IGPL Quarterly Comparison — Revenue ₹2,962 Cr, +11% YoY

IG Petrochemicals Limited (IGPL) Quarterly Comparison

Below is a comparison of IGPL's latest results (Q4 FY26) against Q3 FY25:

Key Financial Metrics

Metric	Q4 FY26 (Mar 2026)	Q3 FY25 (Dec 2025)	Change (%)
Revenue	₹553.98 Cr	₹558.05 Cr	-0.74%
Net Profit	₹9.04 Cr	₹28.54 Cr	-68.3%
OPM	4.72%	8.49%	-44.4%
NPM	1.63%	5.11%	-68.0%
EPS	₹2.93	₹9.27	-68.4%

Key Observations

Revenue Decline: Revenue dipped slightly by 0.74% from ₹558.05 Cr to ₹553.98 Cr, reflecting weaker demand or pricing pressures in the chemicals segment.

Profit Collapse: Net profit plummeted 68% to ₹9.04 Cr (from ₹28.54 Cr), driven by lower OPM and NPM, indicating higher input costs or margin compression.

Margin Pressure: Both OPM (8.49% → 4.72%) and NPM (5.11% → 1.63%) contracted sharply, signaling operational inefficiencies or raw material cost spikes.

EPS Drop: Earnings per share fell 68% to ₹2.93, impacting investor sentiment and valuation multiples.

Sector Context

IGPL operates in the chemicals/petrochemicals space, where cyclicality and input cost volatility heavily influence performance. The recent profit slump contrasts with peers like MRPL, which reported strong Q1 FY27 results (₹915 Cr PAT vs. ₹272 Cr loss YoY) .

Key Takeaway: IGPL’s Q4 FY26 results highlight margin stress and profitability challenges, warranting scrutiny of raw material hedges, capacity utilization, and pricing power.

🔍 For Deep Analysis (click below):

"What drove the sharp decline in OPM and NPM — were there specific input cost spikes or pricing weaknesses?"

"How has management guided for FY27 margin recovery, and what operational levers are being pulled?"

"What portion of revenue comes from export vs. domestic markets, and how does currency exposure impact profitability?"

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