STYRENIX
Micro CapStyrenix Performance Materials Limited
Auto
India’s Leading Engineering Polymer Manufacturer with over 5 decades of experience. Leader in ABS and SAN resins, growing in Polystyrene & other polymer segments. Operates 5 ISO Certified Production units, 1 R&D Lab, and 10+ sales offices, serving 600+ customers across various industries.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100Rev -12% YoY · PAT +33% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹826 Cr | -12.1% | -5.0% |
| EBITDA | ₹116 Cr | +33.3% | +176.2% |
| Operating margin | 14.0% | +500 bps | +900 bps |
| PAT | ₹73 Cr | +32.7% | +356.3% |
| PAT margin | 8.8% | +299 bps | +700 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Standalone Q4 FY26 PAT up 58.4% YoY to INR 84.3 Cr, EBITDA up 51.9% YoY to INR 126.1 Cr. FY26 Standalone PAT up 0.9% YoY to INR 234.3 Cr, EBITDA up 3.9% YoY to INR 369.7 Cr. Consolidated Q4 FY26 PAT up 34.4% YoY to INR 73.5 Cr, EBITDA up 42.2% YoY to INR 127.8 Cr. Consolidated FY26 results are not comparable due to the Thailand acquisition in Jan 2025.
Standalone results show strong Q4 growth in profitability and stable full-year performance. The Thailand acquisition, while impacting consolidated comparability, is positioned as a strategic move for product mix, customer base, global reach, and technology access, particularly in high-margin grades and HRG rubber. Management commentary emphasizes strengthening customer engagement and innovation.
Thailand Acquisition Synergies
Acquisition of INEOS Styrolution (Thailand) enhances product mix with high-margin grades, expands customer base, improves global reach, and provides access to technology.
Capacity Expansion
Established and diversified manufacturing capacity designed for scalability, enabling efficient capacity additions with high operating leverage.
Product Innovation & Customization
In-house R&D capabilities enable unique product innovation, customer-led development, and rapid color customization for application-specific solutions.
EV & Appliance Segment Focus
Engagement with prominent new entrants and established players in the EV and Appliance segments aligns with efforts to deliver value globally.
Thailand Acquisition Capacity
Acquisition of INEOS Styrolution (Thailand) Company completed in January 2025, adding ABS 85,000 TPA, SAN 100,000 TPA, HRG Rubber 31,000 TPA.
Debottlenecking & Brownfield Expansion
De-bottlenecking led increase in capacity: PS increased to 100,000 TPA & Rubber to 27,000 TPA in 2024.
ABS Capacity Expansion Phase I
Capacity Expansion of ABS in Phase I (50,000 TPA) is currently under implementation and progressing as per schedule.
Enhanced Global Market Access
Thailand acquisition and expanded sales offices in Japan, South Korea, and Vietnam enhance global reach and market augmentation.
Growth in EV and Appliance Segments
Engagement with new entrants and established players in the EV and Appliance segments presents growth opportunities.
Geopolitical Uncertainty
Current geopolitical uncertainty creates a greater need to combine global aspirations with local strength and efficiency.
Supply Chain Disruptions
Supply chains are once again disrupted, necessitating seamless local and global procurement and service capabilities.
Geopolitical Instability
Geopolitical uncertainty poses challenges to global aspirations and requires strong local operational efficiency.
Supply Chain Volatility
Disruptions in supply chains require robust capabilities for local and global procurement and service to maintain operations.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4 YoY comparison is crucial for assessing recent operational momentum for both standalone and consolidated entities. Full-year YoY for standalone provides a clear picture of annual performance. Consolidated full-year is not directly comparable due to the Thailand acquisition in Jan 2025, as explicitly stated by the company.
Sales Volume (Standalone)
Q4 FY26 Sales Volume 46.1 KT (down 4.6% YoY from 48.3 KT). FY26 Sales Volume 195.0 KT (up 5.2% YoY from 185.4 KT).
Realization (Standalone)
Q4 FY26 Revenue/Volume: 14.24 Cr/KT (down from 14.53 Cr/KT YoY). FY26 Revenue/Volume: 13.54 Cr/KT (down from 14.80 Cr/KT YoY).
Product Mix
Portfolio includes ABS, SAN, Polystyrene (GPPS, HIPS), ASALAC (ASA), and advanced polymer blends (ABS/ASA/HIPS with PC, PMMA, Nylon, PPO).
Customer Mix
Clientele spread across Automotive, Household Appliances, Electricals & Electronics, Stationary, Toys, Cosmetics, Healthcare, and Packaging industries.
Performance Alignment
Styrenix Performance Materials has continued to perform in line with management expectations for Q4 FY26 and the full financial year.
Customer Engagement & Innovation
Company continuously strengthens customer engagement, innovation, and value addition to all stakeholders.
Global-Local Strategy
There is a greater need to combine global aspirations with local strength and efficiency due to geopolitical uncertainty and supply chain disruptions.
Enhanced Responsiveness
Company's reach and capabilities have increased dramatically, making it better equipped to understand and respond in the current dynamic environment.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| ABS Capacity Expansion (Phase I) | 50,000 TPA expansion is under implementation and progressing as per schedule. | Timely commissioning and successful ramp-up of the new ABS capacity. |
| Thailand Operations Profitability | First full financial year ended on a positive note, ensuring continuity and promise of growth. | Improved consolidated profitability and margin expansion from the Thailand unit, post-integration. |
| EV & Appliance Segment Contribution | Engagement with prominent new entrants in EV and Appliance segments. | Specific order wins or increasing revenue contribution from these strategic high-growth segments. |
| Standalone Sales Volume Growth | FY26 up 5.2% YoY to 195.0 KT, but Q4 FY26 down 4.6% YoY to 46.1 KT. | Reversal of the Q4 volume decline and sustained full-year volume growth in standalone operations. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +14.1% / mo
Technical chart
STYRENIXdaily · 6M+4.1%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 42.
- SMA20 falling (~1.1% over last month) — short-term momentum negative.
- RSI(14) at 42 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 12% off 52W high · 21% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 11.6%.
- Balance sheet contributes 11/15 to the score.
Main drags
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
- Valuation is weaker at 8/30; verify the latest quarterly trend.
- Quality is weaker at 8/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 67th percentile of the scored universe and 53rd percentile within Auto. Main check: results consistency is weak at 53/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 2 recent quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 53rd pctile, median 71 · Micro: 52nd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.3%.
- ▸6/7 recent quarters had positive YoY revenue growth.
Trust risks
- ▸2 recent quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 20.40
- P/B
- 2.76
- EV/EBITDA
- 8.96
- Market Cap
- 3768.00Cr
Profitability
- ROE
- 14.60%
- ROCE
- 15.10%
- ROA
- 7.37%
- Dividend Y
- 2.52%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 8.00%
- Revenue 3Y
- 28.00%
- EPS 3Y
- 28.00%
Balance Sheet
- Debt/Equity
- 0.24
- Interest Coverage
- 18.05×
- Altman Z
- 4.83
- Book Value
- 777.00
Cash Flow
- FCF Yield
- 0.32%
- FCF Positive Y
- 2/5
- OCF
- 183.00 Cr
- EPS TTM
- 103.98
Shareholding
- Promoter Hold
- 46.24%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 21%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.