India Glycols Ltd (INDIAGLYCO)

Fast Moving Consumer Goods · Alcoholic Beverages · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹1,148.15 ↑ 41.38% (1Y)

🎯 Key Takeaways

India Glycols is undergoing a strategic transformation from a traditional chemical manufacturer into a diversified player with a growing spirits business and ambitions in bio-based chemicals and nutraceuticals, supported by a formal restructuring and long-term financial targets. The company is targeting ₹500 crores EBITDA for FY27 and ₹1000 crores revenue in 4-5 years, aiming for ~30% gross margins by 2030, signaling a shift toward higher-margin, consumer-facing segments.
Revenue grew 15.8% QoQ to ₹1,130 in Q1FY27.
⚠️ Execution risk around the restructuring and demerger into three distinct entities remains a key concern, with regulatory and shareholder approval dela

Market Cap

₹7,696

P/E Ratio

23.3

P/B Ratio

2.62

ROE

10.8%

ROCE

12.3%

Debt/Equity

0.54

Div Yield

0.65%

Promoter

59.6%

✨ Ask AI About INDIAGLYCO 📊 Interactive Charts

📖 The Story

India Glycols is undergoing a strategic transformation from a traditional chemical manufacturer into a diversified player with a growing spirits business and ambitions in bio-based chemicals and nutraceuticals, supported by a formal restructuring and long-term financial targets. The company is targeting ₹500 crores EBITDA for FY27 and ₹1000 crores revenue in 4-5 years, aiming for ~30% gross margins by 2030, signaling a shift toward higher-margin, consumer-facing segments.

📰 What's Happening

In Q1 FY27, revenue rose 9% YoY to ₹1130 crores and EBITDA grew 13% to ₹170 crores, driven by 26% YoY growth in Spirits (₹361 crores revenue) and 25% growth in Chemicals (₹332 crores). The company has approved an NCLT-sanctioned restructuring scheme effective September 1, 2026, creating three new entities focused on bio-based chemicals, spirits, and nutraceuticals. It also appointed U.S. Bhartia as Chairman and Managing Director of IGL Spirits for five years. An analyst meeting is scheduled for September 2, 2026, to discuss strategy, with no UPSI expected.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	1,040	1,092	1,102	976	1,130
Operating Profit	115	119	134	125	127
OPM %	11.1%	10.9%	12.2%	12.8%	11.2%
Net Profit	73	65	68	87	97
EPS	₹11.83	₹10.51	₹10.79	₹13.64	₹14.45

Revenue has shown consistent growth over the past five quarters, rising from ₹1,040 crores in Jun 2025 to ₹1,130 crores in Jun 2026, with operating profitability improving alongside EBITDA margins expanding from 11.1% to 11.2% despite minor fluctuations in operating profit. Net profit has increased from ₹73 crores to ₹97 crores over the same period, supporting EPS growth from ₹11.83 to ₹14.45. This upward trend in profitability aligns with management’s stated focus on margin expansion and operational efficiency, particularly within the Spirits and Chemicals segments.

🔮 Management Outlook & What's Next

Management has provided forward-looking guidance targeting EBITDA of ₹500 crores for FY27 and revenue exceeding ₹1000 crores within 4-5 years, underpinned by Spirits aiming to become one of India’s top five beverage companies. A gross margin target of ~30% by 2030 is explicitly stated, supported by incremental capex of ₹5-20 crores this fiscal year toward a long-term revenue aspiration of ₹600-700 crores by 2030. These targets are contingent on execution amid ongoing restructuring and margin pressures.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	31	31	31	34
Reserves	2,105	2,225	2,363	2,899
Borrowings	1,655	1,892	2,055	1,578
Total Liabilities	5,552	6,176	6,157	6,523
Fixed Assets	3,292	3,828	3,753	4,553
Investments	357	381	411	391
Total Assets	5,552	6,176	6,157	6,523

The balance sheet shows a stable capital structure with equity of ₹34 crores and reserves of ₹2,899 crores as of March 2026, while total borrowings stand at ₹1,578 crores, indicating moderate leverage (D/E of 0.54). Total assets have grown to ₹6,523 crores, up from ₹6,176 crores a year ago, reflecting asset base expansion aligned with strategic investments. The company is not aggressively deleveraging but maintaining financial flexibility to support planned capex and restructuring activities.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+769
Investing	-767
Financing	+23
Net Cash Flow	+25

👥 Shareholding Pattern

Category	Q3FY26	Q4FY26	Q1FY27
Promoters	59.6%	59.6%	59.6%
FII	2.4%	2.3%	2.2%
DII	5.2%	5.2%	5.2%
Public	26.3%	26.4%	26.1%
# Shareholders	54,301	52,848	52,968

Promoter holding remains stable at 59.63% over the last three quarters, suggesting confidence in long-term prospects. FII and DII holdings have slightly declined from 2.42% to 2.24% and 5.23% to 5.22% respectively in Q1 FY27, while public holding has marginally decreased. The number of shareholders has increased slightly, indicating retail participation, but no significant institutional accumulation or exit signals are evident.

⚖️ Peer Comparison — Alcoholic Beverages

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
UNITDSPR	1.08 L Cr	55.9	26.1%	21.0%	0.00
RADICO	60,002	85.2	27.3%	21.2%	0.10
UBL	34,665	87.6	10.9%	8.8%	0.26
ABDL	17,279	78.9	17.1%	12.6%	0.69
TI	13,894	—	15.2%	-4.1%	0.05
INDIAGLYCO	7,696	23.3	12.3%	10.8%	0.54
PICCADIL	6,258	44.2	29.4%	31.6%	0.70
GLOBUSSPR	2,665	26.4	12.8%	10.3%	0.52
GMBREW	2,005	12.6	19.4%	14.8%	0.00
SDBL	1,507	—	-1.0%	-4.0%	0.23

🔗 Peer Stock Analyses

UNITDSPR RADICO UBL ABDL TI

⚠️ Risk Factors

Execution risk around the restructuring and demerger into three distinct entities remains a key concern, with regulatory and shareholder approval delays possible. Margin pressure could persist if cost controls do not offset input cost volatility, especially in chemicals. The Spirits segment’s growth trajectory must be sustained amid intense competition and regulatory scrutiny. Long-term targets depend on effective capital allocation across new verticals, with limited visibility on near-term cash flow from new entities.

📋 Recent Filings

🧠 Analyst's Read

India Glycols is transitioning from a chemical-focused business to a diversified consumer and specialty chemicals player, with Spirits emerging as a key growth driver. Investors should monitor execution of the restructuring, progress toward margin targets, and updates from the September 2 analyst meeting for clarity on the path to ₹1000 crores revenue and top-five Spirits positioning.

Based on filing content and financial data. Not a recommendation.

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on INDIAGLYCO

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

📡 Get AI alerts when INDIAGLYCO files new disclosures

Track INDIAGLYCO filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track INDIAGLYCO — Free

Free account · 2 AI queries/day

About · Privacy Policy · Terms of Service · Pricing

Today's Announcements · Screener · Insights · AI Chat

Data provided by CMOTS Internet Technologies Pvt Ltd