Styrenix Performance Materials (506222) Q4 24/25 earnings summary

Executive summary

• Achieved robust demand and significant growth in FY 2025, with strong sales and operational performance across India and newly acquired Thailand operations.

• Sales grew by 12.8% in FY2024-25 over FY23-24, driven by product segment growth, process optimization, and the acquisition of Ineos Styrolution (Thailand) in January 2025.

• Audited standalone and consolidated financial results for the year ended March 31, 2025, were approved with an unmodified audit opinion from statutory auditors.

• Management transition for the Thailand subsidiary completed in January 2025, with consolidated results now including this entity.

• Focus on value-added products, sustainable growth, and ongoing capacity expansion in ABS.

Financial highlights

• Q4 FY 2025 standalone sales volume: 48.3 kilotons, up 1.7% sequentially and 9.5% year-over-year.

• FY 2025 standalone sales volume: 186 kilotons, up 12.8% year-over-year; revenue: INR 2,744 crores, up 23.5%.

• Standalone profit after tax for FY24-25 was ₹232.2 Cr, up 34.1% year-over-year.

• Consolidated revenue for FY25 was ₹2,982.42 crore, with consolidated net profit at ₹235.2 Cr, up 35.8% year-over-year.

• EPS (consolidated) for FY24-25 was ₹133.7, up 35.8% year-over-year.

Outlook and guidance

• Capacity for FY 2026 expected to be around 200,000 tons, with potential for further debottlenecking and incremental increases.

• Additional ABS capacity of 50 kilotons to be commissioned by late calendar year 2026, with full benefit expected in the following financial year.

• Q1 FY25-26 outlook is muted due to lower summer demand and weak auto market sentiment, but recovery is expected in Jul–Sep quarter.

• Management expects to support at least 10% volume growth over FY 2025, subject to demand.

• No formal forward-looking statements on spreads or margins, but management remains confident in meeting targets.