India Glycols (500201) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 consolidated revenue was ₹2,503.12 crore versus ₹2,188.65 crore YoY; EBITDA was ₹151.04 crore versus ₹128.36 crore and PAT was ₹73.25 crore versus ₹60.38 crore.

• Potable Spirits and Bio-Fuel grew, while Bio-based Specialities and Performance Chemicals and Ennature Biopharma declined; JV profit share strengthened.

Financial highlights

• Net revenue was ₹1,040 crore, up 7.4% YoY; consolidated EBITDA rose 17.7% to ₹151 crore and PAT rose 21.3% to ₹73 crore.

• Consolidated EBITDA was ₹151.04 crore; EBIT was ₹117 crore versus ₹101 crore.

• Consolidated EPS was ₹23.66 versus ₹19.50; standalone PAT was ₹52.85 crore versus ₹46.74 crore.

• Standalone EBITDA rose 19.0% YoY to ₹149 crore and PAT increased 13.1% to ₹53 crore.

Outlook and guidance

• Government targets 20% ethanol blending in ESY 2025-26; average blending reached 18.60% in ESY 2024-25, with 25%-30% blending under consideration for future years.

• Performance Chemicals has a robust pipeline, with growth expected to persist and incremental capacity expansions underway.

• Ennature Biopharma maintained its API position despite headwinds; management cited a promising Q2/Q3 outlook, stabilized nicotine business and continued focus on branded nutraceuticals.

• Branded nutraceutical launches in the U.S. and Europe are planned from Q3, with potential to improve margins.