- **Styrenix Performance Materials is India’s leading maker of styrenic polymers - the engineering plastics that become car dashboards, refrigerator liners, and air-conditioner fan blades - built from scratch in 1973 by a first-generation entrepreneur who introduced ABS (Acrylonitrile Butadiene Styrene) to a country that barely knew it existed. After decades as the Indian arm of global giant INEOS Styrolution, the company returned to family control when the promoter-led Shiva Group bought the majority stake and renamed it Styrenix in January 2023, a phonetic play on the materials it has spent over fifty years perfecting. The recurring approach is a quiet one: own the raw-material step that competitors buy, customise grades relentlessly for customers who then stay for decades, and expand capacity only when the existing plants are full - a philosophy of operational depth over breadth.** # Business segments Three engines built on a single molecule - a specialty-polymer core that dominates Indian automotive and appliance supply chains, a polystyrene business that rides packaging and white-goods demand, and a backward-integrated rubber unit that gives the core its cost edge. ## 1. ABS, SAN and specialty blends: the engineering-polymer heart **The company is India’s number-one producer of ABS and SAN resins, supplying roughly 70% of the material that goes into every electric vehicle made by the country’s top manufacturers - not through price, but through customisation that makes switching costly.** - **Customised, not commoditised** - roughly 60-65% of ABS production is specialty grades, and the company runs a batch process (emulsion ABS) that lets it tweak formulations for individual customers, developing colours, grades, and application-specific properties in its in-house NABL-certified R&D lab, which holds over 1,300 colours. - **The EV franchise is locked in** - it holds 70% or higher market share across at least 90% of EVs produced by India’s top 10-15 manufacturers, a position built on long-standing annual contracts where customers commit volumes for the full year and relationships span decades. - **Raw materials are passed through, not gambled on** - most contracts use formula-based pricing tied to transparently published raw-material costs, so the company earns a conversion margin rather than betting on commodity-price swings, with pricing reset monthly for the bulk of its long-term customers. - **Thailand adds grades India cannot yet make** - the January 2025 acquisition of a Map Ta Phut plant brought 85,000 tonnes of ABS capacity and specialty high-heat grades used in refrigeration liners, though its conversion cost runs about twice the Indian level, a gap the company is closing through higher utilisation rather than heavy capital spending. ## 2. Polystyrene: the packaging and appliance workhorse **General-purpose and high-impact polystyrene serve India’s growing appetite for food packaging, refrigerators, and air conditioners, with the company prioritising the domestic market where realisations are better than exports.** - **Two chemistries, two jobs** - GPPS (General Purpose Polystyrene) is a transparent, easy-to-mould plastic that consumes up to 60% less process energy than polypropylene, while HIPS (High Impact Polystyrene) is impact-modified for durable housings and liners, with specialised grades that make it hard for appliance makers to switch suppliers. - **India first, exports second** - in a market that is a net importer of polystyrene, the company’s priority is to supply the domestic market, where growth is higher and realisations are better than international channels. ## 3. HRG rubber: the ingredient that competitors must buy **High Rubber Graft rubber is the critical raw material for ABS, and making it in-house at Nandesari gives the company a backward-integration advantage that most rivals lack.** - **Thailand doubles the rubber base** - the acquired Thai subsidiary adds another 31,000 tonnes of HRG capacity, providing access to better-quality rubber feedstock for the expanded ABS operations. # Group structure and partners **The company is promoter-led, with the Agrawal family’s Shiva Group holding roughly 63% after buying out INEOS in 2022, and has recently extended its footprint through a Dubai trading subsidiary and a Thai manufacturing acquisition.** - **Family-controlled, publicly listed** - Shiva Performance Materials Private Limited acquired a 61.19% stake from INEOS Styrolution APAC in November 2022, which rose to 62.73% after the open offer; the company was renamed Styrenix Performance Materials in January 2023 and trades on NSE and BSE. - **Dubai trading arm** - a wholly-owned subsidiary, Styrenix Performance Materials FZE, was incorporated in the Jebel Ali Free Zone in September 2024 with a share capital of AED 20 million, set up to handle potential exports. - **Thailand via a step-down chain** - the Thai plant was acquired in January 2025 for a reference price of USD 22 million, funded by a term loan, through a structure where the Dubai subsidiary holds 99.99% of a Thai holding company that was subsequently merged into the operating entity to simplify the group. - **Green power for the Gujarat plants** - the company holds a 36.13% stake in Clean Max Jasper, a special-purpose vehicle building a wind-solar hybrid facility at Jamnagar that will supply roughly 7.3 MVA of renewable power to the Moxi and Katol plants, meeting captive-power rules while optimising energy costs.