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Revenue
₹1,102 Cr
verified against source
Revenue YoY
11.54%
reported change
EBITDA
₹487 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
India Glycols delivered a record quarter with net revenue of ₹3,235 crore (up 11.5% YoY) and EBITDA of ₹487 crore (up 28.9% YoY) for 9M FY26, driven by strong performance in portable spirits (17% revenue growth) and biofuels (51% revenue growth). EBITDA margin expanded to 15% (up 277 bps YoY) due to operational efficiencies and a shift to high-margin products. The company reduced debt by ₹582 crore via preferential allotment and internal accruals, with further deleveraging planned. Management guided for sustained margin improvement in chemicals and continued premiumization in spirits, while biofuels remain range-bound by policy. Key risk: volatility in global chemical demand and feedstock prices could pressure margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management plans to prepay an additional ₹150 crore of debt in Q4 FY26 through internal accruals, continuing deleveraging.
- The company swapped ₹130 crore of high-cost debt to lower-cost debt, expected to save 125-150 bps in interest costs, visible from Q4.
- Management expects to sustain chemicals EBIT margins in the 12-13% range, supported by product mix and operational improvements.
- Management expects performance chemicals revenue to grow in multiples over the next few years, driven by new products and customer wins.
Risks flagged
- Volatility in US and EU chemical markets could pressure export-oriented segments like NH BioPharma and specialty chemicals.
- Biofuel margins are range-bound by government policy and sensitive to feedstock prices (corn, rice) and DDGS byproduct prices.
- The JV's margins were squeezed due to a widening price gap between greener products and cheaper alternatives from Reliance, impacting profitability.
- Credit rating improvement is on watch until the demerger is completed, limiting ability to negotiate lower borrowing costs.
Key quotes
- We are the first company in the world to make the first commercial sale of biobased amines which we make to L'Oreal.
- Our strategy is to establish our brands across segments particularly in whiskey segment. All our competitors most of them do not have whiskeys in the premium segment.
- We are going to see very strong growth this year both in terms of revenue as well as profit on a small base and I'm quite confident that we are going to see good growth in the years to come.
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