India Glycols Limited (IGL) reported its highest-ever quarterly and 9-month Net Turnover and EBITDA for FY26, driven by strong growth in the Potable Spirits segment. Despite global volatility, the company saw Q3 revenue grow 13.0% and EBITDA surge 36.1%. IGL is strategically focused on premiumization in spirits, value realization in the consumer segment, and capitalizing on the national ethanol blending mandate.
Q3 & 9MFY26 Financial Highlights
India Glycols Limited achieved a robust financial performance for the quarter ended December 31, 2025 (Q3FY26). The company recorded its highest-ever revenue and EBITDA for any quarter and for the first 9 months of the financial year.
For the Quarter (Q3FY26):
- Net Revenue growth was 13.0%.
- EBITDA growth was an excellent 36.1%.
- Overall EBITDA margin stood at 16.0%.
For the 9 Months Ended (9MFY26):
- Gross Revenue grew 9% to INR7,467 crores.
- Net Revenue grew 11%.
- EBITDA grew 28.9%, reaching 15.0% margin overall.
- PAT grew 23% to INR206 crores.
Segmental Performance Deep Dive
Potable Spirits Segment
The Potable Spirits segment continues to be a major growth driver, exhibiting strong profitability.
- Net revenue for 9MFY26 grew 17% year-on-year, totaling INR1,025 crores.
- Volume sold reached 23.7 million cases, marking a 5% increase year-on-year.
- EBITDA for 9MFY26 grew 22.0%.
Management highlighted a significant cementing of the partnership with Amrut, focusing on premiumization, including rolling out state-specific luxury brands like Silver Jubilee Edition (Uttarakhand) and National Capital Exclusive Edition (Delhi). The company also gained traction in the CSD (Canteen Stores Department) channel.
Bio-Fuels (Ethanol) Segment
The Bio-Fuel segment saw massive growth, largely driven by the government mandate to increase ethanol blending.
- Q3 Revenue increased by 45.2%, with EBIT up 273.2%.
- 9M Revenue increased 51.2%, and EBIT increased about 108.5%.
- EBIT margin for the quarter improved significantly from 3.3% to 8.4%.
While growth is expected to continue, management noted that margins in this sector are fundamentally range-bound by policy, depending on feedstock pricing and government mandates.
Bio-based Specialties and Performance Chemicals (BSPC)
This segment delivered an outstanding EBITDA performance, showing the success of strategic restructuring.
- Q3 EBITDA performance was up 68%.
- 9M EBITDA performance was up 26%.
- The performance improvement resulted from discontinuing low-margin trading and manufacturing activities and focusing on high-margin products.
Management confirmed the world’s first commercial sale of bio-based amines to L’Oreal. The pipeline remains strong, engaging with major international names for crop protection, personal care, and oilfield chemicals.
Balance Sheet and Capital Management
Significant strides were made in deleveraging the balance sheet during the period.
- The company raised INR467 crores via preferential allotment in November.
- The entire INR467 crores was utilized to prepay existing debt, including the term loan and working capital.
- An additional INR116 crores of debt was paid off in Q3 using internal accruals.
- The projected term loan closing debt amount as of March 31, 2026, is approximately INR1,100 crores.
Furthermore, IGL is actively swapping high-cost debt for low-cost debt, having recently swapped about INR130 crores, saving 125 to 150 basis points in interest costs, with further repayments planned in April 2026.
Source: BSE
