India Glycols Limited disclosed on September 7, 2026, that three non-executive directors of Ennature Bio Pharma Limited (EBL) have resigned with immediate effect. The development relates to the ongoing Scheme of Arrangement between the two companies.

The resignations were communicated by EBL to India Glycols in a letter dated September 7, 2026. This disclosure addresses observation letters issued earlier this year by the National Stock Exchange of India Limited and BSE Limited regarding the merger process.

Director Resignations

Three non-executive directors stepped down from EBL’s board due to personal reasons. The resignations took effect immediately upon submission.

Akshay Bansal, Executive Director of EBL, confirmed the exits in correspondence with India Glycols. The filing references SEBI Master Circular No. HO/4911 411 4(7)2025-CFD-POD211 13762/2026 dated January 30, 2026, as the regulatory basis for this update.

Scheme Context

The resignation update is part of the compliance requirements for the Scheme of Arrangement under Sections 230 to 232 of the Companies Act, 2013. The scheme involves India Glycols Limited, IGL Spirits Limited, and their respective shareholders alongside EBL.

The stock exchanges had previously issued observation letters on November 17, 2025, and November 19, 2025, seeking clarification on material events related to the proposed arrangement.

India Glycols Limited has disclosed the investor presentation for its demerged subsidiary, IGL Spirits Limited, ahead of a scheduled analyst and institutional investor meeting on September 2, 2026. The company issued the disclosure on September 2, 2026, pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

The presentation provides a detailed overview of IGL Spirits’ business structure, which operates as an integrated alcohol platform spanning consumer brands across price points, premium Extra Neutral Alcohol (ENA), and renewable bio-fuels. The company leverages flexible manufacturing allocation across spirits, ENA, and bio-fuels to optimize utilization and margins.

Meeting Details

The interaction is structured as a physical group meeting in Mumbai starting at 5:00 pm IST. The schedule remains subject to change due to exigencies on the part of participants or the host. Discussions will be based solely on publicly available information, with no unpublished price-sensitive information intended.

Business Structure and Financials

IGL Spirits operates through two primary revenue streams: Potable Spirits and Bio-fuels. For FY26, the company reported total net revenue of ₹2,801 crore, comprising ₹1,331 crore from potable spirits and ₹1,470 crore from bio-fuels. This represents a compound annual growth rate (CAGR) of approximately 39% over FY24–FY26.

The company achieved an EBITDA of ₹492 crore, translating to an EBITDA margin of 17.6%. Profit after tax (PAT) for FY26 stood at ₹244 crore, with a PAT margin of 8.7%. The gross margin for the potable spirits segment reached 45.9% in FY26, up from 36.0% in FY24.

Strategic Outlook

The investor deck highlights structural megatrends driving demand in the Indian alcoholic beverage market, including demographic shifts, rising affluence, and underpenetrated consumption levels. IGL Spirits aims to scale its branded spirits portfolio while capitalizing on India’s ethanol blending program.

Key strategic initiatives include:

• Potable Spirits: Scaling premium whisky and single malts through partnerships, particularly with Amrut Distilleries, and expanding white spirits like Amazing Vodka and Zumba Rum to engage younger consumers.
• Bio-Fuels: Leveraging integrated manufacturing hubs in Kashipur (600 KLPD capacity) and Gorakhpur (500 KLPD capacity) to meet rising ethanol demand. The company has secured an initial supply allocation of ~220 million litres for ESY 2025-26, valued at an estimated ₹1,450 crore.
• Partnerships: Deepening the 15-year partnership with Bacardi International for maturation and supply chain management, and expanding distribution rights for Amrut’s premium portfolio across North India.

What the Numbers Show

The financial data reveals a significant margin expansion driven by product mix shift. While total volume growth was modest (30.1 million cases in FY25 vs 30.0 million in FY26), revenue grew at a 39% CAGR due to premiumization. The gross margin for potable spirits expanded from 36.0% in FY24 to 45.9% in FY26, indicating successful trading up to higher-value categories. Simultaneously, net debt decreased from ₹900 crore in FY25 to ₹767 crore in FY26, supported by strong cash profit generation of ₹395 crore.

Ankur Jain, Head (Legal) & Company Secretary, signed the disclosure. The notice and presentation are hosted on the company’s official website.