India Glycols Limited Q2 FY26 Concall Decoded:EBITDA up 33%, margins hit ~15%, biofuels on steroids, chemicals sulking, liquor quietly minting cash.
1. Opening Hook
India Glycols just walked into Q2 FY26 like that one student who says “I didn’t study” and then tops the class. Biofuels went berserk, liquor stayed classy, chemicals complained about crude prices, and management smiled through it all. While global trade tantrums, US tariffs, and cheap crude tried to ruin the party, IGL decided margins matter more than excuses. EBITDA popped, PAT followed obediently, and debt finally looked nervous.
Of course, not everything is sugarcane and ethanol dreams—chemicals had a moody quarter, Ennature is finding itself, and excess ethanol capacity is lurking like a plot twist. But between Amrut whisky swagger, E20 gospel, and a ₹467 crore debt haircut coming up, this concall had enough masala to keep analysts awake.
Read on. It only gets more interesting once the jokes stop and the numbers start talking.
2. At a Glance
Gross Revenue up 13% – Turns out biofuels really do grow on trees (and molasses).
Net Revenue up 14% – Clean growth, no accounting yoga spotted.
EBITDA up 33% – Margins finally remembered their job.
EBITDA Margin at 14.6% – From 11% in FY22 to glow-up mode.
PAT up 31% – Profits showed up on time for once.
Biofuels Revenue up 63% – Government policy = free growth DLC.
Liquor EBIT up 30% – Lean quarter, still drunk on profits.
3. Management’s Key Commentary
“Gross revenues increased from ₹2,144 crore to ₹2,412 crore.” (Translation: Demand showed up, inflation didn’t scare customers away.) 😏
“EBITDA margins improved from 12.4% to 14.6%.” (Translation: We stopped selling low-margin pain.)
“Biofuels revenue grew nearly 63% YoY.” (Translation: E20 is our best salesman.)
“There is some excess ethanol capacity in the industry.” (Translation: Party’s crowded, only efficient dancers survive.)
“Chemicals had a weak quarter due to crude prices and tariffs.” (Translation: Blame geopolitics, not us.)
“Potable Spirits EBIT grew 30% despite a lean quarter.” (Translation: Even sober months make money.) 🍺
“₹467 crore preferential issue will reduce debt significantly.” (Translation: Interest costs, start packing your bags.)
4. Numbers Decoded
Source table
Metric
Q2 FY25
Q2 FY26
Decoded Take
Gross Revenue
₹2,144 cr
₹2,412 cr
Volume + pricing behaving well
Net Revenue
₹961 cr
₹1,092 cr
Core business flexing
EBITDA
₹120 cr
₹160 cr
Margin discipline unlocked
EBITDA Margin
12.4%
14.6%
Structural, not accidental
PAT
₹50 cr
₹65 cr
Bottom line woke up
Biofuels and liquor did the heavy lifting. Chemicals survived. Ennature is “working on itself.”
