Epigral Limited (EPIGRAL)

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Epigral Limited (EPIGRAL) · mywealthgrid

About

Epigral Limited operates in specialty chemicals within the Chemicals & Petrochemicals industry. At ₹4,734.1 Cr market cap, it generates quarterly revenues around ₹700 Cr. Recent operating margins of 22–25% place it in higher-margin chemistry segments.

Face value: ₹10

Market cap

₹4,233 Cr

P/E

15.6×

P/B

1.9×

Dividend yield

0.9%

ROE

16.1%

ROCE

15.2%

Debt / equity

0.25

OPM

22.4%

EPS (TTM)

₹62.8

Book value

₹514.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin volatility: OPM swung from 17.21% (Dec 2025) to 25.41% (Jun 2026)—verify if driven by demand cycles, product mix shifts, or operational inconsistency
Revenue stagnation: Quarterly revenues show no clear growth trajectory (Dec 2025: ₹597 Cr, Jun 2026: ₹705 Cr)—verify if limited by market saturation, competition, or cyclical pressure
Market skepticism: Stock down 40.83% over one year despite reasonable current valuation (PE 17.47, ROE 16.09%)—verify if market is discounting future deterioration or if valuation was stretched
Feedstock and commodity exposure: Specialty chemicals margins sensitive to upstream costs—verify customer contract terms and Epigral's pricing power and hedging practices

Generated analysis · source review pending

Growth drivers

Margin recovery cycle: OPM improved from 17.21% (Dec 2025) to 25.41% (Jun 2026); if sustained alongside revenue growth, profit would expand—verify whether driven by structural improvements or temporary tailwinds
Demand cycle recovery: Revenue volatility suggests cyclical exposure; verify if end-market demand cycle is turning and if volume growth can resume alongside current margin levels
Specialty chemicals strength: Baseline OPM of 22.44% and recent 25%+ margins indicate positioning in higher-margin niches—verify addressable market size and competitive defensibility in served segments

Generated analysis · source review pending

1,262 historical price candles were omitted because the exchange source has not been verified.

₹982.2-3.5%1Y

Quick read

rule-based

Pros

+Strong return on equity of 18.5% (3-yr avg)
+Healthy operating margin of 22.4%
+Profit CAGR of 26.9% over the last 5 years
+Revenue CAGR of 25% over the last 5 years
+High promoter holding of 68.8% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

52/100

Business quality: 52
Growth: 23
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Sudeep Pharma LimitedSUDEEPPHRMSUDEEPPHRM	₹13,546 Cr	₹13,694 Cr	₹676 Cr	₹233 Cr	34.6%	₹133 Cr	27.1%	31.1%	25.2%	366
Anupam Rasayan India LimitedANURASANURAS	₹13,243 Cr	₹15,058 Cr	₹2,535 Cr	₹563 Cr	22.2%	₹175 Cr	9.4%	9.1%	5.5%	377
Vinati Organics LimitedVINATIORGAVINATIORGA	₹12,528 Cr	₹12,528 Cr	₹2,381 Cr	₹665 Cr	29.4%	₹448 Cr	19.9%	18.8%	14.9%	152
Elantas Beck India LimitedELANTASELANTAS	₹10,644 Cr	₹10,644 Cr	₹778 Cr	₹147 Cr	20.3%	₹136 Cr	17.4%	20.6%	15.8%	70

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	829	1,551	2,188	1,929	2,550	2,527
COGS	385	761	1,115	1,061	1,353	1,430
Gross profit	443	790	1,074	868	1,197	1,097
	182	280	385	387	485	531
	261	509	689	481	712	566
OPM %	31.5%	32.9%	31.5%	25%	27.9%	22.4%
Depreciation	74	86	109	124	133	168
Interest	29	44	66	73	53	72
	2	4	8	7	15	15
Profit before tax	161	383	522	291	541	341
Tax	60	131	169	95	183	9
Tax %	37.3%	34.1%	32.4%	32.6%	33.9%	2.6%
	101	253	353	196	358	332
PAT margin %	12.2%	16.3%	16.1%	10.2%	14%	13.1%
EPS (₹)	24.3	60.8	85	47.1	84.7	77
EPS adjusted (₹)	4	60.8	85	47.1	82.9	77
	0%	0%	5.9%	10.6%	7.1%	6.5%
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	252	252	42	42	42	43	43
Reserves	—	432	684	1,028	1,213	1,861	2,178
	—	538	989	876	963	585	563
	—	226	408	487	578	663	721
Total equity & liabilities	—	1,449	2,124	2,432	2,794	3,152	3,505
	0	1,102	1,068	1,804	1,767	2,238	2,117
CWIP	—	126	589	158	483	64	451
Investments	—	0	0	21	21	98	23
	—	221	467	450	524	752	915
Total assets	—	1,449	2,124	2,432	2,794	3,152	3,505

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	53.5%	50.9%	49.1%	45%	46.9%	43.4%
EBITDA margin %	31.5%	32.9%	31.5%	24.9%	27.9%	22.4%
EBIT margin %	22.7%	27.3%	26.5%	18.5%	22.7%	15.8%
PAT margin %	12.2%	16.3%	16.1%	10.2%	14%	13.1%
Working capital
Receivable days	52	60	28	34	33	60
Inventory days	51	74	69	90	105	89
Payable days	69	42	36	57	50	66
NWC days	34	92	61	67	88	83
Leverage
Current ratio	0.47	0.84	0.65	0.64	1.57	1.16
Debt to EBITDA	2.06	1.94	1.27	2	0.82	0.99
Debt to equity	0.79	1.36	0.82	0.77	0.31	0.25
Interest coverage	6.5	9.7	9	5	11.1	5.7
Asset turnover	0.57	0.73	0.9	0.69	0.81	0.72
Return ratios
Return on assets %	7%	11.9%	14.5%	7%	11.3%	9.5%
Return on capital employed %	17.9%	32.3%	34.8%	19.2%	25.4%	15.2%
Return on equity %	14.7%	34.8%	33%	15.6%	18.8%	14.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	71.38%	71.38%	71.49%	71.58%	71.58%	68.94%	68.95%	68.83%	68.83%	68.83%	68.83%	68.83%
	1.15%	1.18%	1.36%	1.47%	2.09%	3.01%	3.01%	3.05%	2.71%	2.36%	1.54%	1.03%
	0.04%	0.05%	0.02%	0.18%	1.17%	4.31%	4.66%	4.79%	4.92%	5.13%	4.9%	5.56%
	0%	0%	0%	0%	0%	0%	0%	0%	0.02%	0.02%	0.02%	0.02%
	27.43%	27.39%	27.13%	26.77%	25.16%	23.74%	23.38%	23.33%	23.52%	23.66%	24.71%	24.56%
No. of shareholders	—	—	—	—	—	—	—	—	78,605	77,562	77,583	76,305

Promoter holding down 2.55 percentage points since Sep 2023.

Mr. Maulik Jayantibhai PatelExecutive Director-Chairperson related to Promoter-MD
Mr. Kaushal Ashishbhai SoparkarExecutive Director-CEO
Mr. Ankit Natwarlal PatelNon-Executive - Non Independent Director
Mr. Karana Rameshbhai PatelNon-Executive - Non Independent Director
Mr. Darshan Anandbhai PatelNon-Executive - Non Independent Director
Mr. Manubhai Khodidas PatelNon-Executive - Independent Director
Mr. Sanjay Khatau AsherNon-Executive - Independent Director
Mr. Kanubhai Shakara PatelNon-Executive - Independent Director
Mr. Raju SwamyNon-Executive - Independent Director
Ms. Priyanka Agarwal ChopraNon-Executive - Independent Director
Mr. Rakesh Shyamlal Agrawal

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

5.52%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	40	0	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

6

Final dividend1 Jun 2026 · ex-date₹5
Final dividend20 Jun 2025 · ex-date₹3.5
Interim dividend7 Feb 2025 · ex-date₹2.5
Final dividend2 Jul 2024 · ex-date₹5
Final dividend20 Jun 2023 · ex-date₹2.5
Interim dividend1 Feb 2023 · ex-date₹2.5

1

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

113 announcementsExport CSV

28 Sept 2026, 5:14 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

16 Sept 2026, 5:58 pmCompany Update