Manali Petrochemicals Limited (MANALIPETC) AI Stock Analysis

• Market Cap: ₹7.62B
• Dividend Yield: 0.82%
• Average Volume (3M): 37.05K
• Price to Earnings (P/E): 3.9
• Beta (1Y): 1.31
• 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: 54 Neutral
• Price Target: ₹46.00 ▼(-26.59% Downside)
• Action: Reiterated Date: 03/17/26
• Date: Action: Reiterated 03/17/26

The score is held back primarily by weakening financial performance (notably cash flow deterioration and margin/revenue pressure) and a clearly bearish technical trend. A very low P/E provides meaningful valuation support but is not sufficient to offset the fundamental and momentum risks.

Positive Factors

Balance sheet strength

A stronger equity base and declining leverage provide durable financial flexibility. Lower debt-to-equity reduces interest burden and bankruptcy risk, enabling the company to fund maintenance capex, absorb commodity cycles, and pursue selective investments or working-capital needs without immediate reliance on external capital.

Product specialization & diversified end-markets

Specialized production of polyether polyols and USP-grade propylene glycol supports durable demand across furniture, insulation, refrigeration, automotive and pharma end-markets. Technical specifications and qualification cycles create higher entry barriers and foster sticky B2B relationships, supporting stable volumes over time.

Sustained profitability

Maintaining a positive net margin amid revenue and gross-margin pressure indicates inherent cost control and operational discipline. This persistent bottom-line profitability provides capacity to reinvest, service obligations, and sustain operations through cyclical downturns, supporting medium-term viability.

Negative Factors

Deteriorating cash generation

Negative free cash flow and an operating cash flow-to-income shortfall signal weakening conversion of accounting profits into cash. This undermines ability to fund capex, reduce leverage, or return capital, increasing reliance on external financing and creating sustained liquidity and investment constraints.

Revenue and margin pressure

A recent decline in revenue and shrinking gross margin point to pricing pressure or higher feedstock costs that the firm struggles to fully pass through. Persisting top-line weakness and margin erosion limit scale benefits, reduce free cash flow potential, and constrain long-term competitiveness.

Shrinking asset base

A declining asset base can reflect underinvestment, capacity reductions, or asset sales, which may cap future revenue growth and operational scale. Over time this can impair production flexibility, limit ability to capture recovery in demand, and signal strategic funding or reinvestment shortfalls.

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 makes money mainly by manufacturing and selling petrochemical intermediates and polyurethane feedstocks to industrial customers. Key revenue streams include: (1) Sale of polyols (polyether polyols): The company sells various grades of polyols used by polyurethane formulators and foam manufacturers to produce flexible foams (e.g., bedding and furniture) and rigid foams (e.g., insulation and refrigeration). Revenue is driven by sales volumes, product mix (different grades/specifications), and pricing that typically reflects prevailing petrochemical feedstock costs and regional supply-demand dynamics. (2) Sale of propylene glycol (PG): The company manufactures and sells PG to customers across industrial and, where applicable, pharmaceutical/USP, personal care, food-related, and other specialty applications that require specific quality standards. Earnings depend on volumes, grade mix, and margins between selling prices and key input costs. (3) Downstream/specialty polyurethane systems and related products (where applicable through group operations): The company also participates in downstream polyurethane materials, which can add value through more specialized formulations and customer-specific solutions; revenue here comes from sales of formulated systems/materials and can be influenced by customer qualification cycles and end-market demand. Profitability across these streams is sensitive to feedstock price movements, the company’s ability to pass through cost changes, plant utilization, competitive imports/domestic capacity, and demand conditions in polyurethane-consuming sectors. Information on specific long-term offtake agreements or material partnerships is null.

Manali Petrochemicals Limited Financial Statement Overview

Summary

Mixed fundamentals: a relatively strong balance sheet with lower leverage supports stability, but declining revenue/profitability and deteriorating cash generation (negative free cash flow and weak operating cash flow vs. net income) materially weaken overall financial quality.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	9.09B	8.97B	10.31B	11.75B	16.68B	10.18B
Gross Profit	2.60B	2.18B	1.89B	3.42B	7.47B	4.61B
EBITDA	1.01B	555.00M	682.70M	1.02B	5.38B	2.94B
Net Income	485.70M	293.10M	192.10M	506.80M	3.81B	2.01B
Balance Sheet
Total Assets	14.72B	14.03B	13.08B	12.74B	12.90B	8.87B
Cash, Cash Equivalents and Short-Term Investments	3.64B	3.25B	4.43B	3.79B	6.12B	2.82B
Total Debt	1.55B	1.29B	1.03B	832.30M	868.54M	490.33M
Total Liabilities	3.30B	3.08B	2.47B	2.30B	2.60B	2.07B
Stockholders Equity	11.42B	10.94B	10.62B	10.44B	10.30B	6.80B
Cash Flow
Free Cash Flow	-31.40M	-1.20B	372.80M	473.30M	3.46B	1.94B
Operating Cash Flow	364.00M	-189.90M	629.90M	918.60M	3.73B	2.18B
Investing Cash Flow	727.70M	-1.55B	-816.40M	-2.66B	-131.19M	-142.46M
Financing Cash Flow	183.10M	-2.30M	-68.20M	-643.00M	-261.45M	-282.19M

Manali Petrochemicals Limited Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MANALIPETC, the sentiment is Negative. The current price of 62.66 is above the 20-day moving average (MA) of 52.43, above the 50-day MA of 56.11, and below the 200-day MA of 64.15, indicating a bearish trend. The MACD of -3.19 indicates Positive momentum. The RSI at 20.37 is Positive, neither overbought nor oversold. The STOCH value of 5.61 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	₹9.84B	17.66	―	0.52%	28.67%	50.12%
IGPL	66 Neutral	₹10.86B	-28.19	―	2.59%	-10.71%	-40.89%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
BODALCHEM	60 Neutral	₹5.49B	697.51	―	―	15.56%	2114.71%
KOTHARIPET	60 Neutral	₹6.22B	10.26	―	0.81%	-4.92%	1.29%
TNPL	58 Neutral	₹9.26B	36.69	―	2.08%	4.65%	-127.24%
MANALIPETC	54 Neutral	₹7.62B	3.95	―	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.