#### **Company Overview** Epigral Limited, formerly known as **Meghmani Finechem Ltd**, is a leading **integrated manufacturer of specialty and chlor-alkali chemicals** in India. Incorporated in **2007** and rebranded in FY2024, the company operates a **fully automated, backward and forward-integrated manufacturing complex** in **Dahej, Gujarat**, within the **Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR)**. The company transitioned from a basic chlor-alkali producer to a **research-driven specialty chemicals leader**, positioning itself at the forefront of **import substitution**, **vertical integration**, and **sustainable industrial manufacturing** under the “Make in India” and “Aatmanirbhar Bharat” initiatives. Epigral was listed as an independent entity on **August 18, 2021**, following a demerger from Meghmani Organics Ltd. As of November 2025, it ranks among India’s most integrated and scalable chlor-alkali-based specialty chemical complexes. --- #### **Core Strengths & Strategic Positioning** 1. **Fully Integrated Chlorine-Based Chemical Complex** - Epigral has established a **closed-loop, vertically integrated value chain**, utilizing **in-house production of key raw materials**: - **Chlorine, caustic soda, caustic potash, hydrogen, and glycerine** (for ECH). - Over **70–85% of chlorine** produced is internally consumed across various downstream units, significantly reducing logistics and environmental risks. - This integration mitigates over-supply issues common in the caustic soda industry and enhances **cost efficiency, margin stability, and operational resilience**. 2. **Pioneer in Domestic Specialty Chemicals** Epigral holds **first-mover status** in India for several value-added products: - **India’s first and largest producer of Epichlorohydrin (ECH)** (50 KTPA), using a **bio-based glycerol route** — a sustainable alternative to the conventional propylene-based process. - **Largest CPVC resin producer in India** (current capacity: 75 KTPA), reducing 95% import dependence. - **First Indian company to commission a fully integrated Chlorotoluene value chain** (15 KTPA), producing 10–12 complex intermediates for **pharmaceuticals and agrochemicals**. 3. **Ongoing Capacity Expansion (2025–2027)** The company is executing one of the most aggressive growth plans in the Indian chemical sector: - **CPVC Resin**: **Doubling capacity from 75 KTPA to 150 KTPA**, to become the **world’s largest single-location CPVC plant**. - **Epichlorohydrin (ECH)**: Expanding from 50 KTPA to **100 KTPA**, making it **India’s largest ECH facility**. - **Chlorotoluene Value Chain**: Entered in FY2025; initial phase focuses on **chlorination, photochlorination, hydrolysis, and cyanation** to serve high-growth API intermediates. - **CPVC Compounding**: 35 KTPA plant commissioned to serve customers without in-house compounding capabilities. - All expansions are **on track for completion by H1 FY2027**, with capital expenditures expected to be completed **within budget and timeline**. 4. **Diversified & High-Margin Product Portfolio** Epigral’s product portfolio includes: - **Chlor-alkali**: Caustic soda (400 KTPA), caustic potash (83 KTPA), chlorine, hydrogen. - **Derivatives & Specialists**: CPVC resin & compound, epichlorohydrin, chloromethanes, hydrogen peroxide, chlorotoluenes. - **Revenue Mix Transformation**: - FY2024–25: ~**54%** of revenue from derivatives and specialty chemicals. - **Target by FY2027–28**: **>70%** from value-added derivatives. --- #### **Growth Enablers & Strategic Advantages** 1. **Backward & Forward Integration** - Captive supply of electricity (**132 MW CPP + 18.34 MW wind-solar hybrid plant**), raw materials, and utilities. - CPVC resin-to-compound integration reduces customer dependency on capital. - Pilot CPVC pipe facility for quality assurance and customer trust-building. 2. **Operational & Cost Leadership** - Achieved **brownfield expansions at significantly lower capex per ton** vs. industry norms. - Fully automated complex ensures **high capacity utilization** (ECH at 85%, H₂O₂ at 98–100%). - Shared infrastructure, just-in-time material transfer, and **low carbon footprint** from co-location. 3. **R&D & Innovation Engine** - **14,374 sqm R&D center** in **Changodar, Ahmedabad**, recognized by DSIR. - Focus on **new molecules in chlorotoluene, agrochemical, and pharma intermediates**. - Aims to launch **first-in-India specialty chemicals** and support **custom manufacturing for global MNCs**. 4. **Strategic Land Bank & Scalable Infrastructure** - Owns **165 acres** across Dahej (60-hectare main complex + 100-acre expansion land). - Supports organic growth for **next 5–7 years**, with plans for **new chemical value chains** beyond current offerings. - Proximity to **Hazira, Mundra, Nhava Sheva, and Ankleshwar ICD** ensures cost-efficient logistics. 5. **Global Supply Chain Re-Routing Beneficiary** - Structural shifts in global sourcing (“**China-plus-one**”, “**Europe-plus-one**”) are accelerating demand for Indian chemical producers. - Exports currently at **4%**, with a target of **~10% by FY2027**, primarily in ECH and CPVC. --- #### **Customer & Market Reach** - **Dominant in domestic market** with pan-India distribution and **over 15 downstream industries** served: - Pharmaceuticals, agrochemicals, construction, paints, textiles, automotive, epoxy resins, water treatment. - **Indian CPVC market behavior**: Most Indian customers **self-compound resin**, but **smaller players rely on Epigral’s compounds**. - **Exports to 15 countries**, with growing presence in **North America and Europe**. - **NSF-approved** CPVC resin and compounds meet global quality standards. --- #### **Sustainability & Recognition** - Awarded the **Responsible Care® certificate** — a global benchmark for **safe and sustainable chemical operations**. - Utilizes **green hybrid power (18.34 MW)** — **8% of energy needs**, with plans to expand. - Glycerol-based ECH production reduces **water and energy consumption**, lowering environmental impact. ---