Stock jumps 9% as DGTR reviews anti-dumping duties on chemicals from Saudi Arabia

The shares of the leading polyol manufacturer gained up to 9 percent after the Indian government imposed anti-dumping duty on imports of flexible slabstock polyols. 

Price Movement 

With a market capitalization of Rs 1,051.78 crore, the shares of Manali Petrochemicals Ltd closed at Rs 61.15 per share, increased around 2.72 percent as compared to the previous closing price of Rs 59.53 apiece. 

Reason for rise 

The share of Manali Petrochemicals Ltd has seen positive movement after India’s DGTR began a sunset review of anti-dumping duties on flexible slabstock polyol imports from Saudi Arabia. MNLI, India’s sole polyol producer, requested the review, citing harm to the domestic industry. Polyols are essential for manufacturing mattresses, pillows, bolsters, transport seating, and packaging materials. 

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Financial performance 

Examine the company’s financial condition, revenue slipped by 4 percent from Rs 204.75 crore in Q3FY24 to Rs 196.12 crore in Q3FY25, and during the same time frame, net profit stretched by 79 from Rs 2.94 crore to Rs 5.27 crore. 

New Projects and Expansions 

The company is expanding with a Rs 94 crore Propylene Glycol project (32,000 MTPA) for the food, beverage, and pharma sectors. A Polyester Polyol plant (4,150 MTPA) is completed, with another underway. A Rs 130+ crore West India Greenfield expansion (30,000 MTPA) targets polyols, projecting a 30 percent IRR. 

Future Outlook 

Management remains cautiously optimistic about growth, focusing on product diversification and market expansion to stabilize revenue and margins. Prioritizing operational efficiencies and customer-centric offerings, the company aims to strengthen its market position despite recent challenges, ensuring long-term sustainability and profitability in a competitive landscape. 

Company Overview 

Manali Petrochemicals Limited manufactures and sells industrial raw materials such as propylene oxide (PO), propylene glycol (PG), and polyols (PY). The firm, based in Chennai, is the sole local maker of propylene glycol. 

Written by Abhishek Singh

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