Styrenix Performance Materials (506222) Q3 25/26 earnings summary

Executive summary

• Q3 FY 2026 standalone total income was INR 648.8 crores, down 6.2% year-over-year; EBITDA grew marginally by 0.4% to INR 75.7 crores.

• Consolidated revenue for Q3 FY2025-26 was ₹869.49 crore, up from ₹798.93 crore in the previous quarter and ₹690.79 crore in Q3 FY2024-25.

• Standalone sales volume for Q3 FY 2026 increased 7.6% year-over-year to 51.1 KT; consolidated sales volume (India and Thailand) was 66 KT.

• Thailand business faced inventory losses due to lower product and raw material prices, following inventory buildup during brand transition.

• Achieved growth in volumes and strengthened market leadership in ABS and SAN segments during the first nine months of FY26; polystyrene demand rebounded in Q3 after a slow H1.

Financial highlights

• Q3 FY 2026 consolidated total income was INR 871.3 crores; EBITDA INR 43.5 crores (5% margin); PAT INR 16.3 crores (1.9% margin).

• Q3 FY 2026 standalone EBITDA margin improved to 11.7% from 10.9% year-over-year; PAT declined 7.51% to INR 44.3 crores.

• 9-month FY 2026 consolidated total income was INR 2,619 crores; EBITDA INR 231.8 crores (8.8% margin); PAT INR 109.4 crores (4.2% margin).

• Standalone 9MFY26 PAT was ₹150.0 crore (7.5% margin), down from ₹179.0 crore (8.7%) in 9MFY25.

• Consolidated EBITDA for Q3 FY2025-26 was ₹43.52 crore, down from ₹88.43 crore in the previous quarter.

Outlook and guidance

• Demand for ABS, SAN, and polystyrene expected to remain buoyant, with continued focus on value-added products and blends.

• Expansion and capacity enhancement initiatives progressing as scheduled.

• Management is monitoring the impact of new Indian Labour Codes and will adjust accounting as further regulatory guidance emerges.