Continued maleic anhydride price weakness
Maleic prices remain below $700/tonne due to Chinese oversupply, and management expects them to stay subdued for 1-2 years, pressuring margins.
IGPL / bear-case history
Track the concerns that keep returning.
IG Petrochemicals · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Inventory losses and M2M charges persist
High-cost inventory and mark-to-market losses on euro loans contributed 40-45 cr to losses over 9 months; while largely resolved, any further price drops could recur.
Plasticizer plant ramp-up delays
The plasticizer plant has already been delayed by 3-6 months; further delays in commissioning or achieving optimal capacity could impact revenue expectations.
Share buyback not considered despite stock below book value
An analyst questioned why no share buyback is planned when market cap is below net worth; management deflected, indicating no immediate action.