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Revenue
₹1,092 Cr
verified against source
Revenue YoY
13.6%
reported change
EBITDA
₹160 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
India Glycols delivered a strong Q2 FY26 with net revenue up 13.6% YoY to ₹1,092 crore, EBITDA up 33% YoY to ₹160 crore, and PAT up 31% YoY to ₹65 crore. EBITDA margin expanded 216 bps to 14.6%, driven by robust performance in biofuels (revenue +63% YoY) and portable spirits (+24% YoY). The chemicals segment faced headwinds from global pricing pressure and US tariffs, but margins improved due to a favorable product mix. Management expects crude price hardening to benefit chemicals, while the ethanol blending program remains on track at 20%, with potential expansion to 27%. A preferential allotment of ₹467 crore will reduce debt and lower finance costs. Key risks include excess ethanol capacity pressuring margins and tariff uncertainty impacting JV exports.
Colored figures show movement against the previous available record.
Guidance to track
- Company plans to repay ₹467 crore from preferential allotment plus ₹180 crore from internal accruals by March 2026, reducing long-term debt from ₹1,400 crore.
- Post debt repayment, management expects annual interest savings of ₹60-70 crore, visible from FY27.
- Management expects near doubling of revenue and contribution from performance chemicals on a small base in H2, with potential 10x growth over next few years.
- Government's 20% blending target is on track; discussions underway to increase to 27% beyond October 2026.
Risks flagged
- Industry capacity has caught up with 20% blending demand, potentially leading to pricing pressure and lower margins for biofuels.
- 50% US tariff and global slowdown have affected chemicals sales and JV performance; management could not quantify the impact.
- Nicotine sales declined due to low-cost competition, and thiocolchicoside market faced seed supply disruptions, impacting profitability.
- Analyst raised concern about US pushing for ethanol imports; management dismissed as speculative but acknowledged risk.
Key quotes
- Our IBITA is up 120 to 160 cr which is up 33%. And the IBITA margin is up 12.4% to 14.6%.
- We have also become the first ever company globally to make biobased amines whilst we are to start commercial sales in this quarter and the next quarter.
- The understanding is very clear from a long-term perspective they have we have the first right of refusal even after a long-term once the agreements are there for renewal.
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