Epigral Ltd announced its financial results for the quarter ended March 31, 2026, delivering its highest-ever quarterly revenue. The company reported revenue of ₹736 crore in Q4FY26, marking a strong 17% year-on-year growth compared to ₹631 crore in Q4FY25. Profit After Tax (PAT) stood at ₹82 crore, slightly lower than ₹87 crore recorded in the same quarter last year. Meanwhile, the Board has proposed a final dividend of ₹5 per equity share (50% of face value) for FY2026.
Strong Sequential Growth Driven by Volume and Realizations
On a sequential basis, Epigral demonstrated robust recovery and growth momentum. Revenue surged 22% from ₹603 crore in Q3FY26 to ₹736 crore in Q4FY26. The growth was primarily driven by improved sales volumes, better realizations, and higher plant utilization levels. Additionally, normalized inventory costs further supported the company’s financial performance.
Improved Margins Reflect Operational Efficiency
Epigral also reported a significant improvement in profitability metrics during the quarter.
*EBITDA margin increased to 23%, up from 17% in Q3FY26
*PAT rose sharply by 109%, from ₹39 crore in Q3FY26 to ₹82 crore in Q4FY26
These gains highlight enhanced operational efficiencies and better cost management across the business.
Management Commentary: Demand Recovery and Stability
Maulik Patel highlighted that the company’s strong Q4 performance was driven by both sequential and year-on-year volume growth, supported by favorable demand conditions. He noted that the company achieved a full recovery following scheduled maintenance in Q3FY26. Furthermore, improved capacity utilization and stabilization in raw material costs contributed to the expansion in EBITDA margins.
FY26 Challenges and Recovery Outlook
Despite the strong fourth quarter, Epigral faced some headwinds during FY26. Extended monsoon conditions and planned maintenance activities impacted performance in the first half of the year. However, demand began recovering from November onward and gained momentum through Q4FY26. The company now expects this positive trend to continue into FY27, although it remains cautious about global macroeconomic conditions.
Capex Expansion to Drive Future Growth
Looking ahead, Epigral continues to strengthen its growth pipeline through ongoing capital expenditure projects. Key expansions include:
*Epichlorohydrin capacity development
*CPVC (Chlorinated Polyvinyl Chloride) expansion
These projects are progressing on schedule and within budget. Once commissioned, they are expected to meet rising domestic demand while enhancing the company’s overall financial performance.
Diversified Portfolio Supports Long-Term Resilience
Epigral’s diversified product portfolio continues to provide stability amid geopolitical uncertainties, including developments in West Asia. At the same time, the company is focusing on further backward and forward integration to improve efficiency and margins. As per the press release, with major projects nearing completion and a strong pipeline of new initiatives, Epigral is well-positioned to deliver consistent growth and long-term value for its stakeholders.
