Early stages of a long-term reversal, but it has not yet confirmEpigral LtdNSE:EPIGRALmanojhegde620Technical Trend: Long-term correction appears to be stabilizing; stock has formed a base around ₹800–1,000. Current: ~₹1,236 — approaching an important resistance zone. Resistance: ₹1,250–1,300; breakout above ₹1,300 would improve the chart significantly. Next levels: ₹1,450 → ₹1,600. Support: ₹1,100–1,150; stronger support around ₹800–900. Setup: Accumulation / early reversal, but major breakout not confirmed yet. Fundamental Business: Good — diversified chlor-alkali + downstream chemical platform. Demand: Strong structural demand in CPVC, ECH and epoxy-related applications. Expansion: CPVC 75K → 150K TPA and ECH 50K → 100K TPA; commissioning/ramp-up is the key near-term catalyst. Next major project: 125K TPA epoxy resin/formulations, targeted H2 FY28. Execution: Previous projects have generally been delivered; current expansion needs confirmation through utilisation. Financials: Healthy margins and manageable leverage, but chemical-cycle volatility remains. Valuation: More reasonable after the large correction, but not obviously cheap enough to ignore execution risk. Management: Promoter ownership/commitment is strong; no major governance concern identified.