India Glycols Limited has received a credit rating update from CARE Ratings Limited, with the rating agency placing the company's bank facilities on Rating Watch with Developing Implications (RWD) following the announcement of a comprehensive corporate restructuring scheme.

Rating Action Details

CARE Ratings has reviewed facilities across multiple categories, maintaining the RWD status that was previously assigned. The rating action covers the company's entire banking facility portfolio:

The rating agency has also withdrawn ratings for bank guarantee facilities amounting to ₹72.63 crore based on the company's request and receipt of No Dues Certificates from the extending banks.

Proposed Corporate Restructuring

The Rating Watch status stems from India Glycols' composite scheme of arrangement, approved by the Board of Directors on 16th May, 2025. Under this restructuring:

• Biofuel (BF) and Potable Spirits (PS) undertakings will be demerged into IGL Spirits Limited (ISL)
• Bio-pharma (BP) undertaking will move to Ennature Bio Pharma Limited (EBL)
• Bio-based specialities & Performance Chemicals (BSPC) segment (excluding biopolymers) will remain under India Glycols
• Kashipur Holdings Limited (KHL) will not merge into India Glycols under the revised scheme

The scheme requires approvals from the National Company Law Tribunal (NCLT), shareholders, creditors, central government, and other regulatory authorities. Shareholding in the demerged entities will maintain the same proportion as India Glycols' current shareholding structure.

Post-Restructuring Business Profile

Following the demerger completion, India Glycols will transform into a pure chemical manufacturer, housing only the glycols and new specialities units. This focused segment demonstrated strong performance metrics:

CARE Ratings expects the restructured entity to maintain average debt coverage metrics, with net debt to PBLDT (including letter of credit acceptances) not expected to exceed 4.5x. This ratio is anticipated to strengthen further due to scheduled term-loan repayments and organic improvement in PBLDT as the new specialities unit scales up.

Current Financial Position

India Glycols operates across four major segments with diversified revenue streams. In FY25, the company achieved 14% revenue growth to ₹3,748 crore, with PBLDT margin improving to 13.09%. For 9MFY26, revenue grew 11% year-on-year to ₹3,239 crore, with margin expansion to 15.04%.

The company's segment-wise performance in FY25 showed:

• BSPC segment: 36% revenue contribution, 27% operating profit contribution
• Biofuels segment: 28% revenue contribution, 12% operating profit contribution
• Potable Spirits segment: 31% revenue contribution, 56% operating profit contribution
• Ethanol Business segment: 6% revenue contribution, 12% operating profit contribution

In Q3FY26, the company raised ₹467 crore through a preferential issue, with the majority utilized for debt reduction. Total debt including LC-based acceptances reduced to ₹1,863 crore as of December 31, 2025, and further to ₹1,793 crore by January 31, 2026.

Rating Outlook and Monitoring

CARE Ratings will closely monitor developments regarding the scheme approvals and will review ratings once necessary approvals are in place and the transaction is completed entirely. The rating agency expects the restructuring to enhance capital allocation, management focus, and resource efficiency across the separated businesses.

The completion timeline for the entire scheme is expected within six months, subject to regulatory approvals. Until then, the facilities will continue under the Rating Watch with Developing Implications status.

Source: None/Company/INE560A01023/46f99a05-4fe4-4395-a7a0-69b5b2d7963d.pdf

India Glycols Limited has announced a board meeting scheduled for March 17, 2026, to deliberate on the declaration of interim dividend for the financial year 2025-26. The company has formally notified both BSE and NSE about this upcoming board meeting in compliance with regulatory requirements.

Board Meeting Details

The board meeting has been convened pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting will specifically consider the declaration of interim dividend, if any, for the current financial year.

Trading Window Closure

In accordance with the company's Code of Conduct for Regulating, Monitoring and Reporting Trading in Securities, India Glycols has announced a temporary closure of the trading window. This measure ensures compliance with insider trading regulations during the period leading up to and following the board meeting.

Corporate Communication

The official notification was issued on March 10, 2026, and has been communicated to both major stock exchanges where the company's shares are listed. The announcement was signed by Ankur Jain, Head (Legal) & Company Secretary, and the information has been made available on the company's official website at www.indiaglycols.com for stakeholder reference.

Company Operations

India Glycols Limited operates from multiple locations with its registered office in Kashipur, Uttarakhand, and corporate office in Kolkata, West Bengal. The company maintains additional operational facilities in NOIDA, Uttar Pradesh, reflecting its pan-India presence in the chemicals and allied products sector.