Epigral

Epigral's Q3 FY26 results were weak, with EBITDA margin contracting to 17%Current reported value: 17%. No comparable prior figure is available in the source record. (vs 22% 9M average) due to lower realizations, higher raw material costs, and high-cost inventory. Revenue grew marginally 2% QoQ to ₹6,003 croreCurrent reported value: ₹6,003 crore. No comparable prior figure is available in the source record., with derivatives and specialty contributing 52%Current 52%. Reported change: +2pp QoQ. of revenue. Plant utilization was flat at 78%Current 78%. Reported change: flat QoQ.. Management attributed the weakness to prolonged monsoon and geopolitical uncertainty, but noted volume pickup from mid-November. Guidance points to margin recovery to 21-23% in Q4, driven by improving PVC/CPVC prices and demand. The chlorotoluene plant, commissioned in March 2025, is expected to contribute meaningfully from FY27. Capex for CPVC, ECH, and power projects remains on track. Key risk: potential overcapacity in CPVC and ECH as competitors expand, which could pressure utilization and margins in FY27-28.