India Glycols LimitedChemicalsINDIAGLYCO
Q1 FY27 concall · earnings callIndia Glycols Limited
The company posted strong double-digit revenue and profit growth across its diversified portfolio, led by a record EBITDA quarter and a strategic demerger plan approved by the NCLT.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Net Revenue | ₹1,130 Cr | 9% | |
| EBITDA | ₹170 Cr | 13% | |
| PAT | Not Stated | 32% | |
| EBITDA Margin | 15.0% | — | |
| IGL Spirits Net Revenue | ₹694 Cr | — | |
| India Glycols (Chemicals) Net Revenue | ₹345 Cr | 24% | |
| Ennature Bio Pharma Net Revenue | ₹90 Cr | 53% |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹2,424.01 Cr+14.4% YoY+13.1% QoQ | ₹56.81 Cr+36.5% YoY+14.3% QoQ | ₹18.35+36.4% YoY+14.3% QoQ |
| Q2 FY25 | ₹2,143.71 Cr+14.6% YoY-6.1% QoQ | ₹49.71 Cr+30.8% YoY-17.7% QoQ | ₹16.06+30.9% YoY-17.6% QoQ |
| Q1 FY25 | ₹2,282.58 Cr+20.5% YoY+11.9% QoQ | ₹60.38 Cr+18.1% YoY+43% QoQ | ₹19.50+18% YoY+43.1% QoQ |
| Q4 FY24 | ₹2,039.08 Cr+26.2% YoY-3.8% QoQ | ₹42.21 Cr+5.9% YoY+1.4% QoQ | ₹13.63+5.9% YoY+1.3% QoQ |
| Q3 FY24 | ₹2,118.94 Cr+39% YoY+13.3% QoQ | ₹41.63 Cr-16.8% YoY+9.5% QoQ | ₹13.45-16.8% YoY+9.6% QoQ |
TL;DR
- Record EBITDA of INR170 crores, up 13% year-on-year.
- Net revenue grew 9% to INR1,130 crores.
- All three business segments (Spirits, Chemicals, Bio Pharma) reported double-digit revenue growth.
- NCLT approval received for demerger into three dedicated companies.
- Finance costs halved due to debt reduction.
- Management provided aspirational mid-term EBITDA targets for each demerged entity.
Said on the call
“We are building this business on the back of innovation, on the back of sustainability, on the back of strong partnerships.”
From the Q&A
| Topic | What management said |
|---|---|
| Spirits Business Guidance | Management expects to deliver EBITDA in excess of INR500 crores for FY27 and is targeting an EBITDA in excess of INR1,000 crores in the next four to five years. |
| Performance of Premium Spirits (IMFL) | The Prestige & Above segment volume was 0.5 million cases, almost double the prior year. Revenue growth did not match volume growth due to state and brand mix, but future launches in Deluxe Whiskey and Semi-Premium Vodka aim to improve margins and revenue growth. |
| Capex for New Strategic Unit (NSU) | Capex is not expected to be huge this year, possibly INR5-20 crores. The aspiration is for this business to reach INR150 crores plus EBITDA this year and be an INR600-700 crores business in 4-5 years. |
| Joint Venture Performance | The JV had a good quarter with PAT of INR21 crores, driven by reduced pricing disadvantage for ethylene oxide. Management noted the JV performance has been on track over the last few years despite headwinds. |
| Benefit of Demerger | The demerger aims to bring focus, as the dynamics of the consumer spirits business are different from the B2B chemical business, and it provides clarity for different investor appetites. |
Guidance
- Aspiration: IGL Spirits to deliver EBITDA in excess of INR500 crores for FY27 and target >INR1,000 crores EBITDA in 4-5 years.
- Aspiration: India Glycols (Chemicals) to deliver EBITDA of ~INR400 crores and be an INR2,500 crores business in 4-5 years.
- Aspiration: Ennature Bio Pharma to achieve EBITDA of INR130-150 crores in the next 4-5 years.
Source
Summary written from the transcript filed by India Glycols Limited for the call held on 14 Aug 2026; published 20 Aug 2026, 16:36 IST.
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