1. At a Glance – The Green Chemical King Who Also Sells Vodka 🍸
India Glycols Ltd is trading at ₹959 with a market cap of ₹6,431 crore. The stock is down 8.36% in 3 months but up 57.8% over 1 year. That’s not volatility. That’s mood swing.
Q3 FY26 numbers?
Revenue: ₹1,102 crore
PAT: ₹68.19 crore
EPS: ₹10.08
TTM EPS stands at ₹42.76. At CMP ₹959, the P/E works out to ~22.4 (959 / 42.76). Market shows 23.8 because that’s trailing official calculation, but let’s stick to math we can verify.
ROCE: 12.4%
ROE: 11.1%
Debt: ₹2,055 crore
Debt/Equity: 0.86
This is not a debt-free saint. It’s a leveraged monk making bio-chemicals and flavored vodka.
Sales are up 13% YoY. Profit up 20% YoY. OPM at 16%.
So the real question: Is this a specialty chemical company wearing a liquor label… or a distillery disguised as a green ESG poster child?
Let’s investigate.
2. Introduction – When Ethanol Meets Economics
India Glycols was established in 1988. But if you read their product list, it feels like someone couldn’t decide what business to be in.
Green chemicals.
Spirits.
Nutraceuticals.
Industrial gases.
Bio-polymers.
It’s like a science lab met a bar counter and said, “Let’s merge.”
64% revenue comes from bio-based chemicals.
28% from potable spirits.
7% from Ennature Biopharma.
Domestic exposure is 91%. Exports 9%.
So this is largely an India consumption + ethanol blending + specialty chemicals story.
And right now, ethanol is not just fuel — it’s policy-backed gold.
But here’s the twist: they are also going through a demerger (appointed date 1 April 2026). Preferential allotment of ₹467 crore has happened. Promoter holding fell from 61% to 59.63%.
Whenever corporate restructuring happens, investors get excited.
Or nervous.
Which one should you be?
Let’s dig deeper.
3. Business Model – WTF Do They Even Do?
Imagine explaining this to your lazy investor friend.
They take bio-based feedstock. Convert it into:
- Mono Ethylene Glycol (MEG)
- Diethylene Glycol
- Ethylene Oxide derivatives
- Amines
- Plasticizers
- Bio-polymers
These go into FMCG, paints, auto, textiles, pharma.
Basically, if you brush your teeth, paint your house, drive a car or wash clothes… they are somewhere in the background.
Then suddenly they say: “Also, here’s vodka.”
Their spirit portfolio:
- Whiskey: Soulmate Blu
- Vodka: Amazing
- Rum: Zumba, Beach House
They hold 40%+ share in flavored vodka in Tetra segment. That’s niche dominance.
Then comes Ennature Biopharma:
Plant-based APIs like Thiocolchicoside and carotenoids.
So it’s chemicals + consumer + pharma-lite.
Capacity:
- Grain Distillery: 110 KLPD (expanding to 180 KLPD)
- Ethanol plants: 100 + 140 KLPD (expanding)
- Liquid Oxygen: 60 MTPD
270 KLPD commissioned Feb 2024. More coming Q1 FY25.
This is capex heavy.
Capex means future growth.
Capex also means future EMIs.
Which side wins? Growth or interest cost?
4. Financials Overview – Q3 FY26 Breakdown
Q1 FY26 EPS = 11.83
Q2 FY26 EPS = 10.51
Q3 FY26 EPS = 10.08
Average = (11.83 + 10.51 + 10.08)
