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.
Market LeadershipThe company manufactures propylene glycol, polyether polyol, and related substances. It is thesole domestic producer of Propylene Glycol and the first and largest Indian manufacturer of Propylene Oxide.[1]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Swan Corp | 436.20 | 23.52 | 13673.01 | 0.02 | -5.87 | -107.45 | 1138.34 | 10.28 | -1.44 | 5115.46 | -11.94 | 581.26 | -3.82 | 1.83 | -2.73 | 0.34 |
| 2. | Supreme Petroch. | 541.05 | 33.06 | 10174.00 | 1.83 | 48.20 | -46.65 | 1100.15 | -26.93 | 22.76 | 5431.01 | 8.03 | 307.36 | 48.20 | 4.57 | 11.33 | 0.06 |
| 3. | Rain Industries | 141.10 | – | 4745.87 | 0.68 | 130.33 | 159.19 | 4475.71 | 13.76 | 4.50 | 16320.84 | 12.15 | -132.40 | 106.01 | 0.70 | -2.31 | 1.39 |
| 4. | DCW | 52.60 | 31.05 | 1552.53 | 0.19 | 13.81 | 1204.80 | 539.21 | 10.33 | 7.93 | 2026.79 | 11.08 | 50.00 | 13.81 | 1.47 | 1.41 | 0.36 |
| 5. | Agarwal Indl. | 687.00 | 12.35 | 1027.58 | 0.49 | 11.99 | -34.98 | 244.80 | -24.83 | 16.90 | 2203.96 | 7.76 | 83.26 | 11.99 | 1.56 | 9.28 | 0.63 |
| 6. | Manali Petrochem | 58.70 | 166.85 | 1009.67 | 0.82 | 0.18 | 108.86 | 180.15 | 8.83 | 0.26 | 647.62 | 2.54 | 6.05 | 0.95 | 1.09 | -0.46 | 0.16 |
| 7. | T N Petro Prod. | 99.10 | 8.93 | 891.60 | 1.20 | 34.24 | 476.59 | 457.34 | 1.70 | 6.97 | 1835.42 | 7.25 | 100.10 | 34.48 | 0.90 | 3.70 | 0.33 |
| – | Median: 11 Co. | 141.1 | 20.36 | 1009.67 | 0.49 | 14.55 | 23.17 | 406.57 | 10.28 | 11.89 | 1835.42 | 7.76 | 50.0 | 14.55 | 1.56 | 6.47 | 0.3 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 260.67 | 205.30 | 266.39 | 235.99 | 215.91 | 155.25 | 190.48 | 177.76 | 165.54 | 140.95 | 163.27 | 163.25 | 180.15 |
Expenses | 243.66 | 204.25 | 261.16 | 242.09 | 210.10 | 158.75 | 183.86 | 171.88 | 175.36 | 139.63 | 156.04 | 157.00 | 178.49 |
Operating Profit | 17.01 | 1.05 | 5.23 | -6.10 | 5.81 | -3.50 | 6.62 | 5.88 | -9.82 | 1.32 | 7.23 | 6.25 | 1.66 |
Other Income | 6.55 | 6.27 | 4.55 | 5.16 | 5.91 | 5.00 | 2.82 | 4.88 | 3.72 | 3.31 | 6.65 | 6.78 | 7.71 |
Profit before tax | 16.51 | -1.33 | 2.25 | -8.02 | 4.73 | -5.70 | 1.41 | 2.57 | -14.08 | -3.60 | 5.35 | 4.12 | 0.19 |
Tax % | 29.07% | -147.37% | 40.89% | -22.32% | 30.87% | -25.09% | 243.97% | 31.91% | -23.86% | -21.39% | 42.43% | 26.70% | 5.26% |
Net Profit | 11.71 | 0.63 | 1.33 | -6.23 | 3.27 | -4.27 | -2.03 | 1.75 | -10.72 | -2.83 | 3.08 | 3.02 | 0.18 |
EPS in Rs | 0.68 | 0.04 | 0.08 | -0.36 | 0.19 | -0.25 | -0.12 | 0.10 | -0.62 | -0.16 | 0.18 | 0.18 | 0.01 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 554 | 733 | 579 | 583 | 645 | 702 | 677 | 922 | 1,444 | 1,029 | 798 | 648 | 648 |
Expenses | 508 | 663 | 511 | 521 | 552 | 610 | 613 | 632 | 921 | 959 | 795 | 643 | 631 |
Operating Profit | 47 | 70 | 68 | 62 | 93 | 93 | 64 | 290 | 522 | 70 | 3 | 5 | 16 |
Other Income | 6 | 7 | 9 | 11 | 2 | 22 | 1 | -8 | 10 | 27 | 19 | 18 | 24 |
Interest | 2 | 2 | 3 | 2 | 3 | 2 | 6 | 4 | 9 | 8 | 8 | 9 | 10 |
Depreciation | 7 | 6 | 6 | 9 | 8 | 10 | 14 | 20 | 19 | 22 | 21 | 24 | 24 |
Profit before tax | 45 | 70 | 69 | 62 | 84 | 103 | 45 | 257 | 505 | 67 | -8 | -10 | 6 |
Net Profit | 29 | 44 | 48 | 42 | 55 | 65 | 39 | 193 | 377 | 51 | -9 | -9 | 3 |
EPS in Rs | 1.69 | 2.56 | 2.80 | 2.46 | 3.19 | 3.80 | 2.25 | 11.20 | 21.90 | 2.95 | -0.54 | -0.51 | 0.21 |
Dividend Payout % | 30% | 20% | 18% | 20% | 16% | 20% | 33% | 13% | 11% | 25% | -140% | -98% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 86 | 86 | 86 | 86 | 86 | 86 | 86 | 86 | 86 | 86 | 86 | 86 | 86 |
Reserves | 125 | 159 | 197 | 256 | 300 | 356 | 371 | 550 | 900 | 909 | 886 | 865 | 859 |
Borrowings | 2 | 1 | 2 | 23 | 17 | 14 | 9 | 13 | 16 | 7 | 95 | 119 | 147 |
Other Liabilities | 98 | 162 | 215 | 176 | 116 | 145 | 141 | 175 | 199 | 171 | 109 | 147 | 145 |
Total Liabilities | 312 | 408 | 500 | 541 | 519 | 601 | 607 | 825 | 1,201 | 1,173 | 1,176 | 1,217 | 1,237 |
Fixed Assets | 104 | 105 | 105 | 142 | 171 | 183 | 200 | 181 | 236 | 247 | 267 | 284 | 279 |
Gross Block | 291.09 | 298.64 | 300.79 | 150.87 | 188.52 | 209.98 | 239.29 | 216.80 | 286.56 | 319.92 | 360.51 | 400.40 | – |
Accumulated Depreciation | 187.39 | 193.30 | 195.70 | 9.06 | 17.27 | 27.14 | 39.40 | 35.37 | 50.91 | 72.58 | 93.59 | 116.43 | – |
CWIP | 3 | 6 | 16 | 28 | 12 | 6 | 26 | 28 | 14 | 23 | 17 | 61 | 97 |
Investments | 19 | 82 | 74 | 126 | 167 | 110 | 151 | 110 | 110 | 399 | 427 | 414 | 405 |
Other Assets | 187 | 215 | 305 | 244 | 168 | 301 | 229 | 504 | 842 | 504 | 465 | 459 | 456 |
Total Assets | 312 | 408 | 500 | 541 | 519 | 601 | 607 | 825 | 1,201 | 1,173 | 1,176 | 1,217 | 1,237 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 45 | 78 | -6 | 92 | 69 | 19 | 84 | 201 | 385 | 44 | 23 | -55 |
Cash from Investing Activity | -2 | -6 | -12 | -137 | -15 | -17 | -22 | -16 | -12 | -312 | -84 | -39 |
Cash from Financing Activity | -12 | -14 | -11 | 3 | -19 | -15 | -26 | -12 | -27 | -61 | -5 | 1 |
Net Cash Flow | 31 | 58 | -29 | -42 | 35 | -14 | 36 | 172 | 346 | -329 | -67 | -93 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 35 | 40 | 57 | 43 | 43 | 43 | 42 | 59 | 34 | 38 | 33 | 39 |
Inventory Days | 60 | 56 | 96 | 102 | 49 | 81 | 58 | 45 | 34 | 38 | 52 | 130 |
Days Payable | 50 | 74 | 124 | 95 | 39 | 64 | 35 | 50 | 28 | 19 | 25 | 62 |
Cash Conversion Cycle | 44 | 22 | 29 | 51 | 53 | 60 | 65 | 54 | 41 | 57 | 60 | 107 |
Working Capital Days | 42 | 9 | 43 | 11 | 16 | 50 | 35 | 32 | 18 | 35 | 22 | 55 |
ROCE % | 23% | 31% | 28% | 20% | 23% | 21% | 13% | 51% | 63% | 8% | 1% | 0% |
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Stock Analysis
Manali Petrochemicals Limited (MPL) is a leading chemical manufacturer in India, specializing in the production of Propylene Oxide (PO), Propylene Glycol (PG), and Polyols. The company is recognized as the sole domestic manufacturer of Propylene Glycol and holds a significant position as the first and largest Indian producer of Propylene Oxide.
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