INDIAGLYCO
Micro CapIndia Glycols Limited
Consumer
India Glycols Limited (IGL), founded in 1983, is a leading manufacturer of Bio-based Specialties & Performance Chemicals (BSPC), Bio-Fuel, Potable Spirits (PS), and Ennature Biopharma (EB). It pioneered producing Ethylene Oxide/Mono Ethylene Glycol from renewable agro-route molasses. IGL has a diversified portfolio with global presence.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 47/100margin compression · Rev +13% YoY · PAT +36% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹976 Cr | +13.1% | -11.4% |
| EBITDA | ₹166 Cr | +13.7% | -5.1% |
| Operating margin | 17.0% | +0 bps | +100 bps |
| PAT | ₹87 Cr | +35.9% | +27.9% |
| PAT margin | 8.9% | +149 bps | +274 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
IGL delivered strong FY26 financial performance with Net Revenue up 11.8%, EBITDA up 24.5%, and PAT up 26.8%. Q4FY26 also showed robust growth: Net Revenue up 13.1%, EBITDA up 13.3%, and PAT up 35.7%, driven by volume, improved mix, pricing, and margin improvement across segments.
The company reported strong FY26 and Q4FY26 results, driven by broad-based growth across key segments like Potable Spirits, Bio-Fuel, and BSPC. Strategic focus on high-margin businesses, premiumization, and debt reduction contributed to improved profitability and cash generation. The proposed demerger aims to unlock further value.
FY26 Revenue share
Latest issuer-disclosed distribution across 4 reported categories.
Premiumization in Potable Spirits
Continued effort to increase premiumisation through Amrut brand.
Bio-Fuel Blending Program
Country now has excess capacity and government considering increasing blending.
Performance Chemicals Portfolio
Continue to build performance chemicals portfolio, strong pipeline expected to deliver strong growth.
Demand for Sustainable Products
Increasing consumer awareness and demand for sustainable products.
Ethanol Plant Capacity - Kashipur
Ethanol plants capacities (including grain-based) of 600 KLPD at Kashipur site.
Ethanol Plant Capacity - Gorakhpur
Ethanol plants capacities (including grain-based) of 500 KLPD at Gorakhpur site.
Geopolitical Situation for EO/MEG
Geopolitical situation helped improve relative competitiveness for EO and MEG due to surge in Crude prices and availability concerns.
Government Blending Program
India’s blending program has achieved 20% blending target ahead of original schedule.
Stable Grain Prices
Grain prices remained stable, DDGS prices good, adequate feedstock supported by FCI rice allocation.
Demand for Green Products
Growing demand for natural and safer products in pharma, nutraceuticals, cosmeceuticals, food ingredients.
Softening Demand
Geopolitical situation has also caused general softening of demand in some end-user markets.
EB Margin Pressure
EB segment reported strong growth in Q4FY26, but margins remained under pressure.
High Raw Material Prices for EB
EBITDA remained under pressure due to low sales in Nicotine and high raw material prices for Gloriosa seeds in API segment.
Demand Softening
General softening of demand in some end-user markets due to geopolitical situation.
Raw Material Price Volatility
High raw material prices for Gloriosa seeds in API segment impacted EB EBITDA.
Competition in PS
Maintaining market leadership in UP and UK for Potable Spirits.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation provides both full-year (FY26 YoY) and quarterly (Q4FY26 YoY) comparisons. Full-year data reflects overall strategic execution and market trends, while quarterly data highlights recent momentum and segment-specific performance.
Net Revenue Growth
FY26 Net Revenue up +11.8%; Q4FY26 Net Revenue up +13.1%.
EBITDA Growth
FY26 EBITDA up +24.5%; Q4FY26 EBITDA up +13.3%.
PAT Growth
FY26 PAT up +26.8%; Q4FY26 PAT up +35.7%.
Potable Spirits Revenue Growth
Potable Spirits delivered strong growth in FY26 with ₹ 1,331 Cr revenue (+14.4% YoY).
Strategic Positioning
Company is strategically positioned to maintain its strong financial performance in the future.
Value Unlocking through Demerger
Proposed restructuring will create a potential to unlock value for stakeholders by drawing focused investors.
New Market Expansion for PS
New market expansion underway, planning to launch in Andhra Pradesh and Daman & Diu.
Bio-Fuel Blending Expansion
Country now has excess capacity and government considering increasing blending.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Potable Spirits Market Expansion | UP, UK, Delhi, Chandigarh, Paramilitary & CDS | Successful entry and ramp-up in Andhra Pradesh and Daman & Diu. |
| Ethanol Blending Target | 20% achieved | Government decision on increasing blending target beyond 20%. |
| Performance Chemicals Portfolio Growth | Focus on high-margin business | Realization of strong growth from new pipeline products. |
| Demerger Completion | NCLT hearing scheduled | NCLT approval and successful listing of ISL and EBL shares. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralSMA20 +4.2% / mo
Technical chart
INDIAGLYCOweekly · 3Y-21.5%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 48.
- SMA20 rising (~4.0% over last month) — short-term momentum positive.
- RSI(14) at 48 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 54% off 52W high · 23% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 71.4%.
- Growth contributes 16/25 to the score.
Main drags
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 79th percentile of the scored universe and 80th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 59.6%. Key concern: Promoter holding fell 1.4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 80th pctile, median 67 · Micro: 68th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 59.6%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0%.
- ▸8 years of positive FCF.
Trust risks
- ▸Promoter holding fell 1.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 22.30
- P/B
- 2.23
- EV/EBITDA
- 10.25
- Market Cap
- 6554.00Cr
Profitability
- ROE
- 11.30%
- ROCE
- 12.40%
- ROA
- 4.49%
- Dividend Y
- 0.77%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 14.00%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 39.00%
Balance Sheet
- Debt/Equity
- 0.58
- Interest Coverage
- 3.89×
- Altman Z
- 2.85
- Book Value
- 438.00
Cash Flow
- FCF Yield
- 0.03%
- FCF Positive Y
- 8/5
- OCF
- 769.00 Cr
- EPS TTM
- 43.68
Shareholding
- Promoter Hold
- 59.63%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 43%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.