Overcapacity in CPVC and ECH from competitors
Reliance and Adani are expanding PVC/CPVC capacity, and other players may backward integrate, potentially leading to pricing pressure and lower utilization for Epigral's new capacities.
EPIGRAL / Q3-FY26 / risks
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Epigral · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Chlorotoluene ramp-up slower than expected
The chlorotoluene plant is still in early stages with customer approvals and long-term contracts not yet secured; meaningful contribution may be delayed beyond FY27.
Margin pressure from high-cost inventory and raw material volatility
Q3 margins were hit by high-cost inventory and falling PVC prices; if raw material prices rise again without corresponding product price increases, margins could remain under pressure.
Geopolitical and trade policy uncertainty
US-India trade tensions, tariff impacts, and global geopolitical issues could affect export volumes and realizations, especially for ECH and other specialty chemicals.