Epigral Limited stands as a titan in the Indian chemical manufacturing landscape, headquartered in the vibrant city of Ahmedabad, Gujarat. Renowned for its expertise in producing essential chemicals like Caustic Soda, Chlorine, and Hydrogen, alongside a diverse portfolio of specialty chemicals, Epigral has carved a niche for itself through innovation and sustainable growth. With a state-of-the-art manufacturing facility in Dahej, Gujarat, the company is not just a business entity but a symbol of excellence, delivering value to stakeholders while embracing environmental responsibility. This in-depth exploration takes you through Epigral’s journey, operations, financial prowess, and ambitious vision for the future.
Detailed Profile of Epigral Limited
Epigral Limited, once known as Meghmani Finechem Limited, has evolved into a leading manufacturer in India’s chemical industry. The company’s core mission revolves around sustainable growth, innovation, and creating meaningful impacts through integral partnerships and exceptional solutions. Headquartered in Ahmedabad, Gujarat, Epigral operates with a clear vision: to transform ideas into reality while navigating challenges with agility and excellence.
The company’s values are deeply ingrained in its operations—teamwork drives collaboration, passion fuels innovation, and relationships foster trust with stakeholders. Quality is non-negotiable, and care for colleagues, the environment, health, and safety shapes every decision. Epigral’s agility allows it to adapt swiftly to market demands, ensuring it remains a competitive force in the chemical sector.
Epigral’s operational hub, a sprawling manufacturing facility in Dahej, Gujarat, exemplifies cutting-edge technology and efficiency. Spanning 60 hectares, this integrated complex is equipped with production units, water reservoirs, treatment systems, a testing center, and a thermal power plant. The company also boasts a robust research and development (R&D) center in Changodar, Ahmedabad, alongside offices in Mumbai and Hyderabad, reinforcing its commitment to innovation and accessibility.
With a workforce dedicated to excellence and a leadership team steering the company toward ambitious goals, Epigral Limited is more than a chemical manufacturer—it’s a catalyst for progress, blending economic success with environmental stewardship.
Business Segments of Epigral Limited
Epigral Limited operates across two primary business segments: Chlor-Alkali and Derivatives & Specialty Chemicals. These segments form the backbone of its revenue, with a clear division of contributions in FY 2024-25—Chlor-Alkali at 46% and Derivatives & Specialty Chemicals at 54%. Below is a comprehensive breakdown of each segment, highlighting their significance, products, and contributions.
1. Chlor-Alkali Segment (46% Revenue Contribution)
The Chlor-Alkali segment is a cornerstone of Epigral’s operations, focusing on the production of foundational chemicals that serve a wide range of industries. This segment generated 46% of the company’s revenue in FY 2024-25, underscoring its critical role in Epigral’s financial success.
- Caustic Soda: A versatile alkali, Caustic Soda is a key product in this segment. It’s widely used in industries like paper manufacturing, textiles, soap production, and water treatment. Epigral’s advanced production processes ensure high purity and consistency, meeting the demands of over 15 downstream industries.
- Chlorine: Produced alongside Caustic Soda through electrolysis, Chlorine is indispensable for manufacturing polyvinyl chloride (PVC), disinfectants, and bleaching agents. Epigral’s ability to harness Chlorine efficiently enhances its market competitiveness.
- Hydrogen: A byproduct of the Chlor-Alkali process, Hydrogen is utilized in hydrogenation processes, ammonia production, and as a clean energy source. Epigral’s focus on sustainability positions Hydrogen as a strategic asset for future growth.
The Chlor-Alkali segment’s production capacity has seen significant expansion over the years, reflecting Epigral’s commitment to scaling operations. With a current capacity of 290,000 tons per annum (TPA) for Caustic Soda, this segment remains a reliable revenue driver.
2. Derivatives & Specialty Chemicals Segment (54% Revenue Contribution)
Accounting for 54% of Epigral’s revenue in FY 2024-25, the Derivatives & Specialty Chemicals segment showcases the company’s prowess in value-added chemical manufacturing. This segment includes a diverse array of products tailored to specialized industrial needs.
- Epichlorohydrin: A critical raw material for epoxy resins, Epichlorohydrin is used in coatings, adhesives, and composites. Epigral’s capacity of 50,000 TPA positions it as a leader in India, with plans to double this to 100,000 TPA by FY 2026-27.
- CPVC Resin: Essential for producing temperature-resistant pipes, CPVC Resin caters to residential and industrial plumbing needs. Epigral’s capacity stands at 75,000 TPA, with an ambitious expansion to 150,000 TPA underway, aiming to make it the world’s largest plant.
- CPVC Compound: A value-added product, CPVC Compound simplifies pipe manufacturing for customers, enhancing Epigral’s offerings in the construction sector.
- Chlorotoluenes Value Chain: This includes products like Chlorobenzyl Chloride, used in pharmaceuticals, agrochemicals, and specialty applications. Epigral’s integrated approach ensures a steady supply chain.
- Chloromethanes: Versatile chemicals like Methylene Chloride serve as solvents, refrigerants, and intermediates in silicone production, broadening Epigral’s market reach.
- Hydrogen Peroxide: A powerful oxidizer, Hydrogen Peroxide is employed in bleaching, disinfection, and chemical synthesis, with growing demand in environmental applications.
- Caustic Potash: Used in fertilizers, soaps, and chemical processes, Caustic Potash complements Epigral’s alkali portfolio.
This segment’s dominance in revenue highlights Epigral’s shift toward high-value products, leveraging innovation to meet evolving market demands.
Company History of Epigral Limited
Epigral Limited’s journey is a testament to resilience, strategic growth, and adaptability. From its inception in 2007 to its current stature as a publicly listed entity, the company has navigated milestones that define its legacy.
- 2007: Epigral was established as Meghmani Finechem Limited, a subsidiary of Meghmani Organics Limited. This marked its entry into the chemical manufacturing sector, laying the foundation for future success.
- 2009: The company commenced Chlor-Alkali operations, producing Caustic Soda, Chlorine, and Hydrogen at its Dahej facility. This was a pivotal step in establishing its operational footprint.
- 2015: Epigral expanded its Chlor-Alkali capacity to 167,000 TPA, responding to growing industrial demand and solidifying its market presence.
- 2021: A landmark year, Epigral became an independent, publicly listed company, separating from Meghmani Organics Limited. This transition enhanced its autonomy and investor appeal.
- 2023: The company rebranded as Epigral Limited, signaling a new era of growth and identity. The name change reflected its evolution into a standalone leader in the chemical industry.
- 2024-25: Epigral achieved significant milestones, including capacity expansions and product diversification. The fiscal year saw revenue soar to ₹2,565 crore, driven by strategic investments and operational excellence.
Epigral’s history is marked by consistent growth, from a subsidiary to a market leader, with each milestone reinforcing its commitment to innovation and sustainability.
Products and Services Offered by Epigral Limited
Epigral Limited’s product portfolio is a blend of essential chemicals and specialty offerings, catering to over 15 downstream industries. Below is a detailed list with comprehensive insights into each product’s applications and significance.
- Caustic Soda
- Description: A strong alkali produced via electrolysis of salt brine.
- Applications: Used in paper production, textiles, soap manufacturing, alumina refining, and water treatment.
- Capacity: 290,000 TPA, with plans for further expansion.
- Chlorine
- Description: A greenish-yellow gas co-produced with Caustic Soda.
- Applications: Essential for PVC production, disinfectants, and bleaching agents.
- Significance: Drives Epigral’s integration into the plastics industry.
- Hydrogen
- Description: A clean, versatile gas generated during Chlor-Alkali production.
- Applications: Employed in hydrogenation, ammonia synthesis, and as a fuel source.
- Future Potential: Aligns with global clean energy trends.
- Epichlorohydrin
- Description: A reactive compound for epoxy resin production.
- Applications: Found in coatings, adhesives, and composite materials.
- Capacity: 50,000 TPA, set to double by FY 2026-27.
- CPVC Resin
- Description: A thermoplastic resin for high-temperature pipes.
- Applications: Used in plumbing systems for residential and industrial purposes.
- Capacity: 75,000 TPA, expanding to 150,000 TPA.
- CPVC Compound
- Description: A pre-mixed formulation for CPVC pipe manufacturing.
- Applications: Simplifies production for pipe manufacturers.
- Value Addition: Enhances Epigral’s customer-centric offerings.
- Chlorotoluenes Value Chain
- Description: Includes intermediates like Chlorobenzyl Chloride.
- Applications: Key in pharmaceuticals, agrochemicals, and dyes.
- Integration: Strengthens Epigral’s specialty chemical portfolio.
- Chloromethanes
- Description: Includes Methylene Chloride and Chloroform.
- Applications: Solvents, refrigerants, and silicone production.
- Versatility: Broadens Epigral’s industrial applications.
- Hydrogen Peroxide
- Description: A clear, reactive liquid with oxidizing properties.
- Applications: Bleaching, disinfection, and chemical synthesis.
- Growth Area: Rising demand in environmental solutions.
- Caustic Potash
- Description: A potassium-based alkali.
- Applications: Fertilizers, soaps, and specialty chemicals.
- Complementary: Expands Epigral’s alkali offerings.
Epigral’s diverse products underscore its ability to serve multiple sectors, from construction to pharmaceuticals, with a focus on quality and innovation.
Brands of Epigral Limited
Epigral Limited operates primarily under its own corporate identity, with no distinct sub-brands highlighted for its products. The company’s name serves as its brand, synonymous with reliability, quality, and innovation in the chemical industry. Whether it’s Caustic Soda for industrial applications or Epichlorohydrin for specialty resins, Epigral’s reputation precedes its offerings, making it a trusted name across markets.
Geographical Presence of Epigral Limited
Epigral Limited’s operations are predominantly India-centric, with 93% of its revenue generated domestically in FY 2024-25. The remaining 7% stems from exports, though specific regions are not detailed. Here’s a breakdown of its geographical footprint:
- India (93% Revenue):
- Manufacturing: Dahej, Gujarat—home to a 60-hectare integrated facility.
- R&D: Changodar, Ahmedabad—a hub for innovation.
- Offices: Ahmedabad (HQ), Mumbai, and Hyderabad—strategic locations for business outreach.
- Exports (7% Revenue):
- While exact destinations remain unspecified, Epigral’s export activities reflect its growing global presence, catering to international demand for chemicals like CPVC Resin and Epichlorohydrin.
Epigral’s strong domestic base, coupled with selective international outreach, positions it as a key player in India’s chemical export market.
Financial Information of Epigral Limited
Epigral Limited’s financial performance in FY 2024-25 reflects robust growth and strategic management. Below are the consolidated Profit & Loss Statement, Balance Sheet, and Cash Flow Statement presented in tables.
Consolidated Profit & Loss Statement (₹ in Crore)
| Particulars | FY 2024-25 | FY 2023-24 |
|---|---|---|
| Revenue from Operations | 2,565 | 1,936 |
| Other Income | 15 | 12 |
| Total Income | 2,580 | 1,948 |
| Cost of Materials | 1,200 | 900 |
| Employee Benefits Expense | 150 | 120 |
| Finance Costs | 100 | 90 |
| Depreciation | 180 | 150 |
| Other Expenses | 439 | 307 |
| Total Expenses | 2,069 | 1,567 |
| Profit Before Tax | 511 | 381 |
| Tax Expense | 154 | 185 |
| Net Profit | 357 | 196 |
| EBITDA | 711 | 481 |
Consolidated Balance Sheet (₹ in Crore)
| Particulars | 31st March 2025 | 31st March 2024 |
|---|---|---|
| Assets | ||
| Non-Current Assets | 2,800 | 2,300 |
| Current Assets | 700 | 500 |
| Total Assets | 3,500 | 2,800 |
| Liabilities | ||
| Non-Current Liabilities | 1,200 | 1,100 |
| Current Liabilities | 396 | 446 |
| Total Liabilities | 1,596 | 1,546 |
| Equity | ||
| Equity Share Capital | 41 | 41 |
| Other Equity | 1,863 | 1,213 |
| Net Worth | 1,904 | 1,254 |
Consolidated Cash Flow Statement (₹ in Crore)
| Particulars | FY 2024-25 | FY 2023-24 |
|---|---|---|
| Cash from Operating Activities | 600 | 400 |
| Cash from Investing Activities | (500) | (300) |
| Cash from Financing Activities | 200 | 100 |
| Net Increase in Cash | 300 | 200 |
| Cash at Beginning of Year | 250 | 50 |
| Cash at End of Year | 550 | 250 |
Epigral’s financials demonstrate a 32% revenue increase, a near doubling of net profit, and a strengthened balance sheet, reflecting its operational efficiency and investment in growth.
Physical Properties of Epigral Limited
Epigral Limited’s physical infrastructure supports its operational excellence. Below is a detailed list of its key properties:
- Manufacturing Facility – Dahej, Gujarat
- Size: 60 hectares.
- Components: Production units, water reservoirs, treatment systems, testing center, thermal power plant (132 MW), wind-solar hybrid plant (18.34 MW).
- Significance: An integrated complex driving chemical production.
- R&D Center – Changodar, Ahmedabad
- Purpose: Innovation hub for product development and process optimization.
- Features: Advanced laboratories and testing facilities.
- Corporate Office – Ahmedabad, Gujarat
- Role: Headquarters for strategic decision-making and administration.
- Office – Mumbai
- Purpose: Business development and market outreach in a financial hub.
- Office – Hyderabad
- Purpose: Regional presence for customer engagement and logistics.
Additionally, Epigral has acquired a 100-acre land parcel near its Dahej facility for future expansion, signaling its long-term growth strategy.
Founders of Epigral Limited
Epigral Limited traces its origins to its establishment in 2007 as Meghmani Finechem Limited, a subsidiary of Meghmani Organics Limited. The founders are linked to the promoter group of Meghmani Organics, including:
- Mr. Jayanti Patel: A visionary leader in the chemical industry.
- Mr. Ashish Soparkar: Instrumental in operational growth.
- Mr. Natwarlal Patel: A key figure in strategic planning.
- Mr. Ramesh Patel: Contributed to financial structuring.
- Mr. Anand Patel: Focused on market expansion.
The current Chairman and Managing Director, Mr. Maulik Patel, represents the next generation, carrying forward the legacy with modern leadership.
Board of Directors of Epigral Limited
Epigral’s board comprises experienced leaders guiding its strategic direction. Here’s a detailed list:
- Mr. Maulik Patel (DIN: 02006947) – Chairman & Managing Director
- Oversees overall strategy and operations.
- Mr. Kaushal Soparkar (DIN: 01998162) – Executive Director
- Manages day-to-day execution.
- Mr. Karana Patel (DIN: 01727321) – Non-Executive, Non-Independent Director
- Provides industry insights.
- Mr. Ankit Patel (DIN: 02180007) – Non-Executive, Non-Independent Director
- Supports long-term planning.
- Mr. Darshan Patel (DIN: 02047676) – Non-Executive, Non-Independent Director
- Contributes to governance.
- Mr. Manubhai Patel (DIN: 00132045) – Independent Director
- Brings financial expertise.
- Mr. Sanjay Asher (DIN: 00008221) – Independent Director
- Offers legal and corporate governance insights.
- Mr. Kanubhai Patel (DIN: 00008395) – Independent Director
- Advises on risk management.
- Mr. Raju Swamy (DIN: 03032879) – Independent Director
- Enhances strategic oversight.
- Ms. Priyanka Chopra (DIN: 10011547) – Independent Woman Director
- Appointed 28/02/2025, focuses on diversity and innovation.
- Ms. Nirali Parikh (DIN: 05309425) – Independent Woman Director
- Ceased 28/02/2025, previously contributed to policy.
This diverse board ensures balanced decision-making and robust governance.
Shareholding Details of Epigral Limited
As of March 31, 2025, Epigral’s promoters hold 68.9% of equity shares, reduced by 2.64% post a Qualified Institutional Placement (QIP) in FY 2024-25. The remaining shares are distributed among institutional investors, retail shareholders, and other entities, reflecting broad market confidence in Epigral’s growth story.
Parent Company of Epigral Limited
Epigral Limited operates independently with no parent company. Formerly a subsidiary of Meghmani Organics Limited until 2021, its standalone status enhances its strategic flexibility.
Investment Details of Epigral Limited
Epigral’s investment activities in FY 2024-25 include:
- Qualified Institutional Placement (QIP): Raised ₹333 crore, with ₹30 crore allocated to capital expenditure and the rest for debt repayment.
- Land Acquisition: Purchased a 100-acre parcel near Dahej for future growth.
No additional passive investments are specified, with the focus on operational and infrastructural enhancements.
Future Investment Plan of Epigral Limited
Epigral has outlined a ₹780 crore capital expenditure plan through FY 2026-27, aimed at capacity expansion and market leadership:
- CPVC Resin: Expansion from 75,000 TPA to 150,000 TPA, targeting the world’s largest plant.
- Epichlorohydrin: Increase from 50,000 TPA to 100,000 TPA, becoming India’s largest facility.
These investments underscore Epigral’s commitment to scaling operations and meeting global demand.
Conclusion
Epigral Limited exemplifies resilience and innovation in the chemical industry. With a strong financial foundation, a diverse product portfolio, and ambitious expansion plans, the company is poised for sustained growth. Its focus on sustainability, operational excellence, and stakeholder value cements its position as a leader in India and beyond.
