Manali Petrochemicals Q4 FY22 Share Price & Earnings Call Analysis
- Market cap
- ₹1,176 Cr
- P/E
- 9.90
- ROE
- 4.38%
- PEG
- 10.76
- Price to sales
- 1.13
- Debt to equity
- 0.11
- 52W high / low
- ₹92.4 / ₹39.4
- Sales growth (5Y)
- -0.04%
- EBITDA margin
- 13.37%
- Net profit margin
- 5.09%
- Promoter holding
- 44.86%
- Sales (last year)
- ₹1,062 Cr
Incorporated in 1986, Manali Petrochemicals Limited manufactures and sells Propylene Oxide (PO), Propylene Glycol (PG) and Polyols (PY), which are used as industrial raw materials. Located in Chennai, the company is the only domestic manufacturer of Propylene Glycol. Also, it is the first and largest Indian manufacturer of Propylene Oxide which is the input material for the aforesaid derivative products.
Guidance scorecard · Q4 FY22 call
What Manali Petrochem's management guided
and where it ranks in Chemicals & Petrochemicals
RevenueQ2 FY25 call
10–20%- The company expects growth in revenue and volumes, particularly driven by capacity expansions in Propylene Glycol (PG) and polyester polyols.
- PG capacity expansion of 32,000 MT (Q2 FY 2025 completion) will cater primarily to food, beverage, and pharmaceutical sectors with phased volume ramp-up.
- Polyester polyol expansion (8,000 MT second phase expected by Q3/Q4 FY 2025) targets construction, appliances, and elastomers markets.
- A new Greenfield plant in Western India planned for 30,000 MT annually of polyols, with a projected IRR of 30% and five-year payback, focusing on local market demand.
- PennWhite aims for up to 10% share of the Indian foam control market (premium segment), with local manufacturing considered key for growth.
2 more points from Manali Petrochem's call on revenue
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MarginsQ2 FY25 call
See what Manali Petrochem said on margins — free account, 30 seconds.
CapexQ2 FY25 call
Planned- A 30,000 MT per annum polyols expansion project in Western India has been approved with an investment of INR 130+ crores, targeting an IRR of 30% and a five-year payback; currently in preliminary stages with more details expected after a quarter.
- Investment focus on sustainability initiatives including carbon reduction projects like adopting Econic catalyst technology and ZLD (Zero Liquid Discharge) with feasibility studies underway before Board approval.
- PennWhite subsidiary operates at ~50% utilization after debottlenecking; growth plans are ambitious but no major CapEx expected in the next 3-5 years; expansion will be driven by increased staffing rather than capital investment.
2 more points from Manali Petrochem's call on capex
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FundraisingQ2 FY25 call
See what Manali Petrochem said on fundraising — free account, 30 seconds.
Order bookQ2 FY25 call
Ask what Manali Petrochem said on the order book →
Full Q2 FY25 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Chemicals & Petrochemicals
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Chemicals & Petrochemicals companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹263 Cr | 3.4 | |
| 2 | 40%+ | Flat | ₹4,375 Cr | 83.7 | |
| 3 | 40%+ | Flat | ₹3,259 Cr | 4.0 | |
| 4 | 40%+ | Flat | ₹145 Cr | 15.9 | |
| 5 | 20–40% | Up 2%+ | ₹1.81L Cr | 90.9 | |
| 6 | 20–40% | Up 2%+ | ₹48,366 Cr | 78.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Chemicals & Petrochemicals rankingFinancials of Manali Petrochem
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Manali Petrochem
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 334 | 301 | 270 | 205 | 256 | 240 | 230 | 196 | 230 | 235 | 248 | 247 | 293 |
| Expenses + | 327 | 294 | 255 | 200 | 239 | 220 | 226 | 183 | 209 | 212 | 228 | 233 | 268 |
| Operating Profit | 6 | 8 | 15 | 5 | 17 | 21 | 4 | 13 | 21 | 23 | 20 | 14 | 25 |
| OPM % | 2% | 3% | 5% | 3% | 7% | 9% | 2% | 6% | 9% | 10% | 8% | 6% | 9% |
| Other Income + | 5 | 7 | 9 | 8 | 1 | 6 | 6 | 4 | 5 | 8 | 12 | 71 | 25 |
| Interest | 2 | 2 | 2 | 2 | 3 | 3 | 2 | 3 | 3 | 3 | 3 | 3 | 4 |
| Depreciation | 7 | 6 | 6 | 6 | 7 | 7 | 7 | 7 | 7 | 8 | 8 | 9 | 9 |
| Profit before tax | 2 | 6 | 15 | 5 | 8 | 18 | 1 | 8 | 16 | 20 | 21 | 72 | 37 |
| Tax % | 119% | 30% | 27% | 35% | 84% | 27% | 64% | 31% | 32% | 28% | 14% | 6% | 22% |
| Net Profit + | -0 | 4 | 11 | 3 | 1 | 13 | 0 | 5 | 11 | 14 | 18 | 68 | 29 |
| EPS in Rs | -0.03 | 0.24 | 0.63 | 0.17 | 0.08 | 0.76 | 0.01 | 0.31 | 0.63 | 0.83 | 1.06 | 3.98 | 1.69 |
Financials of Manali Petrochem
Profit & Loss
Annual income statement trend
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 579 | 626 | 748 | 810 | 803 | 1,024 | 1,672 | 1,177 | 1,032 | 897 | 1,022 |
| Expenses + | 511 | 574 | 651 | 710 | 733 | 723 | 1,143 | 1,103 | 985 | 839 | 940 |
| Operating Profit | 68 | 52 | 97 | 100 | 70 | 302 | 529 | 74 | 47 | 58 | 82 |
| OPM % | 12% | 8% | 13% | 12% | 9% | 29% | 32% | 6% | 5% | 7% | 8% |
| Other Income + | 9 | 18 | 3 | 27 | 5 | -8 | 11 | 28 | 21 | 21 | 116 |
| Interest | 3 | 2 | 3 | 2 | 6 | 5 | 9 | 9 | 10 | 10 | 14 |
| Depreciation | 6 | 8 | 9 | 11 | 14 | 21 | 20 | 23 | 25 | 27 | 34 |
| Profit before tax | 69 | 60 | 88 | 113 | 54 | 268 | 511 | 70 | 33 | 42 | 150 |
| Tax % | 31% | 37% | 34% | 33% | 14% | 25% | 25% | 28% | 42% | 30% | 14% |
| Net Profit + | 48 | 38 | 58 | 77 | 47 | 201 | 381 | 51 | 19 | 29 | 130 |
| EPS in Rs | 2.79 | 2.20 | 3.37 | 4.45 | 2.71 | 11.70 | 22.16 | 2.95 | 1.12 | 1.70 | 7.56 |
| Dividend Payout % | 18% | 23% | 15% | 17% | 28% | 13% | 11% | 25% | 67% | 29% | 7% |
Financials of Manali Petrochem
Balance Sheet
Capital structure and asset base
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 86 | 86 | 86 | 86 | 86 | 86 | 86 | 86 | 86 | 86 | 86 |
| Reserves | 196 | 225 | 306 | 369 | 395 | 594 | 944 | 958 | 976 | 1,008 | 1,195 |
| Borrowings + | 2 | 26 | 23 | 34 | 26 | 14 | 19 | 7 | 103 | 129 | 137 |
| Other Liabilities + | 215 | 195 | 141 | 165 | 153 | 198 | 241 | 223 | 144 | 179 | 177 |
| Total Liabilities | 499 | 532 | 556 | 654 | 660 | 892 | 1,290 | 1,274 | 1,308 | 1,403 | 1,596 |
| Fixed Assets + | 105 | 206 | 273 | 283 | 302 | 292 | 343 | 552 | 559 | 596 | 568 |
| CWIP | 16 | 28 | 12 | 6 | 26 | 28 | 14 | 23 | 17 | 61 | 39 |
| Investments | 69 | 16 | 57 | 0 | 41 | 0 | 0 | 0 | 29 | 15 | 6 |
| Other Assets + | 310 | 282 | 214 | 364 | 291 | 572 | 933 | 700 | 704 | 731 | 983 |
| Total Assets | 499 | 532 | 556 | 654 | 660 | 892 | 1,290 | 1,274 | 1,308 | 1,403 | 1,596 |
Financials of Manali Petrochem
Cash Flows
Operating, investing and financing cash movement
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -6 | 87 | 58 | 13 | 87 | 219 | 373 | 92 | 75 | -19 | 116 |
| Cash from Investing Activity + | -7 | -133 | -8 | -20 | -18 | -4 | -16 | -262 | -82 | -155 | 75 |
| Cash from Financing Activity + | -11 | 6 | -17 | -2 | -29 | -28 | -26 | -64 | -7 | -0 | -9 |
| Net Cash Flow | -24 | -39 | 33 | -9 | 41 | 186 | 331 | -234 | -14 | -174 | 182 |
| Free Cash Flow | -22 | -36 | 26 | -6 | 58 | 194 | 346 | 47 | 50 | -120 | 49 |
| CFO/OP | 36% | 194% | 86% | 44% | 144% | 95% | 95% | 158% | 170% | 6% | 158% |
Financials of Manali Petrochem
Ratios
Working capital efficiency and return ratios
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 57 | 48 | 49 | 51 | 49 | 61 | 35 | 49 | 43 | 48 | 60 |
| Inventory Days | 96 | 101 | 53 | 81 | 58 | 47 | 35 | 47 | 55 | 123 | 82 |
| Days Payable | 124 | 109 | 47 | 64 | 36 | 54 | 38 | 27 | 31 | 62 | 60 |
| Cash Conversion Cycle | 29 | 39 | 55 | 68 | 71 | 54 | 32 | 70 | 67 | 108 | 82 |
| Working Capital Days | 43 | 16 | 21 | 50 | 38 | 33 | 23 | 44 | 32 | 61 | 49 |
| ROCE % | 20% | 24% | 22% | 14% | 49% | 60% | 8% | 5% | 5% | 7% |
Guidance history
How Manali Petrochem's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY25 call → | 10–20% | — | Planned | — | — |
| Q2 FY23 call → | 10–20% | Up 0–2% | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
34 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −7.7% | 53% |
| Last 6 months | +28.0% | 80% |
| Last 3 months | +5.4% | 77% |
The price is 51.7% below its all-time high of ₹141.45 (22 Apr 2022). Stocks more than 20% below their peak have their score halved, so 69 became 34.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Manali Petrochem: 0.4 × 53 + 0.4 × 80 + 0.2 × 77 = 69, halved to 34 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Manali Petrochem's management said in earlier quarters
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