India Glycols Limited · NSE:INDIAGLYCO
India Glycols — Q3 & 9M FY26 Earnings Presentation
49 slides from India Glycols's earnings presentation, Feb 12, 2026
Slide 1: Regulation 30 disclosure covering letter
IGL/SE/2025-26/78 12th February, 2026 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 Q3 & 9M FY26
Investor Presentation Q3 & 9M 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 Q3 & 9M FY26 Financial Highlights 02 Q3 & 9M FY26 Segmental Highlights 03 Proposed Restructuring 04 Business Overview 05 Annual Financial Highlights 06 Annexures
Slide 5: Q3 & 9M FY26 Financial Highlights
01 Q3 & 9M FY26 Financial Highlights
Slide 6: Highlights – Record Revenue & EBITDA and substantial debt reduction
Highlights – Record Revenue & EBITDA and substantial debt reduction IGL has registered the highest net turnover and highest EBITDA for any quarter. The company has also a substantial reduction in debt and as a result in interest 9M Revenue up + 11.4%, EBITDA up + 28.9%, with EBITDA margin of 15.0% 3
Slide 7: Q3FY26 Performance Overview
Q3FY26 Performance Overview Figures in ₹ Cr. Gross Revenue Net Revenue EBITDA & EBITDA Margin PAT & PAT Margin +5% 13.2% 16.0% 5.8% 6.1% 2,424 2,551 +13% +36% +19% 1,102 975 176 129 57 68 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 ⦁ Overall, the quarter has been strong with positive mom
Slide 8: 9MFY26 Performance Overview
9MFY26 Performance Overview Figures in ₹ Cr. Gross Revenue Net Revenue EBITDA & EBITDA Margin PAT & PAT Margin +9% +11% 13.0% 15.0% 5.7% 6.4% 7,467 6,850 3,235 2,905 +29% 487 +23% 378 206 167 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 ⦁ Overall strong revenue growth in 9M, up +11% drive
Slide 9: Highlights – Q3FY26
Highlights – Q3FY26 Figures in ₹ Cr. Business Performance | Q3FY26 over Q3FY25 Net Revenue stood at ₹1,102 Cr in Q3FY26 vs. ₹ 975 Cr in Q3FY25, up by 13.0% – BF stood at ₹ 394 Cr, up by 45.2% – BSPC stood at ₹ 313 Cr – PS up by 5.0% YoY to ₹ 345 Cr – EB stood at ₹ 50 Cr EBITDA increased by 36.1%
Slide 10: Highlights – 9MFY26
Highlights – 9MFY26 Figures in ₹ Cr. Business Performance | 9MFY26 over 9MFY25 Net Revenue stood at ₹ 3,235 Cr in 9MFY26 vs. ₹ 2,905 Cr in 9MFY25, up by 11.4% – BF increased by 51.2% to ₹ 1,165 Cr – BSPC stood at ₹ 901 Cr – PS up by 16.6% YoY to ₹ 1,025 Cr – EB stood ₹ 144 Cr EBITDA increased by
Slide 11: Financial Summary - Consolidated
Financial Summary - Consolidated Figures in ₹ Cr. Particulars Q3FY26 Q3FY25 Y-o-Y (%) 9MFY26 9MFY25 Y-o-Y (%) Gross Revenue from Operations 2,551 2,424 5.2% 7,467 6,850 9.0% Revenue from Operations (Net of excise) 1,102 975 13.0% 3,235 2,905 11.4% Other Income 1 6 4 13 Total Income 1,103 981 12.4% 3
Slide 12: Financial Summary - Standalone
Financial Summary - Standalone Figures in ₹ Cr. Particulars Q3FY26 Q3FY25 Y-o-Y (%) 9MFY26 9MFY25 Y-o-Y (%) Gross Revenue from Operations 2,551 2,424 5.3% 7,465 6,850 9.0% Revenue from Operations (Net of Excise) 1,102 975 13.1% 3,233 2,905 11.3% Other Income 1 6 4 13 Total Income 1,103 981 12.5% 3,2
Slide 13: Q3 & 9M FY26 Segmental Highlights
02 Q3 & 9M FY26 Segmental Highlights
Slide 14: Segmental Highlights – Q3FY26
Segmental Highlights – Q3FY26 Net Revenue and EBIT Margin (%) Figures in ₹ Cr. Bio-Based Specialties and Potable Spirits (PS) Performance Chemicals (BSPC) 700 8.5% 12.8% 500 450 22.3% 21.0% 600 400 500 350 300 400 250 345 300 328 200 150 325 313 200 100 100 50 - - Q3FY25 Q3FY26 Q3FY25 Q3FY26 Bio-Fue
Slide 15: Segmental Highlights – 9MFY26
Segmental Highlights – 9MFY26 Net Revenue and EBIT Margin (%) Figures in ₹ Cr. Bio-Based Specialties and Potable Spirits (PS) Performance Chemicals (BSPC) 1,400 8.8% 11.6% 1,400 20.2% 21.2% 1,200 1,200 1,000 1,000 800 800 1,088 1,025 600 600 400 901 400 879 200 200 - - 9MFY25 9MFY26 9MFY25 9MFY26 Bi
Slide 16: Segmental Revenue and EBIT Mix – Q3FY26
Segmental Revenue and EBIT Mix – Consolidated – Q3FY26 Revenue Mix EBIT Mix 2% 5% 4% 5% 24% 33% 27% 28% 31% 34% 8% 49% 64% 36% 22% 28% Q3FY26 Q3FY25 Q3FY26 Q3FY25 BSPC BF PS EB Consolidated Financials 15 15
Slide 17: Segmental Revenue and EBIT Mix – 9MFY26
Segmental Revenue and EBIT Mix – Consolidated – 9MFY26 Revenue Mix EBIT Mix 1% 6% 5% 4% 29% 32% 28% 37% 25% 30% 53% 12% 21% 36% 54% 27% 9MFY26 9MFY25 9MFY26 9MFY25 BSPC BF PS EB Consolidated Financials 16 16
Slide 18: Segment Performance - PS
Segment Performance - PS Figures in ₹ Cr. Particulars Q3FY26 Q3FY25 % YoY 9MFY26 9MFY25 % YoY Portable Spirits (PS) Number of Cases (mn) 8.3 8.2 1.2% 23.7 22.6 5% Net Revenue 345 328 5.0% 1,025 879 16.6% EBIT 72 73 (1.1%) 217 178 22.0% % margin 21.0% 22.3% 21.2% 20.2% PS delivered ₹ 345 Cr Revenue
Slide 19: IGL Flagship Products
IGL Flagship Products Bunty Bubbly Winner of Gold Millionaire Case Brand launched in Winner of Gold Whisky: Sold Over 14 Medal in Spiritz Brand deluxe segment Medal in Spiritz million cases last Selection Awards. Awards Event. year winning an Segment is 36 award in Asia Book Made out of million case
Slide 20: IGL - Bacardi International Partnership
IGL - Bacardi International Partnership • Partnership with Bacardi since 15 years • IGL does all the supply chain, logistics, gets approvals from regulatory authorities for Bacardi • Partnership is for all brands: from Bacardi Breezers which requires special carbonation process, to Bacardi Internati
Slide 21: IGL – AMRUT Partnership
IGL – AMRUT Partnership The brand is bottled Launched by IGL to Age old brand of This is the flagship IGL will invest, at IGL-Kashipur and address the belly of Amrut selling in brand of Amrut distribute and IGL-Gorakhpur the Industry in the Karnataka, now which sells over the market the brand in whe
Slide 22: Segment Performance – BSPC
Segment Performance – BSPC Figures in ₹ Cr. Particulars Q3FY26 Q3FY25 % YoY 9MFY26 9MFY25 % YoY Bio-based Specialities and Performance Chemicals (BSPC) Net Revenue 313 325 (3.8%) 901 1,088 (17.1%) EBIT 40 28 46.1% 104 96 8.3% % margin 12.8% 8.5% 11.6% 8.8% BSPC achieved ₹ 313 Cr revenue with EBIT
Slide 23: Segment Performance – Bio-Fuel
Segment Performance – Bio-Fuel Figures in ₹ Cr. Particulars Q3FY26 Q3FY25 % YoY 9MFY26 9MFY25 % YoY Bio Fuel Net Revenue 394 272 45.2% 1,165 770 51.2% EBIT 33 9 273.2% 85 41 108.5% % margin 3.4% 3.3% 7.3% 5.3% Bio Fuel delivered ₹ 394 Cr revenue (+45.2% YoY) with EBIT of ₹ 33 Cr (+273.2% YoY); mar
Slide 24: Segment Performance - EB
Segment Performance - EB Figures in ₹ Cr. Particulars Q3FY26 Q3FY25 % YoY 9MFY26 9MFY25 % YoY Ennature Biopharma (EB) Net Revenue 50 50 0.5% 144 168 (14.0%) EBIT 2 5 (54.9%) 4 16 (74.4%) % margin 4.1% 9.0% 2.9% 9.8% EB revenue at ₹ 50 Cr in Q3FY26 and ₹ 144 Cr in 9MFY26 Overall challenging opera
Slide 25: Latest Developments : Demerger & Preferential Allotment
Latest Developments : Demerger & Preferential Allotment ➢ As part of the Scheme of Arrangement involving Demerger of the Bio Pharma undertaking into a separate undertaking namely, Ennature Bio Pharma limited and Spirits & Biofuel Undertaking into a separate undertaking, namely, IGL Spirits limited (
Slide 26: Proposed Restructuring
OS . Proposed Restructuring
Slide 27: 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 49.77
Slide 28: 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 29: 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 30: Business Overview
04 Business Overview
Slide 31: 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 32: 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 33: 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 34: 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 35: 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 36: Capabilities – Integrated Manufacturing facilities
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 37: Leveraging synergies to create value–integrated manufacturing
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 38: 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 39: 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 40: 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 41: Annual Financial Overview
04 Annual Financial Overview
Slide 42: 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 43: 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 44: 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 45: Financial Summary - Balance Sheet and Cash Flow
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 46: Annexures
05 Annexures ry
Slide 47: Shareholder’s Information
Shareholder’s Information Shareholding Pattern Shareholder Information as on 31st December 2025 Public & BSE Ticker 500201 Others, 32.72% NSE Symbol INDIAGLYCO Market Cap (in ₹ Cr.) 6,811.26 % Free- float 40.73% as on 31st December 2025 Free Float Market Cap (in ₹ Cr.) 2,749.71 Shares Outstanding (C
Slide 48: 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 49: 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.