10
“Again there also it's too much volatility in the PVC prices. So it's difficult to give any specific number as of now.”
Milind Kotecha, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.