Epigral Q4 FY26 PAT doubles to Rs 82 cr, margin 23%

Epigral stock jumps after Q4 results

Epigral shares rallied after the company reported a sharp sequential improvement in earnings for the March 2026 quarter (Q4 FY26). The stock surged 7.79% to Rs 1,297, reflecting a strong quarter-on-quarter rebound in profitability and margins. The company posted record quarterly revenue, supported by higher volumes, better realisations, and higher utilisation after scheduled maintenance in the previous quarter.

The March quarter performance stood out for the jump in operating profitability, even though year-on-year profit was lower. Management attributed the stronger sequential showing to demand recovery from November and stabilisation in raw material costs.

Q4 FY26: Profit more than doubles sequentially

Epigral’s standalone profit after tax (PAT) rose 109.27% quarter-on-quarter (QoQ) to Rs 81.93 crore in Q4 FY26, compared with Rs 39.15 crore in Q3 FY26. Revenue from operations increased 23.29% QoQ to Rs 736.16 crore from Rs 597.12 crore.

Operating performance also strengthened sharply on a sequential basis. EBITDA climbed 64% QoQ to about Rs 169 crore, while EBITDA margin expanded to 23% from 17% in the previous quarter. The company reported that sales volumes rose 15% QoQ and overall plant utilisation exceeded 80% during the quarter.

Year-on-year comparison shows margin pressure

On a year-on-year (YoY) basis, revenue growth remained firm but profit declined. Revenue from operations rose 17.29% YoY to Rs 736.16 crore in Q4 FY26 from Rs 627.63 crore in Q4 FY25. PAT fell 5.41% YoY to Rs 81.93 crore from Rs 86.62 crore.

Profit before tax (PBT) stood at Rs 110.52 crore, up 102.42% QoQ but down 15.67% YoY. The quarterly data also showed higher costs in Q4 FY26, with total expenses rising to Rs 625.07 crore from Rs 499.97 crore a year ago. EBITDA for March 2026 was reported at Rs 168.01 crore, compared with Rs 176.78 crore in March 2025.

What drove the sequential recovery

Management linked the rebound to both demand and operations normalising after the December quarter. Chairman and Managing Director Maulik Patel said Epigral delivered record revenue of about Rs 736 crore in Q4 FY26, driven by a 15% sequential increase and 14% year-on-year growth in volumes. He added that the company saw full recovery post scheduled maintenance in Q3.

The company also pointed to improved utilisation levels and stabilisation in raw material costs, which supported the expansion in EBITDA margin to 23% in Q4 FY26. Demand recovery, according to management commentary, began in November and strengthened through the March quarter.

Segment mix: Derivatives and Specialty gains share

Epigral’s mix continued to tilt toward its higher-value business lines. The contribution from the Derivatives and Specialty business increased to 54% in Q4 FY26 from 52% in Q3 FY26. Over the same period, the Chlor-Alkali segment’s share declined to 46% from 48%.

The shift in mix was highlighted alongside stronger operating leverage from higher plant utilisation. The company also reiterated that its Q4 performance was aided by improved realisations and volume growth.

Dividend recommendation for FY26

Alongside the results, the board recommended a dividend of Rs 5 per equity share of face value Rs 10 each for FY 2025-26. This proposal follows the company’s stronger finish to FY26 in Q4, even as full-year profitability declined.

Full-year FY26: Revenue flat, profit lower

For the full year FY26, Epigral reported a marginal decline in revenue from operations and a drop in profit. Standalone net profit fell 6.64% to Rs 333.01 crore, while revenue from operations edged down 0.90% to Rs 2,527.18 crore in FY26 over FY25.

A separate FY26 summary in the same results coverage reported total income of Rs 2,542.16 crore and noted that revenue dropped by about 1% to Rs 2,542 crore due to a 4% drop in sales volume earlier in the year. EBITDA for FY26 was reported at Rs 567 crore with a 22% margin. Return on capital employed (ROCE) was reported at 16% in FY26 (versus 25% in FY25), with commentary pointing to lower utilisation levels, capital work in progress, and profitability impacted by higher raw material prices.

Stock context: Weak 6- and 12-month returns despite Q4 pop

Even after the sharp move post-results, Epigral’s recent price performance has been negative over longer periods, as cited in the results coverage. Epigral shares closed at Rs 1,215.65 on April 29, 2026 (NSE). The stock delivered -28.04% returns over the last six months and -29.94% over the last 12 months.

The Q4 reaction shows the market’s focus on the sequential recovery in margins and profit, particularly after the maintenance-led disruption in the December quarter.

Key numbers at a glance

Why this quarter matters

Q4 FY26 highlighted a clear rebound in Epigral’s operational metrics on a sequential basis, with higher utilisation and better cost conditions translating into a step-up in EBITDA and PAT. At the same time, the year-on-year comparison showed that cost pressures and higher expenses still weighed on profitability versus the March 2025 quarter.

For investors tracking the Indian chemicals space, the results also underline the importance of volume recovery and segment mix. Epigral’s Derivatives and Specialty share rising to 54% of revenue in Q4 FY26 signals the company’s continued shift toward products positioned as higher-margin within its portfolio, while its core Chlor-Alkali share declined.

Conclusion

Epigral closed FY26 with a strong sequential rebound, reporting record Q4 revenue of Rs 736.16 crore and PAT of Rs 81.93 crore as utilisation crossed 80% and EBITDA margin improved to 23%. The board’s proposed dividend of Rs 5 per share adds a shareholder return element alongside the results. Investors will watch how the demand trend noted by management from November carries into FY27 and whether the margin improvement sustains with raw material costs and utilisation levels.