Styrenix Performance Materials Limited stands as a prominent manufacturer of engineering thermoplastics in India, with a rich history dating back to its incorporation in 1973. Formerly known as INEOS Styrolution India Limited, the company rebranded to Styrenix Performance Materials Limited in January 2023. This strategic name change reflects its evolving identity and focus within the chemical sector. As a subsidiary of Shiva Performance Materials Private Limited, Styrenix is a pioneer in the Indian market for Acrylonitrile Butadiene Styrene (ABS) and Styrene Acrylonitrile (SAN) polymers, marketed under the brand names Absolac and Absolan respectively. The company began its journey in 1978, establishing itself as a key player in developing the market for ABS polymers in India. Through continuous market development, technological advancements, and capacity expansion, Styrenix has solidified its position as a leading force in the engineering thermoplastics industry.
Styrenix Performance Materials specializes in a diverse range of high-performance engineering thermoplastics that cater to a wide array of industrial applications. The company's flagship products include:
- Absolac (ABS): A versatile engineering thermoplastic made from acrylonitrile, butadiene, and styrene. It is widely used in the manufacturing of home appliances, automotive components, consumer durables, and machinery.
- Absolan (SAN): A polymerized plastic resin produced from styrene and acrylonitrile, primarily used in the production of lighting fixtures, stationery, cosmetic packaging, and refrigerator components.
- Polystyrene: The company also manufactures polystyrene, which finds applications in food service, packaging, refrigerator components, and electronic goods housings. This includes general-purpose polystyrene (transparent polymer) used in applications like TV light diffuser plates and CD jewel boxes, and high-impact polystyrene resin used in electronic housing goods and beverage cups.
- Styroloy: A blended product designed for automotive exterior and interior applications, as well as household and electronics sectors.
- Asalac: A specialized polymer utilized for automotive exterior and interior applications.
Styrenix's comprehensive range of styrenic applications serves critical needs across various industries, including automotive, electronics, household goods, construction, healthcare, and packaging.
Styrenix Performance Materials Ltd holds a significant market presence with a market capitalization of ₹5,562 crore (as of recent estimates). The company has demonstrated a robust financial performance, with notable growth in both revenue and profitability.
For the full financial year ended March 2025, Styrenix reported a substantial increase in net profit, rising by 35.81% to ₹235.16 crore, compared to ₹173.16 crore in the previous year. Revenue also saw a healthy growth of 34.21%, reaching ₹2,982.42 crore in FY 2025 from ₹2,222.17 crore in FY 2024.
Recent quarterly results further underscore this positive trajectory. In the quarter ended March 2025, net profit increased by 13.77% to ₹56.17 crore, up from ₹49.37 crore in the corresponding quarter of the previous year. Sales for the quarter surged by 56.96% to ₹939.71 crore, compared to ₹598.71 crore in the previous year's quarter.
- Revenue: ₹2,982.42 crore (34.21% growth)
- Net Profit: ₹235.16 crore (35.81% growth)
- Operating Profit Margin: 11.86%
- Market Cap: ₹5,562 crore (as of recent estimates)
- Revenue: ₹939.71 crore (56.96% growth)
- Net Profit: ₹56.17 crore (13.77% growth)
- Operating Profit Margin: 9.28%
Styrenix Performance Materials operates state-of-the-art manufacturing facilities located in Nandesari, Moxi, Katol, and Dahej in Gujarat, alongside a dedicated Research and Development center at Moxi. The company has showcased strong operational efficiency and a strategic focus on expanding its production capacity.
In recent strategic moves, Styrenix has been actively broadening its international footprint, notably through the acquisition of Styrenix Performance Materials (Thailand) Limited in January 2025. The successful merger of two Thai subsidiaries has led to an updated turnover of THB 1.036 billion for Q1 2025. Management is optimistic about achieving a 10% volume growth, supported by plans to increase production by 50,000 tons by FY '27.
As of March 2025, the promoter holding in Styrenix Performance Materials Ltd stands at 46.24%. While the promoter stake has seen a decrease over the last three years (-28.8%), the company maintains a structured approach to corporate governance.
Styrenix Performance Materials navigates a dynamic operational landscape characterized by both significant opportunities and inherent challenges. The company's operations in Thailand have demonstrated promising sales figures, although capacity utilization remains an area of focus due to varying market conditions. Furthermore, extraordinary one-off expenses associated with acquisitions and name changes are anticipated to stabilize, thereby paving the way for improved financial outcomes.
While historical sales growth has shown room for improvement (11.7% over the past five years), the recent financial results indicate a strong upward trend with substantial revenue and profit growth in FY 2025. The company's strategic emphasis on expanding production capacity, pursuing international acquisitions, and serving a diverse range of end-markets positions it favorably for sustained growth in the engineering thermoplastics sector. With its robust recent financial performance and ambitious strategic expansion plans, Styrenix Performance Materials continues to reinforce its standing as a leading manufacturer of high-performance polymers in India and across Southeast Asia.
