Epigral Limited
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Briefing
Epigral Limited — the brief
Forensic posture: Routine flags. The auditor's unqualified opinion and forensic disclosures reveal a company with clean governance and solid financial footing, but with ₹85.58 crore in disputed tax demands, ₹185.25 crore in related-party sales to KMP-linked entities (7.4% of revenue), and ₹315.34 crore in total contingent liabilities (14.2% of net worth) that warrant monitoring.
Auditor’s report (CARO 2020)
Auditor’s assessment Material flags. Auditor: S R B C & CO LLP. Opinion: Unqualified. Fiscal year FY25-26. 0 critical, 1 material, 0 minor flags.
- Disputed statutory dues pending: The company has disputed statutory dues totalling ₹85.58 crore pending in various tax forums, which is immaterial relative to total compliance but should be monitored for resolution.
Related-party transactions
Assessment Notable. Disclosed volume of ₹247 Cr across 34 related parties. Fiscal year FY25-26.
- Large concentrated sales to KMP-influenced entities: Sales to entities in which KMPs and relatives have significant influence totalled approximately ₹186 Cr in FY26, with Meghmani Organics Limited alone accounting for ₹121.62 Cr (roughly 4.9% of total revenue), representing material revenue c
- Material trade receivables outstanding from KMP entities: Total trade receivables from KMP-influenced entities stood at ₹44.60 Cr as at March 31, 2026 (approximately 10.7% of total trade receivables of ₹416.53 Cr), with Meghmani Organics Limited alone representing ₹28.95 Cr; these are unsecured an
- 25-year power purchase tied to promoter-linked entity: The Company entered into an Energy Supply Agreement with Pro-Zeal Green Power Ten Pvt Ltd (a company promoted by 'Prozeal Green Power Private Limited' identified as 'Promoter' in the AR) committing to purchase minimum 51% of power generated
Contingent liabilities
Assessment Notable. Total disclosed: ₹315 Cr (14.2% of net worth). Fiscal year FY25-26.
- GST demand on reverse charge mechanism for ECB and imported services FY 2018-19 to 2024-25 (new in FY26; FY25: Nil)
- Litigation for alleged non-fulfilment of contractual obligations by counter party (FY26: ₹44.22 Cr vs FY25: ₹44.22 Cr)
- Outstanding export obligation under EPCG scheme to be fulfilled by February 2032 (FY26: ₹176.07 Cr vs FY25: ₹25.02 Cr)
Corporate governance
Board of 10 directors, 80% independent. Chair: Maulik Patel. Chair and CEO roles are combined. Statutory auditor: S R B C & CO LLP. Board remuneration: 4.1% of net profit. Fiscal year FY25-26.
“Sale of Goods to MOL - - 121.62 118.17 - - 121.62 118.17”
What retail misses·The ₹85.58 crore in disputed tax demands and the new ₹17.34 crore GST reverse-charge exposure are buried in the contingent liabilities footnote and CARO remarks — they don't appear in headline earnings but could swing outcomes if appeals fail.
Strengths noted in disclosures: Unqualified auditor opinion from S R B C & CO LLP with no high-severity flags — routine governance noise only. · Bankruptcy risk measured as low (Altman Z-score 4.20, well into safe zone) and profit quality measured as good (composite score 70) — cash flow aligns with reported earnings. · No high-severity related-party flags; KMP remuneration payables have declined sharply year-on-year (₹7.39 crore vs ₹15.03 crore for CMD; ₹3.72 crore vs ₹7.53 crore for ED).
Forensic signal
From the company's own filingsStrong: Valuation · Weak: Momentum · 52-Week · Yield