NSE: INDIAGLYCO · BSE: 500201
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%. 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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
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 | 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| UNITED SPIRITS LIMITED | 89,211 | 46.4 | 9.96 | 33.1 | 20.5 | 23.1 | 0.3 | 6.9 |
| RADICO KHAITAN LTD | 55,582 | 66.6 | 16.76 | 54.9 | 18.2 | 22.1 | 15.1 | 6.0 |
| UNITED BREWERIES LTD | 31,387 | 79.3 | 6.93 | 35.4 | 9.1 | 12.1 | 11.4 | 5.6 |
| ALLIED BLEND N DISTILS L | 19,588 | 89.4 | 11.62 | 36.5 | 13.1 | 17.8 | — | 6.6 |
| TILAKNAGAR INDUSTRIES LTD | 12,448 | — | 4.17 | 68.1 | 0.7 | 0.4 | 29.9 | 6.4 |
| PICCADILY AGRO INDUSTRI L | 5,604 | 39.6 | 6.22 | 25.4 | 15.3 | 17.5 | 18.3 | 17.3 |
| INDIA GLYCOLS LTD ◆ | 2,209 | 6.7 | 0.75 | 5.8 | 10.0 | 7.3 | 12.6 | 5.7 |
| GLOBUS SPIRITS LTD | 2,143 | 18.1 | 1.97 | 9.8 | 8.4 | 8.5 | 16.7 | 6.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.7 | 31.2 | 4 of 21 | 85% |
| P/B | 0.8 | 1.9 | 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 | 2209 | 726 | 7 of 26 | 76% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Notice to shareholders on physical share dematerialisation special window | compliance | minimal | — | — |
| 10 Oct 2026 · GST penalty of Rs 6.22 lakh from Uttarakhand tax authority; company to appeal | regulatory legal | high | — | — |
| 9 Oct 2026 · Clarification on significant movement in share price | regulatory legal | medium | — | — |
| 8 Oct 2026 · NSE seeks clarification on significant price movement | regulatory legal | medium | — | — |
| 6 Oct 2026 · Cost of acquisition apportionment guidance for IGL demerger | strategic transactions | medium | — | — |
| 6 Oct 2026 · Analyst meetings shifted to virtual mode | investor communications | low | — | — |
| 5 Oct 2026 · Certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · India Glycols schedules non-deal roadshow on October 7 in Mumbai | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 till 48 hours after Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · India Glycols schedules investor roadshow in Singapore on Sep 28-29, 2026 | board shareholder meetings | low | — | — |
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 |
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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.