1. At a Glance
India Glycols Ltd is what happens when a sugar factory, a biotech startup, and a whisky bar all walk into a lab. It’s green, clean, and surprisingly profitable. With a ₹6,187 Cr market cap, a brewing nutraceutical and chemicals business, and 29% TTM profit growth, this company deserves more than a polite sip.
2. Introduction with Hook
Imagine a company that makes eco-friendly chemicals, runs a booming liquor brand, dabbles in nutraceuticals, and still has enough cash flow to fund industrial gas and gum production. That’s India Glycols — where the product portfolio sounds like a sci-fi script co-written by a chemist and a bartender.
Key Stat 1: 10-year stock CAGR of 36%
Key Stat 2: FY25 Net Profit up 33% YoY to ₹231 Cr
TL;DR: Green tech + spirits = chemically engineered multibagger potential.
3. Business Model (WTF Do They Even Do?)
India Glycols is diversified across four high-potential segments:
- Green Chemicals
– Bio-based ethylene oxide derivatives
– Surfactants, emulsifiers, performance chemicals - Alcoholic Beverages
– Distillery ops + branded spirits (including the award-winning Bunty Bubbly) - Nutraceuticals & Botanicals
– Dehradun plant received GMP certification in July 2025 - Natural Gums & Industrial Gases
– Guar gum products and CO₂ capture
Their positioning? Riding the ESG wave with actual products, not just fancy pitch decks.
4. Financials Overview
| Year | Revenue (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) | EPS (₹) | OPM (%) |
|---|---|---|---|---|---|
| FY21 | 2,317 | 291 | 132 | 42.5 | 13% |
| FY22 | 2,868 | 269 | 340 | 109.8 | 9% |
| FY23 | 2,651 | 305 | 141 | 40.4 | 12% |
| FY24 | 3,294 | 415 | 173 | 55.9 | 13% |
| FY25 | 3,768 | 511 | 231 | 74.6 | 14% |
Highlights:
- FY25 OPM highest in over a decade
- EPS nearly doubled over 2 years
- Green shoots in nutraceuticals + export push in chemicals
5. Valuation
| Method | Basis | Fair Value Range |
|---|---|---|
| PE Method | 20–28x FY25 EPS (₹75) | ₹1,500 – ₹2,100 |
| EV/EBITDA | 10–12x on FY25 EBITDA ₹511 Cr | ₹1,700 – ₹2,300 |
| SoTP | Based on segment splits | ₹1,800 – ₹2,400 |
At CMP of ₹2,000, the stock is nearing the upper end of fair value, but future triggers (exports, nutraceuticals, ethanol policy) keep the upside real.
6. What’s Cooking – News, Triggers, Drama
- GMP Certification (Jul 2025) for botanical plant = export potential in EU/US
- Record-breaking sales of Bunty Bubbly (18.3M cases!)
- Investor meetings with institutions – DIIs quietly loading up
- Policy tailwinds from India’s ethanol blending push
- Debtor days improved from 45.7 → 35.4 = tighter ops
Low-key moves, high-key impact.
7. Balance Sheet
| Item | FY25 (₹ Cr) |
|---|---|
| Equity Capital | 31 |
| Reserves | 2,225 |
| Borrowings | 1,892 |
| Other Liabilities | 2,029 |
| Total Liabilities | 6,176 |
| Fixed Assets | 3,829 |
| CWIP | 98 |
| Investments | 381 |
| Other Assets | 1,867 |
Observations:
- Debt heavy, but manageable
- Massive jump in fixed assets = likely capacity upgrades
- Investment book is conservative
8. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net Cash Flow |
|---|---|---|---|---|
| FY23 | ₹326 Cr | -₹330 Cr | -₹1 Cr | -₹5 Cr |
| FY24 | ₹439 Cr | -₹503 Cr | ₹90 Cr | ₹25 Cr |
| FY25 | ₹362 Cr | -₹736 Cr | ₹354 Cr | -₹20 Cr |
- FY25 saw major capex spike — likely linked to nutraceutical expansion and distillery infra
- Positive CFO, but FCF turns negative in FY25 — worth monitoring
9. Ratios – Sexy or Stressy?
| Ratio | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROCE (%) | 8 | 11 | 12.1 |
| ROE (%) | 8.7 | 11 | 10.7 |
| D/E | 0.6 | 0.67 | 0.85 |
| Working Cap Days | 30 | 4 | 20 |
| Cash Conversion | 60 | 44 | 64 |
Verdict: Margins improving, working capital efficient, but gearing ticking up. A light caution flag.
10. P&L Breakdown – Show Me the Money
| Year | Sales | Op Profit | Other Income | Net Profit |
|---|---|---|---|---|
| FY25 | ₹3,768 Cr | ₹511 Cr | ₹61 Cr | ₹231 Cr |
- 14% OPM = strong given segment mix
- Alcohol biz helping absorb commodity shocks
- Other income adds a nice tailwind
11. Peer Comparison
| Company | P/E | ROE (%) | OPM (%) | M.Cap (₹ Cr) |
|---|---|---|---|---|
| United Spirits | 61 | 21.4 | 18.5 | ₹1,00,105 |
| Radico Khaitan | 106 | 13.6 | 13.9 | ₹36,639 |
| Piccadily Agro | 54 | 20.1 | 22.4 | ₹5,575 |
| India Glycols | 27 | 10.7 | 14.0 | ₹6,187 |
India Glycols is cheaper, yet more diversified and R&D driven than most liquor peers. Chemicals biz is the secret sauce here.
12. Miscellaneous – Shareholding, Promoters
| Category | Jun 2025 |
|---|---|
| Promoters | 61.02% |
| FIIs | 2.24% |
| DIIs | 0.91% |
| Public | 35.82% |
| Shareholders | 59,736 |
- FIIs increased stake from 1.8% to 2.24% last year
- DIIs trickling in
- ~60k shareholders = rising retail love
- Promoters steady, signaling long-term confidence
13. EduInvesting Verdict™
India Glycols is not your average FMCG-adjacent liquor company. It’s an ESG-compliant, R&D-driven green chemical + spirits + botanicals conglomerate that’s just warming up.
At 27x PE, it’s fairly valued — but the cocktail of strong execution, new certifications, and capex-backed growth could trigger the next rally.
Don’t drink the Kool-Aid. Invest in the one who manufactures it.
Metadata
– Written by EduInvesting Research Team | 17 July 2025
– Tags: India Glycols, Green Chemicals, Ethanol Blending, Bunty Bubbly, Nutraceuticals, Distillery Stocks, ESG Stocks, Capex Plays, Smallcap India
