Epigral Limited Earnings Summary — Q4 FY2026

• Revenue for Q4 FY2026 reached ₹736 Cr, markng a significant 23% sequential increase and 17% Year-on-Year growth.
• Net Profit staged a strong recovery to ₹81 Cr from ₹39 Cr in the previous quarter, though it remains slightly below the ₹87 Cr recorded in Q4 FY2025.
• Operating Profit Margins (OPM) improved to 23% from a low of 17% in Q3, reflecting better absorption of fixed costs on higher volumes.
• The company successfully reduced total borrowings to ₹572 Cr at the end of FY2026 from ₹593 Cr in the prior year.
• Working capital management showed signs of stress as debtor days increased to 60 days for the full year compared to 33 days in FY2025.
• The product mix continues to shift toward derivatives and specialty chemicals, now targeting roughly 52% of the total revenue contribution.

Management is focused on transitioning from a commodity-heavy portfolio to high-value derivatives (CPVC resin and Epichlorohydrin), aiming for a more resilient margin profile across cycles.

Improving

The sharp sequential rebound in revenue and margins suggests the trough seen in Q3 FY2026 was temporary, despite ongoing cyclical pressures in the global chemical industry.

The outlook is cautiously optimistic as new capacities in specialty chemicals stabilize; however, ROCE and OPM remain below historical peaks due to high capital intensity and cyclical pricing volatility.