Manali Petrochemicals

What Manali Petrochemicals does

Manali Petrochemicals Limited (MPL), founded in 1986 and headquartered at SPIC House, Guindy, Chennai, is the only integrated polyol manufacturer in India. The company produces polyurethane raw materials — including polyols, propylene glycol and blended systems — and operates two manufacturing plants in Chennai. Its products serve industrial customers across appliances, automotive, furniture and bedding, paints/coatings (CASE), footwear, pharmaceuticals, and food and fragrances through direct B2B sales. Customer-specific formulations, in-house R&D, ISO 9001 and ISO 14001 certifications, and a 40-year operating track record underpin its domestic petrochemical franchise.

MPL is controlled by Singapore-based conglomerate AM International Holdings and has used M&A to build a global specialty-chemicals platform. In November 2022 it acquired UK-based Penn Globe Limited (parent of PennWhite) for GBP 21 million enterprise value, gaining the FoamDoctor foam-control brand that distributes to more than 50 countries. In November 2025 it divested Notedome Ltd to Italy's C.O.I.M. S.p.A. for ₹247 crore to recycle capital into core polyols, and in April 2026 it inaugurated a PennWhite India foam-control manufacturing facility at Oragadam, Chennai. The company is partnered with Econic Technologies on CO2-based polyol technology and has a July 2025 MOU with Chennai Petroleum Corporation Limited securing propylene supply.

The group is now executing a ₹2,000 crore India capex plan funded by AM International over 24 months, adding propylene glycol and downstream capacity at Manali, Thoothukudi, and Western India. Management has been substantially refreshed in 2025 with a new MD & CEO, COO and Group CFO. Revenue mix remains dominated by Indian polyurethane raw materials sales with a smaller, growing specialty-chemicals (PennWhite/FoamDoctor) contribution; pricing is not publicly disclosed and contracts are negotiated direct with industrial customers.

Name

Manali Petrochemicals

Legal name

Manali Petrochemicals Limited

Website

https://manalipetro.com

Company type

Public

Founded year

1986

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Manali Petrochemicals Limited is India's only integrated polyol manufacturer, founded in 1986 and headquartered in Chennai, producing polyurethane raw materials, propylene glycol, and foam control agents for appliance, automotive, furniture, coating, footwear, pharmaceutical, and food/fragrance customers globally.

Ownership category

akta.pro rank

Product category

Petrochemicals

NAICS

Petrochemical Manufacturing (32511), Resin, Synthetic Rubber, and Artificial and Synthetic Fibers and Filaments Manufacturing (3252)

SIC

Industrial Organic Chemicals (2860), Plastic Material, Synth Resin/Rubber, Cellulos (No Glass) (2820)

akta.pro primary industry

Polyurethanes (MDI/TDI, Polyols, PU Systems) (IMAEADAH)

akta.pro secondary industry

Plasticizers & Solvents (Phthalates/Alternatives, Commodity Solvents) (IMAEADAK)

Keywords

• Polyurethane raw materials
• Integrated polyol manufacturing
• Propylene glycol production
• Foam control chemistry
• Specialty petrochemicals

Headquarters

HQ city

Chennai

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Others

Revenue model

1. Polyurethane Raw Materials Sales: Manufacturing and supplying innovative polyurethane raw materials and blended systems to diverse industries including appliances, automotive, furniture, footwear, paints, coatings, pharmaceuticals, and food & fragrances. The company provides customized solutions to meet customer-specific requirements.
2. Specialty Chemicals (PennWhite): PennWhite, acquired in November 2022, manufactures foam control agents under FoamDoctor brand and specialty chemicals sold to over 50 countries globally

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Manali Petrochemicals Limited manufactures and supplies polyurethane raw materials and blended systems, including polyols and propylene glycol, for industries such as appliances, automotive, furniture, footwear, paints, coatings, pharmaceuticals, and food and fragrances. It is the only integrated polyol manufacturer in India, operating two manufacturing plants in Chennai and, through its PennWhite subsidiary, produces foam control agents sold under the FoamDoctor brand to more than 50 countries.

Product overview

Manali Petrochemicals Limited (MPL) is a petrochemical company since 1986 and is the only integrated polyol manufacturer in India. The company manufactures and supplies polyurethane raw materials and blended systems, including polyols and propylene glycol, for industries such as appliances, automotive, furniture, footwear, paints, coatings, pharmaceuticals, and food & fragrances. MPL operates two manufacturing plants in Chennai and has expanded globally through the acquisition of UK-based Penn Globe Limited and its subsidiary PennWhite Limited, which produces foam control agents (FoamDoctor® brand) sold to over 50 countries. The company is part of AM International Holdings, Singapore.

Differentiator

Problem solved

Functional benefit

Brands

• PennWhite: Leading manufacturer of foam control agents sold under the FoamDoctor brand and other specialty chemicals sold to more than 50 countries. A wholly owned subsidiary of Manali Petrochemicals via Penn Globe Limited, UK.

Products and services

• Polyurethane Raw Materials and Blended Systems

Quantifiable outcome

• Revenue grew 14% to ₹1,022 crore in FY25-26 with over 4-fold increase in net profit to ₹130 crore

Named customers6 records

Segments7 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered minor and core.

• C.O.I.M. S.p.A., ItalyminorOthers · 18 November 2025Manali Petrochemicals sold its UK subsidiary Notedome Ltd to C.O.I.M. S.p.A. of Italy for ₹247 crore (deal valued at 8.5x adjusted EBITDA of £2.12 million). Strategic divestment to focus on core polyols products in India while C.O.I.M. expanded its European presence.
• Penn Globe Limited, UKcoreStrategic or Co-development Partner · 1 December 2022Manali Petrochemicals acquired Penn Globe Limited, UK in December 2022 with enterprise value of GBP 21 million. The acquisition enhanced MPL's global capabilities and expanded its footprint in Asia and Europe.
• PennWhite Limited, UKcoreStrategic or Co-development Partner · 1 November 2022PennWhite Limited was acquired by Manali Petrochemicals in November 2022 as part of its UK acquisition strategy. PennWhite India Private Limited was incorporated in February 2024, with manufacturing facility inaugurated in Oragadam, Chennai on April 29, 2026.
• Wilson International Trading Private LimitedminorOthersRelated party transaction up to ₹200 crore for material related party transactions, representing increase from previous ₹75 crore limit. Wilson International is part of AM International group.
• Chennai Petroleum Corporation Limited (CPCL)coreOthersCPCL is the critical raw material supplier providing propylene to Manali Petrochemicals. Following a government directive, CPCL temporarily halted propylene supply in March 2024, triggering force majeure. Operations resumed after government allocation of fixed daily propylene quantity. MOU signed on July 25, 2025.

Scale indicators11 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Stepan Company: US-headquartered specialty chemicals manufacturer producing polyester polyols, polyether polyols, and CASE intermediates. Comparable product portfolio to MPL, with a strong focus on polyurethane system houses and custom formulations.
• Wanhua Chemical: Chinese global leader in MDI, TDI, and polyurethane systems, increasingly exporting to India. Comparable in polyols and PU raw materials; an emerging global competitor with cost advantages versus integrated Indian players like MPL.
• Huntsman International (India): India operations of Huntsman Corporation, producing polyurethanes, MDI-based systems, and polyether polyols for flexible/rigid foam, coatings, and adhesives. Closely aligned customer base and product overlap with MPL.
• Covestro India: Subsidiary of Covestro AG (the Bayer MaterialScience spin-off), one of the world's leading producers of polyurethanes, polyether polyols, and MDI/TDI systems. Competes head-on with MPL in supplying polyurethane raw materials to Indian appliance, automotive, and furniture OEMs.

Broad incumbents

• Tamilnadu Petroproducts Limited (TPL): Sister company within AM International group, producing petrochemicals including propylene oxide and polyols. Comparable as an Indian petrochemical intermediate producer serving similar South Indian customers, though with overlapping ownership rather than arm's-length competition.
• Dow Chemical International (India): Indian arm of Dow Inc., manufacturing polyether polyols, propylene glycol, and isocyanates for PU applications. Direct product-line competition with MPL in polyols and propylene glycol across appliances, automotive, and CASE.
• BASF India: Indian subsidiary of global petrochemical giant BASF, manufacturing a broad portfolio of polyurethanes, polyols, intermediates, and performance chemicals. Directly comparable to MPL across polyol, CASE, and propylene glycol applications in India, though it serves as a much larger and more diversified incumbent.

Regional players

• SKC Co., Ltd. Korean chemical manufacturer with leading positions in polyols, propylene oxide, and polyurethane intermediates. Comparable in core product technology and serves adjacent Asian markets rather than India directly.

Emerging players

• Mitsui Chemicals India: Subsidiary of Japan's Mitsui Chemicals, supplying specialty polyurethane raw materials, polyols, and performance polymers into Indian industrial customers. Comparable in serving automotive, appliances, and CASE segments though with a smaller local footprint than MPL.
• Clariant Chemicals India: Indian arm of Switzerland-based Clariant, manufacturing specialty chemicals including additives, surfactants, and PU performance products. Comparable to MPL's specialty chemical and foam-control adjacencies rather than core polyols.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/manali-petrochemical-ltd

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Manali Petrochemicals