India Glycols Limited · NSE:INDIAGLYCO
India Glycols — H1 FY26 Earnings Presentation
45 slides from India Glycols's earnings presentation, Nov 18, 2025
Slide 1: Stock exchange cover letter
IGL/SE/2025-26/61 18th November, 2025 The Manager (Listing) The Manager (Listing) BSE Limited National Stock Exchange of India Limited 1st Floor, New Trading Ring, Exchange Plaza, C-1, Block G, Rotunda Building, P.J. Towers, Bandra Kurla Complex, Dalal Street, Bandra (East), Mumbai – 400 001 Mumbai-
Slide 2: Investor Presentation Q2 & H1 FY26
Investor Presentation Q2 & H1 FY26
Slide 3: Safe Harbor Statement
Safe Harbor Statement This presentation and the following discussion may contain “forward looking statements” by India Glycols Limited (“IGL” or the company) that are not historical in nature. These forward-looking statements, which may include statements relating to future results of operations, fi
Slide 4: Table of Contents
Table of Contents 01 Q2 & H1 FY26 Financial Highlights 02 Q2 & H1 FY26 Segmental Highlights 03 Proposed Restructuring 04 Business Overview 05 Annual Financial Highlights 06 Annexures
Slide 5: Q2 & H1 FY26 Financial Highlights
01 Q2 & H1 FY26 Financial Highlights
Slide 6: Q2FY26 Performance Overview
Q2FY26 Performance Overview Figures in ₹ Cr. Gross Revenue Net Revenue EBITDA & EBITDA Margin PAT & PAT Margin +13% 12.4% 14.6% 5.1% 5.9% 2,412 +14% 2,144 +33% +31% 1,092 961 160 120 65 50 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 ⦁ Overall, the company has reported a strong Gross and
Slide 7: H1FY26 Performance Overview
H1FY26 Performance Overview Figures in ₹ Cr. Gross Revenue Net Revenue EBITDA & EBITDA Margin PAT & PAT Margin +11% 12.8% 14.6% 5.7% 6.5% 4,916 +11% 4,426 +25% +26% 2,133 1,930 311 248 138 110 H1FY25 H2FY26 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 ⦁ Strong sales in BF and PS segments have contribut
Slide 8: Highlights – Q2FY26
Highlights – Q2FY26 Figures in ₹ Cr. Business Performance | Q2FY26 over Q2FY25 Net Revenue stood at ₹ 1,092 Cr in Q2FY26 vs. ₹ 961 Cr in Q2FY25, up by 13.6% – BF increased by 62.9% to ₹ 423 Cr – BSPC stood at ₹ 288 Cr – PS up by 24.5% YoY to ₹ 338 Cr – EB stood ₹ 43 Cr EBITDA increased by 33.0%
Slide 9: Highlights – H1FY26
Highlights – H1FY26 Figures in ₹ Cr. Business Performance | H1FY26 over H1FY25 Net Revenue stood at ₹ 2,133 Cr in H1FY26 vs. ₹ 1,930 Cr in H1FY25, up by 10.5% – BF increased by 54.5% to ₹ 770 Cr – BSPC stood at ₹ 588 Cr – PS up by 23.4% YoY to ₹ 338 Cr – EB stood ₹ 94 Cr EBITDA increased by 25.1
Slide 10: Financial Summary - Consolidated
Financial Summary - Consolidated Figures in ₹ Cr. Particulars Q2FY26 Q2FY25 Y-o-Y (%) H1FY26 H1FY25 Y-o-Y (%) Gross Revenue from Operations 2,412 2,144 12.5% 4,916 4,426 11.1% Revenue from Operations (Net of excise) 1,092 961 13.6% 2,133 1,930 10.5% Other Income 2 4 4 7 Total Income 1,094 966 13.3%
Slide 11: Financial Summary - Standalone
Financial Summary - Standalone Figures in ₹ Cr. Particulars Q2FY26 Q2FY25 Y-o-Y (%) H1FY26 H1FY25 Y-o-Y (%) Gross Revenue from Operations 2,411 2,144 12.5% 4,914 4,426 11.0% Revenue from Operations (Net of Excise) 1,091 961 13.5% 2,131 1,930 10.4% Other Income 2 4 4 7 Total Income 1,093 965 13.2% 2,
Slide 12: Highlights – Q2 & H1 FY26
Highlights – Q2 & H1 FY26 Other Highlights JV business reported a softer quarter both in terms of sales and EBITDA due to a general slow down and pressure both on domestic and export markets. In H1, JV business reported strong PAT growth of 36% on the back of improved product mix Post the execut
Slide 13: Q2 & H1 FY26 Segmental Highlights
02 Q2 & H1 FY26 Segmental Highlights
Slide 14: Segmental Highlights – Q2FY26
Segmental Highlights – Q2FY26 Net Revenue and EBIT Margin (%) Figures in ₹ Cr. Bio-Based Specialties and Potable Spirits (PS) Performance Chemicals (BSPC) 700 8.1% 10.1% 500 450 20.5% 21.4% 600 400 500 350 300 400 250 338 300 200 369 271 150 200 100 288 100 50 - - Q2FY25 Q2FY26 Q2FY25 Q2FY26 Bio-Fue
Slide 15: Segmental Highlights – H1FY26
Segmental Highlights – H1FY26 Net Revenue and EBIT Margin (%) Figures in ₹ Cr. Bio-Based Specialties and Potable Spirits (PS) Performance Chemicals (BSPC) 1,000 900 9.0% 10.9% 1,000 900 19.0% 21.3% 800 800 700 700 600 600 500 500 763 680 400 400 588 551 300 300 200 200 100 100 - - H1FY25 H1FY26 H1FY
Slide 16: Segmental Revenue and EBIT Mix – Q2FY26
Segmental Revenue and EBIT Mix – Consolidated – Q2FY26 Revenue Mix EBIT Mix 1% 4% 6% 5% 29% 23% 26% 39% 31% 28% 53% 54% 22% 13% 39% 27% Q2FY26 Q2FY25 Q2FY26 Q2FY25 BSPC BF PS EB Consolidated Financials 15 15
Slide 17: Segmental Revenue and EBIT Mix – H1FY26
Segmental Revenue and EBIT Mix – Consolidated – H1FY26 Revenue Mix EBIT Mix 1% 4% 6% 24% 5% 32% 32% 28% 39% 29% 48% 55% 20% 36% 26% 15% H1FY26 H1FY25 H1FY26 H1FY25 BSPC BF PS EB Consolidated Financials 16 16
Slide 18: Segment Performance - PS
Segment Performance - PS Figures in ₹ Cr. Particulars Q2FY26 Q2FY25 % YoY H1FY26 H1FY25 % YoY Portable Spirits (PS) Net Revenue 338 271 24.5% 680 551 23.4% EBIT 72 56 30.0% 145 105 38.1% % margin 21.4% 20.5% 21.3% 19.0% PS delivered ₹ 338 Cr revenue, up 24.5% YoY, EBIT of ₹ 72 Cr, up 30.0% YoY; ma
Slide 19: Segment Performance – BSPC
Segment Performance – BSPC Figures in ₹ Cr. Particulars Q2FY26 Q2FY25 % YoY H1FY26 H1FY25 % YoY Bio-based Specialities and Performance Chemicals (BSPC) Net Revenue 288 369 (21.9%) 588 763 (22.8%) EBIT 31 30 5.0% 64 69 (6.8%) % margin 10.9% 8.1% 10.9% 9.0% BSPC achieved ₹ 288 Cr revenue with EBIT o
Slide 20: Segment Performance – Bio-Fuel
Segment Performance – Bio-Fuel Figures in ₹ Cr. Particulars Q2FY26 Q2FY25 % YoY H1FY26 H1FY25 % YoY Bio Fuel Net Revenue 423 260 62.9% 770 499 54.5% EBIT 29 13 121.4% 52 32 62.9% % margin 6.9% 5.1% 6.8% 6.4% Bio Fuel delivered ₹ 423 Cr revenue (+62.9% YoY) with EBIT of ₹ 29 Cr (+121.4% YoY); margi
Slide 21: Segment Performance - EB
Segment Performance - EB Figures in ₹ Cr. Particulars Q2FY26 Q2FY25 % YoY H1FY26 H1FY25 % YoY Ennature Biopharma (EB) Net Revenue 43 61 (28.7%) 94 118 (20.2%) EBIT 1 6 (82.2%) 2 12 (81.8%) % margin 2.3% 9.0% 2.3% 10.1% EB revenue at ₹ 43 Cr in Q2FY26 and ₹ 94 Cr in H1FY26 Overall challenging ope
Slide 22: Proposed Restructuring
OS . Proposed Restructuring
Slide 23: Revised Proposed Scheme and Structure
Revised Proposed Scheme and Structure Management of IGL to enter Promoter Group into a composite scheme of 95.78% arrangement for the following: Kashipur Holdings Demerger of Potable Spirits & Bio- Limited (KHL) fuel and Bio-pharma Businesses – KHL currently holds respective businesses to be 50.35
Slide 24: Proposed Business Structure (FY 2024-25)
Proposed Business Structure (FY 2024-25) Figures in ₹ Cr. Existing Structure Bio-based Specialties and Potable Spirits Ennature Biopharma Bio-Fuel Performance Chemicals Glycols, Glycol Ethers New IMFL Bio Pharma Bio-Fuel Country Liquor Specialties, Bio Polymers, ENA, Gases ₹ 1,341 Cr ₹ 1,044 Cr ₹ 6,
Slide 25: Benefits of the Proposed Scheme
Benefits of the Proposed Scheme Each business will have a Will create a potential to Each business will manage its clear focus, leading to unlock value for capital, investments, and improved management stakeholders by drawing resources based on its specific and resource allocation focused investors
Slide 26: Business Overview
04 Business Overview
Slide 27: Company at a Glance
Company at a Glance Business Overview India Glycols Limited (IGL), founded in 1983, is one of the leading manufacturer of Bio-based Specialties & Performance Chemicals (BSPC), Bio- Fuel, Potable Spirits (PS) and Ennature Biopharma (EB). It is the first company in the world to produce Ethylene Oxide
Slide 28: Key Strengths
Key Strengths 3+ decades of presence 3x3 strategy for Cost Effectiveness Diversified business model and R&D: Creating value with focus applications on Green Chemistry & Technical collaborations India’s leading Green Chemical Strong Management Team Company Integrated Manufacturing facilities – Financ
Slide 29: IGL Journey of more than 3 decades
IGL Journey of more than 3 decades 1983-2000 2001 - 2007 2008-2014 2015-2022 2023-2025 1983: Incorporation as UP 2001: Starting of glycol 2008: Expansion of MEG 2015: Bio-polymers 2023: Sale of entire stake in Glycols Ltd ether plant and gaur gum plant and commissioning expansion Shakumbari Sugar an
Slide 30: Diversified business model and multi-functional application
Diversified business model and multi-functional application Business segments Applications Bio-based Specialities and Performance Chemicals (BSPC) Potable Spirits (PS) Automotive Bio Glycols: Bio Mono Ethylene Glycol, Bio Di Ethylene Glycol, etc. License for operations and sale of Country Liquor
Slide 31: India’s leading Green Chemical Company
India’s leading Green Chemical Company Green is in IGL’s DNA and is the core of our business: Inspired by nature and Green chemistry, we create compounds based on decades of expertise, innovative engineering and sustainable technologies, while ensuring our environment remains untouched. Only manufac
Slide 32: Capabilities
Integrated Manufacturing facilities Kashipur Gorakhpur Dehradun 300-acre state 56-acre state of of art integrated art distillation & 1,60,000 sqft state manufacturing bottling complex of art facility complex Fermentation – Molasses and Grain Based Grain based Ethanol High Purity Extraction E
Slide 33: Integrated manufacturing for bio-based products
Leveraging synergies to create value–integrated manufacturing for bio-based products Portable Spirits (PS) Products Potable Power Industrial ENA O2, N2, Ar Spirit Brands Alcohol Gas Division Ind Gr. CO2 Grain O2 ASU EO-CO2 mix Business transferred to JV with Clariant Bio-based Specialities Green And
Slide 34: 3 x 3 Strategy for Cost Effectiveness
3 x 3 Strategy for Cost Effectiveness Mitigating costs with 3 possible 3 possible sources of raw material outputs Imported Bio-based Ethanol Chemicals Domestically Bio-fuels bought Ethanol In-house Potable Ethanol Spirits Ethanol plants capacities (including grain-based) of 600 KLPD and 500 KLPD a
Slide 35: R&D: Creating value through focus on Green Chemistry
R&D: Creating value through focus on Green Chemistry with Technical collaborations IGL pioneers’ sustainable trends with innovative, technology-driven solutions that reduce carbon footprints, leveraging digital technologies to reach net zero emissions and lead the way in green innovation. The state-
Slide 36: Growth Drivers
Growth Drivers High prospects of growth of Increasing consumer Companies taking steps to Growing demand for natural IGL is ideally placed to seize industry sectors being awareness and demand for significantly decrease carbon and safer products in the opportunity arising out serviced by IGL – Persona
Slide 37: Annual Financial Overview
04 Annual Financial Overview
Slide 38: 3-year Financial Trajectory - Consolidated
3-year Financial Trajectory - Consolidated Figures in ₹ Cr. Gross Revenue Net Revenue 9,039 3,768 7,922 3,294 6,642 2,651 FY23 FY24 FY25 FY23 FY24 FY25 EBITDA & EBITDA Margin (%) Adj. PAT* & Adj. PAT Margin (%) 11.9% 12.9% 13.9% 5.3% 5.2% 6.1% 525 231 428 319 173 141 FY23 FY24 FY25 FY23 FY24 FY25 *
Slide 39: 3-year Key Ratios - Consolidated
3-year Key Ratios - Consolidated Return on Capital Employed (%) Debt-to-Equity Ratio (x) 11.6% 0.80 10.5% 0.64 0.58 7.7% FY23 FY24 FY25 FY23 FY24 FY25 Cash Conversion Cycle* (Days) Interest Coverage Ratio (x) 64 59 43 2.71 2.50 2.26 FY23 FY24 FY25 FY23 FY24 FY25 * Cash Conversion Cyle = Debtor Days
Slide 40: Financial Summary - Consolidated
Financial Summary - Consolidated Figures in ₹ Cr. Particulars (In ₹ Cr) FY23 FY24 FY25 FY23-25 CAGR Gross Revenue from operations 6,642 7,922 9,039 16.7% Revenue from operations (Net of excise) 2,651 3,294 3,768 19.2% Other Income 24 26 15 Total Income 2,675 3,320 3,783 18.9% EBITDA 319 428 525 28.3
Slide 41: Financial Summary - Consolidated
Financial Summary - Consolidated Figures in ₹ Cr. Balance Sheet Cash Flow Statement Particulars (₹ Cr.) (as at end of) FY23 FY24 FY25 Particulars (₹ Mn) FY23 FY24 FY25 Fixed Assets 2,690 3,171 3,736 Cash and Cash Equivalents (Opening Balance) 7 2 27 CWIP 125 84 98 Investment 318 335 381 Cash Flow fr
Slide 42: Annexures
05 Annexures ry
Slide 43: Shareholder’s Information
Shareholder’s Information Shareholding Pattern Shareholder Information as on 30th September 2025 Public & BSE Ticker 500201 Others, 32.08% NSE Symbol INDIAGLYCO Market Cap (in ₹ Cr.) 2,657.12 % Free- float 38.99% as on Bodies 30th September 2025 Free Float Market Cap (in ₹ Cr.) 1,036.01 Corporates,
Slide 44: Sustainability, ESG
Sustainability, ESG Social Environment Adherence to high safety and operational standards for handling hazardous materials. Employee and worker training for skill development. Implementation of preventive measures to Governance Utilization of briquettes made from plant Stakeholder engageme
Slide 45: Thank You
Thank You India Glycols Limited Head office Ernst & Young LLP 2B, Sector-126, Noida CIN: Gautam Budh Nagar Rohit Anand L24111UR1983PLC009097 Uttar Pradesh 201304 rohit.anand4@in.ey.com Ankur Jain Tel: +91-120-6860000, 3090100, 3090200 Riddhant Kapur Company Secretary & Fax: +91-120-3090111 Riddhant.