Epigral Limited, a leading integrated chemical manufacturer in India, reported a 13% year-on-year increase in profit after tax (PAT) to ₹87 crore for the quarter ended March 31, 2025, compared to ₹77 crore in the same quarter of the previous fiscal. Revenue for the quarter rose 20% to ₹631 crore, up from ₹526 crore in Q4 FY24.
The company’s financial position strengthened further in FY25. Return on Capital Employed (ROCE) improved to 25%, compared to 18% in FY24. Net Debt to EBITDA ratio decreased significantly to 0.7x from 2.0x a year earlier. Credit rating was upgraded to CRISIL AA from CRISIL AA-.
According to Chairman and Managing Director Maulik Patel, “FY25 marked the company’s strongest financial performance to date, with annual revenue reaching ₹2,565 crore—an increase of 33% driven by an 11% rise in volumes, primarily from high-value products. Derivatives and specialty business volumes grew 24%, contributing 54% of total revenue compared to 45% in FY24.”
In line with its expansion plans, Epigral has announced capacity enhancement projects for CPVC and Epichlorohydrin (ECH), expected to be commissioned in the first half of FY27. These expansions are expected to strengthen the company’s integrated manufacturing ecosystem and support long-term growth.
In FY25, Epigral Limited undertook several strategic initiatives to support its long-term growth and operational strength. The company proposed a final dividend of ₹3.5 per share, taking the total dividend for the year to ₹6.0 per share. It received a credit rating upgrade to CRISIL AA and incurred a capital expenditure of ₹195 crore. The board approved a major capacity expansion plan, which includes doubling the capacities of CPVC resin and Epichlorohydrin (ECH) to 1,50,000 TPA and 1,00,000 TPA respectively. To finance its expansion, Epigral successfully raised ₹333 crore through a Qualified Institutional Placement (QIP).
In the March quarter (Q4 FY25), the company reported a 20% increase in revenue, reaching ₹631 crore. EBITDA grew by 12% to ₹173 crore, with margins maintained at 28%, while profit after tax (PAT) rose 13% to ₹87 crore. Sales volume growth was driven by increased contribution from Derivatives and Specialty products. Product realization improved for Caustic Soda and Epichlorohydrin, though Hydrogen Peroxide saw a decline. The company’s chlorine integration also improved, with captive consumption rising to 76%.
For the full year FY25, Epigral achieved record revenue of ₹2,565 crore, reflecting a 33% growth, primarily led by higher volumes in the Derivatives and Specialty chemicals segment. EBITDA for the year rose 48% to ₹711 crore, while PAT surged by 82% to ₹357 crore. Operational efficiency improved, with capacity utilization increasing to 81% and captive chlorine usage reaching 72%. Notably, revenue contribution from Derivatives and Specialty products increased to 54%, compared to 45% in the previous year.
Epigral Limited, formerly Meghmani Finechem Ltd, is an integrated chemicals manufacturer based in Dahej, India. The company operates one of India’s most advanced and automated chemical complexes and is the first in the country to establish an Epichlorohydrin plant. Epigral is also the largest producer of CPVC resin in India. Product lines include Caustic Soda, Caustic Potash, Chloromethanes, Hydrogen Peroxide, Chlorine, and Hydrogen.
The company continues to expand its footprint in the specialty chemicals space through capacity enhancements and development of the Chlorotoluenes value chain. Epigral is committed to sustainable manufacturing and has been awarded the Responsible Care certification.
