1. At a Glance
India Glycols Ltd (IGL) — the desi scientist who turned molasses and corn into profit cocktails — just served another quarter that smells like ethanol and excitement. As of 21 November 2025, the stock trades at ₹1,127 with a market cap of ₹6,984 crore. The company’s latest quarterly sales touched ₹1,092 crore, up13.6% YoY, while profit jumped30.9% YoYto ₹65 crore.
With an OPM of 14.5%, ROE of 11.1%, and a debt pile of ₹2,055 crore (debt-to-equity 0.86), IGL looks like that friend who works hard, drinks responsibly, and still somehow ends up at the tax department’s party (because yes, there’s a ₹33 crore duty demand and ₹82 crore penalty sitting in its mailbox).
Over the past year, the stock hasnearly doubled (+98.9%), and the recent ₹466.99 crore preferential issue is fueling expansion dreams across its ethanol, spirits, and specialty chemical empire. One question though — can a green chemical giant stay “clean” when it’s distilling both biofuel and vodka?
2. Introduction
Let’s be honest — India Glycols isn’t your average FMCG or chemical stock. It’s a company that brews industrial solvents and human solvents (read: liquor) under the same corporate umbrella. Founded in 1988, IGL has grown into a green chemistry giant blending sustainability with spirits, and ethanol with entertainment.
Its portfolio includes bio-based chemicals, glycols, glycol ethers, natural gums, industrial gases, nutraceuticals, and a wide range of alcoholic beverages. Imagine a lab that can supply fuel for your carandyour Friday night — that’s IGL.
Over the years, the company has been on an expansion binge — setting up ethanol plants in Gorakhpur and Kashipur, commissioning biofuel projects, and launching “Soulmate Blu” whiskey and “Amazing” vodka (which, ironically, is what analysts said about its latest profit margins).
The real plot twist came when IGL started flexing in three worlds at once: chemicals, spirits, and nutraceuticals — while also planning a demerger into separate listed entities for Bio Pharma and Spirits undertakings. Why? Because when your chemistry is too complicated, you file for separation.
So as FY26 unfolds, IGL is sitting on growth engines — ethanol allocations from OMCs, nutraceutical exports, and that ₹467 crore fundraising. But let’s not forget the ₹82 crore customs penalty still looming — because even green chemistry sometimes ends in red notices.
3. Business Model – WTF Do They Even Do?
IGL’s business model is a three-way hybrid between a distillery, a chemical lab, and a health food startup.
Segment 1: Bio-based Specialties & Performance Chemicals (64%)This is the scientific side of IGL. They make glycol ethers, acetates, ethylene oxide derivatives, amines, and industrial gases. These are used in food, FMCG, personal care, automotive, and paints. Basically, every product that promises to “shine,” “clean,” or “smoothen” probably has a few molecules of IGL chemistry inside it.
Segment 2: Potable Spirits (28%)This is the fun side. IGL manufactures whiskey, vodka, and rum under brands likeSoulmate Blu,Amazing, andZumba. They dominate the flavored vodka category in tetra packs (yes, tetra packs), holding a40%+ market sharein their segment. Sales are concentrated in UP, Uttarakhand, and Delhi — with eyes on Haryana and Punjab (because what’s expansion without Punjab?).
Segment 3: Ennature Biopharma (7%)This is the Zen side. IGL’s Dehradun-based subsidiary produces plant-based APIs and nutraceuticals like curcumin, astaxanthin, and thiocolchicoside. It even got a clean chit from the USFDA in April 2025 — zero observations, which is rarer than a politician admitting a mistake.
If all that wasn’t enough, IGL is also intobiofuel ethanol, supplying to oil majors like IOCL, BPCL, HPCL, RIL, and Nayara Energy — 16.55 crore liters worth ₹1,164 crore to be precise. Basically, they’re filling both fuel tanks and hip flasks.
4. Financials Overview
| Metric | Latest Qtr (Sep’25) | YoY Qtr (Sep’24) | Prev Qtr (Jun’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 1,092 | 961 | 1,040 | 13.6% | 5.0% |
| EBITDA (₹ Cr) | 158 | 116 | 150 | 36.2% | 5.3% |
| PAT (₹ Cr) | 65 | 50 | 73 | 30.9% | -11.0% |
| EPS (₹) | 10.5 | 8.0 | 11.8 | 30.9% | -11.0% |
IGL’s quarterly rhythm is like a disciplined distiller — predictable, warm, and occasionally tipsy on tax troubles. Sales grew a healthy 13.6% YoY, margins held steady near 14%, and
EPS annualized comes to ₹42, making theP/E ratio around 27x— reasonable for a firm that sells both chemicals and cocktails.
Still, the QoQ dip in PAT shows that higher finance costs (₹49 crore) and depreciation (₹38 crore) are beginning to nibble at its efficiency. Maybe it’s time those ethanol plants start returning the favor.
5. Valuation Discussion – Fair Value Range
Let’s bring out the calculators and some sarcasm.
Method 1: P/E MethodCurrent EPS (TTM): ₹41.9Industry P/E (Beverages/Chemicals hybrid): 30xFair Range = ₹41.9 × (24x–30x) = ₹1,005 – ₹1,257
Method 2: EV/EBITDAEV = ₹8,940 Cr | EBITDA (TTM) = ₹577 Cr → EV/EBITDA = 15.5xIf rerated at 13x–17x, fair range = ₹7,500 – ₹9,800 Cr → Per share ₹945 – ₹1,235
Method 3: DCF (Simplified)Assume FCF of ₹350 Cr, growth 8%, discount 12% →Intrinsic Value ≈ ₹350 × (1.08) / (0.12–0.08) = ₹9,450 Cr ≈ ₹1,180 per share
🎯Fair Value Range (Educational Only): ₹945 – ₹1,250
Disclaimer: This fair value range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
Oh boy, IGL has been a busy beaker in FY25–26.
- Demerger Time– On 16 May 2025, IGL announced it’s splitting its Bio Pharma and Spirits undertakings into separate listed entities. Because one corporate family dinner with chemicals, alcohol, and nutraceuticals was too chaotic. NSE and BSE have already given “no adverse” letters (Nov 2025), and the case is heading to NCLT.
- Fundraising Fiesta– In Oct–Nov 2025, the board approved apreferential issue of ₹466.99 croreat ₹915/share. Promoters participated (of course they did). The EGM passed the resolution with99.79% votes— democracy works best when shareholders are happy.
- Tax Trouble– April 2024 brought a ₹33.43 crore customs demand, ₹82 crore penalty, and ₹192 crore redemption fine. The company has appealed — because clearly, someone in Noida Customs had too much free time.
- USFDA Win– In April 2025, the Dehradun plant got a clean Establishment Inspection Report for
