India Glycols Limited (IGL) announced a robust start to FY27, with Q1 revenues increasing 9% year-on-year to INR1,130 crore and EBITDA growing 13% to INR170 crore. The company also received NCLT approval for its business restructuring, paving the way for the demerger of its Spirits, Bio-Fuel, and Bio Pharma undertakings into separate entities. Management highlighted strong performance across its segments, including a significant turnaround for Ennature Bio Pharma.
Strong Q1 FY27 Performance
India Glycols Limited (IGL) has posted a strong start to the fiscal year 2027 (FY27), with its first quarter reporting double-digit growth across key financial metrics. Gross revenue increased by 19%, while net revenue saw a 9% rise to INR1,130 crore. EBITDA demonstrated a healthy 13% growth, reaching INR170 crore, and PAT surged by 32%. This performance was supported by a balanced business portfolio and improved profitability across its operating segments.
Business Restructuring Progress
A significant development for IGL is the receipt of NCLT approval for its business restructuring scheme. The effective date for the demerger of the Spirits, Bio-Fuel, and Bio Pharma undertakings into dedicated resulting companies is yet to be communicated. Upon effectiveness, India Glycols Limited, as it stands, will continue to focus on its bio-based chemicals, specialty glycols, new performance chemicals, and gases businesses. The Spirits business will be housed under IGL Spirits Limited, incorporating both potable spirits and the Bio-Fuel business due to ethanol synergies. Ennature Bio Pharma will continue its focus on nutraceuticals and APIs, with the biopolymers business now part of this entity.
Segment Highlights
Spirits Business
The Spirits business recorded revenues of INR361 crore, with a 5.3% increase, and EBITDA growth of 14.2%. IGL maintained its dominant share in Uttar Pradesh and Uttarakhand, benefiting from premium product offerings. The IMFL (Indian Made Foreign Liquor) segment showed particular promise, with net revenue growth of 26%, reaching 1.4 million cases, a 55% increase year-on-year. The Bio-Fuel segment reported a 7% growth in net revenue at INR323 crore, with an EBITDA margin of 10.8%.
Chemicals Business
In the chemicals segment, revenues increased by 20.6% to INR362 crore, driven by growth in bio-glycols, green solvents, and performance chemicals. The company noted that its performance chemicals business grew by 40%, though exports to the Middle East were impacted. IGL highlighted its position as the largest global supplier of bio-based specialty chemicals and its strategy to leverage innovation and partnerships, including collaborations with BASF and L’Oreal.
Bio-Fuel Segment
The Bio-Fuel segment reported revenues of INR323 crore, with EBIT increasing 19% year-on-year to INR27 crore, achieving an EBIT margin of 8.4%.
Ennature Bio Pharma
Ennature Bio Pharma achieved its best-ever quarter, with revenue rising 65% year-on-year and EBITDA increasing by a remarkable 188%. This strong growth was attributed to new customer acquisitions, nutraceutical launches, and expansion of the nicotine business.
Financial Outlook and Aspirations
The company reported a reduction in finance costs to INR25 crore from INR45 crore in the previous year, attributed to debt reduction. IGL expressed aspirations to achieve an EBITDA of INR500 crore for FY27 and aims to become a debt-free company from FY28 onwards. The company targets an EBITDA exceeding INR1,000 crore in the next four to five years, potentially positioning it among the top five alco-bev companies in India. Ennature Bio Pharma aspires to reach an EBITDA of INR130-150 crore in the next four to five years.
Source: BSE
