Styrenix Performance Materials: FY26 margins improve, Thailand ramp and India ABS expansion stay in focus

For FY26 consolidated results, total income was INR 3,454.4 crore, EBITDA was INR 359.6 crore (10.4% margin), and PAT was INR 182.8 crore (5.3% margin).

For FY26 standalone results, total income was INR 2,646.7 crore, EBITDA was INR 369.7 crore (14.0% margin), and PAT was INR 234.3 crore (8.9% margin).

The presentation states that ABS capacity expansion Phase I of 50,000 TPA is under implementation and progressing as per schedule. Management reiterated that additional capacities are expected in the second half of the year (third and fourth quarter referenced).

Management stated GPPS demand was muted and margins were under pressure due to imports and pricing pressure, and the company chose not to participate aggressively at those prices.

Management stated that Thailand operations are expected to start generating returns at 60% to 70% capacity utilization and that current utilization is still below that level.

Management stated it did not face any significant disruption to manufacturing and that it procures raw materials from multiple global sources, allowing it to continue meeting customer demand.