India Glycols Limited (IGL) reported record turnover and EBITDA for any quarter in Q3 FY26, alongside substantial debt reduction. For 9M FY26, revenue grew 11.4% and EBITDA rose 28.9%. The company is proceeding with a significant corporate restructuring: demerging its Spirits & Biofuel (to IGL Spirits Limited) and Bio Pharma (to Ennature Bio Pharma Limited) businesses, with an appointed date of April 1, 2026. All segments showed robust performance, especially Potable Spirits and Bio-Fuel.
Q3 and 9M FY26 Financial Highlights
IGL registered its highest net turnover and EBITDA for any single quarter. The company also achieved substantial debt reduction. For the 9 Months ended FY26 (9MFY26), Net Revenue grew by +11.4% to ₹ 3,235 Cr, while EBITDA increased by +28.9% to ₹ 487 Cr, with the EBITDA margin improving to 15.0% (from 13.0% in 9MFY25).
The Q3FY26 performance was also strong:
- Net Revenue stood at ₹ 1,102 Cr, up 13.0% YoY.
- EBITDA increased by 36.1% to ₹ 176 Cr.
- EBITDA Margin expanded by 277 basis points to 16.0%.
- PAT grew 18.9% to ₹ 68 Cr.
Segmental Performance Review
The Potable Spirits (PS) segment showed strong momentum, with 9M FY26 Net Revenue up 16.6% to ₹ 1,025 Cr, supported by premium brand launches and expanded distribution. The Bio-Fuel (BF) segment delivered significant growth, with revenue increasing 51.2% YoY in 9M FY26 to ₹ 1,165 Cr and EBIT surging by 108.5%.
The Bio-Based Specialties and Performance Chemicals (BSPC) segment maintained margin expansion, with EBIT margin growing to 11.6% in 9MFY26, driven by a focus on high-margin products. The Ennature Biopharma (EB) segment faced a challenging environment, with revenues declining by 14.0% in 9MFY26.
Key Operational Strengths
IGL continues to leverage its diversified model, being India’s leading Green Chemical Company. Key operational strengths include:
- 3+ decades of presence and a focus on Green Chemistry.
- A 3×3 strategy for cost effectiveness, utilizing in-house, domestic, and imported ethanol sources to produce three key outputs: Bio-based Chemicals, Bio-fuels, and Potable Spirits.
- Three integrated manufacturing facilities located in Kashipur, Gorakhpur, and Dehradun.
Proposed Restructuring Details
The company is moving forward with a demerger to create three distinct listed entities:
- India Glycols Limited (IGL): Retains Chemicals Business (BSPC), Industrial Gases, and associated operations.
- IGL Spirits Limited (ISL): Will house the Spirits Business (IMFL, Country Liquor) and Bio-Fuel Business.
- Ennature Bio Pharma Limited (EBL): Will contain the Bio Pharma and Bio Polymers Businesses.
The appointed date for the Scheme of Arrangement is set for April 1, 2026. This structure is intended to unlock value by providing each business with a clear focus, specialized management, and the ability to attract focused investors.
Debt Reduction and Funding
The company completed a total debt reduction of ₹ 582 Cr, largely achieved through a Preferential Allotment of equity shares raising ₹ 467 Cr, with the remainder from internal accruals. The full effect of the interest reduction is anticipated in Q4 FY26.
Source: BSE
