{"id":30366,"date":"2024-09-02T06:13:49","date_gmt":"2024-09-02T00:43:49","guid":{"rendered":"https:\/\/fundsindia.com\/blog\/?p=30366"},"modified":"2024-09-02T11:34:40","modified_gmt":"2024-09-02T06:04:40","slug":"alpha-epigral-ltd-equity-research-desk","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-epigral-ltd-equity-research-desk\/30366","title":{"rendered":"Alpha | Epigral Ltd. &#8211; Equity Research Desk"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Epigral-Ltd-without-CTA.png\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Epigral-Ltd-without-CTA-1024x512.png\" alt=\"\" class=\"wp-image-30367\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Epigral-Ltd-without-CTA-1024x512.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Epigral-Ltd-without-CTA-300x150.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Epigral-Ltd-without-CTA-768x384.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Epigral-Ltd-without-CTA-1536x768.png 1536w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Epigral-Ltd-without-CTA.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Epigral Ltd &#8211; India&#8217;s Leading Integrated Chemical Manufacturer<\/span><\/h2>\n\n\n\n<p>Founded in 2007 and headquartered in Ahmedabad, Epigral Ltd. (formerly Meghmani Finechem Ltd.) is a leader in India&#8217;s chemical industry. Starting with Chlor-Alkali production in Dahej, the company has expanded to include Chloromethanes, Hydrogen Peroxide, Epichlorohydrin, and CPVC. It has India&#8217;s first Epichlorohydrin plant based on renewable resources and the largest CPVC plant, driving nation&#8217;s infrastructure growth. Their cutting-edge manufacturing facility spans 60 hectares in Dahej, Gujarat.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image.png\"><img loading=\"lazy\" width=\"750\" height=\"502\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image.png\" alt=\"\" class=\"wp-image-30370\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image.png 750w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-300x201.png 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Products and Services<\/span><\/h2>\n\n\n\n<p>Epigral offers a wide range of essential derivatives and specialty chemicals across 15+ industries:<\/p>\n\n\n\n<ul><li><strong>Chlor-Alkali:<\/strong> Products like caustic soda, caustic potash, liquid chlorine, and hydrogen gas, used in alumina, textiles, chemicals, soaps, detergents, agrochemicals, and pharmaceuticals.<\/li><li><strong>Derivative Products:<\/strong> Includes chloromethanes and hydrogen peroxide, serving the pharmaceutical, PTFE pipes, refrigerant gas, paper and pulp, textile, chemical, and effluent treatment industries.<\/li><li><strong>Specialty Chemicals:<\/strong> CPVC resin, CPVC compound, epichlorohydrin (ECH), and chlorotoluene value chain, used in pipes and fittings, windmills, automobiles, adhesives, agrichemicals, and APIs.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-1.png\"><img loading=\"lazy\" width=\"821\" height=\"301\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-1.png\" alt=\"\" class=\"wp-image-30371\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-1.png 821w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-1-300x110.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-1-768x282.png 768w\" sizes=\"(max-width: 821px) 100vw, 821px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Subsidiaries<\/strong>: As of FY24, the company has one associate company.<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Strategies<\/span><\/h2>\n\n\n\n<ul><li><strong>Capacity Expansion:<\/strong> During Q1FY25, Epigral increased CPVC resin capacity by 45,000 TPA, reaching 75,000 TPA. It also added 35,000 TPA in CPVC compounds during the quarter.<\/li><li><strong>New Ventures:<\/strong> Expanding into chlorotoluene and its value chain for pharmaceutical and agrochemical intermediates, with commissioning expected by Q2FY25.<\/li><li><strong>R&amp;D Enhancement:<\/strong> Launched a Research and Development Centre in Ahmedabad in FY24 to boost specialty product innovation.<\/li><li><strong>Capacity Utilization:<\/strong> Optimal utilization of new facilities is projected from FY26.<\/li><li><strong>Product Mix Shift:<\/strong> Aiming to shift the product mix from 45:55 to 70:30, favoring derivatives and specialty chemicals over chlor-alkali.<\/li><li><strong>Market Leadership: <\/strong>Holds top national capacities in caustic soda, caustic potash, chloromethanes, hydrogen peroxide, CPVC resin, and India\u2019s first ECH plant.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Performance<\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.1929-crore-1.png\"><img loading=\"lazy\" width=\"783\" height=\"530\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.1929-crore-1.png\" alt=\"\" class=\"wp-image-30388\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.1929-crore-1.png 783w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.1929-crore-1-300x203.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.1929-crore-1-768x520.png 768w\" sizes=\"(max-width: 783px) 100vw, 783px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Q1FY25&nbsp;<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue <\/strong>reached \u20b9654 crore, up 43% YoY.<\/li><li><strong>Volume<\/strong> grew 29%, led by Derivatives and Specialty business.<\/li><li><strong>EBITDA <\/strong>increased 85% to \u20b9176 crore.<\/li><li><strong>Net profit<\/strong> jumped 169% to \u20b986 crore.<\/li><li><strong>Margins improved:<\/strong> gross margin to 40%, EBITDA margin to 27%, and net profit margin to 13%.<\/li><li><strong>Product<\/strong> realization declined despite strong growth.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">FY24<\/span><\/h2>\n\n\n\n<ul><li><strong>Volume <\/strong>grew 15%, boosted by diversification and new projects.<\/li><li><strong>Revenue <\/strong>declined 12% to \u20b91,929 crore due to lower realizations.<\/li><li><strong>Operating profit<\/strong> fell 30% to \u20b9481 crore, and net profit dropped 44% to \u20b9196 crore.<\/li><li><strong>Industry<\/strong> faced subdued demand, oversupply, and low realizations.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-2.png\"><img loading=\"lazy\" width=\"747\" height=\"347\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-2.png\" alt=\"\" class=\"wp-image-30373\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-2.png 747w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-2-300x139.png 300w\" sizes=\"(max-width: 747px) 100vw, 747px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Performance (FY21-24)<\/span><\/h2>\n\n\n\n<ul><li><strong>3-year revenue and PAT CAGR:<\/strong> 33% and 25% (FY21-FY24).<\/li><li><strong>3-year average ROE: <\/strong>30%, ROCE: 26%.<\/li><li><strong>Healthy capital structure <\/strong>with a debt-to-equity ratio of 0.77.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-3.png\"><img loading=\"lazy\" width=\"748\" height=\"211\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-3.png\" alt=\"\" class=\"wp-image-30374\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-3.png 748w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-3-300x85.png 300w\" sizes=\"(max-width: 748px) 100vw, 748px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Industry outlook&nbsp;<\/span><\/h2>\n\n\n\n<ul><li>India\u2019s chemical industry covers over 80,000 products, including bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, polymers, and fertilizers.<\/li><li>The industry is the 6th largest globally and 3rd largest in Asia.<\/li><li>Despite challenges like inflation and supply chain disruptions, the sector has shown resilience.<\/li><li>Projected growth: $300 billion by 2025 and $1 trillion by 2040.<\/li><li>India ranks 11th in chemical exports and 6th in imports (excluding pharmaceuticals).<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Drivers<\/span><\/h2>\n\n\n\n<ul><li>Government allocated \u20b9192.21 crore (US$ 23.13 million) to the Department of Chemicals and Petrochemicals under the Interim Union Budget 2024-25.<\/li><li>A 2034 vision has been established to boost domestic production, reduce imports, and attract investments in the chemicals and petrochemicals sector.<\/li><li>100% FDI is permitted under the automatic route, with some exceptions for hazardous chemicals.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Competitive Advantage<\/span><\/h2>\n\n\n\n<p><strong>Epigral<\/strong> exhibits superior sales growth and healthier returns on investments compared to competitors like Grasim Industries Ltd and DCM Shriram Ltd.<br>This performance highlights Epigral\u2019s prudent capital allocation and expanding market penetration.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-4.png\"><img loading=\"lazy\" width=\"1024\" height=\"150\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-4-1024x150.png\" alt=\"\" class=\"wp-image-30375\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-4-1024x150.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-4-300x44.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-4-768x112.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-4.png 1437w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Outlook<\/span><\/h2>\n\n\n\n<ul><li>Epigral&#8217;s shift from basic chemicals to specialized products, a first in India strategy, is set to position the company as a key leader in the market.<br><\/li><li>By transitioning to niche Derivatives and Specialty chemicals, Epigral is expected to be less affected by market fluctuations.<br><\/li><li>With strong earnings growth potential and underutilized recently commissioned capacities, the company is well-positioned for significant future growth and value creation.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-5.png\"><img loading=\"lazy\" width=\"1024\" height=\"712\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-5-1024x712.png\" alt=\"\" class=\"wp-image-30376\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-5-1024x712.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-5-300x208.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-5-768x534.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-5.png 1226w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Valuation<\/span><\/h2>\n\n\n\n<p>Epigral&#8217;s strategy to expand Derivatives and focus on import substitution is expected to drive growth. Introducing &#8220;India\u2019s first&#8221; products will further enhance its market position. We recommend a BUY rating with a target price (TP) of \u20b92,251, based on 27x FY26E EPS.<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Risks<\/span><\/h2>\n\n\n\n<ul><li><strong>Single Manufacturing Unit:<\/strong> All production and capacity expansions are concentrated at a single location in Dahej, posing risks if any unexpected issues arise at the site.<\/li><li><strong>Demand Slowdown:<\/strong> A decline in demand in domestic or export markets could negatively impact margins.<br><\/li><\/ul>\n\n\n\n<p><em><strong>Note:<\/strong> Please note that this is not a recommendation and is intended only for educational purposes. So, kindly consult your financial advisor before investing.<\/em><\/p>\n\n\n\n<p dir=\"ltr\" style=\"line-height: 1.8; margin-top: 0pt; margin-bottom: 0pt; text-align: center;\"><a href=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/Epigral+Ltd.pdf\" rel=\"noopener\"><img alt=\"\" src=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/button_read-the-full-alpha-report.png\" style=\"width: 320px; height: 49px;\"><\/a><\/p>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Recap of our previous recommendations (As on 30 August 2024)<\/span><\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-6.png\"><img loading=\"lazy\" width=\"928\" height=\"208\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-6.png\" alt=\"\" class=\"wp-image-30377\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-6.png 928w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-6-300x67.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-6-768x172.png 768w\" sizes=\"(max-width: 928px) 100vw, 928px\" \/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-mankind-pharma-ltd-equity-research-desk\/30325\">Mankind Pharma Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-action-construction-equipment-ltd-equity-research-desk\/30290\">Action Construction Equipment Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-indian-energy-exchange-ltd-equity-research-desk\/30255\">Indian Energy Exchange Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-hindalco-industries-ltd-equity-research-desk\/30202\">Hindalco Industries Ltd<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Epigral Ltd &#8211; India&#8217;s Leading Integrated Chemical Manufacturer Founded in 2007 and headquartered in Ahmedabad, Epigral Ltd. (formerly Meghmani Finechem Ltd.) is a leader in India&#8217;s chemical industry. Starting with Chlor-Alkali production in Dahej, the company has expanded to include Chloromethanes, Hydrogen Peroxide, Epichlorohydrin, and CPVC. It has India&#8217;s first Epichlorohydrin plant based on renewable [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":30367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[743,59],"tags":[744,1087,1086,1033,745,1063,897,892,648,870],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Epigral Ltd Stock Analysis September - 2024<\/title>\n<meta name=\"description\" content=\"Epigral Ltd is a top integrated chemical manufacturer in India, specializing in Derivatives and Specialty chemicals, with innovative products and strong growth potential\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/equities\/alpha-epigral-ltd-equity-research-desk\/30366\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Epigral Ltd Stock Analysis September - 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