{"id":176114,"date":"2026-01-22T13:58:04","date_gmt":"2026-01-22T18:58:04","guid":{"rendered":"https:\/\/alphastreet.com\/india\/epigral-ltd-epigral-q1-2026-earnings-call-transcript\/"},"modified":"2026-01-22T13:58:04","modified_gmt":"2026-01-22T18:58:04","slug":"epigral-ltd-epigral-q1-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/epigral-ltd-epigral-q1-2026-earnings-call-transcript\/","title":{"rendered":"EPIGRAL LTD (EPIGRAL) Q1 2026 Earnings Call Transcript"},"content":{"rendered":"

EPIGRAL LTD (NSE: EPIGRAL) Q1 2026 Earnings Call dated Aug. 04, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Unidentified Speaker<\/strong><\/p>\n

Maulik Patel<\/strong> \u2014 Chairman of the Board, Managing Director<\/em><\/p>\n

Sanjay Jain<\/strong> \u2014 Chief Finance Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Unidentified Participant<\/strong><\/p>\n

Meet Vora<\/strong> \u2014 Analyst<\/em><\/p>\n

Jatin Damania<\/strong> \u2014 Analyst<\/em><\/p>\n

Rohit Sinha<\/strong> \u2014 Analyst<\/em><\/p>\n

Rohit Nagraj<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

operator<\/strong><\/p>\n

It. It. Ladies and Gentlemen, good day and welcome to the Epidural Limited Q1FY26 earnings conference call hosted by NK Global Financial Services Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on a touch tone phone. Please note that this call is being recorded with this. I now hand the conference over to Mr. Meet Vora from MK Global Financial Services Ltd. Thank you and over to you sir.<\/p>\n

Meet Vora<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Good evening everyone. Thank you for joining us on Epigral Limited’s Q1 FY26 results conference call. We would like to thank the management for giving us this opportunity to host them. On this call we are joined with Epigrams management represented by Mr. Malik Patel, Chairman and Managing Director, Mr. Kausal Soparkar, Executive Director, Mr. Sanjay Jain, Chief Financial Officer and Mr. Milan Kotecha, Investor Relations. I would like to invite Mr. Malik Patel to initiate the proceedings with his opening remarks post which we have an interactive Q and A session. Thank you and over to you sir.<\/p>\n

Maulik Patel<\/strong> \u2014 Chairman of the Board, Managing Director<\/em><\/p>\n

Thank you. Good afternoon everyone and welcome to the call to discuss Epigrel Quarter 1 FY26 performance. I believe you had an opportunity to review the earnings presentation that was released earlier on Saturday. Chemical industry is on the growth path but a slower pace. Volatility was witnessed in Quarter 1 FY26 and is expected to continue on account of uncertainty on tariffs from the US and also because of the geopolitical situation. However, domestic demand remains strong compared to the global demand. In the quarter ended June 2025 we had a revenue degrowth of around 6% mainly on account of decreasing volume due to the maintenance work happening at the plant and which will end by end of this quarter.<\/p>\n

We expect optimum utilization to start by end of quarter two FY26 and also because of the early monsoon and we believe that second half of FY26 will be better compared to first half of FY26. But even in this situation we were able to maintain our EBITDA margin of 27% on account of maintaining our efficiency level and because of a better product mix. Revenue contribution from the derivatives and the specialty business stood at 50% and we expect this contribution to increase in coming years along with the commissioning of reaching optimum of announced CAPEX projects. Our CAPEX project of doubling capacity of CPU silicine and epichloridine plant and 19.80 megawatt of wind and Solar hybrid power plant are moving as per the schedule and are expected to be commissioned within the timeline and budget announced.<\/p>\n

We expect this to strengthen our diversification and reach to a 70% revenue contribution from the derivative and specialty business. This expansion along with Chlorotoluen value chain which got commissioned in March 2025 are expected to drive growth in FY27 and FY28. The Chlorotolin value chain plant was commissioned in March 2025 and products are at various levels of approval with customers. We expect to generate sizable revenue from this by the end of this financial year. Our quarter 1 FY26 P&L numbers include depreciation and interest on the Chlorotolin value chain project without much contribution to the top line and bottom line.<\/p>\n

As mentioned earlier, we have also ventured into 19.80 megawatt of wind solar hybrid power plant. Once it is commissioned, our total plant capacity will reach to 38.14 megawatts. As a hybrid power plant, approximately 15% of total energy requirement will be met through green energy contributing to the environment by reducing carbon emissions. On the future CAPEX side we are focused and working on two major things. First, in the current complex even after CPVC and ECH doubling expansion, we will be left with for land parcel where we are evaluating a project to further strengthen our integrated complex and optimize on the infrastructure that we have invested.<\/p>\n

This project is at the evolution stage and we will announce details once it is freezed and approved by the board. Second, as we have conveyed earlier, we have bought around 100 acres of the land in the ridge just 1 km away from our existing complex for expansion and growth for next seven years. At this new land we are also evaluating new chemistry to have the next leg of growth beyond 2028. This new chemistry will be in line with the company strategy import substitution product where demand is expected to grow to in double digit percentage for next 10 years or so and we can generate good rot.<\/p>\n

We have been working on this since long and we are closer to finalizing the same and maybe in the couple of quarters we will announce once it is freezed and approved by the board. In line with this plan our team is focused and geared up to move forward in our direction of scalability and profitability, strengthening our integration and creating value for our stakeholders. I now hand over the call to Mr. Sanjay Jain, our CFO who will take us through the financials.<\/p>\n

Sanjay Jain<\/strong> \u2014 Chief Finance Officer<\/em><\/p>\n

Thank you Malik. Let me take you through quarter one numbers. Our overall plant utilization stood at 73% versus 76% in previous quarter. On year on year basis revenue dropped by 6% to 615 crore. This is mainly an account of lower volumes in lower volume. Revenue contribution from derivative and spatial business stood at 50% again 53% Q1.25 but as mentioned earlier we expect to reach to 70% by FY28. EBITDA and expense value dropped by 7% to 163 crore. However despite the lower utilization and decreasing volume, company was able to maintain EBITDA margin at 27% and this is on. Account of operational efficiency. Till March 25th company was in old tax regime. Considering the benefits which were available such as additional depletion benefit of EIE and MAX carried entitled entitlement on completion of Mac credit. So available company has reassessed its long term growth strategy and consequential tax implications and shifted to new tax regime of 25.17%. This reduction of tax rate by 10% not only led to tech savings but also improved profit after tax and EPS going forward. Shifting to new tax regime, the provisions for defer tax credits Deborah tax liability has one time credit of rupees of rupees 81 crore.<\/p>\n

Thus resulted increase in PAT to 160 crore in Q1FY26. If we exclude this one time credit, the PAT stood at rupees 79 crore. As such the PET margin increased to 26% Q1.26. In case if we exclude the one time credit, the PET margin remains almost at the same level of 13%. As mentioned earlier by Malik in quarter one. 26 the P the PAT has also been impacted on account of interest and deficient expenses of fluoro tolerance project. As the project is yet to contribute to top line and bottom line in sizable manner. RoC grew to 24% as of 30 June 25 versus 21% as on 30 June 24.<\/p>\n

Due to improvement in earnings, our net debt to EBITDA reduced to 6.06x as on 30 June 25 versus 1.6x as on 30 June 2024 versus. This is mainly on account of reduction in NET debt in quarter one 2026. Company has spent almost rupees 122 crore for ongoing expansion of ECS and CPVC. With this we can now open the floor for questions.<\/p>\n

Questions and Answers:<\/h2>\n

operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone Telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen will wait for a moment while the question queue assembles. The first question comes from the line of NIRAV from Envel Weld. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, good afternoon team. So I have a few questions to ask. Sir, first is on the ech. So out of our total ECH volumes, how much would be on spot and how much would be on contract?<\/p>\n

Maulik Patel<\/strong><\/p>\n

So ECH, it’s the ECH, you know, it’s running at almost 70 to 80% capacity. Plant, exit contract and commercial. I think we are not able to disclose at this point of time. Hello?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello, Am I audible, sir?<\/p>\n

operator<\/strong><\/p>\n

Yes, but there is some noise sir.<\/p>\n

Maulik Patel<\/strong><\/p>\n

From now, now it is clear.<\/p>\n

operator<\/strong><\/p>\n

No sir, not from your line, sir, I think it is the mic. It’s not clear.<\/p>\n

Maulik Patel<\/strong><\/p>\n

It’s still the same<\/p>\n

operator<\/strong><\/p>\n

now it’s now it’s clear, sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, yeah, so one more thing here, like when we see the ECH prices which have recently strengthened, so two things here, One, possibly we are using the crude glycerin for our refined glycerin plant and then converting to ech. But when we see the delta in terms of the crude glycerin, the prices have gone up more than what we have seen the prices of refined glycerin going up. So any particular reason for the same by such discrepancy in terms of the prices between the crude and the refined one?<\/p>\n

Maulik Patel<\/strong><\/p>\n

Crude and refined, I think both are moving in a tandem only. So when the crude is increasing, the refined is also increasing the same line. There is no differentiation in terms of the price to go up, you know. But yeah, you are right that the price of the gatorine has gone up recently and that was because of. It is because of, I think the demand in the bar diesel is not picking up and the production of the bar diesel is slightly lower compared to the past. People are moving, all the countries are moving to increase the biodiesel in their the sustainability program compared to the diesel, normal diesel, but that is not moving as the speed of power diesel capacity is coming up.<\/p>\n

So but going forward, definitely country like Indonesia, Malaysia, Brazil, they are moving increasing the percentage of blending with normal diesel. It is increasing on year, on year basis. So in the future we feel that we believe that we will have a more glycerin coming in the future. But yes, you are right that this year this is because of the supply demand issue. There is a high glittering Crude oil and the refined lithium price is moving higher.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So that could be the only reason why ECH prices have been moving up. Or are there any plans which have been under shutdown and because of which we have seen the strengthening in the ECH prices?<\/p>\n

Maulik Patel<\/strong><\/p>\n

No. So globally, if you see the propylene capacity is shutting off. That’s why the new, all new capacities are on glycerin based and that is the demand of glycerin is also increasing. And same time, when normally the global economy is doing good, the normal glycerin consumption in other applications other than the manufacturing as a raw material that is also moving up in the consumer products. So when the country’s economy is doing like US numbers are great and they are doing great. So they are importing compared to the previous years, they are importing more glycerin in this financial year.<\/p>\n

So that kind of things are affecting the overall delivery price.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Correct. And then normally like it is difficult to differentiate between the spot and the contract volumes for ech. But normally when we enter into a contracts with the customers, are they one month contract or they are slightly a prolonged one. In terms of price?<\/p>\n

Maulik Patel<\/strong><\/p>\n

In terms of prices, it’s on the monthly or the quarterly basis, but the volume contract is on the yearly basis.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it? Got it. So second question is on the chlorotolines. You mentioned that we have already commissioned the plant and possibly by end of this year we could see the products or the volumes ramping up based on the various products in between we have on the chlorotroline chain. So just wanted to understand from you like excluding interest and depreciation, if we take our fixed cost for the entire complex on a base of hundred, how much fixed cost would have gone up with the commissioning of chlorotolene?<\/p>\n

Maulik Patel<\/strong><\/p>\n

See in terms of that this is every year going to happen. Whenever we commission any plant, there will. Be a cost by the time we. Reach optimum for that particular plant. So it’s difficult to give specific number for this particular project that how much it would be there in the P and L and how much it will be not once we reach the optimum.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Correct, Correct. Got it. And the last question is on the ecu. So if you can just highlight what was the ECU realizations for this quarter and how much was chlorine negative.<\/p>\n

Maulik Patel<\/strong><\/p>\n

So the ECU was around 34, 35,000 and the chlorine was somewhere around minus 5,000.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Just a follow up here, like if you mentioned ACH capacity at 70 to 80%. If you can just separately give us for peroxide and caustic, that would be very helpful.<\/p>\n

Maulik Patel<\/strong><\/p>\n

The caustic utilization is somewhere around 70 to 75% and hydrogen peroxide is running at 100%.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. Thank you so much sir and wish you all the best. I’ll join back in the queue if I have any.<\/p>\n

Maulik Patel<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Jatin Damania from Swan Investments. Please go ahead.<\/p>\n

Jatin Damania<\/strong><\/p>\n

Good evening sir and thank you for the opportunity. Just carry on to your earlier participant question. In terms of ecu, so what is the current scenario when you compare with the issue and fluorine prices when you compare with the last quarter.<\/p>\n

Maulik Patel<\/strong><\/p>\n

So compared to the last quarter, ECU has been one rupee here and there. So it’s not a major move. But compared to if you see the last quarter and it is high by maybe 2% kind of thing. So it’s not much more. It keeps on revolving around 32, 31,000 kind of thing.<\/p>\n

Jatin Damania<\/strong><\/p>\n

In last quarter, if you look, our overall capacity utilization was lowered around 70 to 75%. So I understand there could be a maintenance shutdown. So is this maintaining shutdown is. I mean the cycle is completed or we would see some sorts of subdued utilization in the Q2 as well.<\/p>\n

Maulik Patel<\/strong><\/p>\n

So it has been in the same range what it was in what it is in the Q1. So that will, as Malik earlier specified in the opening remarks, the maintenance work will be majorly completed by end of this quarter. So maybe Q3 onwards we will get the optimum utilization of the caustic soda. And that’s where we have said that H2 will be much better than H1.<\/p>\n

Jatin Damania<\/strong><\/p>\n

Sure. And on the chlorine consumption front, now we have already started out coming in the chloroturb. Definitely the benefit will come in the second half, the major benefit. So just want to understand in terms of the chlorine consumption capture consumption which is 76% which was last year, what would be the optimum chlorine consumption once the chlorotolin comes in place?<\/p>\n

Maulik Patel<\/strong><\/p>\n

What I understand is you are asking about the chlorine consumption. So chlorine has been in similar range around 75% capsule consumption. But down the line as we will be expanding in CPVC ceph, that percentage will go up. In terms of capacity in terms of chlorine consumption is almost negligible compared to the plants of epichloridane and cpvc. And the chloromethane.<\/p>\n

Jatin Damania<\/strong><\/p>\n

Sure. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Rohit Sinha from Sunidi Securities Please go ahead.<\/p>\n

Rohit Sinha<\/strong><\/p>\n

Yeah, thank you for taking my question. One. One question is on. On the. On ppt you have mentioned about the looking for a new chemistry. So can you just elaborate on what kind of chemistry we are storing now and. And what’s the timeline which we are expecting to be getting through?<\/p>\n

Maulik Patel<\/strong><\/p>\n

Yeah, so Rohit, you know we are right now evaluating the project. So as I mentioned we are evaluating one more project in the existing site also to make our entire integrated complex much stronger. And that will be the. I think the last project at this site. And then we are also working on the similar line much bigger size of project on the new land. But once the board will approve then only we are able to discuss probably in the next in the quarter two or quarter three. Yes.<\/p>\n

Rohit Sinha<\/strong><\/p>\n

Okay. Okay.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

Just what Molik said it is the new land. The new project will be into the similar lines of what we have done in terms of import substitution product where the demand is expected to grow in a double digit percentage maybe 12 to 13% CAGR for next 10 years. And where we can generate a good ROC. So similar to what we have done in our import substitute products like ECH and cpvc. So again it. As Molly said it’s still in the working stage. It’s. But soon in a couple of quarters we will announce.<\/p>\n

Rohit Sinha<\/strong><\/p>\n

Okay. Okay, got it. Secondly, on the CPVC side just wanted to know what’s the scenario right now given add on pvc how we are looking at this segment and how’s the price movement there?<\/p>\n

Maulik Patel<\/strong><\/p>\n

Currently the PPVC price relation is also lower because of the same time the PVC price has also gone down. So yeah it is like. Like in glycerin and the ech the price is moving in tandem when the raw material price increase. Also the finished good price again same time in the CPVC PVC price has gone down. That’s why the CPVC relation is also gone down. But after anti dumping duty I don’t think so. It is going to be the major change in India in terms of the price because of the global demand is lower in terms of the pvc.<\/p>\n

Definitely the India’s demand is very high. But the global demand is still on the downside here.<\/p>\n

Rohit Sinha<\/strong><\/p>\n

Okay, got it. And just. Just one clarification sir. I think I missed the number. Our caustic plant was operated at 73% in this quarter. How much right now we have achieved after one month and what kind of level we are expecting for the Q2.<\/p>\n

Maulik Patel<\/strong><\/p>\n

Yeah. So Rohit, you know every eight years we have to do major change in the membranes and the coatings of the electrolyte electrolyzers. So that process is going on in the site right now. So which will end up by end of September and probably from quarter three onwards we are able to run it higher. Higher, higher, higher. Catastrophic.<\/p>\n

Rohit Sinha<\/strong><\/p>\n

Okay, okay. And. And yes, if you can share the. Capex and debt number for FY26, 27. Which we are looking at.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

FY26 the debt number should be, I mean the net debt number should be in the range of around 600 to 600cr kind of thing. And the Capex as we have said this year will be spending around 450 cr. So out of that we have spent around 120 cr. So balance will be spent spend in nine months and again next year the capex will be in the Same range around 400 cr. 400450 cr.<\/p>\n

Rohit Sinha<\/strong><\/p>\n

Okay. Okay, got it. Thank you and best of luck. Thank you.<\/p>\n

Maulik Patel<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Kautuk Yamde from Exa Noun Investments. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi, thank you for taking the question. I just had a couple of questions. Can you give me the utilization levels. For the chlorotoric plant?<\/p>\n

Maulik Patel<\/strong><\/p>\n

Sorry?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

The utilization levels for the chlorotoriate plant.<\/p>\n

Maulik Patel<\/strong><\/p>\n

It’s still at the trial stage. I mean in terms of the products are getting out and we are. It’s at the full stage with the customers. So it’s difficult to give any number in terms of utilization. It’s too early.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And the last question is what is the competitive intensity that you are anticipating in the next couple of years? Sorry, the competitive intensity.<\/p>\n

operator<\/strong><\/p>\n

Sorry to interrupt. May I request you to use a handset?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello.<\/p>\n

operator<\/strong><\/p>\n

Yes sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi. So what is the competitive intensity you are anticipating in the next couple of quarters?<\/p>\n

Maulik Patel<\/strong><\/p>\n

So as you know this is a trial production and the samples we have given to the customers, once they will approve it will give us a trial order. And once the trial order will be given then the commercial order will be converted. So this cycle will take some time. We are expecting by quarter three, end of three. End of quarter three. I think we are able to deal with this and the commercial run at the full and optimum level. We can able to run from the quarter four onwards.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I was asking about the competitive intensity that you are anticipating.<\/p>\n

Maulik Patel<\/strong><\/p>\n

As of now we are the only player in India and yes, there are players who have announced but as of now we have not seen anything on the ground. So once it comes it will be clear. But considering the way India is growing, there is going to be a good Demand in this particular segment as the agrochemical and the pharmaceutical segment improve further.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Jyoti from Senco Mutual Fund. Please go ahead. Hello, ma’. Am. As there is no response from the participants, we’ll proceed with the next part.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello.<\/p>\n

operator<\/strong><\/p>\n

Hello. Yes, ma’. Am.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. Yeah, good afternoon everyone. My question is regarding ETO realization. Like is. It includes flakes and hydrogen realization as well while calculating nucleation.<\/p>\n

Maulik Patel<\/strong><\/p>\n

So ECU relation includes the sales value of caustic soda minus chlorine price.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

It does not include flakes. It means.<\/p>\n

Maulik Patel<\/strong><\/p>\n

Sorry, does not include<\/p>\n

Unidentified Participant<\/strong><\/p>\n

flakes and hydrogen.<\/p>\n

Maulik Patel<\/strong><\/p>\n

But flakes is converted to 100% in the liquid form. And it is so indirectly flake quantity and ECU is converted. Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And like, how much is the proportion in that?<\/p>\n

Maulik Patel<\/strong><\/p>\n

Yeah. So currently our capacity is what we produce in the liquid. We have a 20% capacity converted to the flakes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And what about hydrogen? Hydrogen is included in Ecuador.<\/p>\n

Maulik Patel<\/strong><\/p>\n

Hydrogen also not included in the ecu. Yeah, The ECU is a global term derived for only caustic soda and the chlorine.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. And my second question is regarding captive consumption of chlorine. As you said, it is 75%. Then how much is the pipeline state included in? 75%.<\/p>\n

Maulik Patel<\/strong><\/p>\n

So when we say 75%, that is including the pipeline customers. Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

How much is pipeline?<\/p>\n

Maulik Patel<\/strong><\/p>\n

That. It’s a. It’s a 25. Around. Yeah. 20 to 25%. Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And my last question is regarding that you have mentioned that we have entered into energy supply agreement. So how much like renewable power we are expecting from this agreement.<\/p>\n

Maulik Patel<\/strong><\/p>\n

So it is a 19.8 megawatt. As a hybrid power, it means 19.8 megawatt is solar and 19.8 is windmill. So in terms of total wind and Solar together is 36 megawatts. But 38 megawatts. But it is considered as a 19.8 hybrid policy. So this is earlier also we have done the similar size and this we are adding. So total hybrid capacity has become almost 38 megawatts.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. And 38 is at peak. Correct.<\/p>\n

Maulik Patel<\/strong><\/p>\n

At this moment of time on this site. Yeah. 38 megawatt is considered as a peak. Will be getting through wind, solar only. Yeah. So now no longer we are going to add a coal based power plant in our premises as well as in the new site also. So mostly we will do it in the future also. So in the Swindon, solar hybrid only.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Thank you, sir.<\/p>\n

Maulik Patel<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Before we proceed with the Next participants. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Pratik Oza from systematic group. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, thank you for the opportunity. So my question is on fluorocoly chain and its go to market strategy. So will we be initially dealing with less complex higher volume intermediate to secure faster customer approval or our focus will be towards more complex higher margin derivatives from the outset. I mean that would mean a more deliberate understand.<\/p>\n

Maulik Patel<\/strong><\/p>\n

So I think you know we are starting with a basic molecule only right now. But yeah definitely we are working on the higher derivatives also. And going forward we eventually will convert into the value added chemistry only from this solution.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. And sir, in the previous call you mentioned about the membrane replacement for the caustic soda plant. I guess it is completed in May. So in Q from QQ onwards we will be seeing a higher operational efficiency right from the caustic soda plant perspective.<\/p>\n

Maulik Patel<\/strong><\/p>\n

Yes, that’s right.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

If you can view how much reduction can be expected in terms of power consumption per thermo PCU because of this membrane replacement.<\/p>\n

Maulik Patel<\/strong><\/p>\n

See it is the entire plant is not on the maintenance side. So some of the plants so we keep changing some of the elementors keep changing on every four years. So half the plant is on the completely new, half the plant is on the moderate level. So every average out I think it is remains the same level. I don’t think so it will add certain things but because of the, because of the efficiency point of view you have to keep changing this in every 8 years but average overall I think our consumption will remain more or less in a similar manner.<\/p>\n

So by the time you know it will new will start with a better efficiency and better energy consumption. Though the another the plant which is running currently which will become older so that will have a higher consumption. So the way the people are operating globally. So on an average we are at currently efficient only.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you so much.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question, the next follow up question comes from the line of Neera from Envel 12. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thanks for the opportunity again sir, one question on the power side. So if you can help us explain like what would be our total requirement of power considering our 75% capacity utilization. I think in last of the interaction you mentioned that it was close to around 130,140 megawatt. So if you can just let us know the total requirement of power currently and let’s say once chlorotolenes ECH expansion and CPVC also comes through what will be our peak power requirement?<\/p>\n

Maulik Patel<\/strong><\/p>\n

The peak power requirement will not increase. So it is including the captive power plant. No captive power consumption. Also our power requirement will not increase more than 135 megawatts from this pipeline.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Correct. So what would it be currently? Sir, if you can highlight.<\/p>\n

Maulik Patel<\/strong><\/p>\n

Currently that number. I don’t have it in my head.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, got it, got it. And so you mentioned that the additional wind hybrid would be available to us from 1h of FY27. So total would be close to around 38. So what sort of pls we should take on this? 38 megawatt or this is the peak load which we could achieve. And 38 megawatt is the contribution to be available from these projects altogether.<\/p>\n

Maulik Patel<\/strong><\/p>\n

So normally in a solar and wind you can compute almost 50% is per factor is a reasonable factor based on the current in Gujarat. So we can consider almost 50% efficiency from this total hybrid power plant capacity and so. And the rest would be available from our captive coal based power plant. Rates will be available from captive power plant and we also do buy government power also from grid.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, just a follow up on the pluromethane. So what was the utilization for our chloromethanes plant in first quarter?<\/p>\n

Maulik Patel<\/strong><\/p>\n

100%.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you so much sir and wish you all the best.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Before we move to the next participants, a reminder to all participants. Three you may press star and one to ask a question. The next question comes from the line of Rohit Nagraj from BNK Securities. Please go ahead.<\/p>\n

Rohit Nagraj<\/strong><\/p>\n

Yeah, thanks for the opportunity. The first question is on chlorotoluent. So in terms of. I mean we’ll be utilizing the capacity eventually optimally, but have we faced any teething problems or it is just a normal process of increasing the capacity over the next few quarters. Thank you.<\/p>\n

Maulik Patel<\/strong><\/p>\n

Sorry, can you repeat your question? We missed it.<\/p>\n

Rohit Nagraj<\/strong><\/p>\n

Yeah. So we will be increasing the capacity over the next few quarters at optimal level. Right. So have we faced any teething issues or it is just a course of action that slowly we will be increasing the utilization levels.<\/p>\n

Maulik Patel<\/strong><\/p>\n

So normally we are running at 80% capacity because we are not able to increase the capacity so far in the chlorine and caustic capacity because of the chlorine is a limitation. That’s why we entered into the chlorine derivatives and we try to remain increase our capacity how we can remain efficient. So probably once our expansion of ECH and CPVC will be over we are able to run much better efficiency than the 80% that was the target. What we have.<\/p>\n

Rohit Nagraj<\/strong><\/p>\n

Slightly different in terms of chloropholines, have we faced any eating trouble and that’s why we are going slowly or is it just a normal process that we start with 10, 15% and eventually over a quarter few quarters we will reach to maybe 70, 80% utilization?<\/p>\n

Maulik Patel<\/strong><\/p>\n

No, no, no, it is not because of that. That is the normal way. Because downstream pharma and agro customers they don’t approve like the other products which get approved in a shorter span of time. So which takes time for the approval. And that is the cycle which need to set. And then only you can reach to optimum capacity. And that will take time. Even though you know the samples are approved, tires are approved, then to reach to a commercial level quantity on a continuous basis that the vendors also need to have a confidence we are able to supply, you know, the same quality consistently.<\/p>\n

And then only they transfer slowly and gradually the volume on the run to the domestic level compared to the import. Till that time people continuously import. Yeah. So this is a cycle only in this segment.<\/p>\n

Rohit Nagraj<\/strong><\/p>\n

And second question in terms of the chlorotolins products that we are likely to manufacture, which particular markets will be displayed? Where it is coming from? Is it predominantly China or are there any other areas or other countries from where currently these products are being substituted?<\/p>\n

Maulik Patel<\/strong><\/p>\n

You know there is one plant in Japan, one plant is in Europe also to couple of plants in Europe and the remaining everything all capacity is coming, it is in China. So but European capacities are not running full. And you know the European manufacturing are in trouble already in this chemistry. Japanese we heard that that is also running at a lesser capacity. So mainly you can consider that is negligible volume coming from other other than China.<\/p>\n

Rohit Nagraj<\/strong><\/p>\n

And one just last bit in terms of the New York chemistry or platform that we are targeting for new site, are we again looking at the same kind of user segment or user industry or will we be looking at some new user industries than currently which we are serving? Thank you.<\/p>\n

Maulik Patel<\/strong><\/p>\n

So new site which is going to be completely different. It is not going to depend on our existing customers or existing site. No, it is going to be completely different value chain. So yeah, it is not going to be the same users or same customer base. It might be overlapping some of the customers but as a segment wise I think it is going to be completely different on the new side. We will further diversify in terms of. Our all product portfolio put together.<\/p>\n

Rohit Nagraj<\/strong><\/p>\n

Sure. Got that. Thanks a lot and all the best.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next, the next follow up question comes from the line of Jyoti from Sanco Mutual fund. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello.<\/p>\n

operator<\/strong><\/p>\n

Yes ma’, am, you’re audible. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

We have seen that Adani and Elise is going to come with a bigger capacity and financial year 27. So what we are expecting regarding clearing prices it will go further down.<\/p>\n

Maulik Patel<\/strong><\/p>\n

So you know chlorine they are. I think they are converting most of their chlorine into the pvc. So I don’t think the chlorine that chlorine will come in the market.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And what about live.<\/p>\n

Maulik Patel<\/strong><\/p>\n

They are able to. Mostly they will come in the market and they will be mostly there are focus on the export market. As this is they will produce in the liquid and majority in the bulk. And they are near to the port area both the location they will target mostly the export market, Southeast Asia or the global market.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you sir.<\/p>\n

operator<\/strong><\/p>\n

Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Shubanshu, an individual investor. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello, I’m audible.<\/p>\n

operator<\/strong><\/p>\n

Yes sir, you’re audible. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, there’s a higher interest cost on this quarter. What is the primary reason behind that? And will this be the normal going forward on the 600 crore net debt that we have?<\/p>\n

Maulik Patel<\/strong><\/p>\n

Yeah, Shivanshu, yes, you correctly observed interest cost has gone up in this quarter. Compared to previous quarter. But this is mainly on account of the negative impact of mark to market provision that is just you know around over 10 to 1011 crore. If we ignore that our interest cost is compared to previous quarter has gone down by almost one one CR or something like that. So these derivatives on hedging, is it on forex or on interest rate hedging where we have received such loss. This is the enter into the intent based swap derivative. So this is again that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, so this is. This should not be really fitted going forward because if the interest rate stabilize correct.<\/p>\n

Maulik Patel<\/strong><\/p>\n

Maybe it may be remain the same level but may depend on the along with the currency as well the interest. Rate, how we’re going to move forward.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

Yeah, so it will get. I mean maybe on this level or it might actually give a gain in the next quarter because of mark two market. Because if you see our Q3FY20, FY25 where we had actually zero interest but there we got the mark to market gain. So we’re all put together, it will be. It’s just a mark to market. Whereas our interest expenses in the range of the year put together would be. In the range of 45cr actual domain entire year.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I should look at so you think I should look at the entire year and the entire year should be remain constant. In some quarters there might be gain. In some quarters they might be.<\/p>\n

Sanjay Jain<\/strong><\/p>\n

Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, sure sir. And can you tell us how much from the portrayal contract in the. In the quarter for FY26, how much revenue can we expect? When you are saying it, will it be smart we start. We might start getting commercial orders by then.<\/p>\n

Maulik Patel<\/strong><\/p>\n

So. Commercial orders. I mean it’s on the trial side. So as we discussed earlier, if the sizable revenue should start from the Q4 onwards. So I guess it’s too early to give you exact number. Maybe Q4 we will be able to provide more clarity.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure, sir. And the R and D center that we have inaugurated two years back. Is it primarily being used for the chloropoluene chemistry or for all the chemistry that we have?<\/p>\n

Maulik Patel<\/strong><\/p>\n

It is for both the things. Because in chloropolyns also there, I mean we are already going two level down in terms of the reactions at the plant. We are further working on the downstreams of the downstreams that we are going to do at the plant. So the R D is working on. That as well as there are further. Molecules in the specialty segment where the R and D is working. So it’s for both.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it sir. And the. So can you be utilizing the same R D center when let’s say you were talking about some newer chemistry might be coming up. So will. Will that be feasible there or not? At this stage we cannot say.<\/p>\n

Maulik Patel<\/strong><\/p>\n

That way we have kept the provision in terms of the space at the R D center. And we have created that kind of infrastructure where we can do further new chemistries as well in the current R.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And D. Sure, sir. Just one last question. You mentioned about the pipeline customers for Floral. Who are these pipeline customers? Is it being sold in general market or is it a subsidiary? Is it our sister company?<\/p>\n

Maulik Patel<\/strong><\/p>\n

So there are various companies. There are the. I mean the make money company as well. And as well as there are other companies who are next to our plant where we provide clothing through pipeline.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. Thanks. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of duty from Molecule Venture. Please go ahead. Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir. Am I audible?<\/p>\n

operator<\/strong><\/p>\n

Yes, ma’, am, you’re audible. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, sir. I had questions regarding the cpbc. So the current demand scenario is a bit sluggish. And one of our competitors have started their production facility. So in the coming quarters, do we feel that there will be impact on our realization?<\/p>\n

Sanjay Jain<\/strong><\/p>\n

So realizations of the CPVC moves in line with the PVC prices. So as of now we don’t see that currently there is a monsoon season. In fact the monsoon started earlier in this year because of which there is a big sluggish in the demand. But we expect that to the demand should start from the Q3 onwards once Diwali starts. So as of, I mean we don’t see major impact on the demand side. It’s just the monsoon because of which there is a bit slow demand as of now. It will pick up once the monsoon ends.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, and so this add on pvc. Will this have any impact on our EBITDA margin?<\/p>\n

Maulik Patel<\/strong><\/p>\n

So that will be applicable for all the manufacturers? You know eventually it is, it will impact the the CTVC price as well. So as millionaires mentioned, you know it will move in a tandem with PVC price. So CPVC price will also will increase. Yeah. So that will not impact our EBITDA margins in that way.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay, that’s all information. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. A reminder to all participants, you may press and one to ask a question. As there are no further questions I would now like to hand the conference over to the management for closing comments.<\/p>\n

Maulik Patel<\/strong><\/p>\n

In conclusion I would like to convey that we are moving in line with our strategy for expansion plans and diversification in terms of multi product catering various industries. We are targeting consistent growth. I would like to thank all for joining us here today. Thank you everyone for the participation.<\/p>\n

operator<\/strong><\/p>\n

Thank you very much on behalf of MK Global Financial Services limited That concludes this conference. Thank you all for joining us and you may now disconnect your lines.<\/p>\n

Maulik Patel<\/strong><\/p>\n

Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

EPIGRAL LTD (NSE: EPIGRAL) Q1 2026 Earnings Call dated Aug. 04, 2025 Corporate Participants: Unidentified Speaker Maulik Patel \u2014 Chairman of the Board, Managing Director Sanjay Jain \u2014 Chief Finance Officer Analysts: Unidentified Participant Meet Vora \u2014 Analyst Jatin Damania \u2014 Analyst Rohit Sinha \u2014 Analyst Rohit Nagraj \u2014 Analyst Presentation: operator It. It. Ladies […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,13842,10089],"class_list":["post-176114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-motherson","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":176118,"url":"https:\/\/alphastreet.com\/india\/epigral-ltd-epigral-q4-2025-earnings-call-transcript\/","url_meta":{"origin":176114,"position":0},"title":"EPIGRAL LTD (EPIGRAL) Q4 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"EPIGRAL LTD (NSE: EPIGRAL) Q4 2025 Earnings Call dated May. 05, 2025 Corporate Participants: Maulik Patel \u2014 Managing Director Sanjay Jain \u2014 Chief Financial Officer Analysts: Meet Vora \u2014 Analyst Unidentified Participant Nirav Jimudia \u2014 Analyst Pinaki Banerjee \u2014 Analyst Rohit Sinha \u2014 Analyst Dhruv Muchhal \u2014 Analyst Parth Mehta\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":176123,"url":"https:\/\/alphastreet.com\/india\/epigral-ltd-epigral-q2-2025-earnings-call-transcript\/","url_meta":{"origin":176114,"position":1},"title":"EPIGRAL LTD (EPIGRAL) Q2 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"EPIGRAL LTD (NSE: EPIGRAL) Q2 2025 Earnings Call dated Nov. 11, 2024 Corporate Participants: Maulik J. Patel \u2014 Chairman & Managing Director Milind Kotecha \u2014 Investor Relations, Corporate Communication and Strategy Parth Mehta \u2014 Analyst Analysts: Meet Vora \u2014 Analyst Nirav Jimudia \u2014 Analyst Rohit Sinha \u2014 Analyst Meet Bhatt\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":176121,"url":"https:\/\/alphastreet.com\/india\/epigral-ltd-epigral-q3-2025-earnings-call-transcript\/","url_meta":{"origin":176114,"position":2},"title":"EPIGRAL LTD (EPIGRAL) Q3 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"EPIGRAL LTD (NSE: EPIGRAL) Q3 2025 Earnings Call dated Jan. 27, 2025 Corporate Participants: Maulik Patel \u2014 Chairman and Managing Director Sanjay Jain \u2014 Chief Financial Officer Milind Kotecha \u2014 Investor Relations, Strategy and Corporate Communication Analysts: Meet Vora \u2014 Analyst Parth Mehta \u2014 Analyst Nirav Jimudia \u2014 Analyst Rohit\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":179068,"url":"https:\/\/alphastreet.com\/india\/epigral-ltd-epigral-q3-2026-earnings-call-transcript\/","url_meta":{"origin":176114,"position":3},"title":"EPIGRAL LTD (EPIGRAL) Q3 2026 Earnings Call Transcript","author":"News desk","date":"February 2, 2026","format":false,"excerpt":"EPIGRAL LTD (NSE: EPIGRAL) Q3 2026 Earnings Call dated Jan. 30, 2026 Corporate Participants: Maulik Patel \u2014 Chairman and Managing Director Rakesh Agrawal \u2014 Chief Financial Officer Kaushal Soparkar \u2014 Executive Director Analysts: Unidentified Participant Meet Vora \u2014 Analyst Deepesh J. 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