Epigral Limited stands as a pioneering force in India's chemical industry, being the first to establish an Epichlorohydrin plant and operating the largest capacity plant for CPVC Resin in the country. The company has established itself as a leading manufacturer of Caustic Soda, Caustic Potash, Chloromethanes, Hydrogen Peroxide, Chlorine, and Hydrogen. The company was formerly known as Meghmani Finechem Limited and officially changed its name to Epigral Limited in August 2023. Epigral Limited was incorporated in 2007 and is based in Ahmedabad, India.
The company is engaged in manufacturing and selling chlor-alkali and its derivatives, while also being involved in the trading of agrochemical products. Epigral's Dahej facility is a backward and forward integrated and automated complex with a well-planned infrastructure. This integrated approach allows the company to maintain control over its supply chain while ensuring quality and cost efficiency.
The company operates primarily in the Derivatives & Specialty Chemicals segment, which contributed 56% in H1 FY25 compared to 25% in FY22. Epigral is the 5th largest producer of Chloromethanes (CMS) in India, with its CMS portfolio including MDC, Chloroform, and CTC. It is also the 3rd largest producer of Hydrogen Peroxide in India. The company produces specialty chemicals like CPVC Resin, CPVC compound, Epichlorohydrin, and Chlorotoluenes Value Chain.
The company offers chlorinated polyvinyl chloride (CPVC) resins, epichlorohydrin, chloromethanes value chain, hydrogen peroxide, caustic soda, chlorine, hydrogen, and caustic potash products. It serves various sectors, including CPVC pipes and fittings, windmills, construction, paints and coatings, electronics, water treatment, agrochemicals, pharmaceuticals, refineries, soap and detergents, fluoropolymers, paper and pulp, textiles, alumina, polyurethane foam, lithium, and polytetrafluoroethylene (PTFE) pipes.
As of the latest available data, Epigral maintains a market capitalization of ₹7,670 crore, representing an impressive 18.4% increase over the past year. For the year ended 2025, Epigral Ltd posted a profit of ₹357.69 crore on total income of ₹2,550.13 crore.
The company's recent quarterly performance shows strong operational metrics. Epigral's revenue jumped 19.85% year-over-year to ₹631.30 crore in Q4 2024-2025, while net profit increased 12.45% to ₹86.89 crore during the same period. The net profit margin for Q4 2024-2025 stood at 13.76%.
Looking at the nine-month performance, Epigral reported over a 37% jump in consolidated revenue to ₹1,934.31 crore in the first nine months of 2024-25 compared to ₹1,409.55 crore in the year-ago period. The derivatives & specialty business contributed 54% to the topline.
- FY2025 Performance: Net Sales of ₹2,550.13 crore, Net Profit of ₹357.69 crore
- Q4 FY2024-2025 Performance: Net Sales of ₹631.30 crore, Net Profit of ₹86.89 crore
- Nine Months FY2024-25 Performance: Consolidated Revenue of ₹1,934.31 crore
- Market Capitalization: ₹7,670 crore (as of latest data)
- Promoter Holding: 68.95% (as of March 2025)
Specialty chemicals major Epigral Ltd aims to grow at an annual growth rate of 20% and is poised to more than double its revenue by FY2028. Sustained demand for derivative and specialty products, as well as doubling of production capacity, will act as key catalysts for the overall revenue growth.
The company is undertaking significant capacity expansion initiatives. Epigral is doubling its capacity of Chlorinated Polyvinyl Chloride (CPVC) from 75,000 metric tons per annum to 1,50,000 MTPA and Epichlorohydrin (ECH) capacity from 50,000 MTPA to 1,00,000 MTPA at its existing complex in Dahej with an investment close to ₹780 crore. With this new capex, captive chlorine consumption will improve and will also facilitate a higher contribution from derivatives and specialty products.
As per research reports, Epigral's revenue is expected to be over ₹3,500 crore by FY27 according to Sunidhi, while Emkay expects revenue to be ₹3,800 crore by FY27 with an Ebitda margin of 26%.
Promoter holding in Epigral Ltd has decreased to 68.95% as of March 2025 from 71.58% as of September 2024. The chairman and managing director of the company is Maulik Patel. There is no promoter pledging in Epigral Ltd.
The company maintains strong corporate governance practices and regularly engages with stakeholders through investor meetings and conferences. The company recently held its 18th AGM on June 28, 2025, where a final dividend of ₹3.50 per share was declared.
Epigral Ltd has a market capitalization of ₹7,930 crore as of May 14, 2025, and is classified as a Small Cap company according to Value Research. The P/B ratio stands at 4.16 times as of May 14, 2025, representing a 101% premium to its peers' median range of 2.07 times. The P/E ratio is 22.17 times, showing a 17% discount to its peers' median range of 26.81 times.
With its strong market position in specialty chemicals, integrated manufacturing capabilities, and ambitious expansion plans, Epigral represents a compelling investment opportunity in India's growing chemical sector. The company's focus on high-value derivatives and specialty products, combined with its strategic capacity expansion, positions it well to capitalize on the increasing demand from various end-user industries.
