IG Petrochemicals Seeks Shareholder Approval for Appointment of Sanjoy Datta as Independent Director

IG Petrochemicals Limited has initiated a postal ballot process to seek shareholder approval for the appointment of Sanjoy Datta (DIN 00499015) as an Independent Director. The company's Board of Directors, based on the recommendation of the Nomination and Remuneration Committee, appointed Datta as an Additional Director in the category of Independent Director on November 3, 2025.

Key Details of the Appointment

Proposed Term: Five years, from November 3, 2025, to November 2, 2030
Voting Period: November 16, 2025 (9:00 a.m.) to December 15, 2025 (5:00 p.m.)
Results Declaration: By December 17, 2025

About Sanjoy Datta

Sanjoy Datta brings over 36 years of experience in financial services, consulting, and corporate leadership across India and the Asia Pacific region. His expertise includes:

Corporate and business strategy
Growth and M&A
Finance and governance
Mentoring founders and CEOs

Professional Background

Most recently served as Chief Transformation Officer and Executive Committee Member at Deloitte Asia Pacific
Led the rebuilding of client delivery platforms for a USD 10 billion practice
Held senior positions in multinational banks, gaining experience in retail, corporate, and investment banking
Former Global Partner Elect at Monitor Group, advising leading conglomerates on corporate strategy and M&A

Voting Process

The company has engaged the National Securities Depository Limited (NSDL) for e-voting services and appointed Martinho Ferrao as the scrutinizer for the postal ballot process. Shareholders can cast their votes electronically through the NSDL e-voting system.

Board's Recommendation

The Board of Directors recommends the special resolution for the appointment of Sanjoy Datta as an Independent Director for shareholder approval.

IG Petrochemicals Limited's move to appoint Sanjoy Datta as an Independent Director aims to leverage his extensive experience in corporate strategy, finance, and governance to enhance the company's board expertise.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+1.74%	+5.31%	-4.42%	-18.59%	-35.33%	-16.10%

IG Petrochemicals , India's largest manufacturer of Phthalic Anhydride (PAN), has reported mixed results for the second quarter, while announcing strategic expansions into biofuels and plasticizers.

Financial Performance

The company's Q2 results show a significant year-over-year decline in revenue and profitability:

Metric (in Rs. Crores)	Q2 FY26	Q2 FY25	YoY Change
Total Revenue	471.60	587.50	-19.7%
EBITDA	27.30	68.80	-60.3%
EBITDA Margin	5.8%	11.7%	-590 bps
Profit After Tax (PAT)	1.40	28.30	-95.1%
EPS (in Rs.)	0.46	9.19	-95.0%

The company attributed the soft performance to low demand for Phthalic Anhydride in domestic markets, primarily due to reduced capacity utilization in downstream industries.

Strategic Initiatives and Expansions

Despite the challenging quarter, IG Petrochemicals announced several strategic initiatives:

Biofuels Expansion: The Board of Directors approved the acquisition of IG Biofuels Ltd as a wholly-owned subsidiary, with plans to invest up to Rs 100 crores in biofuels and compressed biogas projects.
Plasticizer Plant: A new plasticizer plant is expected to commence operations by March 2026, marking the company's entry into downstream PAN products.
Product Diversification: Revenue from non-Phthalic business reached Rs 74 crores in H1 FY26, contributing about 8% to total revenue.
Export Focus: The company reported that export markets contributed approximately 7% to H1 FY26 revenue.

Financial Management

IG Petrochemicals demonstrated prudent financial management:

Prepaid term loans of Rs 40 crores
Maintained its India Rating of IND AA-/Stable/IND A1+

However, the quarter's profit was impacted by:

A mark-to-market loss of Rs 3 crores due to rupee depreciation
A fixed asset write-off of Rs 5 crores

Looking Ahead

While facing short-term challenges, IG Petrochemicals' strategic expansions into biofuels and plasticizers signal a focus on diversification and long-term growth. The company's strong market position in PAN production and its efforts to expand into new areas may position it well for future opportunities in the chemical sector.

Investors and analysts will likely keep a close watch on the company's ability to navigate the current demand softness and the progress of its new initiatives in the coming quarters.