### **Overview** Styrenix Performance Materials Ltd is India’s leading producer of styrenic polymers and a dominant player in the ABS (Acrylonitrile Butadiene Styrene) and SAN (Styrene Acrylonitrile) markets, with an expanding presence in polystyrene (PS) and specialty polymer blends. With over 50 years of industry expertise, the company serves diverse high-growth sectors including automotive, electronics, healthcare, construction, packaging, and consumer goods. Operating as a fully integrated B2B supplier, Styrenix delivers customized, high-performance polymer solutions to OEMs and Tier 1/2 suppliers across India and increasingly in international markets. The company rebranded from **INEOS Styrolution India Limited** following the strategic acquisition of INEOS Styrolution’s Thailand operations in January 2025, marking its transformation into a globally positioned specialty polymers enterprise. --- ### **Strategic Highlights (Nov 2025)** #### **1. Market Position & Leadership** - **Market Leader in India**: Estimated 30% market share in ABS and ~20% in polystyrene (PS). No significant private limited competitors in the Indian ABS space. - **EV Segment Dominance**: Supplies over 90% of India’s top EV manufacturers, with a 70%+ market share in that niche, leveraging legacy relationships from internal combustion engine (IC) vehicle supply. - **OEM Focus**: More than 50% of ABS-SAN sales are to OEMs; growing OEM share in PS indicates shift toward higher-value, specialized applications. #### **2. Production & Capacity** - **Manufacturing Footprint**: - **India**: Four production units, primarily located in Gujarat (Nandesari, Moxi), supporting domestic market coverage. - **Thailand**: Acquired facility in Rayong, fully integrated as a 100% subsidiary as of January 17, 2025. - **Total Annual Capacity (India)**: Expected to reach **210,000–215,000 tons by FY26**, up from ~165,000–170,000 tons in FY24, driven by brownfield expansions and debottlenecking. - **Thailand Facility Capacity**: - 85,000 tonnes/year ABS - 100,000 tonnes/year SAN - 31,000 tonnes/year HRG rubber - Net available capacity for ABS and saleable SAN: **~125,000 tonnes**, offering substantial headroom for growth. - **Debottlenecking Success**: Achieved **26.2% higher production** from existing assets (FY22–23 to FY24–25) without major CAPEX. - **Brownfield Expansion**: - Phase 1: +50,000 tons ABS capacity by mid-2026 - Phase 2: Additional +50,000 tons (also on accelerated timeline) - Polystyrene capacity targeted to rise from 66 KT to 150 KT. #### **3. Key Acquisition – Thailand Plant (Jan 2025)** - **Acquisition Details**: - 100% acquisition of **INEOS Styrolution (Thailand) Co., Ltd.** for **$22.3 million**. - Completed on January 17, 2025, under a wholly-owned subsidiary. - **Strategic Rationale**: - Establishes a **strategic global base** in Southeast Asia amid geopolitical trade shifts. - Enables **localized supply** to key Asian OEMs (Japan, Korea, China, Vietnam, Indonesia). - Leverages **existing product qualifications** in automotive, appliances, and industrial sectors across Asia. - Unlocks **cross-market synergies**: Approved products in Thailand can be fast-tracked in India and vice versa. - **Growth Enabler**: Provides access to underutilized capacity and skilled technical workforce, supporting export ambitions. #### **4. Product Portfolio & Innovation** - **Core Brands**: - **ABSOLAC®**: Premium ABS resin for automotive, electronics, and consumer durables. - **ABSOLAN®**: SAN resin with high transparency, stiffness, and chemical resistance; widely used in air conditioner fans (OEM-approved). - **STYRENIX®**: Branded polystyrene (GPPS & HIPS) for packaging, refrigeration, toys, and medical devices. - **Specialty & Blended Products**: - **STYROLOY®**: High-performance blends (e.g., PC-ABS, Nylon-ABS, ABS-PMMA), offering UV resistance, impact strength, and aesthetic finish. - **ASALAC®**: Weatherable ASA (Acrylonitrile Styrene Acrylate) for automotive exteriors and industrial use—India’s first domestically produced ASA. - **New Developments**: - Launch of **K-resin (SBC)** in India following parent company’s Korea acquisition. - Ongoing R&D initiatives for new grades in ASA, PC-ABS, and glass-filled compounds. - Color excellence center produces **1,300+ custom colors** for precise customer matching. #### **5. International Expansion** - **Sales & Marketing Network**: - Marketing offices: **China, Vietnam** - Representative presence: **Indonesia** - Sales footprint: **Shanghai, Hanoi, Ho Chi Minh City, Jakarta, Tokyo, Seoul** - **Cross-Market Strategy**: - Leveraging **shared customer approvals** between India and Thailand to accelerate go-to-market timelines. - Targeting export growth to **Japan, China, and ASEAN** with high-value specialty grades (e.g., PC-ABS, ASALAC). - **EU Export Ambition**: Initiated qualification processes for EU market entry in medium to long term despite current India production being sold out. #### **6. Financial & Operational Strength** - **Sales Growth**: 12.8% YoY revenue increase in FY24–25, driven by strong demand in automotive, EVs, and appliances. - **Cost Management & Margins**: - Maintains stable margins despite global polymer price volatility. - Formula-based pricing contracts allow pass-through of raw material cost changes. - Styrene monomer pricing decoupled from crude oil due to independent chemical market dynamics. - **Capital Expenditure**: - Ongoing CAPEX of **~Rs. 650 crore**, with engineering studies nearing completion. - New **HIPS line (Toyo-contracted project)** under evaluation; expected to be value-accretive. - **Balance Sheet**: **Zero debt**, robust cash flows, strong profitability. #### **7. Key Industries & Customers** - **Core Sectors**: Automotive (2W/4W, EVs), Electronics, Healthcare, Home Appliances, Packaging, Construction, Toys. - **Notable Customers**: - **Automotive**: Hero, Honda, Bajaj, Maruti Suzuki, Studds, Vega - **Appliances & Electronics**: LG, Samsung, Daikin, Havells, Crompton - **Growth Drivers**: - ‘Make in India’, urbanization, rising disposable income. - E-commerce boosting polystyrene packaging demand. - Government push for EV manufacturing and import substitution. #### **8. Leadership & Governance** - **Key Executives**: - **Mr. K. Ravishankar** (Whole-time Director): 45+ years in styrenics, ex-BASF, Sumitomo, co-inventor of HRG ABS graft technology. - Leadership team combines deep technical expertise with global industry experience. - **Promoter Group**: - Linked to **Shiva Pharmachem Limited** and **Shiva Performance Materials Pvt. Ltd.**, both Vadodara-based chemical manufacturers promoted by Rahul R. Agrawal and Vishal R. Agrawal. - Synergies in R&D, sustainability focus, and cleaner chemistry platforms.