Epigral Ltd (EPIGRAL) AI Stock Analysis

• Market Cap: ₹44.27B
• Dividend Yield: 0.46%
• Average Volume (3M): 1.86K
• Price to Earnings (P/E): 13.1
• Beta (1Y): 1.55
• Revenue Growth: 8.51%
• EPS Growth: 32.37%
• Country: IN
• Employees: 997
• Sector: Healthcare
• Sector Strength: 45
• Industry: Chemicals
• EPS (TTM): 9.10
• Shares Outstanding: 43,141,340
• 10 Day Avg. Volume: 1,295
• 30 Day Avg. Volume: 1,859
• PEG Ratio: 0.28
• Price to Book (P/B): 4.21
• Price to Sales (P/S): 3.14
• P/FCF Ratio: 32.61
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 67 Neutral
• Price Target: ₹1,121.00 ▼(-9.91% Downside)

Overall score is supported primarily by strong financial performance (improving growth, solid profitability, and materially better free cash flow), but is held back by weak technicals with the stock trading below key moving averages and negative MACD. Valuation is reasonable on P/E, though the dividend yield is low.

Positive Factors

Free Cash Flow Recovery

Turning free cash flow positive in 2025 with strong operating cash conversion signals durable internal funding for operations. This improves the company's ability to fund R&D, capex and working capital from operations, lowering dependence on external financing and enhancing long-term financial flexibility.

Margin Strength

Healthy and improving gross, EBIT, EBITDA and net margins demonstrate operational efficiency and likely pricing power. Sustained margins provide resilience through industry cycles, supporting reinvestment in product development and improving the durability of profitability even if top-line growth fluctuates.

Improved Balance Sheet

An improved equity ratio, reduced financial leverage and solid return on equity indicate a stronger capital structure and efficient use of shareholders' funds. These attributes enhance the company's capacity to absorb shocks and finance strategic initiatives, strengthening medium-term solvency and resilience.

Negative Factors

Substantial Total Debt

Despite better leverage metrics, the absolute level of debt remains substantial and raises persistent interest and refinancing risk. High debt can constrain capital allocation, increase cost of capital, and amplify downside in revenue downturns, making debt management a lasting strategic vulnerability.

Volatile Revenue Growth

Historical volatility in revenue growth and a recent negative growth metric reduce visibility into future cash flows and complicate planning for commercialization and R&D. Persistent top-line variability undermines predictability of earnings, making long-term forecasting and investment pacing more challenging.

Reliance on Partnerships & Grants

Material dependence on partnerships, licensing and grants introduces counterparty, concentration and funding-cycle risk. External collaborations can create lumpy, timing-sensitive revenue streams and limit Epigral's control over commercial execution, weakening the durability of revenue growth.

Epigral Ltd Business Overview & Revenue Model

Company Description

Epigral Limited manufactures and sells chlor-alkali and related derivatives in India and internationally. The company offers chlorinated polyvinyl chloride (CPVC) resins, epichlorohydrin, chloromethanes, hydrogen peroxide, caustic soda, chlorine, hydrogen, and caustic potash products. It also trades in agrochemical products. The company serves various sectors, including CPVC pipes and fittings, windmills, construction, paints and coatings, electronics, water treatment, agrochemicals, pharmaceuticals, refineries, soap and detergents, fluoropolymers, paper and pulp, textiles, alumina, polyurethane foam, lithium, and polytetrafluoroethylene (PTFE) pipes. The company was formerly known as Meghmani Finechem Limited and changed its name to Epigral Limited in August 2023. Epigral Limited was incorporated in 2007 and is based in Ahmedabad, India.

How the Company Makes Money

Epigral Ltd generates revenue primarily through the sale of its proprietary drug delivery systems and regenerative medicine products. The company has established key partnerships with pharmaceutical firms for collaborative research and development, allowing it to leverage shared resources and expertise in bringing new products to market. Additionally, Epigral may earn income through licensing agreements for its technologies, enabling other companies to utilize its innovations in their own product lines. Grants and funding from government or private research organizations also contribute to the company's financial resources, supporting ongoing R&D efforts.

Epigral Ltd Financial Statement Overview

Summary

Strong income statement and cash flow profiles: revenue growth improved meaningfully from 2024 to 2025, margins (gross, EBIT, EBITDA, net) are healthy, and free cash flow turned positive in 2025 with strong cash conversion. Balance sheet is solid with improved leverage metrics and good ROE, but total debt remains substantial and revenue growth has been volatile.

Income Statement

Epigral Ltd has demonstrated strong revenue growth with a significant increase from 2024 to 2025. The gross profit margin is robust, and the net profit margin has improved, reflecting effective cost management. EBIT and EBITDA margins are healthy, indicating operational efficiency. However, the volatility in revenue growth over the years suggests potential market risks.

Balance Sheet

The company's balance sheet shows a strong equity base with a favorable equity ratio. The debt-to-equity ratio has improved, indicating reduced financial leverage. Return on equity is solid, reflecting effective use of shareholders' funds. However, the total debt level remains substantial, which could pose risks if not managed carefully.

Cash Flow

Epigral Ltd has shown impressive free cash flow growth, turning negative free cash flow in 2024 into positive in 2025. The operating cash flow to net income ratio is strong, indicating good cash generation from operations. The free cash flow to net income ratio also reflects improved cash efficiency. However, fluctuations in capital expenditures highlight potential investment volatility.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	25.05B	25.50B	18.94B	21.69B	15.50B	8.26B
Gross Profit	11.55B	10.67B	7.79B	6.43B	7.48B	4.13B
EBITDA	7.12B	7.11B	4.77B	6.81B	5.01B	2.66B
Net Income	4.33B	3.58B	1.96B	3.53B	2.53B	1.01B
Balance Sheet
Total Assets	0.00	31.52B	27.94B	24.32B	21.24B	14.49B
Cash, Cash Equivalents and Short-Term Investments	952.40M	965.00M	31.83M	142.40M	250.85M	6.80M
Total Debt	0.00	5.93B	9.64B	8.79B	9.93B	5.42B
Total Liabilities	-19.05B	12.48B	15.40B	13.63B	13.98B	7.65B
Stockholders Equity	19.05B	19.05B	12.54B	10.69B	7.26B	6.84B
Cash Flow
Free Cash Flow	0.00	2.46B	-7.90M	2.10B	-1.72B	324.17M
Operating Cash Flow	0.00	4.41B	3.98B	6.26B	2.84B	2.29B
Investing Cash Flow	0.00	-2.62B	-4.01B	-4.37B	-4.55B	-1.97B
Financing Cash Flow	0.00	-1.64B	-75.98M	-2.00B	1.95B	-319.00M

Epigral Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1244.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:EPIGRAL, the sentiment is Negative. The current price of 1244.3 is above the 20-day moving average (MA) of 1081.10, below the 50-day MA of 1253.84, and below the 200-day MA of 1639.17, indicating a bearish trend. The MACD of -71.81 indicates Negative momentum. The RSI at 34.18 is Neutral, neither overbought nor oversold. The STOCH value of 59.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:EPIGRAL.

Epigral Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SUPRIYA	75 Outperform	₹55.31B	30.33	―	0.13%	14.35%	15.79%
MARKSANS	71 Outperform	₹80.12B	22.24	―	0.44%	14.80%	1.35%
EPIGRAL	67 Neutral	₹44.27B	13.10	―	0.46%	8.51%	32.37%
STAR	65 Neutral	₹80.08B	15.66	―	0.41%	6.22%	123.83%
GUFICBIO	57 Neutral	₹31.20B	54.82	―	0.03%	7.78%	-34.68%
SHILPAMED	54 Neutral	₹61.08B	44.52	―	0.16%	10.46%	111.15%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Epigral Ltd Corporate Events

Epigral Board Clears Q3 and Nine-Month FY25 Unaudited Results

Epigral Limited reported that its board of directors met on January 30, 2026, at the company’s registered office in Ahmedabad. At this meeting, the board approved the company’s unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025, and noted the accompanying limited review report from its statutory auditors. The disclosure fulfills the company’s regulatory obligations to the stock exchanges and signals that interim financial performance figures for the period are now formally on record for investors and other stakeholders.

Epigral’s Q3 Profit Slides on Margin Pressure as Capex-Led Growth Plans Stay on Track

Epigral Limited reported Q3 FY26 revenue of ₹603 crore, down from ₹649 crore a year earlier, with profit after tax falling to ₹39 crore from ₹104 crore as margins were hit by softer realizations, higher raw material costs and inventory effects. EBITDA margin declined to 17% from 23% sequentially, and for the nine months of FY26 revenue slipped 7% to ₹1,807 crore, EBITDA margin narrowed to 22% from 28%, and plant utilization eased to 76% amid subdued demand linked to an extended monsoon and plant maintenance, even as net debt rose modestly to ₹557 crore and leverage remained contained at 1.0x Net Debt/EBITDA. Management highlighted that demand has strengthened since mid-November and expects margin improvement from Q4 FY26, while underscoring that capex of ₹337 crore in the first nine months and on-schedule projects in CPVC, epichlorohydrin and a wind-solar hybrid power plant are poised to drive scalable, profitable growth and enhance integration from FY27 onward, supporting the company’s long-term value-creation agenda for stakeholders.

Epigral Releases Investor Presentation on Q3 FY26 Unaudited Results

Epigral Limited has notified the stock exchanges that it has released an investor presentation detailing its unaudited financial results for the third quarter of fiscal year 2026. The earnings presentation, which has been filed in compliance with SEBI’s disclosure regulations and made available on the company’s website, is intended to update shareholders and market participants on the company’s recent financial performance and will serve as a key reference point for investors assessing Epigral’s quarterly results and outlook.

Epigral Plans One-on-One VC Meet With UTI AMC on 16 January

Epigral Ltd has notified stock exchanges that it will hold a one-on-one video conference meeting with UTI Asset Management Company Ltd, an investor and analyst, on 16 January 2026. The company stated that it will use its existing earnings and corporate presentations, already available on its website, and emphasized that no unpublished price-sensitive information will be shared during the interaction, underscoring its adherence to disclosure regulations and fair-information practices for all stakeholders.

Epigral to Hold One-on-One Virtual Meeting With Bandhan Mutual Fund

Epigral Limited has notified the stock exchanges that it will hold a one-on-one virtual meeting with Bandhan Mutual Fund on 23 December 2025 via video conferencing. The company emphasized that the discussion will be based on its already published earnings and corporate presentations available on its website and confirmed that no unpublished price-sensitive information will be shared, underscoring its adherence to SEBI’s disclosure and governance norms for interactions with investors and analysts.

Epigral Limited Schedules Investor Meeting with VLS Finance

Epigral Limited has announced a one-on-one meeting with VLS Finance Limited, scheduled for November 25, 2025, in Ahmedabad. This meeting is part of the company’s ongoing efforts to engage with investors and analysts, ensuring transparency and communication regarding its operations and performance. The company has clarified that no unpublished price-sensitive information will be disclosed during the meeting, maintaining compliance with regulatory standards.

Epigral Limited Schedules Q2 FY26 Results Conference Call

Epigral Limited has announced a conference call scheduled for November 10, 2025, to discuss its Q2 FY26 financial results. This call will feature key company executives and is organized in compliance with SEBI regulations. The announcement is significant for stakeholders as it provides an opportunity to gain insights into the company’s financial performance and strategic direction.