Manali Petrochemicals Limited (MANALIPETC) AI Stock Analysis

• Market Cap: ₹9.88B
• Dividend Yield: 0.82%
• Average Volume (3M): 37.05K
• Price to Earnings (P/E): 8.8
• Beta (1Y): 1.20
• Revenue Growth: -2.41%
• EPS Growth: 178.19%
• Country: IN
• Employees: 383
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): 3.98
• Shares Outstanding: 171,999,240
• 10 Day Avg. Volume: 26,935
• 30 Day Avg. Volume: 37,052
• PEG Ratio: 0.66
• Price to Book (P/B): 0.92
• Price to Sales (P/S): 1.12
• P/FCF Ratio: -8.41
• 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: 49 Neutral
• Price Target: ₹57.00 ▼(-9.03% Downside)

The overall stock score of 49 reflects the company's mixed financial performance, bearish technical indicators, and relatively high valuation. The strong balance sheet is a positive factor, but declining revenues and cash flow issues are significant concerns. Technical analysis indicates weak market momentum, and the valuation suggests potential overvaluation.

Positive Factors

Strong balance sheet and low leverage

A strong equity base and declining debt-to-equity ratio provide financial resilience versus cyclic petrochemical swings. This structural strength supports capital expenditure, creditor confidence and the ability to absorb temporary demand shocks without needing urgent external financing over the medium term.

Focused product portfolio in polyurethane feedstocks

Concentration on polyols and propylene glycol positions the company in stable, industrial end-markets—insulation, automotive, furniture and refrigeration—that underpin steady structural demand. Specialized grades (e.g., pharmaceutical/USP PG) and downstream offerings support higher-value applications and durable customer relationships.

Maintains positive net profit margin

Sustained profitability despite revenue pressure signals operational discipline and cost control ability. A positive net margin contributes to retained earnings and credit metrics, enabling gradual reinvestment and buffering against cyclical downturns while management works to restore top-line growth.

Negative Factors

Declining revenue trend

Consecutive revenue declines indicate persistent demand or market-share challenges in core polyol and PG markets. Shrinking top line strains fixed-cost absorption in chemical plants, erodes operating leverage, and makes margin recovery and long-term reinvestment more difficult without a clear demand rebound or new offtake channels.

Deteriorating cash flow and negative free cash flow

Negative free cash flow reduces the company's ability to self-fund maintenance capex, pay down debt, or invest in higher-margin specialties. Over several quarters this can force dependence on external financing, constrain strategic investments in product development or plant efficiency, and stress liquidity buffers.

Compressing gross margins from cost pressures

A declining gross margin signals difficulty passing through feedstock cost increases or heightened competitive pricing pressure. For a commodity-linked petrochemical producer, sustained margin compression undermines cash generation and competitiveness unless the company secures feedstock advantages, price discipline, or premium differentiated products.

Manali Petrochemicals Limited Business Overview & Revenue Model

Company Description

Manali Petrochemicals Limited manufactures and sells petrochemical products primarily in India and internationally. It offers propylene oxide, an input material for the propylene glycol, polyether polyol, and related products; and flexible slabstock, flexible cold cure, rigid, and elastomer grade polyols used for various applications in automobile, refrigeration and temperature control, adhesive, sealant, coating, furniture, and textile industries. The company also provides propylene glycol for use in pharmaceuticals, food, flavor, and fragrance industries; and polyester resins, carbonless paper, and automobile consumables, such as brake fluids and anti-freeze liquids. In addition, it offers propylene glycol mono methyl ether, a solvent used in paints and coatings, and electronics industries. Further, the company provides neuthane polyurethane cast elastomers for use in anti-roll bars, limit or bump stops, material handling applications, rollers, harvester components, and idler wheels on track laying tractors, as well as suspensions and shock bushes in buses, trucks, and other high performance vehicles. Additionally, it is involved in the trading, transaction facilitation, and business and project consultancy businesses. Manali Petrochemicals Limited was incorporated in 1986 and is based in Chennai, India.

How the Company Makes Money

Manali Petrochemicals generates revenue through the production and sale of its core products, including polyols and specialty chemicals. The company has established a robust revenue model based on direct sales to various industries, including automotive, construction, and consumer goods sectors. Key revenue streams include the sale of polyurethane products, which are utilized in various applications such as insulation, adhesives, and coatings. Additionally, MANALIPETC benefits from strategic partnerships with major companies in its sector, enhancing its market reach and operational efficiency. The company's focus on innovation and product development also allows it to command premium pricing for specialized products, further contributing to its earnings.

Manali Petrochemicals Limited Financial Statement Overview

Summary

Manali Petrochemicals Limited has a mixed financial performance. The balance sheet is strong with low leverage, but the income statement shows declining revenue and profitability margins. Cash flow challenges highlight the need for strategic improvements.

Income Statement

Manali Petrochemicals Limited has shown fluctuating revenue over the years, with a notable decline in the most recent years. The gross profit margin has decreased, indicating rising costs or pricing pressures. However, the company maintains a positive net profit margin, albeit lower than previous years, suggesting some efficiency in managing expenses despite revenue challenges.

Balance Sheet

The company's balance sheet reflects strong equity with a declining debt-to-equity ratio, indicating reduced financial leverage. The equity ratio is healthy, showcasing stability and financial robustness. Nevertheless, the declining total assets in recent years may warrant attention to asset management strategies.

Cash Flow

Cash flow performance has deteriorated, with negative free cash flow in the latest period, indicating challenges in generating cash from operations. The operating cash flow to net income ratio has also turned negative, pointing to potential inefficiencies or operational issues. Previous periods showed better cash generation, highlighting the need for improved cash flow management.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	8.91B	8.97B	10.31B	11.75B	16.68B	10.18B
Gross Profit	2.46B	2.18B	1.89B	3.42B	7.47B	4.61B
EBITDA	782.02M	555.00M	682.70M	1.02B	5.38B	2.94B
Net Income	306.20M	293.10M	192.10M	506.80M	3.81B	2.01B
Balance Sheet
Total Assets	0.00	14.03B	13.08B	12.74B	12.90B	8.87B
Cash, Cash Equivalents and Short-Term Investments	3.33B	3.25B	4.43B	3.79B	6.12B	2.82B
Total Debt	0.00	1.29B	1.03B	832.30M	868.54M	490.33M
Total Liabilities	-10.94B	3.08B	2.47B	2.30B	2.60B	2.07B
Stockholders Equity	10.94B	10.94B	10.62B	10.44B	10.30B	6.80B
Cash Flow
Free Cash Flow	0.00	-1.20B	372.80M	473.30M	3.46B	1.94B
Operating Cash Flow	0.00	-189.90M	629.90M	918.60M	3.73B	2.18B
Investing Cash Flow	0.00	-1.55B	-816.40M	-2.66B	-131.19M	-142.46M
Financing Cash Flow	0.00	-2.30M	-68.20M	-643.00M	-261.45M	-282.19M

Manali Petrochemicals Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 62.66
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MANALIPETC, the sentiment is Neutral. The current price of 62.66 is above the 20-day moving average (MA) of 57.52, above the 50-day MA of 60.41, and below the 200-day MA of 64.18, indicating a neutral trend. The MACD of -1.33 indicates Negative momentum. The RSI at 51.35 is Neutral, neither overbought nor oversold. The STOCH value of 82.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:MANALIPETC.

Manali Petrochemicals Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SHREEPUSHK	68 Neutral	₹10.61B	14.81	―	0.52%	28.67%	50.12%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
KOTHARIPET	60 Neutral	₹6.98B	10.56	―	0.81%	-4.92%	1.29%
IGPL	59 Neutral	₹11.16B	34.33	―	2.59%	-10.71%	-40.89%
TNPL	58 Neutral	₹9.22B	31.15	―	2.08%	4.65%	-127.24%
BODALCHEM	52 Neutral	₹6.03B	16.90	―	―	15.56%	2114.71%
MANALIPETC	49 Neutral	₹9.88B	8.85	―	0.82%	-2.41%	178.19%

Manali Petrochemicals Limited Corporate Events

Manali Petrochemicals Announces Retirement of Senior Projects and Technical Executive

Manali Petrochemicals Limited has announced the retirement of Mr. T. Thangasagaran, Assistant Vice President – Projects & Technical Services, who also served as a designated Senior Management Personnel, effective at the close of business on 30 January 2026. The change, disclosed under SEBI’s Listing Regulations, signals a transition in the company’s senior technical and project leadership, with potential implications for project execution and technical oversight, though no immediate succession details were provided in the filing.

Manali Petrochemicals Partners with CPCL for Facility Utilization

Manali Petrochemicals Limited has entered into a Memorandum of Agreement with Chennai Petroleum Corporation Limited (CPCL) allowing CPCL to utilize MPL’s loading facilities at its Manali Plant – I for handling its products. Although not a regulatory requirement to disclose, the company made this update public as part of its commitment to good corporate governance, reflecting its efforts to enhance operational collaborations and transparency.

Manali Petrochemicals Announces Key Resolutions Passed in Postal Ballot

Manali Petrochemicals Limited announced the results of a postal ballot, which included the appointment of Mr. Anand Raghavan as an Independent Director and the approval for the sale of a wholly-owned step-down material subsidiary. The resolutions were passed with the requisite majority, marking a significant step in the company’s governance and strategic restructuring efforts.