NSE: IGPL · BSE: 500199
I G PETROCHEMICALS LTD
Manufactures commodity chemical intermediates, with core products being PAN and Maleic Anhydride. Holds approximately 50% share of India's PAN market and is the sole producer of Maleic Anhydride in India. A new Advance Plasticizer plant with 100,000 MT capacity was mechanically completed in March 2026, extending the product mix, and a Compressed Biogas (CBG) plant is targeted for completion by Q2 FY27. FY26 revenue was Rs 1,954 crores, down from Rs 2,234 crores in FY25, with EBITDA of Rs 130 crores at a 6.7% margin and PAT dropping to Rs 23.2 crores from Rs 112.5 crores. The Board recommended a dividend of Rs 5 per share. Raw materials account for 77.6% of revenue, making input prices the dominant cost driver. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Phthalic Anhydride (PAN), Maleic Anhydride, Plasticizers, Compressed Biogas (CBG). Cyclical, asset-heavy commodity chemicals producer with high raw-material cost exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,883 | 2,352 | 2,099 | 2,206 | 1,925 |
| EBITDA (ex other income) | 407 | 318 | 105 | 219 | 95 |
| margin % | 21.6 | 13.5 | 5.0 | 9.9 | 4.9 |
| Owners' profit | 265 | 200 | 40 | 109 | 2 |
| EPS, as reported (₹) | 85.88 | 64.94 | 12.83 | 35.29 | 0.72 |
| ROE % · ROCE % | 24.9 · 29.3 | 16.2 · 19.5 | 3.2 · 5.3 | 8.1 · 11.1 | 0.2 · 3.1 |
| Debt / equity (x) | 0.15 | 0.20 | 0.29 | 0.20 | 0.27 |
| Cash from operations | 157 | 233 | 37 | 261 | 102 |
| Capex | (99) | (240) | (174) | (137) | (163) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 583 | 558 | 480 | 470 | 465 | 465 | 524 | 618 |
| Profit before tax | 34 | 36 | 25 | (16) | (1) | (13) | 40 | 90 |
| Net profit | 26 | 29 | 19 | (13) | (2) | (11) | 28 | 66 |
| EPS (₹) | 8.50 | 9.27 | 6.16 | (4.22) | (0.65) | (3.52) | 9.11 | 21.57 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CHEMICALS LTD | 15,351 | — | 0.69 | 139.2 | (7.7) | (5.0) | 7.4 | 14.4 |
| DEEPAK FERTILIZERS & PETR | 14,679 | 14.9 | 1.97 | 11.1 | 9.9 | 8.4 | 14.6 | 26.1 |
| GUJ NAR VAL FER & CHEM L | 7,529 | 7.3 | 0.83 | 5.4 | 8.9 | 10.3 | 8.7 | 22.1 |
| TANFAC INDUSTRIES LTD. | 6,923 | 56.6 | 18.55 | — | 18.8 | 24.3 | — | 16.0 |
| GUJARAT ALKALIES & CHEM | 4,105 | 61.8 | 0.79 | 8.7 | (0.0) | 0.7 | 12.4 | 18.4 |
| GHCL LIMITED | 3,565 | 7.8 | 1.00 | 4.7 | 13.3 | 16.6 | 1.1 | 23.9 |
| GRAUER & WEIL IND LTD | 3,543 | 21.6 | 3.28 | 14.4 | 15.2 | 19.2 | 14.5 | 20.4 |
| J.G.CHEMICALS LIMITED | 2,179 | 29.0 | 4.03 | 22.2 | 12.7 | 16.9 | — | 11.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.9 | 17.4 | 29 of 50 | 43% |
| P/B | 1.2 | 1.4 | 29 of 60 | 53% |
| ROCE | 0.6 | 6.0 | 48 of 62 | 23% |
| ROE | 0.2 | 5.0 | 46 of 60 | 24% |
| Debt / Equity | 0.3 | 0.2 | 33 of 60 | 46% |
| EBITDA margin | 19.2 | 13.3 | 13 of 58 | 79% |
| Revenue growth | 31.4 | 6.7 | 12 of 54 | 79% |
| Profit growth | 611.6 | 21.0 | 6 of 64 | 92% |
| Market cap | 1621 | 98 | 9 of 66 | 88% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Quarterly dematerialization certificate submitted to exchanges | compliance | minimal | — | — |
| 6 Oct 2026 · Senior Management Personnel resigns at IG Petrochemicals | management changes | medium | — | — |
| 23 Sept 2026 · Trading Window Closure from October 1, 2026 | compliance | minimal | — | — |
| 16 Sept 2026 · IG Petrochemicals to attend Anand Rathi investor conference on 22 Sep | board shareholder meetings | low | — | — |
| 11 Aug 2026 · Earnings call transcript for Q1 FY26 filed with exchanges | investor communications | medium | — | — |
| 7 Aug 2026 · Audio link for Q1 FY26-27 earnings call posted on website | investor communications | low | — | — |
| 7 Aug 2026 · AGM results: All 6 resolutions passed, dividend declared | board shareholder meetings | low | — | — |
| 7 Aug 2026 · Strong Q1 FY27 results; EBITDA margin jumps to 19.2% | investor communications | medium | — | — |
| 6 Aug 2026 · 37th AGM held; all resolutions passed, e-voting results awaited | board shareholder meetings | medium | — | — |
| 6 Aug 2026 · Q1FY27 unaudited results published in newspapers | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.