According to IBEF, Indian chemical society is anticipated to grow to $300 billion by 2025 and $1 trillion by 2040. Epigral Limited (NSE: EPIGRAL), formerly Meghmani Finechem Ltd, plays one of the leading roles in the Indian chemical industry. The company recently commissioned an additional 45,000 TPA (Tonnes Per Annum) capacity of CPVC (Chlorinated Polyvinyl Chloride) resin plant at its Dahej facility in Gujarat. Epigral is also set to venture into CPVC compound production with an under-process project with a capacity of 35,000 TPA. CEO Insights is pleased to interview Maulik Patel, Chairman & Managing Director, Epigral Limited, at this interesting juncture. Maulik is an excellent leader with stellar academic qualifications and nearly two decades of experience in the chemical industry.
In conversation with Maulik Patel, Chairman & Managing Director, Epigral Limited
You have close to two decades of professional experience. What is your mantra for solving challenges?
Challenges are always opportunities for growth, and showcasing our resilience toward the ultimate purpose is the reason for success. I follow two guiding philosophies against the challenges in my professional journey: accepting challenges and committing to the art of constant learning.
Throughout my career, I have been mindful of avoiding being disheartened by roadblocks. We all strive to find innovative solutions and implement suitable systems and processes to ensure the smooth functioning of our business. One of the transformative methodologies that we focus on is revisiting past decisions and trying to reevaluate our existing strategies to grow upwards. By reframing challenges as opportunities, we unlock our creative potential. We ask ourselves: How can we turn this obstacle into an advantage? What can we learn from it?
According to me, learning is a continuous process. Back in 2006, when I started my professional journey, I would go on plant visits, sit with managers—and watch, observe and learn. Since then, I have had multiple opportunities to learn valuable lessons not only from our existing workforce but also from global and local competitors. Their success and failures also continue to teach us valuable lessons. We are always curious to observe the best practices followed within the sector and strategies that yield positive results. We then try to incorporate relevant learnings that best suit our business, and this cross-pollination of ideas is what keeps us agile. I consider it imperative to absorb wisdom, adapt it according to our needs and create our own unique path. My father’s wisdom, which is embedded in my mind, is that our customers and competitors are the gurus of any business. The customers providing direct feedback helps us understand our blind spots, as well as their preferences and pain points. This demand drives us to bring in innovative solutions. On the other hand, the competitors challenge us indirectly. Their successes inspire us, and their setbacks provide us with the caution to steer our business in the right direction.
As the business landscape is always evolving, staying stagnated is not an option. Only our agility has allowed us to establish this position in the industry, and we still have many dreams to fulfill. Hence, by keeping myself grounded and focused while keeping the above philosophies in mind, I have been able to maneuver through most of the challenges I have faced in my professional journey.
Why did the name change from Meghmani Finechem to Epigral?
Epigral Limited was formerly known as Meghmani Finechem Ltd., which was incorporated in 2007 and is a leading integrated manufacturer of chemicals in India. The word Epigral is inspired by the phrase Epitome of performance and Integral partnership, which also represents the company’s continued, long-term ambitions to strengthen the institution and better serve clients, all while expanding its capacity and portfolio. Continuing its commitment to an accelerated value creation growth plan since 2019, Epigral has been steadily working on internal transformation and enhancing its core performance benchmark. This renaming was also mindfully undertaken to strengthen our corporate brand in line with our commitment to transforming the company into a global multi-product chemical conglomerate and enhancing our reputation as an important partner for esteemed clients and stakeholders. This strategic evolution is parallel to the company's steadfast dedication to entering into new specialized and import substitute products, growth, and the cultivation of dynamic partnerships.
I actively seek out new perspectives from everyone around me, colleagues, industry leaders, and even those outside my field
From commissioning an 18.34 MW W-S hybrid power plant to expanding its CPVC Resin Capacity and establishing a new R & D center, Epigral is busy. From a leadership point of view, what is the secret to managing multiple initiatives together?
We understand that business evolution is a continuous process and only demonstrates our capabilities and ambitions. The ultimate goal is to continue building confidence and trust among our valued and potential clients as well as all our stakeholders. At EPIGRAL, we aim to establish ourselves as global leaders across our varied products.
There is no secret to managing multiple initiatives at a time. Years of collective experience formed the foundation for us to stand tall in the chemical business. While we consider ourselves agile, having stability within the leadership team is imperative. Hence, we believe investing in the right kind of senior leaders is an integral part of this management. We have been very careful in building a robust team at Epigral to ensure that our value systems and company goals are well translated across departments and the workforce.
Another important aspect of our line of business is ongoing research, for which we have an in-house R&D department recognized by DSIR, Government of India. This R&D center has installed the latest state-of-the-art technologies, enabling Epigral to catalyze the identification of specialty chemical molecules for later introduction in India.
What is your leadership mantra?
At the core of my leadership approach lies a fundamental belief: continuous growth is essential. This applies not just to the company's success, but to each individual's development as well. To achieve this, I prioritize lifelong learning. I actively seek out new perspectives from everyone around me, colleagues, industry leaders, and even those outside my field. Every interaction holds the potential to expand my knowledge and understanding.
But learning is just one part of the equation. I also believe in taking swift action. Knowledge without application is stagnant. That's why I emphasize "rapid execution." By putting what we've learned into practice quickly, we can move forward with momentum. This allows us to adapt and thrive in a fast-paced world.
In essence, my leadership mantra is built on a cycle of continuous learning and rapid execution. By constantly acquiring new knowledge and putting it into action, we can ensure both individual and company growth. It's a powerful formula for achieving lasting success.
How does one make the chemical industry attractive to Genz?
The post-pandemic era has transformed how Gen-Z looks at the workplace. The early pandemic mass lay-offs globally were a formative experience for them and have radically shaped the expectations of this generation. Therefore, as an employer, it is important to provide the workforce with a sense of stability and career growth while ensuring professional development. Keeping this present scenario in mind, Epigral has upheld its leadership standing by implementing successful human resource strategies. We have allocated resources to training, encompassing formal, informal and on-the-job learning, fostering an enriched work environment with challenging roles and consistent communication with the management. These initiatives have resulted in one of the industry’s highest employee retention rates, enabling the development of leaders from within and enhancing future opportunities. As of March 31, 2024, Epigral Limited had a 970-people-strong workforce. The Company recruited senior management professionals across various functions to support expansion plans with an average age of 34.3 years.
Since the chemical industry serves as a foundation for numerous other sectors like infrastructure, wind power and electric vehicles (EVs), and many industries rely heavily on the use of a variety of chemicals, it has the potential to offer multiple avenues for the GenZ to explore their career path. In addition, the chemical sector is one of the more prominent research-based industries amongst other technologically advanced sectors like robotics, pharmaceuticals, space and satellite.
What would be your advice to budding leaders in the industry?
India's chemical industry presents vast opportunities, with the market expected to grow from $220 billion in 2023 to $383 billion by 2030 at a CAGR of 8.1 percent. India has attracted significant FDI, thanks to FDI-friendly policies, and is poised for substantial growth in specialty chemicals, projected to expand at a 12 percent CAGR to $64 billion by 2025. Government initiatives, diversification of global supply chains, and India's competitive advantages are set to catalyze this growth. Therefore, my only advice to the budding talent in the industry would be that there are ample opportunities in the chemical segment, considering the growing demand for quality. One needs to explore and identify the correct set of products at the right time to set up the capacity. So, I believe there is immense opportunity in the segment, and one should take risks and grab the opportunity.
Hobbies: "I’m very passionate about golf, which I play frequently, and I have even competed at the international level."
Favorite Travel Destinations: Maldives
Favorite Cuisines: Asian food
Favorite Movies/TV Series: "I enjoy watching aspirational content"
Favorite Books: Leading from the Back
Favorite Gadgets: "While I don’t really fancy gadgets per se, I use the latest smartphone and a smartwatch that helps me stay organized and connected."
Favorite Mobile Apps: WhatsApp.