INDIA GLYCOLS LTD

Distills potable spirits and ethanol, and manufactures bio-based chemicals across four reporting segments. Potable Spirits is the largest at ₹6,946.43 crore (70.7% of FY26 segment revenue, EBIT ₹284.93 crore), producing Indian-made brands including Bunty Bubbly, described by management as India's largest-selling spirit brand, with Indian-made foreign liquor (IMFL) now about 31% of segment revenue versus mid-teens earlier. Bio-Fuel contributed ₹1,469.93 crore (15.0%, EBIT ₹115.23 crore), supplying ethanol under India's blending programme — the 20% blending target was achieved ahead of the 2030 schedule. Bio-based Specialities and Performance Chemicals made ₹1,202.5 crore (12.2%, EBIT ₹140.95 crore) at 11.7% margin, conducted partly through a Clariant joint venture from which a further 24% stake sale is planned in FY28-29. Ennature Biopharma is the smallest at ₹207.77 crore (2.1%, EBIT ₹7.23 crore). NCLT Allahabad has sanctioned a Scheme of Arrangement demerging the Bio Pharma undertaking into Ennature Bio Pharma Limited and the Spirits and Biofuel undertaking into IGL Spirits Limited, with appointed date 1 April 2026. The largest cost line in FY26 was other operating expenses at 65.0% of revenue, followed by materials at 24.5%, capex-related spend at 8.4%, depreciation at 1.6% and employees at 1.3%.