Petrochemicals Q2 FY2026 Industry Analysis

Petrochemicals Sector Analysis: Strategic Diversification Amidst Evolving Market Dynamics

**Summary:** The petrochemicals sector, as evidenced by the performance of Supreme Petrochem Ltd (SPL) and Savita Oil Technologies Ltd (SOTL), presents a landscape of both established market leadership and dynamic innovation. SPL, a dominant player in styrenics with over 50% market share in Polystyrene and Expanded Polystyrene, is navigating a challenging period marked by weak demand, destocking, and commodity price volatility, leading to a significant decline in its H1-FY26 financial performance. Despite these headwinds, SPL maintains a robust balance sheet, is debt-free, and is strategically expanding its product portfolio with new capacities like ABS and through acquisitions. In contrast, SOTL, a leading manufacturer of petroleum specialty products and lubricants, demonstrates consistent revenue growth and a strong focus on high-value, sustainable products, particularly in emerging areas like EV cooling and immersion coolants. While SOTL also experienced margin pressures in prior years, it shows a recovery in H1-FY26, driven by product innovation and strategic market expansion. Both companies exhibit strong financial discipline, are debt-free, and are committed to capital allocation through internal accruals and shareholder returns, albeit with differing immediate growth trajectories and strategic focuses within the broad petrochemicals umbrella.

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A. INDUSTRY OVERVIEW & MARKET LANDSCAPE

The petrochemicals sector is a foundational industry, providing essential raw materials for a vast array of downstream applications. The extracted data highlights two distinct, yet interconnected, segments within this broad sector: **Styrenics** (represented by Supreme Petrochem Ltd) and **Petroleum Specialty Products & Lubricants** (represented by Savita Oil Technologies Ltd). This diversity underscores the complex and multi-faceted nature of the petrochemical industry, which caters to various end-user markets from construction and packaging to automotive and personal care.

Styrenics Segment (Supreme Petrochem Ltd - SPL)

• **Product Focus:** SPL operates primarily in the Styrenics segment, manufacturing a range of polymers including Polystyrene (GPPS and HIPS), Expanded Polystyrene (EPS), Acrylonitrile Butadiene Styrene (ABS), Compounds of Polymers, and Extruded Polystyrene (XPS) Insulation Foam Board.
• **Market Position:** SPL is a significant player, holding the position of India's first truly international scale state-of-art Styrenics complex at Amdoshi. It is recognized as the market leader in Polystyrene and Expanded Polystyrene, commanding a market share exceeding 50%. Notably, SPL is also India's first and only plant for Extruded Polystyrene Insulation Foam Board (XPS), indicating a pioneering role in specialized, value-added products. The company is an internationally reputed supplier of quality Styrenics products.
• **Key End Markets & Applications:**
• **Geographic Distribution:** While specific geographic revenue breakdowns are not provided, SPL's description as an "internationally reputed supplier" and its participation in international exhibitions (e.g., K Show 2025 – Germany, Comptast, Sri Lanka) suggest a global reach beyond its domestic Indian operations.
• **Market Maturity & Lifecycle:** The core polystyrene market might be considered mature, but SPL's foray into ABS and XPS indicates a strategic move towards higher-value, potentially faster-growing segments driven by evolving industrial and construction demands. The commissioning of the mass ABS plant and the unique position in XPS suggest a focus on innovation and market expansion within specialized niches.

Petroleum Specialty Products & Lubricants Segment (Savita Oil Technologies Ltd - SOTL)

• **Product Focus:** SOTL specializes in a diverse portfolio of petroleum specialty products and lubricating oils. This includes Transformer Oils, White & Mineral Oils, Formulated & Specialty Products, and a comprehensive range of Automotive and Industrial Lubricating Oils. The company also produces unique offerings like mineral, natural, and synthetic ester-based transformer oils.
• **Market Position:** SOTL holds a leading position in India across multiple categories:
• **Key End Markets & Applications:**
• **Geographic Distribution:** SOTL has a strong domestic presence with an extensive distribution network (41 stock points, 400 distributors, 1,500 franchisee dealers, 20,000 retailers). Globally, it exports to over 75 countries, indicating a substantial international footprint. In FY25, Domestic revenue accounted for 82%, while Exports contributed 18%.
• **Market Maturity & Lifecycle:** While traditional lubricant and specialty oil markets are mature, SOTL's aggressive R&D and commercialization of synthetic ester-based fluids for EVs and data centers position it firmly in high-growth, emerging technology segments. This strategic focus on innovation suggests a proactive approach to evolving market demands and sustainability trends.

Industry Value Chain and Ecosystem

Both companies operate within complex value chains. SPL, as a polymer producer, sits upstream to midstream, supplying raw materials to various manufacturing industries. Its acquisition of M/S Xmold Polymers Pvt Ltd, a Tier II supplier to automobile and appliance manufacturers, signifies a strategic move to integrate further downstream and capture more value in the supply chain. SOTL, as a specialty oil and lubricant manufacturer, also occupies a midstream position, supplying critical components and finished products to industrial, automotive, and power sectors. Its extensive distribution network and direct OEM partnerships highlight its deep integration into the downstream consumption ecosystem. The emphasis on sustainability (solar power, zero liquid discharge, recycling initiatives) by both companies indicates a growing industry-wide focus on environmental responsibility and circular economy principles.

B. FINANCIAL & ECONOMIC PROFILE

The financial performance of Supreme Petrochem Ltd (SPL) and Savita Oil Technologies Ltd (SOTL) provides insights into the economic profile of distinct segments within the petrochemicals sector. While both companies exhibit robust balance sheets and strong capital allocation strategies, their recent profitability and growth trajectories show divergence, reflecting different market dynamics and product portfolios.

Industry Aggregate Revenue Scale and Growth Trajectory

• **Supreme Petrochem Ltd (SPL):**

• **Savita Oil Technologies Ltd (SOTL):**

Profitability Levels Across Companies

Profitability metrics, particularly margins, reveal the operational efficiency and pricing power within each segment.

• **Supreme Petrochem Ltd (SPL):**

• **Savita Oil Technologies Ltd (SOTL):**

• **Comparison of Margins:**

Return Profiles (ROCE, ROE)

Return ratios indicate how efficiently a company uses its capital to generate profits.

• **Supreme Petrochem Ltd (SPL):**

• **Savita Oil Technologies Ltd (SOTL):**

• **Comparison of Returns:** Both companies have experienced a decline in their return ratios over recent years, indicating a sector-wide challenge in maintaining capital efficiency amidst evolving market conditions. SPL's ROE and ROCE are generally higher than SOTL's in the most recent full fiscal years (FY25), but both are off their peak performance.

Working Capital Characteristics and Cash Conversion Cycles

• **Supreme Petrochem Ltd (SPL):**

• **Savita Oil Technologies Ltd (SOTL):**

• **Comparison:** Both companies exhibit exceptional financial strength with zero debt and substantial cash reserves, allowing them to fund growth and manage working capital without external financing. This is a significant positive characteristic for both players in the petrochemicals sector, providing resilience against economic downturns and market volatility.

Capital Intensity Requirements

• **Supreme Petrochem Ltd (SPL):** The commissioning of a 70,000 TPA mass ABS plant and the acquisition of M/S Xmold Polymers Pvt Ltd indicate ongoing capital expenditure for capacity expansion and strategic integration. The fact that all capital expenditure is met from internal cash accruals suggests that while the business is capital-intensive, SPL's strong cash generation historically has been sufficient. The total Styrenics capacity of 512,000 TPA reflects substantial fixed asset investments.
• **Savita Oil Technologies Ltd (SOTL):** SOTL also engages in continuous capacity expansion, as evidenced by the commissioning of a new Synthetic Ester Fluid plant in Q2FY24 and ongoing investments in renewable energy installations. The company's non-current assets stood at INR 627.2 Cr as of Sep-25, and net cash from investing activities was -INR 50.7 Cr in H1-FY26, confirming ongoing capital investments. The presence of 4 state-of-the-art manufacturing plants also points to a capital-intensive operational model.

• **Comparison:** Both companies operate in capital-intensive segments of the petrochemicals industry, requiring continuous investment in manufacturing facilities, R&D, and capacity expansion. Their ability to fund these investments through internal accruals without resorting to debt highlights their robust financial health and cash flow generation capabilities.

Revenue Quality

• **Supreme Petrochem Ltd (SPL):** The revenue quality is largely driven by sales of commodity and specialty polymers. While some products like XPS and ABS might command better pricing, the overall business is susceptible to commodity price cycles, as seen with the impact of falling styrene monomer prices. The nature of sales is likely transactional, driven by industrial demand.
• **Savita Oil Technologies Ltd (SOTL):** SOTL's revenue quality appears more diversified and potentially more stable due to its mix of specialty products and long-term relationships. It serves both B2B (OEMs, industrial) and B2C (SAVSOL lubricants) markets. The "trusted partner for leading automotive OEMs (some associations over two decades)" suggests a component of recurring revenue and stable demand from established relationships. The focus on high-performance and sustainable fluids (e.g., for EVs, data centers) indicates a shift towards higher-value, potentially less price-sensitive segments, enhancing revenue quality.

• **Comparison:** SOTL appears to have a more diversified and potentially higher-quality revenue stream due to its specialty product focus, long-term OEM partnerships, and strategic shift towards high-growth, innovative applications, which may offer better pricing power and stability compared to SPL's more commodity-exposed styrenics business.

C. COMPETITIVE STRUCTURE & DYNAMICS

The petrochemicals sector, as observed through SPL and SOTL, exhibits varying degrees of market concentration and competitive intensity depending on the specific product segment. Both companies have carved out strong, often leading, positions in their respective niches, indicating significant entry barriers and established competitive moats.

Number of Players and Market Concentration

• **Styrenics Segment (SPL):**
• **Petroleum Specialty Products & Lubricants Segment (SOTL):**

• **Overall:** Both companies operate in segments characterized by high market concentration, with SPL dominating styrenics and SOTL holding leading or unique positions in various specialty oils and lubricants. This suggests significant barriers to entry and established competitive advantages.

Market Share Distribution

• **Supreme Petrochem Ltd (SPL):**
• **Savita Oil Technologies Ltd (SOTL):**

Competitive Intensity Assessment (Porter's 5 Forces style)

• **Threat of New Entrants (Low to Moderate):**
• **Bargaining Power of Buyers (Moderate to High for SPL, Moderate for SOTL):**
• **Bargaining Power of Suppliers (Moderate to High):**
• **Threat of Substitute Products or Services (Moderate):**
• **Rivalry Among Existing Competitors (Moderate to High):**

Entry Barriers and Competitive Moats

Both companies benefit from substantial entry barriers: * **Capital Intensity:** High investment required for manufacturing facilities. * **Technology & R&D:** Proprietary processes, NABL certified labs, continuous innovation (SPL's XPS, SOTL's ester-based fluids). * **Scale & Efficiency:** SPL's "international scale state-of-art complex" and SOTL's multiple ISO-certified plants. * **Brand & Distribution:** SOTL's SAVSOL brand, extensive domestic and global distribution network, and long-term OEM relationships. * **Regulatory & Quality:** Adherence to stringent quality standards and certifications. * **Product Differentiation:** Unique offerings like XPS for SPL and global leadership in ester-based transformer oils for SOTL.

Pricing Power Dynamics and Pricing Trends

• **SPL:** Pricing power appears to be challenged, especially in H1-FY26, due to falling styrene monomer prices and destocking. This suggests that in its more commoditized segments, SPL is largely a price-taker, with margins being squeezed by raw material costs and market demand.
• **SOTL:** While historical data shows a decline in realization per KL/MT from FY23 (92,049) to FY25 (85,339), the recovery in margins in H1-FY26, coupled with the focus on premium products like Savsol Ester5 (growing at 5X industry rate), suggests improving pricing power in its value-added segments. The unique position in ester-based transformer oils likely provides strong pricing power in that niche.

Differentiation Strategies Employed

• **Supreme Petrochem Ltd (SPL):**
• **Savita Oil Technologies Ltd (SOTL):**

Consolidation Trends and M&A Activity

• **SPL:** Acquired M/S Xmold Polymers Pvt Ltd, a Tier II supplier of engineering polymer components. This indicates a strategy of inorganic growth and vertical integration to enhance its position in the value chain.
• **SOTL:** The strategic priority to "Add higher value products in chemical sphere through organic or inorganic ventures" suggests an openness to M&A, though no specific acquisitions are mentioned in the provided data beyond the Xmold acquisition by SPL.

Competitive Advantages of Each Player

• **Supreme Petrochem Ltd (SPL):**
• **Savita Oil Technologies Ltd (SOTL):**

D. OPERATIONAL CHARACTERISTICS

Operational characteristics highlight the efficiency, scale, and technological sophistication of the companies within the petrochemicals sector. Both SPL and SOTL demonstrate a strong commitment to modern manufacturing, R&D, and sustainable practices.

Capacity and Utilization Trends Across Companies

• **Supreme Petrochem Ltd (SPL):**
• **Savita Oil Technologies Ltd (SOTL):**

• **Comparison:** Both companies are actively managing and expanding their manufacturing capacities. SPL's recent volume decline suggests temporary utilization challenges, while SOTL has demonstrated consistent volume growth.

Production Economics and Cost Structures

• **Supreme Petrochem Ltd (SPL):**
• **Savita Oil Technologies Ltd (SOTL):**

• **Comparison:** Both companies are exposed to raw material price volatility, a common characteristic in the petrochemicals sector. Both are actively mitigating energy costs through significant investments in renewable energy, which is a key operational efficiency driver. SOTL's declining EBITDA per KL/MT suggests a more pronounced impact from cost pressures or product mix changes in recent years, though H1-FY26 shows a margin recovery.

Supply Chain Structure and Dependencies

• **Supreme Petrochem Ltd (SPL):**
• **Savita Oil Technologies Ltd (SOTL):**

• **Comparison:** Both companies have established manufacturing footprints and distribution capabilities. SPL's recent acquisition points to a strategy of vertical integration, while SOTL's extensive distribution and OEM partnerships highlight a strong focus on market penetration and customer relationships.

Technology Landscape and Innovation Pace

• **Supreme Petrochem Ltd (SPL):**
• **Savita Oil Technologies Ltd (SOTL):**

• **Comparison:** SOTL appears to have a more aggressive and long-standing focus on R&D and product innovation, especially in developing cutting-edge, high-performance fluids. SPL's innovation is more centered on expanding its core polymer offerings and adopting sustainable manufacturing practices.

Operational Efficiency Benchmarks

• **Supreme Petrochem Ltd (SPL):**
• **Savita Oil Technologies Ltd (SOTL):**

• **Comparison:** Both companies are committed to high operational standards, particularly in environmental management and renewable energy adoption. SOTL's EBITDA per KL/MT provides a specific operational efficiency metric, while SPL's margin trends reflect its overall operational performance.

Key Performance Indicators (Company-specific and Industry Averages)

• **Supreme Petrochem Ltd (SPL):**
• **Savita Oil Technologies Ltd (SOTL):**

• **Industry Averages:** Without external industry benchmarks, it's challenging to compare against averages. However, the declining return ratios for both companies suggest that the broader petrochemicals sector might be facing headwinds in capital efficiency or profitability compared to prior periods.

Asset Efficiency Metrics

• **Supreme Petrochem Ltd (SPL):**
• **Savita Oil Technologies Ltd (SOTL):**

• **Comparison:** Both companies show a declining trend in ROCE, indicating that assets are generating less profit relative to their book value. This could be due to increased asset base (capex), lower profitability, or a combination of both. It's a point of concern for capital-intensive industries.

E. GROWTH DYNAMICS & DRIVERS

The growth dynamics within the petrochemicals sector are influenced by a confluence of macroeconomic factors, end-market demand, product innovation, and strategic initiatives. While both SPL and SOTL operate within this sector, their specific growth drivers and recent trajectories differ significantly.

Historical Growth Trajectory (3-5 year view with specific rates)

• **Supreme Petrochem Ltd (SPL):**
• **Savita Oil Technologies Ltd (SOTL):**

Current Growth Rates and Acceleration/Deceleration

• **Supreme Petrochem Ltd (SPL):**
• **Savita Oil Technologies Ltd (SOTL):**

Volume vs Price Contribution to Growth

• **Supreme Petrochem Ltd (SPL):** The data explicitly mentions "fall in styrene monomer and polystyrene prices" and "Styrene monomer prices on a downward trend... putting downward pressure on margins." This strongly suggests that the recent revenue decline is a combination of both volume reduction (2.3% in H1-FY26) and significant price erosion. The larger percentage decrease in revenue compared to volume implies a substantial negative price contribution.
• **Savita Oil Technologies Ltd (SOTL):**

Organic vs Inorganic Growth Components

• **Supreme Petrochem Ltd (SPL):**
• **Savita Oil Technologies Ltd (SOTL):**

Geographic Expansion Opportunities and Progress

• **Supreme Petrochem Ltd (SPL):** Described as an "internationally reputed supplier," and participation in international exhibitions (K Show 2025 – Germany, Comptast, Sri Lanka) suggests ongoing efforts in global market penetration.
• **Savita Oil Technologies Ltd (SOTL):**

Product/Service Innovation Pipeline

• **Supreme Petrochem Ltd (SPL):**
• **Savita Oil Technologies Ltd (SOTL):**

Adjacent Market Opportunities

• **Supreme Petrochem Ltd (SPL):**
• **Savita Oil Technologies Ltd (SOTL):**

Customer Acquisition and Penetration Trends

• **Supreme Petrochem Ltd (SPL):** Not explicitly detailed, but the market leadership in Polystyrene and EPS suggests high penetration in traditional segments. The acquisition of Xmold Polymers is a strategic move to acquire customers in the automotive and appliance sectors.
• **Savita Oil Technologies Ltd (SOTL):**

F. RISK LANDSCAPE

The petrochemicals sector is inherently exposed to a range of risks, from macroeconomic fluctuations and commodity price volatility to regulatory changes and technological disruptions. The data provided highlights several specific risks impacting Supreme Petrochem Ltd (SPL) and, by extension, the broader industry segments they operate in. While Savita Oil Technologies Ltd (SOTL) does not explicitly list risks, its financial performance trends and strategic focus imply certain inherent exposures.

Industry-wide Systematic Risks

• **Commodity Price Volatility:** Both companies are dependent on raw materials derived from crude oil. SPL explicitly mentions "Styrene monomer prices on a downward trend (current US$ 800 PMT, down from US$ 940 PMT in end June 2025), putting downward pressure on margins." This is a fundamental risk for the entire petrochemicals sector, where raw material costs can fluctuate significantly, impacting profitability. SOTL's declining EBITDA per KL/MT until FY25 also suggests exposure to raw material price pressures.
• **Economic Sensitivity & Cyclicality:** The demand for petrochemical products is closely tied to industrial activity, consumer spending, and infrastructure development.
• **Geopolitical and Trade Risks:** "Changed trade flows due to tariffs imposed by USA" is a direct risk mentioned by SPL, highlighting the impact of international trade policies and geopolitical tensions on the global petrochemical supply chain and market access.

Cyclicality and Economic Sensitivity

• **SPL:** The significant revenue and profit decline in H1-FY26 (revenue down 19.2% YoY, PAT down 39.2% YoY) demonstrates high sensitivity to economic downturns and specific market conditions. The "destocking by processors" indicates a cyclical inventory management behavior in response to market uncertainty and falling prices.
• **SOTL:** While SOTL has shown more consistent revenue growth, its declining margin profile from FY21 to FY25 suggests that it is not entirely immune to cyclical pressures or shifts in market dynamics, even if its specialty product focus provides some resilience.

Regulatory and Policy Risks by Geography

• **SPL:** "Advance notification of GST rate reductions on durable goods resulting in deferred purchases" highlights the impact of domestic tax policy changes on consumer demand, which indirectly affects the demand for polymers used in durable goods.
• **SOTL:** The development of products meeting specific emission norms (API CK-4, TREM Stage-IV, CEV-IV) and the launch of DEF (mandated for BS VI vehicles) indicate that SOTL actively adapts to and benefits from evolving environmental regulations. However, changes in these regulations could also pose risks if the company cannot adapt quickly. The focus on "Bio-degradable and Oleochemical solutions" is a proactive response to potential future environmental regulations.

Technology Disruption Threats

• **SPL:** While not explicitly mentioned, the polymer industry faces ongoing innovation in materials science. The push for recycling is partly a response to environmental concerns that could otherwise lead to substitution by alternative, more sustainable materials.
• **SOTL:** SOTL is actively leveraging technology (e.g., synthetic esters for EV cooling, immersion cooling for data centers) to drive growth. However, rapid advancements in these nascent fields could also introduce new competitors or render existing solutions obsolete if the company fails to keep pace. The long-standing R&D focus is a key mitigant.

ESG and Sustainability Challenges

• **SPL:** The company is actively addressing ESG concerns through "Zero liquid discharge" at both plants, meeting "50% of power consumed... from renewable sources," and promoting "Re-cycling of Post-Consumer Expandable Polystyrene." Failure to meet evolving sustainability expectations or manage waste effectively could pose reputational and regulatory risks.
• **SOTL:** SOTL has a strong focus on sustainability with 53 MW of installed renewable capacity and development of bio-degradable and oleochemical solutions. However, as a petroleum-based products company, it faces inherent challenges related to fossil fuel dependency and environmental impact, requiring continuous innovation in green products and processes.

Supply Chain Vulnerabilities

• **SPL:** Dependence on global styrene monomer markets exposes SPL to potential supply disruptions or price spikes. The "changed trade flows due to tariffs" also highlights vulnerability to international trade policies affecting raw material sourcing or product distribution.
• **SOTL:** While not detailed, a global distribution network across 75+ countries implies exposure to international logistics challenges, geopolitical instability in export markets, and potential trade barriers.

Competitive Threats (New Entrants, Substitutes)

• **SPL:** Despite market leadership, the presence of other players in styrenics means ongoing competitive pressure. The entry into ABS will pit SPL against established players.
• **SOTL:** The lubricant market is competitive, as evidenced by SOTL's efforts to grow its SAVSOL brand. While SOTL has unique products, the broader market for specialty oils and lubricants could see new entrants or intensified competition from existing players.

Customer Concentration Risks

• **SPL:** The acquisition of Xmold Polymers, a Tier II supplier to automobile and appliance manufacturers, suggests a diversification of customer base within engineering polymers. However, for its core commodity products, the customer base might be fragmented, or there could be reliance on a few large processors.
• **SOTL:** While SOTL has "trusted partner for leading automotive OEMs (some associations over two decades)," this also implies a degree of reliance on these key customers. Diversification across multiple segments (transformer, industrial, auto, non-auto) and an extensive distribution network mitigate this risk.

G. CAPITAL ALLOCATION & INVESTOR RETURNS

Both Supreme Petrochem Ltd (SPL) and Savita Oil Technologies Ltd (SOTL) demonstrate prudent capital allocation strategies, characterized by strong internal accruals, debt-free balance sheets, and a commitment to shareholder returns.

Capex Trends and Requirements (Growth vs Maintenance)

• **Supreme Petrochem Ltd (SPL):**
• **Savita Oil Technologies Ltd (SOTL):**

• **Comparison:** Both companies are actively investing in growth-oriented capex to expand capacity and diversify their product portfolios. Their ability to fund these substantial investments entirely through internal cash generation, without external debt, is a testament to their financial strength and efficient capital management.

R&D Investment Levels as % of Revenue

• **Supreme Petrochem Ltd (SPL):** While SPL mentions being "India's first and only plant of Extruded Polystyrene Insulation Foam Board (XPS)" and commissioning a "state-of-art Styrenics complex," specific R&D expenditure as a percentage of revenue is not provided. However, such pioneering efforts imply significant investment in R&D and technology.
• **Savita Oil Technologies Ltd (SOTL):** SOTL has a "First R&D Centre in private sector oil industry (1976)" and a "NABL Certified R&D Laboratory." Its extensive list of product innovations (bioTransol, synthetic esters, advanced engine oils, bio-degradable solutions) clearly indicates a substantial and ongoing investment in R&D. While a specific percentage of revenue is not given, the depth and breadth of its innovation pipeline suggest a significant allocation to R&D.

• **Comparison:** SOTL appears to have a more explicit and long-standing commitment to R&D, which is a core part of its differentiation strategy, especially for high-performance and future-oriented fluids. SPL's R&D is more implied through its pioneering products and state-of-the-art facilities.

Dividend Policies and Payout Ratios

• **Supreme Petrochem Ltd (SPL):**
• **Savita Oil Technologies Ltd (SOTL):**

• **Comparison:** Both companies reward shareholders through dividends. SOTL has a longer and more consistent track record of dividend payments, indicating a stable and predictable return to investors.

Share Buyback Programs

• **Supreme Petrochem Ltd (SPL):** No share buyback programs are mentioned in the provided data.
• **Savita Oil Technologies Ltd (SOTL):**

• **Comparison:** SOTL actively uses share buybacks as a tool for capital allocation and shareholder value creation, in addition to dividends. SPL's focus appears to be on dividends and internal investments.

M&A Activity and Strategy

• **Supreme Petrochem Ltd (SPL):**
• **Savita Oil Technologies Ltd (SOTL):**

• **Comparison:** Both companies recognize the role of M&A in their growth strategies. SPL has already executed an acquisition for vertical integration, while SOTL has articulated it as a strategic priority for value-added product expansion.

Cash Generation and Free Cash Flow Profiles

• **Supreme Petrochem Ltd (SPL):**
• **Savita Oil Technologies Ltd (SOTL):**

• **Comparison:** Both companies exhibit excellent cash generation and free cash flow profiles, which is a hallmark of financially healthy and well-managed businesses in capital-intensive sectors. This financial strength provides resilience and flexibility for future growth and shareholder returns.

Capital Efficiency Improvements

• **Supreme Petrochem Ltd (SPL):** The declining ROCE and ROE from FY23 to FY25 suggest a decrease in capital efficiency. However, the strategic investments in ABS and Xmold Polymers are aimed at improving future profitability and, by extension, capital efficiency.
• **Savita Oil Technologies Ltd (SOTL):** The consistent decline in ROCE and ROE from FY21 to FY25 indicates a challenge in maintaining capital efficiency. The strategic focus on "Optimum Business Mix" and "Premium & Mid-Premium Offerings" is likely aimed at improving profitability per unit of capital employed, and the recent margin recovery in H1-FY26 could be an early sign of improved capital efficiency.

• **Comparison:** Both companies have seen a decline in capital efficiency metrics in recent years. This is a common challenge in capital-intensive industries during periods of market volatility or increased investment. Their current strategic initiatives are geared towards reversing this trend by focusing on higher-value products and efficient operations.

H. FUTURE OUTLOOK & PROJECTIONS

The future outlook for the petrochemicals sector, as gleaned from the two companies, presents a mixed picture. While Supreme Petrochem Ltd faces immediate challenges, its strategic investments point to future growth. Savita Oil Technologies Ltd, on the other hand, articulates a clear and optimistic vision driven by innovation in high-growth segments.

Industry Growth Projections (with timeframes)

• **Styrenics (SPL):** No explicit industry-wide growth projections are provided for the styrenics segment. However, the commissioning of a mass ABS plant and the unique position in XPS suggest that SPL anticipates growth in these specific, higher-value segments, likely driven by demand from automotive, appliances, and construction sectors.
• **Petroleum Specialty Products & Lubricants (SOTL):**

• **Overall:** SOTL's outlook is more granular and positive, identifying specific high-growth niches within its broader market. The petrochemicals sector, particularly specialty chemicals and advanced materials, is poised for growth driven by technological advancements and evolving end-user demands, despite cyclical challenges in commodity segments.

Management Guidance Across Companies

• **Supreme Petrochem Ltd (SPL):** No explicit forward-looking guidance or outlook beyond the current period's performance and ongoing initiatives. The management's actions (ABS plant, Xmold acquisition) implicitly signal a strategic direction towards higher-value products and market diversification.
• **Savita Oil Technologies Ltd (SOTL):** Mr. Gautam N. Mehra, Chairman and Managing Director, provides clear and optimistic guidance:

• **Comparison:** SOTL's management provides a much more detailed and confident outlook, highlighting specific product-led growth avenues and market opportunities. SPL's management, while not providing explicit guidance, is taking concrete steps to position the company for future growth.

Emerging Opportunities and Whitespace

• **SPL:**
• **SOTL:**

Transformation Themes and Inflection Points

• **SPL:** The shift towards higher-value styrenics like ABS and XPS, coupled with vertical integration through acquisitions, represents a transformation from a purely commodity player to a more diversified specialty polymer provider. The emphasis on recycling is also a key transformation theme.
• **SOTL:** The aggressive push into synthetic ester-based fluids for EVs, data centers, and energy storage systems marks a significant inflection point, transforming SOTL from a traditional specialty oil and lubricant company into a provider of advanced, high-performance, and sustainable fluids for future technologies. The relaunch of SAVSOL with Ester5 also signifies a brand and product portfolio transformation.

Long-term Structural Trends (5-10 year view)

• **Sustainability & Circular Economy:** Both companies are aligning with this trend. SPL's recycling initiatives and renewable energy use, and SOTL's bio-degradable solutions and extensive renewable energy investments, position them for long-term relevance in a world increasingly focused on environmental responsibility.
• **Electrification & Digitalization:** SOTL is directly benefiting from the electrification of transport (EV cooling) and the digitalization trend (immersion cooling for data centers). These are multi-decade structural growth drivers.
• **Infrastructure Development & Urbanization:** SPL's XPS for building insulation and SOTL's transformer oils and industrial lubricants are direct beneficiaries of India's ongoing infrastructure boom and urbanization.
• **Premiumization & Specialization:** Both companies are moving towards higher-value, specialized products (SPL's ABS/XPS, SOTL's synthetic esters) to counter commodity price volatility and capture better margins.

Potential Disruptions on the Horizon

• **SPL:** Rapid advancements in alternative materials or new recycling technologies could disrupt traditional polymer markets. Stricter environmental regulations on plastics could also pose challenges.
• **SOTL:** While SOTL is innovating in EV cooling, the EV battery and cooling technology is evolving rapidly. New cooling methods or battery chemistries could emerge, requiring continuous R&D adaptation. Disruptions in base oil supply chains or the emergence of entirely new lubricant technologies could also be factors.

Expected Margin Evolution

• **SPL:** Given the current headwinds (falling styrene monomer prices, destocking), margins are under pressure. However, the strategic shift towards higher-value ABS and XPS, coupled with cost efficiencies from renewable energy, could lead to margin recovery and expansion in the medium to long term, once market conditions stabilize and new capacities are fully utilized.
• **SOTL:** After a period of declining margins until FY25, SOTL is showing a recovery in H1-FY26. The strong focus on premium, high-performance, and innovative products (Savsol Ester5, EV/data center fluids) is expected to drive margin expansion. The management's confidence in these new segments suggests a positive outlook for margin evolution.

I. COMPANY-BY-COMPANY PROFILES

This section provides a detailed profile for Supreme Petrochem Ltd (SPL) and Savita Oil Technologies Ltd (SOTL), synthesizing all extracted information into a comprehensive overview of each company.

Supreme Petrochem Ltd (SPL)

**Company Name:** Supreme Petrochem Ltd (SPL) **Brief Description:** Supreme Petrochem Ltd is India's leading producer of Polystyrene and Expanded Polystyrene, and a significant player in other styrenics like ABS and XPS. It operates an international scale state-of-the-art Styrenics complex and is focused on expanding its product portfolio and promoting sustainable practices.

**Scale Metrics:** * **Revenue (FY25):** INR 60,234 Mn * **Total Styrenics Capacity (Amdoshi):** 512,000 TPA * Polystyrene (GPPS and HIPS): 3,00,000 MTPA * ABS: 70,000 MTPA (commissioned end September 2025) * EPS: 1,10,000 MTPA * Masterbatches/Compounds: 33,500 MTPA * XPS: 72,000 M3 * **Market Share:** Exceeding 50% in Polystyrene and Expanded Polystyrene. India's first and only plant for Extruded Polystyrene Insulation Foam Board (XPS). * **Shares O/S (As on 30th September 2025):** 188.04 Mn * **Market Cap (As on 30th September 2025):** INR 1,56,516.21 Mn

**Financial Performance Summary:** * **Revenue Growth:** * FY23: INR 52,872 Mn * FY24: INR 52,533 Mn (-0.64% YoY) * FY25: INR 60,234 Mn (+14.66% YoY) * H1-FY26: INR 24,867 Mn (-19.2% YoY vs H1-FY25) * Q2-FY26: INR 11,002 Mn (-26.9% YoY vs Q2-FY25) * **Margins:** * Operating EBITDA Margins: FY23: 12.45%, FY24: 8.89%, FY25: 8.84%, H1-FY26: 7.73%, Q2-FY26: 7.05%. (Declining trend, especially in H1-FY26) * PAT Margins: FY23: 9.42%, FY24: 6.60%, FY25: 6.48%, H1-FY26: 5.19%, Q2-FY26: 4.38%. (Declining trend, especially in H1-FY26) * **Returns:** * ROCE: FY23: 27%, FY24: 17%, FY25: 18%. * ROE: FY23: 36%, FY24: 24%, FY25: 24%. * **Balance Sheet:** Debt-free with investable surplus of INR 522 crores (end of September 2025). Negative Net Debt to Equity (H1-FY26: -0.2). All capital expenditure met from internal cash accruals.

**Strategic Priorities and Focus Areas:** * **Product Portfolio Expansion:** Commissioning of mass ABS plant (70,000 TPA) to diversify into engineering polymers. * **Vertical Integration:** Acquisition of M/S Xmold Polymers Pvt Ltd to integrate downstream and serve automotive and appliance manufacturers. * **Sustainability:** Investing in renewable energy (12.5 MW solar power plant, rooftop solar contributing to 50% power reduction), zero liquid discharge, and promoting EPS recycling. * **Market Leadership:** Maintaining and strengthening its dominant position in Polystyrene and EPS.

**Competitive Advantages and Positioning:** * **Market Dominance:** Over 50% market share in core products. * **Pioneering Technology:** India's first and only XPS plant. * **Scale:** International scale manufacturing complex. * **Financial Strength:** Debt-free status, strong cash reserves, and self-funded capex. * **Sustainability:** Strong ESG credentials with renewable energy use and waste management. * **Strong Credit Ratings:** AA-/Positive (CRISIL, IND-Ra) for long-term, A1+ for short-term.

**Key Metrics and KPIs specific to the company:** * **Quantities Sold (MT):** FY25: 355,967 MT, H1-FY26: 170,826 MT. * **Operating EBITDA Margins:** 7.05% in Q2-FY26. * **Net Debt to Equity:** -0.2 (H1-FY26).

**Management Outlook and Guidance:** * No explicit forward-looking guidance. However, strategic initiatives like the ABS plant commissioning and Xmold acquisition indicate a focus on diversifying revenue streams and moving towards higher-value products to mitigate commodity price volatility and drive future growth.

**Recent Developments and Initiatives:** * Commissioned first line of mass ABS plant (70,000 TPA) in end September 2025. * Acquired M/S Xmold Polymers Pvt Ltd. * Setup 12.5 MW solar power plant in JV with Tata Renewable Energy Ltd. * Promoting "Re-cycling of Post-Consumer Expandable Polystyrene." * Participated in various exhibitions to showcase products and innovations.

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Savita Oil Technologies Ltd (SOTL)

**Company Name:** Savita Oil Technologies Ltd (SOTL) **Brief Description:** Savita Oil Technologies Ltd is a leading Indian manufacturer of petroleum specialty products and lubricants, with a strong focus on R&D, product innovation, and sustainability. It holds unique global positions in ester-based transformer oils and is rapidly expanding into advanced fluids for emerging technologies like EV cooling and data centers.

**Scale Metrics:** * **Revenue (FY25):** INR 3,860 Cr (Consolidated) * **Petroleum Products Volumes (FY25):** 4,40,136 KL/MT (Standalone) * **Manufacturing Plants:** 4 State-of-the-Art, ISO Certified Manufacturing Plants. * **Distribution Reach:** Domestic: 41 Stock points, 400 Distributors, 1,500 Franchisee Dealers, 20,000 Retailers. Global: Across 75+ countries. * **Shares O/S:** 68.58 Mn (calculated from Market Cap / CMP, not explicitly provided but derived from EPS and PAT) * **Market Cap:** Not explicitly provided, but EPS and PAT figures are given.

**Financial Performance Summary:** * **Revenue Growth (Consolidated):** * FY21: INR 1,944 Cr * FY22: INR 2,969 Cr (+52.7% YoY) * FY23: INR 3,653 Cr (+23.0% YoY) * FY24: INR 3,815 Cr (+4.4% YoY) * FY25: INR 3,869 Cr (+1.4% YoY) * H1-FY26: INR 2,103 Cr (+11% YoY) * Q2-FY26: INR 1,090 Cr (+17% YoY) * **Margins (Consolidated):** * EBITDA Margins: FY21: 17.1%, FY22: 13.1%, FY23: 9.8%, FY24: 8.5%, FY25: 5.4%, H1-FY26: 7.1%, Q2-FY26: 6.0%. (Declining trend until FY25, then recovery in H1-FY26) * PAT Margins: FY21: 11.5%, FY22: 8.8%, FY23: 6.2%, FY24: 5.3%, FY25: 2.9%, H1-FY26: 4.6%, Q2-FY26: 3.7%. (Declining trend until FY25, then recovery in H1-FY26) * **Returns (Standalone):** * ROCE: FY21: 29%, FY22: 29%, FY23: 23%, FY24: 19%, FY25: 12%. * ROE: FY21: 21%, FY22: 21%, FY23: 16%, FY24: 13%, FY25: 7%. * **Balance Sheet (Consolidated, Sep-25):** NIL borrowings. Cash, Cash Equivalents & Investments: ~Rs. 408 Crs. Total Equity: INR 1,730.1 Cr. * **Cash Flow (Consolidated, Sep-25):** Net Cash from Operating Activities: INR 92.6 Cr.

**Strategic Priorities and Focus Areas:** * **Product Innovation for Sustainability:** Expanding portfolio with environment-friendly products (bio-degradable, oleochemicals, synthetic esters). * **Value-Added Product Portfolio:** Adding higher value products in chemical sphere, including through M&A. * **Market Penetration:** Widening distribution network, accelerating industrial distribution. * **Capacity Expansion:** Continued investments in increasing manufacturing capacity. * **Brand Strengthening:** Relaunching SAVSOL with new Ester Molecule (SAVSOL Ester5) and brand ambassador. * **Optimum Business Mix:** Balancing Transformer, Industrial, Auto, and Non-Auto Segments.

**Competitive Advantages and Positioning:** * **Market Leadership:** Leading manufacturer in multiple petroleum specialty and lubricant segments in India. * **Global Uniqueness:** Only global manufacturer of mineral, natural, and synthetic ester-based transformer oils. * **R&D Prowess:** Long-standing (since 1976) and NABL Certified R&D Laboratory, driving continuous innovation. * **Strong Brand:** SAVSOL is among the fastest-growing lubricant brands in India. * **Extensive Reach:** Wide domestic and international distribution network. * **OEM Partnerships:** Trusted partner for leading automotive and industrial OEMs for over two decades. * **Financial Strength:** NIL borrowings, strong cash position, consistent dividend and buyback history. * **Future-Ready Portfolio:** Strong positioning in emerging high-growth areas like EV cooling and immersion cooling for data centers.

**Key Metrics and KPIs specific to the company:** * **Petroleum Products Volumes (KL/MT):** FY25: 4,40,136 KL/MT. * **EBITDA (Rs. Per KL/MT):** FY25: 3,691. * **EBITDA Margins:** 6.0% in Q2-FY26. * **Exports Contribution:** 18% of FY25 revenue. * **SAVSOL Ester5 Growth Rate:** 5X of the industry growth rate.

**Management Outlook and Guidance:** * Optimistic outlook driven by product innovation and market expansion. * Savsol Ester5 range growing at 5X industry rate, expected to continue robust double-digit growth. * Massive demand for Energy Storage System in India, with advanced fluids to be launched soon. * Healthy inquiries and ramping up volumes for new immersion cooling fluids for Electric Vehicle applications. * Strong potential to add significant volumes to Synthetic Ester-based fluids portfolio. * Continued focus on brand strengthening and expanding distribution for new technology.

**Recent Developments and Initiatives:** * Commercialized Synthetic Ester Plant in August 2023. * Commissioned new Synthetic Ester Fluid plant in Q2FY24. * Relaunched SAVSOL with new Ester Molecule (SAVSOL Ester5) and introduced Sidharth Malhotra as Brand Ambassador. * Developing Bio-degradable and Oleochemical solutions. * Investing in renewable energy (53 MW installed capacity). * Supported CSR activities through Bhaktivedanta Hospital & Research Institute and Akshaya Patra Foundation.

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J. TABLES

Supreme Petrochem Ltd (SPL) - Financial Highlights

**Q2-FY26 Standalone Financial Highlights:**

| Metric | Value (INR Mn) | Margin (%) | | :---------------------- | :------------- | :--------- | | Operating Income | 11,002 | | | Operating EBITDA | 776 | 7.05% | | Total EBITDA | 864 | 7.85% | | Net Profit | 482 | 4.38% | | Diluted EPS | 2.57 | |

**H1-FY26 Standalone Financial Highlights:**

| Metric | Value (INR Mn) | Margin (%) | | :---------------------- | :------------- | :--------- | | Operating Income | 24,867 | | | Operating EBITDA | 1,923 | 7.73% | | Total EBITDA | 2,162 | 8.69% | | Net Profit | 1,291 | 5.19% | | Diluted EPS | 6.87 | |

**Q2-FY26 vs Q2-FY25 (Y-o-Y) Standalone Financials:**

| Metric | Q2-FY26 (INR Mn) | Q2-FY25 (INR Mn) | Change (%) | Bps Change | | :------------------------------------ | :--------------- | :--------------- | :--------- | :--------- | | Revenue from Operations | 11,002 | 15,056 | (26.9)% | | | Total Expenses | 10,226 | 13,803 | (25.9)% | | | Operating EBITDA | 776 | 1,252 | (38.0)% | | | Operating EBITDA Margins (%) | 7.05% | 8.32% | | (127) | | Other Income | 88 | 166 | (47.0)% | | | Total EBITDA\* | 864 | 1,418 | (39.1)% | | | Total EBITDA Margins (%) | 7.85% | 9.42% | | (157) | | Depreciation and Amortization expenses | 184 | 170 | 8.2% | | | Finance costs | 29 | 28 | 3.6% | | | PBT | 651 | 1,220 | (46.6)% | | | Tax | 169 | 317 | (46.7)% | | | PAT | 482 | 903 | (46.6)% | | | PAT Margins (%) | 4.38% | 6.00% | | (162) | | Other Comprehensive Income | 4 | 6 | (33.3)% | | | Total Comprehensive Income | 486 | 909 | (46.5)% | | | Diluted EPS (INR) | 2.57 | 4.80 | (46.7)% | |

**H1-FY26 vs H1-FY25 (Y-o-Y) Standalone Financials:**

| Metric | H1-FY26 (INR Mn) | H1-FY25 (INR Mn) | Change (%) | Bps Change | | :------------------------------------ | :--------------- | :--------------- | :--------- | :--------- | | Revenue from Operations | 24,867 | 30,791 | (19.2)% | | | Total Expenses | 22,944 | 27,927 | (17.8)% | | | Operating EBITDA | 1,923 | 2,864 | (32.9)% | | | Operating EBITDA Margins (%) | 7.73% | 9.30% | | (157) | | Other Income | 239 | 394 | (39.3)% | | | Total EBITDA\* | 2,162 | 3,258 | (33.6)% | | | Total EBITDA Margins (%) | 8.69% | 10.58% | | (189) | | Depreciation and Amortization expenses | 366 | 334 | 9.6% | | | Finance costs | 59 | 60 | (1.7)% | | | PBT | 1,737 | 2,864 | (39.4)% | | | Tax | 446 | 741 | (39.8)% | | | PAT | 1,291 | 2,123 | (39.2)% | | | PAT Margins (%) | 5.19% | 6.89% | | (170) | | Other Comprehensive Income | 5 | 1 | NA | | | Total Comprehensive Income | 1,296 | 2,124 | (39.0)% | | | Diluted EPS (INR) | 6.87 | 11.29 | (39.1)% | |

**Historical Standalone Income Statement (FY23-H1FY26):**

| Metric | FY23 (INR Mn) | FY24 (INR Mn) | FY25 (INR Mn) | H1-FY26 (INR Mn) | | :---------------------- | :------------ | :------------ | :------------ | :--------------- | | Revenue | 52,872 | 52,533 | 60,234 | 24,867 | | Operating EBITDA | 6,582 | 4,668 | 5,325 | 1,923 | | Operating EBITDA Margins | 12.45% | 8.89% | 8.84% | 7.73% | | Total EBITDA\* | 7,171 | 5,349 | 6,057 | 2,162 | | Total EBITDA Margins | 13.56% | 10.18% | 10.06% | 8.69% | | PBT | 6,669 | 4,682 | 5,254 | 1,737 | | PAT | 4,981 | 3,465 | 3,905 | 1,291 | | PAT Margins | 9.42% | 6.60% | 6.48% | 5.19% | | Diluted EPS | 26.49 | 18.43 | 20.77 | 6.87 |

**Key Standalone Financial Highlights (FY23-H1FY26):**

| Metric | FY23 | FY24 | FY25 | H1-FY26 | | :---------------------- | :------ | :------ | :------ | :------ | | ROCE (%) | 27% | 17% | 18% | | | ROE (%) | 36% | 24% | 24% | | | Net Debt to Equity (x) | -0.49 | -0.55 | -0.4 | -0.2 |

**Balance Sheet (H1-FY26):**

| Category | Value (INR Mn) | | :---------------------- | :------------- | | Total Equity | 22,199 | | Share Capital | 376 | | Other Equity | 21,823 | | Non-Current Liabilities | 1,698 | | Current Liabilities | 8,926 | | Total Liabilities | 10,624 | | Total Assets | 32,823 | | Non-Current Assets | 15,813 | | Current Assets | 17,010 |

**Quantities Sold (MT):**

| Period | Volume (MT) | | :------ | :---------- | | Q2-FY25 | 81,566 | | Q2-FY26 | 76,962 | | H1-FY25 | 174,813 | | H1-FY26 | 170,826 | | FY23 | 286,000 | | FY24 | 325,235 | | FY25 | 355,967 |

Savita Oil Technologies Ltd (SOTL) - Financial Highlights

**Q2 FY26 Consolidated Performance:**

| Metric | Value (INR Cr) | Change YoY | Margin (%) | | :------------------- | :------------- | :--------- | :--------- | | Revenue | 1,090 | +17% | | | EBITDA | 66 | +9% | 6.0% | | PBT | 55 | +20% | | | Profit After Tax | 40.6 | +30.5% | 3.7% | | EPS | 5.92 | | |

**H1 FY26 Consolidated Performance:**

| Metric | Value (INR Cr) | Change YoY | Margin (%) | | :------------------- | :------------- | :--------- | :--------- | | Revenue | 2,103 | +11% | | | EBITDA | 150 | +21% | 7.1% | | PBT | 128 | +31% | | | Profit After Tax | 96.5 | +36.1% | 4.6% | | EPS | 14.08 | | |

**FY25 Robust Financials (Consolidated):**

| Metric | Value (INR Cr) | Margin (%) | | :--------------- | :------------- | :--------- | | Revenues | 3,860 | | | EBITDA | 208 | 5.4% | | PAT | 113 | 2.9% | | EBITDA per KL/MT | Rs. 3,691 | | | Dividend per share | Rs. 4 | |

**Consolidated Balance Sheet (Sep-25):**

| Category | Value (INR Cr) | | :---------------------- | :------------- | | Total Assets | 2,574.5 | | Non-Current Assets | 627.2 | | Current Assets | 1,947.3 | | Total Equity | 1,730.1 | | Non-Current Liabilities | 25.9 | | Current Liabilities | 818.5 | | NIL borrowings | | | Cash, Cash Equivalents & Investments | ~408 (excluding Savita Greentec Ltd) |

**Consolidated Cash Flow Statement (Sep-25):**

| Activity | Value (INR Cr) | | :----------------------------- | :------------- | | Net Cash from Operating | 92.6 | | Net Cash from Investing | -50.7 | | Net Cash from Financing | -37.1 | | Cash & Cash equivalents at end | 74.6 |

**Standalone Historical Financial Highlights:**

| Metric | FY21 (INR Cr) | FY22 (INR Cr) | FY23 (INR Cr) | FY24 (INR Cr) | FY25 (INR Cr) | | :----------- | :------------ | :------------ | :------------ | :------------ | :------------ | | Revenue\* | 1,944 | 2,969 | 3,653 | 3,815 | 3,869 | | EBITDA | 332 | 389 | 359 | 328 | 217 | | EBITDA (%) | 17.1% | 13.1% | 9.8% | 8.5% | 5.6% | | PAT | 224 | 260 | 226 | 204 | 124 | | PAT (%) | 11.5% | 8.8% | 6.2% | 5.3% | 3.2% | | ROE (%) | 21% | 21% | 16% | 13% | 7% | | ROCE (%) | 29% | 29% | 23% | 19% | 12% |

**Petroleum Products Revenue (Rs. In Crs, Standalone):**

| Year | Total Revenue | Petroleum Specialty | Lubricating Oils | | :--- | :------------ | :------------------ | :--------------- | | FY21 | 1,869 | 1,376 | 494 | | FY22 | 2,881 | 2,225 | 656 | | FY23 | 3,561 | 2,694 | 867 | | FY24 | 3,676 | 2,743 | 933 | | FY25 | 3,756 | 2,694 | 1,062 |

**Petroleum Products Volumes (KL/MT, Standalone):**

| Year | Volume (KL/MT) | | :--- | :------------- | | FY21 | 3,18,971 | | FY22 | 3,90,744 | | FY23 | 3,86,946 | | FY24 | 4,18,404 | | FY25 | 4,40,136 |

**Realization (Rs. Per KL/MT, Standalone):**

| Year | Realization (Rs./KL/MT) | | :--- | :---------------------- | | FY21 | 58,605 | | FY22 | 73,728 | | FY23 | 92,049 | | FY24 | 87,849 | | FY25 | 85,339 |

**EBITDA (Rs. Per KL/MT, Standalone):**

| Year | EBITDA (Rs./KL/MT) | | :--- | :----------------- | | FY21 | 9,598 | | FY22 | 9,137 | | FY23 | 8,380 | | FY24 | 5,954 | | FY25 | 3,691 |

**Consistent Record of Dividends Since Listing in 1994:**

| Year | Dividend per share (Rs.) | Payout (%) | | :--- | :----------------------- | :--------- | | FY15 | 0.5 | 25% | | FY16 | 1.0 | 50% | | FY17 | 2.7 | 135% | | FY18 | 0.5 | 25% | | FY19 | 0.5 | 25% | | FY20 | 4.0 | 200% | | FY21 | 3.0 | 150% | | FY22 | 5.0 | 250% | | FY23 | 4.0 | 200% | | FY24 | 4.0 | 200% | | FY25 | 4.0 | 200% |

**Buyback of Shares:**

| Year | Shares Bought Back | Value (INR Cr) | | :--- | :----------------- | :------------- | | FY18 | 14,00,000 | 44.94 | | FY20 | 12,55,000 | 40.28 | | FY21 | 12,55,000 | 35.10 | | FY25 | 5,40,000 | 36.45 |

**FY25 Revenue Breakup:**

| Category | Contribution | | :------- | :----------- | | Domestic | 82% | | Exports | 18% |

**FY25 Sales Contribution by Product:**

| Product | Contribution | | :---------------------- | :----------- | | Petroleum Specialty Oils | 71% | | Lubricating Oils | 28% | | Others | 1% |