Epigral is targeting Rs 5,000 crore in revenue by FY31 by doubling its CPVC resin and epichlorohydrin manufacturing capacity at Dahej, Gujarat, chairman and managing director Maulik Patel said on September 27, 2026. The Gujarat-based specialty chemicals maker plans to fund the Rs 650 crore capacity expansion entirely through internal accruals, positioning it as one of the more aggressive growth bets in India’s chemical sector this year.
Epigral, which posted revenue of roughly Rs 2,500-2,530 crore in FY2026, expects sales to rise to about Rs 2,900 crore in FY2027 before scaling toward the Rs 5,000 crore FY31 target. The company is doubling CPVC resin capacity from 75,000 tonnes per annum (TPA) to 1,50,000 TPA and epichlorohydrin (ECH) capacity from 50,000 TPA to 1,00,000 TPA at its existing Dahej units, with commissioning expected within a couple of months.
Why Is Epigral Expanding Its Gujarat Chemical Capacity?
CMD Maulik Patel said the company aims to “double our revenue to around Rs 5,000 crore by 2030-31,” anchored by rising domestic demand for CPVC resin used in pipes and fittings, and epichlorohydrin, a key input for epoxy resins and coatings. Patel indicated that partial revenue contribution from the expanded capacity will begin in FY2027, with a more significant impact from FY2028 as the new lines ramp up fully.
What Does This Mean for India’s Chemical Industry?
Epigral’s expansion adds to a wave of capacity build-out among India’s specialty chemical makers as the sector looks to capture import-substitution opportunities. The company has also acquired new land at Dahej for a future chemistry line and is separately planning a new venture requiring over Rs 1,000 crore in capital expenditure for import-substitute chemicals, of which about 90% are currently imported into India. That signals a broader strategic push to reduce India’s chemical import dependence.
Market Reaction and Industry Response
The announcement, reported by Business Standard via PTI on September 27, adds Epigral to a growing list of Gujarat-based chemical companies announcing fresh capex this quarter, alongside peers such as Gujarat Alkalies and Chemicals and Shivtek Spechemi. Analysts tracking the specialty chemicals space have flagged capacity-led growth as a key differentiator for companies able to self-fund expansion without diluting equity, as Epigral is doing through internal accruals.
What Happens Next?
Investors will watch for commissioning of the doubled CPVC resin and epichlorohydrin lines over the coming months, with FY2027 results expected to show the first signs of incremental revenue. The larger Rs 1,000-crore-plus import-substitution venture remains at an earlier planning stage and will be a key data point in future quarters as Epigral works toward its FY31 revenue goal.
Frequently Asked Questions
What is Epigral’s revenue target for FY31?
Epigral is targeting Rs 5,000 crore in revenue by FY31, roughly double its FY2026 revenue of Rs 2,500-2,530 crore, driven by expanded CPVC resin and epichlorohydrin capacity.
How much is Epigral investing in its Gujarat expansion?
The company is spending Rs 650 crore to double capacity at its Dahej, Gujarat facilities, funded entirely through internal accruals rather than external borrowing.
When will the expanded capacity start contributing to revenue?
Commissioning is expected within a couple of months of the September 2026 announcement, with partial revenue contribution in FY2027 and a more significant impact from FY2028 onward.
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