Why did profit fall despite revenue growth?

Last year's quarter included a one-time deferred tax credit of ₹80.67 cr; excluding that, profit was broadly steady.

What was EBITDA margin?

Approximately 26%, in line with management's 25% guidance.

What is the new subsidiary for?

Epigral Advanced Material Ltd, incorporated on July 7, will manufacture chemicals. No financial details disclosed yet.

Is the PAT decline a concern?

No, it's entirely due to the non-recurring deferred tax credit. Operating performance remains healthy with 16% revenue growth and stable margins.

How does this quarter compare to expectations?

It is a routine result with no material surprises; revenue and margins met guidance, likely not prompting analyst model changes.

Earnings · Chemicals · Small cap

Epigral logs 16% revenue growth in Q1; PAT falls on one-time credit base effect

Revenue hit ₹705 cr, EBITDA margin in line with 25% guidance. PAT slipped to ₹99.18 cr as last year's ₹80.67 cr deferred tax credit didn't repeat.

— 3 earlier stories on Epigral Ltd. →

EPIGRAL By Tipsheet Editorial 27 Jul 2026 · 1:55 PM IST Verify on BSE · NSE

Mkt cap₹4,772 cr

P/E14.38×

ROE14.94%

Debt / eq.0.25

Div yld0.44%

₹705.36 cr Q1 revenue up 16% YoY

What's new

Revenue grew 16% YoY to ₹705 cr, meeting management's EBITDA margin guidance of 25%.
PAT dropped to ₹99.18 cr from ₹160.41 cr due to absence of ₹80.67 cr one-time deferred tax credit.
Incorporated wholly-owned subsidiary Epigral Advanced Material for chemical manufacturing.

Why this matters

Steady revenue growth and margin discipline confirm operational stability. PAT decline is purely a base-effect from a non-recurring tax benefit, not an operational weakness. The new subsidiary signals expansion but lacks material financial details for now.

What we're watching

Whether full-year EBITDA margin remains near 26%.
Details on capex plans for the new subsidiary.
Any impact from chemical pricing cycles on revenue momentum.

The full read

Epigral delivered steady growth in Q1 with revenue climbing 16% to ₹705.36 crore, while EBITDA margin held at about 26% — right in line with the 25% the company guides for. The sharp drop in profit to ₹99.18 crore from ₹160.41 crore looks alarming only until you see last year's number carried an ₹80.67 crore deferred tax credit that didn't repeat. Exclude that, and the underlying business is stable. The incorporation of a wholly-owned subsidiary for chemical manufacturing is a small strategic step, but without capex or revenue projections it's a footnote for now. This is a routine quarterly filing that confirms the operational trajectory. No surprises. No model revisions needed.

Questions answered

Why did profit fall despite revenue growth?: Last year's quarter included a one-time deferred tax credit of ₹80.67 cr; excluding that, profit was broadly steady.
What was EBITDA margin?: Approximately 26%, in line with management's 25% guidance.
What is the new subsidiary for?: Epigral Advanced Material Ltd, incorporated on July 7, will manufacture chemicals. No financial details disclosed yet.
Is the PAT decline a concern?: No, it's entirely due to the non-recurring deferred tax credit. Operating performance remains healthy with 16% revenue growth and stable margins.
How does this quarter compare to expectations?: It is a routine result with no material surprises; revenue and margins met guidance, likely not prompting analyst model changes.

Mentioned: Epigral Advanced Material Ltd · ₹80.67 cr deferred tax credit · 26% EBITDA margin

Primary source BSE · NSE

An independent reading of the company's own disclosure — the primary filing above is the final word.

Story so far

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