Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Sep - Newspaper Publication regarding notice to shareholders for the transfer and dematerialization of physical securities.
Source: Bse
Styrenix Performance Materials Limited (STYRENIX)
Micro CapChemicals stocks · Micro cap · NSE
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result04 Aug, 06:41 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 33.1 (n=45)
Technical timing lens
Trend score and candlestick chart
37Bearishfull bear SMA stack · MACD + · sector -4.2pp vs Nifty 500 (3M)
Stock trend: 32
Sector RS: 46
Sector 3M: -9.8% vs Nifty 500 -5.6%
Chemicals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
STYRENIXD candles · FIT view-13.4%Latest close ₹2018.30 on 2026-10-19
Bar
-1.1%
RSI
44
MACD hist
6.46
52W pos
27%
2026-10-19O ₹2040.10H ₹2040.10L ₹1980.00C ₹2018.30Vol 17,995 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
STYRENIXNifty ChemicalsNifty 500
- STYRENIX
- -14.7%
- Nifty 500
- -5.6%
- Nifty Chemicals
- -8.5%
- Vs Nifty 500
- -9.1 pp
Chart stats
19 Oct 2026- From 52W high
- -23.9%
- 52W range position
- 27%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.68x
- Avg traded value
- ₹5.4 Cr
- 20D price channel
- ₹1,950.3 - ₹2,154.1
₹2,653
₹1,780 - ₹2,653
₹61.9
Latest completed session
20-session average
23.9% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · FAIR VALUE50
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +7.1% · PAT +165.4% YoY
Technical
Bearish37
Price trend and sector-relative-strength timing.
Valuation
Legacy model+7.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +7% YoY · PAT +165% YoY · margin expansion · +22% QoQ · operating leverage
Filed 04 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,011 Cr | +7.1% | +22.4% |
| EBITDA | ₹220 Cr | +129.2% | +89.7% |
| Operating margin | 22.0% | +1200 bps | +800 bps |
| PAT | ₹138 Cr | +165.4% | +89.0% |
| PAT margin | 13.7% | +814 bps | +481 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 13.20
- P/B
- 2.66
- EV/EBITDA
- 7.19
- Market Cap
- 3616.00Cr
Profitability
- ROE
- 14.20%
- ROCE
- 13.80%
- ROA
- 10.99%
- Dividend Y
- 2.61%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- 6.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 21.00%
Balance Sheet
- Debt/Equity
- 0.40
- Interest Coverage
- 24.37×
- Altman Z
- 4.93
- Book Value
- 777.00
Cash Flow
- FCF Yield
- 0.33%
- FCF Positive Y
- 2/5
- OCF
- 183.00 Cr
- EPS TTM
- 155.14
Shareholding
- Promoter Hold
- 46.24%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 32%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,011+22.4% vs prev
Net Profit
₹ CrLatest: 138+89.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 44. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 44 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 24% off 52W high · 13% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
39
RS percentile
Stage 1 Base / Transition
1M return
-2.4%
3M return
-14.7%
6M return
-11.2%
1Y return
-18.1%
RS 1D
-2
RS 20D
-2
Sector rank
#14
Industry rank
-
Stage evidence
- Price is within 7.3% of the 30-week proxy.
- The 30-week proxy changed +0.6% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 88.27-1.08%
RS vs Nifty 50088
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation15/30
Growth10/25
Quality7/20
Balance Sheet11/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
50
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
50/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Valuation contributes 15/30 to the score.
Main drags
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
- Quality is weaker at 7/20; verify the latest quarterly trend.
- Growth is weaker at 10/25; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
13.2
PB
2.7
EV/EBITDA
7.2
ROE
14.2%
ROCE
13.8%
FCF Yield
0.3%
Debt/Equity
0.4
MoS
+7.7%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
50
Previous: 50
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+7.7%
Previous: +7.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
52
52
52
52
50
50
50
50
50
50
50
50
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,646.89
-22.6% MoS
Growth-justified P/E
14.1
Growth-justified Value
₹2,185.92
+7.7% MoS
PEG
1.38
Comparable companies
Peers
Business-comparable peers in Chemicals — 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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TOLINS
Small
Tolins Tyres Limited
Auto Components
match 142
56
10.3
10.4%
+49%
FAIR VALUE
GOODYEAR
Small
Goodyear India Limited
Auto Components
match 141
34
26.1
12.6%
-712%
WATCHLIST
VIAZ
SME
Viaz Tyres Ltd.
Auto Components
match 137
39
24.0
10.8%
+38%
WATCHLIST
ITTL
SME
Innovative Tyres & Tubes Ltd.
Auto Components
match 136
18
—
—
—
OVERVALUED
JKTYRE
Large
JK Tyre & Industries Limited
Auto Components
match 133
77
13.5
16.0%
+63%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T14:10:19.066Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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.
Management accountability
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.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 40th percentile within Chemicals. Main check: results consistency is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
134 docs text-extracted · 54 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Chemicals: 40th pctile, median 73 · Micro: 43rd pctile, median 73
Evidence depth
Financial-only
134 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
43
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.3%.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 17.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Styrenix Performance Materials Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 5 Aug - Styrenix submitted its FY2025-26 BRSR as part of the 53rd Annual Report.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Jun
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR)-Newspaper Publication For Transfer Of Equity Shares To IEPF Suspense Account. 16 Jun
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.