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Revenue
₹465 Cr
verified against source
Revenue YoY
-17%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IG Petrochemicals reported a weak Q3 FY26 with revenue of 471 cr (down 17% YoY) and a net loss of 7 cr, driven by compressed margins, high-cost inventory, and lower maleic anhydride realizations. Sales volume improved 10% QoQ to over 51,000 tonnes, but EBITDA was impacted by inventory losses of ~40-45 cr over 9 months. Management noted that margins have bottomed out, with spreads recovering from $60-80 to $100-120 in January. The plasticizer plant (75,000 tonnes) is on track for mechanical completion by March 2026, with DP debottlenecking to 12,000 tonnes by March. Key risk: continued weakness in maleic prices due to Chinese oversupply could delay margin recovery.
Colored figures show movement against the previous available record.
Guidance to track
- The 75,000-tonne plasticizer plant is expected to achieve mechanical completion by end of March 2026, with gradual production ramp-up from Q2 FY27.
- Debottlenecking of the DP plant will increase capacity from 8,000 to 12,000 tonnes by March 2026, with minimal capex of 2-3 cr.
- The compressed biogas plant (5 tonnes per day) is expected to achieve mechanical completion by June 2026, with capex of 30-35 cr.
- Management expects total production volume of 230,000-235,000 tonnes in FY27, including 5,000-10,000 tonnes for DP and plasticizers.
Risks flagged
- Maleic prices remain below $700/tonne due to Chinese oversupply, and management expects them to stay subdued for 1-2 years, pressuring margins.
- High-cost inventory and mark-to-market losses on euro loans contributed 40-45 cr to losses over 9 months; while largely resolved, any further price drops could recur.
- The plasticizer plant has already been delayed by 3-6 months; further delays in commissioning or achieving optimal capacity could impact revenue expectations.
- An analyst questioned why no share buyback is planned when market cap is below net worth; management deflected, indicating no immediate action.
Key quotes
- We expect that Q4 will be better much better than last 9 months and going forward you'll see the improvement when we start the PFI as well as the plug ahead.
- If you need to wait for one or two quarters, you will see a drastic improvement in the performance of the company.
- Disappointment seems to have become the destiny of IG pro shareholders. Every quarter either there is a planned shutdown or unplanned shutdown or some technical breakdown.
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