India Glycols Limited has delivered a robust financial performance in Q3FY26, demonstrating strong growth momentum across its diversified business portfolio. The company's Board of Directors approved the unaudited financial results for the quarter and nine months ended December 31, 2025, during their meeting held on February 10, 2026.

Strong Revenue and Profitability Growth

The company reported impressive financial metrics for Q3FY26, with significant improvements in both revenue and profitability compared to the previous year.

The company's EBITDA margin expanded significantly, reflecting improved operational efficiency and better cost management. Total expenses for the quarter stood at ₹2,462.67 crores compared to ₹2,371.13 crores in Q3FY25.

Nine-Month Performance Highlights

For the nine-month period ended December 31, 2025, India Glycols maintained its growth trajectory with consistent performance improvements.

Segment-wise Performance Analysis

India Glycols' diversified business model across four key segments contributed to the overall strong performance. The Potable Spirits segment remained the largest revenue contributor, while Bio-Fuel showed remarkable growth.

Q3FY26 Segment Revenue:

Segment Results (Profit Before Interest and Tax):

Corporate Developments and Strategic Initiatives

The company has undertaken several strategic initiatives during the period. The Board approved a demerger scheme involving the separation of Bio Pharma undertaking into Ennature Bio Pharma Limited and Spirits & Biofuel Undertaking into IGL Spirits Limited. The National Company Law Tribunal (NCLT) allowed the application on January 15, 2026, with the appointed date for the scheme being April 1, 2026.

India Glycols completed a preferential allotment of 51,03,765 equity shares at ₹915 per share in November 2025, raising approximately ₹467 crores. This increased the company's paid-up share capital to ₹33.51 crores. The company also executed a stock split in August 2025, subdividing shares from face value of ₹10 to ₹5 each.

Exceptional Items and Regulatory Impact

The company reported exceptional items of ₹0.83 crores during Q3FY26, related to additional employee benefit expenses arising from the implementation of New Labour Codes by the Government of India effective November 21, 2025. These codes consolidated multiple existing labour legislations into four unified frameworks.

Consolidated Performance

On a consolidated basis, India Glycols reported revenue from operations of ₹2,551.10 crores for Q3FY26, with net profit of ₹67.57 crores. The consolidated results include contributions from subsidiaries and joint venture Clariant IGL Specialty Chemicals Private Limited, which contributed ₹3.26 crores to the quarter's profit.

The company's strong performance across multiple segments, successful capital raising, and strategic restructuring initiatives position it well for continued growth in the coming periods.

Source:

India Glycols Limited has secured a significant regulatory milestone with the National Company Law Tribunal (NCLT) Allahabad Bench approving the first motion of its comprehensive demerger scheme. The NCLT order dated January 15, 2026, paves the way for the separation of two key business segments into independent entities, marking a strategic restructuring initiative for the diversified chemical company.

NCLT Approval and Key Directives

The tribunal has approved the demerger of Bio Pharma Undertaking and Spirits & Biofuel Undertaking from India Glycols Limited into two separate companies:

The NCLT has ordered convening of separate meetings through video conferencing for equity shareholders and unsecured creditors of the demerged company. However, the tribunal dispensed with meetings of secured creditors and shareholders of the resulting companies due to requisite consents already obtained.

Share Entitlement and Exchange Ratio

The scheme incorporates specific share exchange ratios based on the valuation report prepared by registered valuer Kshitij Goel:

The share entitlement report considers financial information of the demerged undertakings up to December 31, 2024, ensuring fair valuation for all stakeholders.

Stakeholder Consent and Meeting Schedule

The company has obtained substantial stakeholder support for the proposed scheme:

The NCLT has appointed Mr. L.N. Gupta as common chairperson for the meetings, with Mr. Vinayak Varma as alternate chairperson and Mr. Sumit Agrawal as scrutinizer.

Strategic Rationale and Benefits

The demerger scheme aims to enhance operational efficiency by allowing each business segment to operate with focused management and specialized resource allocation. India Glycols, currently engaged in manufacturing bio-based specialties, performance chemicals, potable spirits, biopharma products, and biofuels, seeks to unlock value through this strategic separation.

Key expected benefits include:

• Independent growth opportunities for each business segment
• Attraction of specialized investors and talent
• Efficient capital allocation based on specific business needs
• Industry-specific regulatory compliance
• Risk mitigation through business segregation

Regulatory Compliance and Next Steps

The company must comply with various regulatory requirements, including notices to the Central Government, Registrar of Companies, Securities and Exchange Board of India, stock exchanges, and Income Tax Department. The scheme remains subject to applicable regulatory approvals and successful completion of the scheduled meetings.

The second motion petition must be filed within seven days from the chairperson's report submission, following the conclusion of the March 2026 meetings. Upon final approval, the resulting companies' equity shares will become listed on National Stock Exchange of India Limited and BSE Limited, enabling independent valuation and investor participation in the specialized business segments.