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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Potable Spirits (71%), Bio-Fuel (15%), Bio-based Specialities and Performance Chemicals (12%), Ennature Biopharma (2%). Asset-heavy, multi-segment distiller and chemicals manufacturer with regulatory exposure to ethanol-blending policy, excise and demerger transition.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 6,601 | 6,642 | 7,922 | 9,039 | 9,827 |
| EBITDA (ex other income) | 477 | 324 | 402 | 511 | 648 |
| margin % | 7.2 | 4.9 | 5.1 | 5.7 | 6.6 |
| Owners' profit | 340 | 125 | 173 | 231 | 293 |
| EPS, as reported (₹) | 109.77 | 45.55 | 55.87 | 74.58 | 45.95 |
| ROE % · ROCE % | 19.2 · 14.5 | 7.4 · 8.5 | 8.4 · 10.1 | 10.2 · 10.6 | 10.0 · 11.0 |
| Debt / equity (x) | 0.59 | 0.58 | 0.64 | 0.80 | 0.54 |
| Cash from operations | 91 | 326 | 439 | 362 | 769 |
| Capex | (380) | (439) | (553) | (760) | (823) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,144 | 2,424 | 2,189 | 2,503 | 2,412 | 2,551 | 2,360 | 2,988 |
| Profit before tax | 53 | 58 | 70 | 72 | 72 | 87 | 99 | 102 |
| Net profit | 50 | 57 | 64 | 73 | 65 | 68 | 87 | 97 |
| EPS (₹) | 16.06 | 18.35 | 20.68 | 23.66 | 10.51 | 10.79 | 13.64 | 14.45 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Bio-based Specialities and Performance Chemicals | 1,203 | 12.2 |
| Potable Spirits | 6,946 | 70.7 |
| Ennature Biopharma | 208 | 2.1 |
| Bio-Fuel | 1,470 | 15.0 |
| Total, before eliminations | 9,827 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UNITED SPIRITS LIMITED | 1,01,138 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · Ennature Bio Pharma allots shares to IGL shareholders under demerger scheme | strategic transactions | high | — | — |
| 8 Sept 2026 · IGL Spirits allotted 6.7 cr shares to India Glycols shareholders in 1:1 ratio | strategic transactions | high | — | — |
| 7 Sept 2026 · India Glycols schedules analyst, investor meetings on Sep 10-11 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Three non-executive directors resign at Ennature Bio Pharma | strategic transactions | high | — | — |
| 7 Sept 2026 · Three non-executive directors resign from IGL Spirits Limited | strategic transactions | high | — | — |
| 2 Sept 2026 · India Glycols revised investor presentation post-demerger effective September 2026 | investor communications | medium | — | — |
| 2 Sept 2026 · IGL Investor Presentation: Demerger Effective and 10X Growth Vision Outlined | investor communications | medium | — | — |
| 2 Sept 2026 · IGL investor presentation: spirits arm targets 1,000 Cr EBITDA by FY28-30 | investor communications | medium | — | — |
| 2 Sept 2026 · IGL shares Ennature Biopharma investor presentation for Sept 2 analyst meet | investor communications | medium | — | — |
| 1 Sept 2026 · 4 senior managers move to resulting companies under scheme of arrangement | management changes | high | — | — |
| Where a broker report shows | This document shows |
|---|
| 52.6 |
| 11.29 |
| 37.5 |
| 20.5 |
| 23.1 |
| 0.3 |
| 6.9 |
| RADICO KHAITAN LTD | 58,503 | 70.1 | 17.64 | 57.8 | 18.2 | 22.1 | 15.1 | 6.0 |
| UNITED BREWERIES LTD | 33,182 | 83.9 | 7.33 | 37.4 | 9.1 | 12.1 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 17,790 | 81.2 | 10.55 | 33.3 | 13.1 | 17.8 | — | 6.6 |
| TILAKNAGAR INDUSTRIES LTD | 12,916 | — | 4.33 | 70.3 | 0.7 | 0.4 | 29.9 | 6.4 |
| PICCADILY AGRO INDUSTRI L | 5,917 | 41.8 | 6.57 | 26.7 | 15.3 | 17.5 | 18.3 | 17.3 |
| GLOBUS SPIRITS LTD | 2,443 | 20.6 | 2.24 | 10.9 | 8.4 | 8.5 | 16.7 | 6.9 |
| G M BREWERIES LTD | 2,077 | 22.6 | 1.93 | 9.8 | 14.5 | 19.0 | — | 6.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.0 | 23.8 | 5 of 24 | 83% |
| P/B | 0.7 | 2.2 | 2 of 25 | 96% |
| ROCE | 7.3 | 3.7 | 12 of 26 | 56% |
| ROE | 10.0 | 5.6 | 10 of 25 | 63% |
| Debt / Equity | 0.5 | 0.5 | 14 of 25 | 46% |
| EBITDA margin | 5.7 | 6.4 | 14 of 23 | 41% |
| Revenue growth | 19.4 | 10.2 | 8 of 22 | 67% |
| Profit growth | 32.2 | 6.1 | 8 of 23 | 68% |
| Market cap | 1976 | 858 | 9 of 26 | 68% |
| 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 |
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.
