Epigral Ltd

Crisil Ratings stated that the rating continues to reflect Epigral's healthy business risk profile supported by continued diversification in revenue streams, healthy operating margin and improving demand prospects. The rating also factors in a comfortable financial risk profile. These strengths are partially offset by the company's high albeit reducing dependence on the intensely competitive chlor alkali industry, exposure to regulatory risks, vulnerability of operating margin to fluctuations in caustic soda prices and exposure to project implementation risks. Crisil Ratings said that the company's revenue remained largely flat at Rs 2,527 crore in fiscal 2026 due to subdued demand from the construction and infrastructure sectors following the extended monsoon which affected construction activities thereby impacting offtake of few key products such as chlorinated polyvinyl chloride (CPVC) and epichlorohydrin (ECH) which is strongly linked to the sector. Revenue is expected to grow by 13-15% in fiscal 2027, aided by recovery in volumes, ramp-up of expanded capacities in CPVC, ECH and chlorotoluene, and improved realizations amid elevated raw material prices. Over the medium term, growth is expected to be driven by steady contributions from existing operations and incremental revenues from expanded CPVC and ECH capacities. The company's operating margin moderated to 22.4% in fiscal 2026 from 28.2% in fiscal 2025, primarily due to a sharp decline in realizations of key products, particularly during the first nine months of the year. While realizations are expected to improve in fiscal 2027 and operating leverage benefits are expected to accrue, operating margins are likely to remain largely stable due to inflationary pressures, elevated energy and raw material costs, and a lag in passing on higher input costs to customers. Over the medium term, margins are expected to improve gradually, supported by normalization in input costs, better realizations and operating leverage benefits from the ramp-up of expanded capacities. The agency further said that Epigral's financial risk profile remained strong supported by healthy capital structure and strong debt protection metrics. Debt protection metrics continued to remain strong despite moderation in profitability and increase in interest expenses during fiscal 2026, with interest coverage at 8.07 times compared with 13.65 times in fiscal 2025. The increase in interest expense was largely due to mark-to-market impact on foreign currency borrowings following sharp depreciation in rupee during the year. Interest coverage is expected to improve and sustain at healthy levels over the near to medium term aided by expected improvement in profitability and reduction in debt. Epigral is a leading integrated manufacturer of chemicals in India. Epigral is the largest manufacturer of CPVC in India and is also the first to set up an Epichlorohydrin plant and Chlorotoluenes value chain plant, in India. Along with ECH and CPVC, Epigral is a leading manufacturer of caustic soda, caustic potash, chloromethanes, hydrogen peroxide, chlorine and hydrogen. Powered by Capital Market - Live

Epigral announced that the 19th Annual General Meeting(AGM) of the company will be held on 8 June 2026.

Epigral has fixed 01 June 2026 as record date for payment of final dividend.

Epigral announced that the Board of Directors of the Company at its meeting held on 2 May 2026, inter alia, have recommended the final dividend of Rs 5 per equity Share (i.e. 50%) , subject to the approval of the shareholders.

Net profit of Epigral declined 6.84% to Rs 80.95 crore in the quarter ended March 2026 as against Rs 86.89 crore during the previous quarter ended March 2025. Sales rose 17.29% to Rs 736.16 crore in the quarter ended March 2026 as against Rs 627.63 crore during the previous quarter ended March 2025. For the full year,net profit declined 7.19% to Rs 331.97 crore in the year ended March 2026 as against Rs 357.69 crore during the previous year ended March 2025. Sales declined 0.90% to Rs 2527.18 crore in the year ended March 2026 as against Rs 2550.13 crore during the previous year ended March 2025. ParticularsQuarter EndedYear EndedMar. 2026Mar. 2025% Var.Mar. 2026Mar. 2025% Var. Sales736.16627.63 17 2527.182550.13 -1 OPM %22.7727.62 -22.4027.87 - PBDT151.23165.28 -9 509.05673.65 -24 PBT109.54131.33 -17 340.76541.09 -37 NP80.9586.89 -7 331.97357.69 -7 Powered by Capital Market - Live

Epigral will hold a meeting of the Board of Directors of the Company on 2 May 2026.

Net profit of Epigral declined 62.26% to Rs 39.11 crore in the quarter ended December 2025 as against Rs 103.63 crore during the previous quarter ended December 2024. Sales declined 7.46% to Rs 597.12 crore in the quarter ended December 2025 as against Rs 645.24 crore during the previous quarter ended December 2024. ParticularsQuarter EndedDec. 2025Dec. 2024% Var. Sales597.12645.24 -7 OPM %17.2028.29 - PBDT97.31186.53 -48 PBT54.56153.62 -64 NP39.11103.63 -62 Powered by Capital Market - Live

Epigral will hold a meeting of the Board of Directors of the Company on 30 January 2026.Powered by Capital Market - Live

In an exchange filing, the company said the assessment order pertains to Assessment Year 2022'23, corresponding to Financial Year 2021'22. The order was passed under Section 143(3) read with Section 144C(13) of the Income-tax Act, 1961, along with a notice of demand issued under Section 156 of the Act, including applicable interest. Epigral stated that the assessment order was issued in the ordinary course of assessment proceedings and that it has adequate factual and legal grounds to substantiate its position. The company added that there is no financial impact on its financials, operations, or other business activities arising from the order. The company further said it believes the demand is not maintainable and is in the process of filing a rectification application and an appeal against the order within the prescribed timelines. The company received the demand notice on 31 December 2025, while the official announcement was made on 1 January 2026, after market hours. Epigral, formerly known as Meghmani Finechem, is a leading integrated manufacturer of chemicals in India. Epigral's Dahej facility is a backward and forward integrated and automated complex with a well-planned infrastructure. In India, Epigral is the first to set up an epichlorohydrin plant and the largest capacity plant of CPVC. Epigral is also a leading manufacturer of caustic soda, caustic potash, chloromethanes, hydrogen peroxide, chlorine and hydrogen. The company reported 36% fall in consolidated net profit to Rs 51 crore on a 7% fall in total revenue to Rs 589 crore in Q2 FY26 as compared with Q2 FY25. Powered by Capital Market - Live

Net profit of Epigral declined 37.00% to Rs 51.22 crore in the quarter ended September 2025 as against Rs 81.30 crore during the previous quarter ended September 2024. Sales declined 6.18% to Rs 587.36 crore in the quarter ended September 2025 as against Rs 626.06 crore during the previous quarter ended September 2024. ParticularsQuarter EndedSep. 2025Sep. 2024% Var. Sales587.36626.06 -6 OPM %22.4828.50 - PBDT111.96157.43 -29 PBT69.65125.18 -44 NP51.2281.30 -37 Powered by Capital Market - Live