Styrenix Performance Materials Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Styrenix Performance Materials Ltd trades at ₹2,113, in a confirmed uptrend and 10 weeks into that stage. That is −5.1% against its own 200-day average. It sits at 42% of a 52-week range of ₹1,825 to ₹2,503. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (6 weeks and counting).

Today the stock is in a confirmed uptrend — week 10 of stage 2. At ₹2,113 it trades −5.1% versus its 200-day average and sits at 42% of its 52-week range (₹1,825–₹2,503).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +280% while the NIFTY 500 moved +267% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (6 weeks and counting; last ahead the week of 2026-07-31) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Styrenix Performance Materials Ltd trades at 13.6× P/E, about the cheapest it has ever traded. Its long-run median P/E is 66.8×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 13.6× is about the cheapest it has ever traded, against a long-run median of 66.8× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved −21.8% against a −18.6% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +8.9%/yr price move, ~+70.7%/yr came from earnings growth and ~−61.8 pp from the multiple (compressing); over 10y, of the +14.0%/yr price move, ~+30.7%/yr came from earnings growth and ~−16.7 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Styrenix Performance Materials Ltd reads as mixed on its fundamental arc. Mixed — the growth curves are steadily positive, but ROCE at 14.0% is below the 15% bar this page requires to call it Consistent. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

4-Factor Sector Score

51.9/100 — rank 5 of 7 in Petrochem - Polymers · 94% evidence confidence

Styrenix Performance Materials Ltd scores 51.9 out of 100 against the 7 companies it is compared with in Petrochem - Polymers, ranking 5. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 19.1 + 13.7 + 13.9 + 5.2 = 51.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Styrenix Performance Materials Ltd reported ₹1,011 Cr of revenue in the Jun 26 quarter, +7.1% year on year. Over 11 years it has compounded at 5.0% a year. The last full year, FY26, came in at ₹3,438 Cr. The last four reported quarters add to ₹3,505 Cr.

FY26 revenue came in at ₹3,438 Cr (+15.3% on the year), capping 11 years at 5.0% compound. The latest quarter (Jun 26) printed ₹1,011 Cr, +7.1% year on year.

Pace check: the last four quarters averaged +10.8% growth against the decade's 5.0% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +8.6% over the last 4 quarters against +21.4%/yr over the last 8 — rolling over; TTM profit +20.9% vs +16.3%/yr — accelerating.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Styrenix Performance Materials Ltd's operating margin is 22.0% in the Jun 26 quarter, +12.0 percentage points against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 4.0% to 12.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 22.0%, +12.0 pp against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 4.0%–12.0%.

Why the margin moved: operating margin went +11.6 pp year on year while gross margin went +9.8 pp — the gain came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Styrenix Performance Materials Ltd earned ₹138 Cr of net profit in the Jun 26 quarter, +165.4% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹183 Cr. The 11-year compound rate is 22.9%. That is 13.6% of the quarter's revenue. The same quarter a year earlier earned ₹52.0 Cr.

Jun 26 profit was ₹138 Cr, +165.4% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹183 Cr (−21.8%), and the 11-year compound rate is 22.9%.

Why profit moved: revenue contributed +7.1% and the margin +12.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +23.9% vs revenue +10.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 77% of Styrenix Performance Materials Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹183 Cr of operating cash against ₹183 Cr of profit. After ₹238 Cr of capital spending, ₹−55.0 Cr was left as free cash.

FY26: operating cash of ₹183 Cr against reported profit of ₹183 Cr, leaving free cash of ₹−55.0 Cr after ₹238 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 77% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 77%: the cash cycle stretched 52 days between FY15 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: conversion is below par and the cash cycle has stretched 52 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Styrenix Performance Materials Ltd's cash conversion cycle runs 81 days in FY26, up from 29 days in FY15. Capital spending ran ₹913 Cr over the last 2 years. At FY26 sales of ₹3,438 Cr each day of that cycle holds about ₹9.4 Cr, so roughly ₹763 Cr sits inside the business at any moment.

FY26: debtors at 46 days, inventory at 98 days — roughly 3.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 81 days, looser than FY15's 29.

The full loop: cash goes out to suppliers and production on day 0; stock waits 98 days to sell; customers pay about 46 days after that; and suppliers themselves are paid at 62 days — netting out to the 81-day cycle.

In money terms: at FY26 sales of ₹3,438 Cr, each day of the cycle holds about ₹9.4 Cr — so the 81-day loop keeps roughly ₹763 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹913 Cr over the last 2 fiscal years against ₹169 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹105 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Styrenix Performance Materials Ltd earns a ROCE of 14% in FY26. Return on invested capital clears the cost of that capital by +3.6 percentage points, so growth here adds value rather than only size. The wiring behind it is 5.3% net margin on 1.38× asset turns.

FY26 ROCE is 14%.

Why the return is what it is — the wiring (FY26): 5.3% net margin × 1.38× asset turns × 1.82× balance-sheet leverage ≈ 13.3% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 15.6% − 12.0% = a +3.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Styrenix Performance Materials Ltd carries total debt of ₹548 Cr against shareholder equity of ₹1,366 Cr as of Mar 26, a debt-to-equity of 0.40. On the annual view that ratio went from 0.06 in FY22 to 0.40 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹548 Cr against shareholder equity of ₹1,366 Cr — a debt-to-equity of 0.40. On the annual view, debt-to-equity went from 0.06 (FY22) to 0.40 (FY26). Read the returns on this page with that leverage in mind.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 6.8 points of Styrenix Performance Materials Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 17.4% of the company. Foreign institutions moved −4.1 points over the same window, to 0.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +6.8 points over 8 quarters to 17.4%; Foreign institutions: −4.1 points over 8 quarters to 0.9%; Promoters: +0.0 points over 8 quarters to 46.2%.

Why the register moved: rotation — foreign institutions −4.1 points against domestic institutions +6.8 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Styrenix Performance Materials Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions