India Glycols has reported its financial results for the fourth quarter and full year ended March 31, 2026. The company posted a net profit (PAT) of INR293 crores for FY26, an increase of 26.8% compared to the previous year. Net revenue for the year stood at INR4,211 crores, up 11.8%, while gross revenues reached INR9,827 crores, growing by 8.7%.

Operational Performance

The company's EBITDA for FY26 was INR654 crores, a rise of 24.5%, with the EBITDA margin expanding by 162 basis points to 15.5%. Management attributed the margin improvement to significant contributions from the Potable Spirits, Bio-Fuels, and Chemicals segments. For the fourth quarter, net revenue grew 13.1% year-on-year to INR976 crores, while EBITDA increased 13.3% to INR167 crores.

Segment Highlights

The Bio-Fuels segment delivered a strong performance with a 40.9% growth in top-line to INR1,470 crores. The EBIT for this segment nearly doubled, rising 103.3% to INR115 crores, with an EBIT margin of 7.8%. The Potable Spirits business reported a top-line of INR1,331 crores, up 14.4%, and an EBIT of INR285 crores, up 11.1%. The Chemicals segment saw a net revenue decline of 10.4% to INR1,203 crores; however, EBIT improved by 12.5% to INR141 crores, driven by a focus on higher value-added products.

Financial Ratios and Outlook

India Glycols improved its financial ratios during the year. The debt-to-equity ratio decreased from 0.7x in FY23 to 0.5x in FY26, while the interest coverage ratio improved from 2.3x to 3.0x. ROCE increased to 11.9% and RONW to 11.3% in FY26. The company prepaid INR804 crores in debt during the quarter, resulting in interest cost savings of INR20 crores.

India Glycols Limited reported its audited financial results for the quarter and financial year ended March 31, 2026, following a Board of Directors meeting held on May 14, 2026. The company posted a standalone net profit of ₹282.33 crore for the full financial year, a significant increase from ₹180.38 crore in the previous year. Revenue from operations for FY26 stood at ₹9,826.20 crore, compared to ₹9,037.82 crore in FY25. On a consolidated basis, the company reported a net profit of ₹292.76 crore for the year, up from ₹230.92 crore in FY25. The Board also approved an interim dividend of ₹7.50 per equity share on face value of ₹5 per equity share for FY 2025-26, approved at a meeting held on March 17, 2026.

Standalone Financial Performance

The audited standalone results reflect broad-based growth across key financial metrics. Total income for the standalone financial year increased to ₹9,869.71 crore from ₹9,052.37 crore in the prior year. EBITDA rose to ₹690.09 crore from ₹521.34 crore, while profit before tax stood at ₹366.70 crore against ₹241.78 crore previously. For the quarter ended March 31, 2026, standalone net profit was ₹110.28 crore and revenue from operations was ₹2,361.40 crore. Basic and diluted earnings per share (face value ₹5 each) for FY26 stood at ₹44.31, compared to ₹29.13 in FY25.

Consolidated Financial Performance

On a consolidated basis, total income for FY26 was ₹9,831.56 crore against ₹9,053.50 crore in FY25. Consolidated EBITDA stood at ₹654.18 crore versus ₹525.49 crore in the prior year. The Group's share of net profit from its joint venture, Clariant IGL Specialty Chemicals Private Limited, was ₹46.42 crore for the year. Consolidated profit before tax was ₹377.21 crore compared to ₹292.32 crore in FY25. Basic and diluted EPS on a consolidated basis stood at ₹45.95 for FY26, against ₹37.29 in FY25.

Q4 Consolidated Highlights

For the quarter ended March 31, 2026, consolidated net profit rose to ₹86.88 crore from ₹64.02 crore in the same period of the prior year, while consolidated revenue from operations stood at ₹2,360.01 crore compared to ₹2,188.65 crore. Q4 consolidated EBITDA improved to ₹167.12 crore from ₹147.53 crore year-on-year. The Q4 consolidated EBITDA margin expanded to 9.89% from 6.76% in the same period of the prior year, reflecting improved operational efficiency.

Segment-Wise Performance

Across standalone segments for FY26, Potable Spirits remained the largest contributor with revenue of ₹6,946.43 crore, followed by Bio-Fuel at ₹1,469.93 crore, Bio-based Specialities and Performance Chemicals at ₹1,202.07 crore, and Ennature Biopharma at ₹207.77 crore. In terms of segment results (profit before interest and tax), Potable Spirits led with ₹284.93 crore, followed by Bio-based Specialities and Performance Chemicals at ₹138.27 crore, Bio-Fuel at ₹115.23 crore, and Ennature Biopharma at ₹7.23 crore.

Balance Sheet and Cash Flow Highlights

The standalone balance sheet as at March 31, 2026 shows total assets of ₹6,126.12 crore, up from ₹5,790.40 crore in the prior year. Total equity stood at ₹2,537.44 crore against ₹1,871.04 crore previously, supported by other equity of ₹2,503.93 crore. On a consolidated basis, total assets were ₹6,522.95 crore compared to ₹6,176.10 crore, with total equity at ₹2,932.78 crore. Net cash flow from standalone operating activities for the year was ₹768.99 crore, while net cash used in investing activities was ₹766.98 crore. Closing standalone cash and cash equivalents stood at ₹31.06 crore, up from ₹6.51 crore at the start of the year. On a consolidated basis, closing cash and cash equivalents stood at ₹31.87 crore, compared to ₹6.84 crore at the opening of the year.

Corporate and Structural Updates

The company has been pursuing a Composite Scheme of Arrangement involving the demerger of its Bio Pharma undertaking into Ennature Bio Pharma Limited and its Spirits & Biofuel undertaking into IGL Spirits Limited, with an appointed date of April 1, 2026. The National Company Law Tribunal (NCLT), Allahabad Bench, admitted the application for sanction of the scheme vide its order dated April 9, 2026. The matter was listed for further hearing on May 21, 2026, but could not be taken up due to paucity of time. The next date of hearing is yet to be notified. No Objection/Observation Letters were received from NSE and BSE on November 17 and November 19, 2025, respectively. The company also completed a stock split in August 2025, subdividing each equity share of face value ₹10 into two shares of face value ₹5, increasing equity shares from 3,09,61,500 to 6,19,23,000. Additionally, the company raised funds through a preferential allotment of up to 51,03,765 equity shares at ₹915 per share, aggregating up to ₹4,66,99,44,975, with allotment completed on November 24, 2025, increasing paid-up share capital to ₹33,51,33,825. The trading window for dealing in the company's securities, closed from April 1, 2026, reopened on May 17, 2026. The statutory auditors, M/s K.N. Gutgutia & Co., issued an unmodified opinion on both the standalone and consolidated financial results.