India Glycols Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript India Glycols Ltd filed with BSE on 20 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
India Glycols reported net revenue of INR1,130 crores for Q1 FY27, up 9%, with EBITDA of INR170 crores, up 13%, and PAT up 32%. Growth was led by the Spirits business, a 20.6% revenue increase in chemicals, and a record quarter for Ennature Bio Pharma with revenue up 65% and EBITDA up 188%. Management also discussed the NCLT-approved demerger into three separate entities and the mixed impact of the recent conflict-driven crude and freight volatility on different segments.
Numbers mentioned
Net revenue: INR1,130 crores (Q1 FY27)
p. 4
“So we've had net revenue of INR1,130 crores, up 9% and a record EBITDA of INR170 crores.”
Rupark Sarswat, page 4 of the filed PDF · View the filing
EBITDA: INR170 crores (Q1 FY27)
p. 4
“So we've had net revenue of INR1,130 crores, up 9% and a record EBITDA of INR170 crores.”
Rupark Sarswat, page 4 of the filed PDF · View the filing
Spirits business revenue: INR361 crores, up 5.3% (Q1 FY27)
p. 4
“The Spirits business recorded a revenue of INR361 crores, up 5.3%, EBITDA growth of 14.2%, and the company retained a dominant share in UP and Uttarakhand while benefiting from premium product offerings in these areas.”
Rupark Sarswat, page 4 of the filed PDF · View the filing
Chemicals revenue: INR362 crores, up 20.6% (Q1 FY27)
p. 4
“In chemicals, our revenues increased by 20.6% to INR362 crores, driven by growth in multiple areas which include bio-glycols, green solvents, as well as performance chemicals.”
Rupark Sarswat, page 4 of the filed PDF · View the filing
Bio-Fuel revenue and EBIT: INR323 crores revenue, EBIT INR27 crores, margin 8.4% (Q1 FY27)
p. 4
“Bio-Fuel reported a revenue of INR323 crores with EBIT increasing 19% year-on-year to INR27 crores and EBIT margin at 8.4%.”
Rupark Sarswat, page 4 of the filed PDF · View the filing
Ennature Bio Pharma revenue growth: up 65% year-on-year, EBITDA up 188% (Q1 FY27)
p. 4
“Ennature Bio Pharma reported its best-ever quarter with revenue rising 65% year-on-year and EBITDA increasing 188%.”
Rupark Sarswat, page 4 of the filed PDF · View the filing
Finance costs: INR25 crores (Q1 FY27)
p. 4
“The finance costs for the company declined to INR25 crores in Q1 FY27 from INR45 crores in Q1 FY26, and this is on account of debt reduction which has been supporting the profitable growth as well.”
Rupark Sarswat, page 4 of the filed PDF · View the filing
IGL Spirits net revenue: INR694 crores (Q1 FY27)
p. 6
“So, as per the new structure, the net revenue in IGL Spirits for Q1 FY27 is INR694 crores with the EBITDA of INR120 crores.”
Anand Singhal, page 6 of the filed PDF · View the filing
IGL Spirits EBITDA margin: 17.3% (Q1 FY27)
p. 6
“The margin is 17.3% versus 14.7% in Q1 FY26.”
Anand Singhal, page 6 of the filed PDF · View the filing
India Glycols (chemicals) net revenue: INR345 crores, up 24% (Q1 FY27)
p. 6
“India Glycols, the net revenue is INR345 crores, up by 24% year-on-year.”
Anand Singhal, page 6 of the filed PDF · View the filing
Ennature Bio Pharma net revenue: INR90 crores, up 53% (Q1 FY27)
p. 6
“Ennature Bio Pharma’s net revenue is INR90 crores, which is up by 53%.”
Anand Singhal, page 6 of the filed PDF · View the filing
Consolidated EBITDA margin: 15.0% (Q1 FY27)
p. 6
“EBITDA is INR170 crores, which is up by 13%, and EBITDA margin is 15.0% versus 14.3% in the Q1 last year.”
Anand Singhal, page 6 of the filed PDF · View the filing
Spirits business net revenue (segment): INR371 crores, EBITDA margin 22.9% (Q1 FY27)
p. 6
“Spirits business had a net revenue of INR371 crores with an EBITDA margin of about 22.9%, which is an improvement of 207 bps.”
Manoj Kumar Rai, page 6 of the filed PDF · View the filing
IMFL net revenue growth: up 26% year-on-year, 1.4 million cases (Q1 FY27)
p. 6
“We have grown 26% year-on-year in terms of net revenue, doing 1.4 million cases, which is a 55% growth over last year.”
Manoj Kumar Rai, page 6 of the filed PDF · View the filing
Non-IMFL revenue and volume: INR279 crores, 7.5 million cases, up 6% (Q1 FY27)
p. 6
“We are at INR279 crores with a volume of 7.5 million, which is a 6% growth year-on-year.”
Manoj Kumar Rai, page 6 of the filed PDF · View the filing
Bio-Fuel net revenue growth: up 7%, INR323 crores, EBITDA margin 10.8% (Q1 FY27)
p. 7
“When I look at the Bio-Fuel business, it's a 7% growth in net revenue at INR323 crores with an EBITDA margin of 10.8%, which is an improvement of 250 bps.”
Manoj Kumar Rai, page 7 of the filed PDF · View the filing
Chemicals segment net revenue: INR332 crores, up 25% (Q1 FY27)
p. 8
“So, for the chemicals business, the net revenue at INR332 crores was up 25% year-on-year with an EBITDA margin of 11.4%, and for the small gases business, it was INR13 crores with an EBITDA margin of 23.1%.”
Rupark Sarswat, page 8 of the filed PDF · View the filing
Performance chemicals growth: 40% (Q1 FY27)
p. 8
“The performance chemicals business grew by 40%, which was lower than what we had targeted, essentially for some of the reasons that I articulated.”
Rupark Sarswat, page 8 of the filed PDF · View the filing
Ennature Bio Pharma revenue: INR83 crores (Q1 FY27)
p. 10
“So, Ennature Bio Pharma, as I mentioned, achieved its best-ever quarterly performance at INR83 crores, growth of over 65% in the prior quarter.”
Rupark Sarswat, page 10 of the filed PDF · View the filing
Thiocolchicoside sales growth: 26% (Q1 FY27)
p. 10
“Thiocolchicoside sales registered a robust growth of 26% over the prior quarter, previous quarter, supported by a strong order pipeline, improved price realization.”
Rupark Sarswat, page 10 of the filed PDF · View the filing
Prestige & Above cases: 0.5 million cases (Q1 FY27)
p. 13
“When I look at the IMFL segment I gave you a number of 1.4 million, Prestige & Above it's roughly 0.5 million, and this is almost double of what it was last year.”
Manoj Kumar Rai, page 13 of the filed PDF · View the filing
IMFL cases FY26: 3.4 million cases (FY26)
p. 14
“See for IMFL the total number of cases was 3.4 million for the full year in FY26.”
Manoj Kumar Rai, page 14 of the filed PDF · View the filing
JV net revenue growth vs Q4: up 21% (Q1 FY27 vs Q4 FY26)
p. 12
“So compared to Q4, for example, the net revenue of the JV went up by 21%, which is very good.”
Rupark Sarswat, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
IGL Spirits EBITDA — in excess of INR500 crores · FY27
stated firmly by Manoj Kumar Rai
p. 8
“All of this naturally gives us a very encouraging outlook for FY27 and we expect to deliver an EBITDA in excess of INR500 crores.”
Manoj Kumar Rai, page 8 of the filed PDF · View the filing
IGL Spirits volume — doubling volume from last year · FY27
stated conditionally by Manoj Rai
p. 11
“When I look at the volume, we are looking at doubling our volume from what we delivered last year.”
Manoj Rai, page 11 of the filed PDF · View the filing
IGL Spirits debt status — debt-free · FY28 onwards
stated as an aspiration by Manoj Kumar Rai
p. 8
“continued growth in not only the operating states but also the inorganic growth in the new states that we enter would eventually lead us to becoming a debt-free company from FY’28 onwards”
Manoj Kumar Rai, page 8 of the filed PDF · View the filing
IGL Spirits EBITDA (long-term) — in excess of INR1,000 crores · next four to five years
stated as an aspiration by Manoj Kumar Rai
p. 8
“we are targeting an EBITDA in excess of INR1,000 crores in the next four to five years.”
Manoj Kumar Rai, page 8 of the filed PDF · View the filing
Chemicals business EBITDA — about INR400 crores · next four to five years
stated as an aspiration by Rupark Sarswat
p. 9
“The other thing I have some kind of aspirations to share with you, and the aspiration that we are looking at is to deliver an EBITDA of about INR400 crores and a business which is approximately INR2,500 crores in the next four to five years.”
Rupark Sarswat, page 9 of the filed PDF · View the filing
Ennature Bio Pharma EBITDA — INR130 crores to INR150 crores · next four or five years
stated as an aspiration by Rupark Sarswat
p. 10
“In terms of our aspiration for EBITDA, I think over the next four or five years, we are aspiring to do a INR130 crores to INR150 crores EBITDA.”
Rupark Sarswat, page 10 of the filed PDF · View the filing
Capex for chemicals/NSU business — INR5-10 crores, maybe INR15-20 crores · this year
stated as an aspiration by Rupark Sarswat
p. 11
“So, there may be incremental capex, but we are talking about perhaps INR5 - 10 crores, maybe INR15 crores, INR20 crores based on the plans that we have right now.”
Rupark Sarswat, page 11 of the filed PDF · View the filing
NSU business revenue aspiration — INR150 crores plus this year · this year
stated as an aspiration by Rupark Sarswat
p. 11
“We aspire to be INR150 crores plus in this year.”
Rupark Sarswat, page 11 of the filed PDF · View the filing
NSU business revenue (medium term) — INR600 crores to INR700 crores · 4 or 5 years
stated as an aspiration by Rupark Sarswat
p. 11
“And we aspire that in 4 or 5 years, we see this business to be possibly INR600 crores to INR700 crores business.”
Rupark Sarswat, page 11 of the filed PDF · View the filing
NSU business gross margins — closer to about 30% · 5 or 6 years
stated as an aspiration by Rupark Sarswat
p. 12
“So I expect that in 5 or 6 years when I am talking to you about the turnover about this time, our gross margins will be closer to about 30%.”
Rupark Sarswat, page 12 of the filed PDF · View the filing
Potable Spirits industry growth outlook — healthy double digits · next year
stated conditionally by Manoj Rai
p. 11
“The outlook for next year, we expect to continue to grow in healthy double digits.”
Manoj Rai, page 11 of the filed PDF · View the filing
IMFL share of Potable Spirit revenue — in excess of 30% · FY27
stated firmly by Manoj Kumar Rai
p. 16
“Percentage of revenue coming in from IMFL would be in excess of 30%.”
Manoj Kumar Rai, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management reiterated EBITDA guidance in excess of INR500 crores for FY27 and volume doubling versus last year, driven by deeper penetration and new premium brand offerings.
Answered by Manoj Rai
Asked by Ragini Ramkumar: What is the guidance for Potable Spirits for this financial year and the next?
p. 11
“So when I look at the EBITDA numbers, we have already shared that with you we are looking at an EBITDA in excess of INR500 crores for FY27, of which INR120 crores is something which we have already delivered in Q1.”
Manoj Rai, page 11 of the filed PDF · View the filing
Management said capex would be modest this year (INR5-20 crores) and gave long-term aspirational revenue and margin targets for the NSU business.
Answered by Rupark Sarswat
Asked by Saket Kapoor: What is planned for the NSU segment in terms of capex and aspirations?
p. 11
“But as our businesses grow, we will continue to have modular expansion.”
Rupark Sarswat, page 11 of the filed PDF · View the filing
Management said the JV benefited from improved ethylene oxide pricing competitiveness and that current profitability levels are broadly a fair assumption going forward.
Answered by Rupark Sarswat
Asked by Saket Kapoor: How has the joint venture performed and is the trend sustainable?
p. 13
“Saket, look, maybe I will not split too many hairs. But by and large, it is a fair assumption.”
Rupark Sarswat, page 13 of the filed PDF · View the filing
Management said Prestige & Above volumes were roughly 0.5 million cases, about double the prior year.
Answered by Manoj Kumar Rai
Asked by Vignesh Iyer: What were the Prestige & Above segment case numbers and growth?
p. 13
“When I look at the IMFL segment I gave you a number of 1.4 million, Prestige & Above it's roughly 0.5 million, and this is almost double of what it was last year.”
Manoj Kumar Rai, page 13 of the filed PDF · View the filing
Management confirmed the distribution/marketing partnership covers select North Indian markets with plans to expand to the East, but declined to disclose royalty terms.
Answered by Manoj Kumar Rai
Asked by Aakash Gupta: What is the nature of the Amrut partnership and royalty terms?
p. 15
“That is something which we cannot disclose.”
Manoj Kumar Rai, page 15 of the filed PDF · View the filing
Management attributed the prior quarter's high EBITDA to a one-time Clariant dividend and explained the demerger rationale as sharpening focus between consumer and B2B businesses for investors with different appetites.
Answered by Anand Singhal
Asked by Aman: What explains the quarter-on-quarter EBITDA swings and what is the demerger's operational benefit?
p. 15
“Last quarter ended 31st March '26 there was an income out of dividend from Clariant, which was about INR39 crores.”
Anand Singhal, page 15 of the filed PDF · View the filing
Management attributed the gap to brand mix and state mix, noting mass premium segment growth and stated revenue growth would exceed volume growth over time due to premiumization.
Answered by Manoj Kumar Rai
Asked by Pragyam Laddha: Why did case volumes grow faster than revenue despite premiumization?
p. 16
“You will find our revenue growth exceeding the volume growth in due course of time because of the premium mix.”
Manoj Kumar Rai, page 16 of the filed PDF · View the filing
Risks flagged
Crude price spike and Middle East supply disruption affecting glycol and petrochemical imports
p. 4
“crude spiked to a four-year high, which also meant that crude prices went up, which also meant that some of the chemicals that come into India from the Middle East, for example, glycols and some other petrochemical derivatives were affected not only in terms of supply but also prices.”
Rupark Sarswat, page 4 of the filed PDF · View the filing
Volatile and sharply higher freight costs for westbound cargo
p. 5
“So, freights for westbound cargos have been very, very volatile, going up anywhere between 5 to 20 times, which impacted some of our businesses.”
Rupark Sarswat, page 5 of the filed PDF · View the filing
Raw material unavailability and high prices affecting oil and gas specialty chemicals exports
p. 5
“So, this adversely impacted our businesses in the oil and gas sector where we were supplying specialty chemicals within India, and we also supply oil and gas materials to the Middle East which essentially completely collapsed because there was no sale happening to that area, and also shipments to US etcetera became very difficult.”
Rupark Sarswat, page 5 of the filed PDF · View the filing
Performance chemicals growth below target due to export disruption and raw material costs
p. 8
“The performance chemicals business grew by 40%, which was lower than what we had targeted, essentially for some of the reasons that I articulated.”
Rupark Sarswat, page 8 of the filed PDF · View the filing
Volatile raw material availability and pricing in Ennature Bio Pharma continuing into next quarter
p. 10
“However, the raw material availability and pricing continue to be volatile and a challenge in Q2 as well.”
Rupark Sarswat, page 10 of the filed PDF · View the filing
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