India Glycols Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript India Glycols Ltd filed with BSE on 22 May 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 FY26 gross revenues of INR9,827 crores, up 8.7%, with net revenues of INR4,211 crores, up 11.8%, driven largely by growth in Potable Spirits and Bio-Fuels segments. EBITDA rose 24.5% to INR654 crores with margin expanding to 15.5%, while PAT grew 26.8% to INR293 crores. Management also described a plant shutdown for catalyst changeover during the quarter, debt prepayment of approximately INR804 crores, and mixed effects of the ongoing war on raw material costs and export demand.
Numbers mentioned
Gross revenue: INR9,827 crores (FY26)
p. 3
“we have had gross revenues of INR9,827 crores, which is up 8.7%”
Rupark Sarswat, page 3 of the filed PDF · View the filing
Net revenue: INR4,211 crores (FY26)
p. 3
“Net revenues of INR4,211 crores, which is up 11.8%”
Rupark Sarswat, page 3 of the filed PDF · View the filing
EBITDA: INR654 crores (FY26)
p. 3
“EBITDA has been INR654 crores, which is up 24.5% over last year”
Rupark Sarswat, page 3 of the filed PDF · View the filing
EBITDA margin: 15.5% (FY26)
p. 3
“the EBITDA margin itself is up to 15.5%, up 162 basis points”
Rupark Sarswat, page 3 of the filed PDF · View the filing
PAT: INR293 crores (FY26)
p. 3
“we are posting INR293 crores, which is up 26.8%”
Rupark Sarswat, page 3 of the filed PDF · View the filing
PAT margin: 6.9% (FY26)
p. 3
“the PAT margin at 6.9% is also 84 basis points up”
Rupark Sarswat, page 3 of the filed PDF · View the filing
Net revenue: INR976 crores (Q4 FY26)
p. 3
“we have a net revenue of INR976 crores, which is up 13.1% for the same quarter prior year”
Rupark Sarswat, page 3 of the filed PDF · View the filing
EBITDA: INR167 crores (Q4 FY26)
p. 3
“In EBITDA terms, it is INR167 crores, which is up 13.3%, and the EBITDA margin at 17.1%, is up five basis points”
Rupark Sarswat, page 3 of the filed PDF · View the filing
Chemicals net revenue: INR1,203 crores (FY26)
p. 5
“in the Chemicals business, we've had a net revenue of INR1,203 crores in FY26, which is down 10.4%”
Rupark Sarswat, page 5 of the filed PDF · View the filing
Chemicals EBIT margin: 11.7% (FY26)
p. 5
“our EBIT at INR141 crores is up 12.5% and our EBIT margins are up to 11.7%”
Rupark Sarswat, page 5 of the filed PDF · View the filing
Potable Spirit revenue: INR1,331 crores (FY26)
p. 5
“we posted a top-line of INR1,331 crores in FY26, up 14.4% and an EBIT of INR285 crores, which is up 11.1%”
Rupark Sarswat, page 5 of the filed PDF · View the filing
Bio-Fuels revenue: INR1,470 crores (FY26)
p. 5
“an excellent year with the 40.9% growth delivering a top-line of INR1,470 crores in FY26 and an EBIT of INR115 crores, which is nearly double, which is up 103.3% and an EBIT margin of 7.8%”
Rupark Sarswat, page 5 of the filed PDF · View the filing
Debt-to-equity ratio: 0.5x (FY26)
p. 5
“our debt-to-equity ratio has gone down from 0.7x in FY23 to 0.5x this year”
Rupark Sarswat, page 5 of the filed PDF · View the filing
ROCE: 11.9% (FY26)
p. 5
“if you look at ROCE over the last few years, it has gone from 7.7% in FY23 to 11.9% in FY26”
Rupark Sarswat, page 5 of the filed PDF · View the filing
Debt prepayment: INR804 crores (Q4 FY26)
p. 9
“the company has prepaid almost about INR804 crores in this quarter, which has been funded by INR467 crores through equity issue”
Anand Singhal, page 9 of the filed PDF · View the filing
Silver sale proceeds during shutdown: INR98 crores (Q4 FY26)
p. 16
“silver sale during the shutdown was INR98 crores we got out of the silver sale”
Anand Singhal, page 16 of the filed PDF · View the filing
Potable Spirits EBIT margin: 22.1% (Q4 FY26)
p. 6
“Overall, EBIT margins were very good at 22.1%”
Rupark Sarswat, page 6 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.
Chemicals business performance — this year
stated as an aspiration by Rupark Sarswat
p. 14
“for the year at least, we see that we should have improved profitability and also top-line growth”
Rupark Sarswat, page 14 of the filed PDF · View the filing
Performance chemicals growth — doubling · this year
stated as an aspiration by Rupark Sarswat
p. 14
“we are hoping, that I'm not projecting, but we are hoping for in excess of doubling this business this year”
Rupark Sarswat, page 14 of the filed PDF · View the filing
Chemical business debt — debt-free · '28-'29
stated conditionally by Anand Singhal
p. 15
“I'm hopeful that the Chemical business will be totally debt-free”
Anand Singhal, page 15 of the filed PDF · View the filing
Term loan repayment — INR268 crores · FY26-27
stated firmly by Anand Singhal
p. 16
“This year we have a normal liability of say about INR268 crores, which in liquor, it is INR168 crores, and INR100 crores in Chemical”
Anand Singhal, page 16 of the filed PDF · View the filing
Interest cost — INR25 crores range
stated firmly by Anand Singhal
p. 19
“our interest cost will be remaining in about INR25 crores range”
Anand Singhal, page 19 of the filed PDF · View the filing
Demerger order — first 10 days of June
stated conditionally by Anand Singhal
p. 18
“another hope is that in first 10 days of the June we will get the order”
Anand Singhal, page 18 of the filed PDF · View the filing
Potable Spirit EBIT margin
stated as an aspiration by Rupark Sarswat
p. 13
“I would imagine that there is no reason for us to believe that we should be able to maintain these margins and in for the effort that we put in mix, we will try and improve it”
Rupark Sarswat, page 13 of the filed PDF · View the filing
IMFL premium segment growth — high double digits
stated as an aspiration by Raju Vaziraney
p. 11
“both geographically, as well as new brands will stem the growth to high double digits”
Raju Vaziraney, page 11 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 explained the shutdown affected EO supply to the JV and businesses that cannot stock up in advance, though not MEG.
Answered by Rupark Sarswat
Asked by Pragyam Laddha: How was the business disturbed by the plant shutdown?
p. 10
“which means that business to some extent gets affected, to the extent that they cannot build up stock”
Rupark Sarswat, page 10 of the filed PDF · View the filing
Management said roughly 25% IMFL and 75% IMIL, with a focus on growing the IMFL premium segment.
Answered by Raju Vaziraney
Asked by Pragyam Laddha: What is the split between country liquor and IMFL and future EBIT margin outlook?
p. 10
“Approximately 25% of the pie is towards IMFL and 75% towards India Made Indian Liquor”
Raju Vaziraney, page 10 of the filed PDF · View the filing
Management attributed the decline to lower-cost material from China in glycol ethers, EO offtake reduction by the JV, and high argon price base effects in gases.
Answered by Rupark Sarswat
Asked by Saket Kapoor: What led to the decline in the Chemicals (BSPC) segment revenue?
p. 13
“we lost some top-line essentially because of loss of some markets like glycol ethers, okay. And also some top-line loss in gases”
Rupark Sarswat, page 13 of the filed PDF · View the filing
Management said EO offtake in a given month does not reflect the JV's overall profitability, which depends on mix and traded materials.
Answered by Rupark Sarswat
Asked by Saket Kapoor: How is the JV's profitability contribution shaping up given the shutdown impact?
p. 15
“The JV's performance is not only reflected by how many EO they buy from us”
Rupark Sarswat, page 15 of the filed PDF · View the filing
Management said the segment is diversifying toward value-added customers and nutraceuticals but EBITDA improvement may not be significant this year.
Answered by Akshay Bansal
Asked by Saket Kapoor: What is the outlook for the Ennature Biopharma segment's profitability?
p. 18
“in terms of the EBITDA improvement, we may not see the significant improvement in this financial year”
Akshay Bansal, page 18 of the filed PDF · View the filing
Management confirmed ongoing debt reduction plans and expected an NCLT order around 21st May or early June.
Answered by Anand Singhal
Asked by Balasubramanian: Is there a plan for further debt reduction, and what is the demerger timeline?
p. 18
“we are rather in the process of reducing the debt”
Anand Singhal, page 18 of the filed PDF · View the filing
Management said about INR400 crores went to two grain distilleries and that reduced cash credit limits made debt reduction less visible.
Answered by Anand Singhal
Asked by Varun Mehta: Where was the INR830 crores capex invested and why hasn't net debt fallen more?
p. 19
“about INR400 crores is out of these two distilleries capitalization”
Anand Singhal, page 19 of the filed PDF · View the filing
Management said IMFL is about 31% of Potable revenue with Amrut around 5-6%, and Bacardi bottling contributes only a small percentage to margin.
Answered by Manish Pant
Asked by Akash Gupta: What percentage of Potable Spirit revenue comes from IMFL and Amrut, and what is the margin excluding Bacardi bottling?
p. 19
“the total freight revenue percentage, whatever we have declared, it is around 31% of the total Potable section, and Amrut share is likely to be around 5% to 6% out of it”
Manish Pant, page 19 of the filed PDF · View the filing
Risks flagged
War-related export disruption to Middle East customers
p. 5
“for big customers like New Park, where we send our oilfield chemicals largely to the Middle East, that business is largely on hold”
Rupark Sarswat, page 5 of the filed PDF · View the filing
Rising raw material feedstock prices due to war
p. 5
“as a result of the war, many raw material feedstocks, for example, propylene oxide, prices have gone up, availability is a challenge, so it has affected some areas”
Rupark Sarswat, page 5 of the filed PDF · View the filing
Softened demand due to sustained war situation
p. 5
“given a sustained situation of war, the demand itself has softened in some areas”
Rupark Sarswat, page 5 of the filed PDF · View the filing
Competitive pressure from lower-cost Chinese glycol ethers
p. 13
“we had a much lower cost material available from China, for example, and some of the other variants, which are like propylene or butylene-based glycol ethers, which gathered some of our market”
Rupark Sarswat, page 13 of the filed PDF · View the filing
Volatility in argon prices affecting gases segment
p. 14
“in the year before, we saw extremely high argon prices, and argon is something, which is very volatile”
Rupark Sarswat, page 14 of the filed PDF · View the filing
Ennature Biopharma facing challenging macroeconomic environment and cost pressures
p. 4
“the top-line by and large has been stable despite a relatively challenging global and macroeconomic environment, as well as cost pressures”
Rupark Sarswat, page 4 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.