India Glycols (500201) Q2 24/25 earnings summary

Executive summary

• Q2 gross revenue was ₹2,143.71 crore and net revenue ₹961 crore; EBITDA was ₹120.12 crore and net profit ₹49.71 crore.

• H1 gross revenue reached ₹4,426.29 crore, net revenue ₹1,930 crore, EBITDA ₹248.48 crore and net profit ₹110.09 crore; Bio-Fuel and Potable Spirits supported growth.

Financial highlights

• Q2 EBITDA rose 13.1% YoY to ₹120 crore; EBITDA margin was 12.4%, down 109 bps. PAT was ₹50 crore, with a 5.1% margin versus 4.8%.

• H1 gross revenue rose 17.6% to ₹4,426 crore and net revenue rose 31.9% to ₹1,930 crore.

• H1 EBITDA increased 17.2% to ₹248 crore; margin fell 150 bps to 12.8%. PAT rose 23.5% to ₹110 crore; margin was 5.7% versus 6.0%.

• H1 standalone net sales were ₹1,936 crore, EBITDA ₹246 crore and PAT ₹86 crore.

Outlook and guidance

• H2 performance is expected to be better than H1; allocated biofuel quantities for the remaining two quarters are expected to be met.

• Specialty and new value-added chemicals target turnover above ₹100 crore this FY; further growth depends on project progress, customer trials and approvals.

• Specialty-chemical opportunity could reach several multiples of this year’s level over one to 2.5 years; management described this as an opportunity assessment, not a projection.

• Value-added chemical capacity at Kashipur reached 7,500 MT/year, with 2,500 MT/year added in Q2; the remaining facility is expected to be commissioned by Q1 FY26.

• Gorakhpur grain-based distillery expansion was planned at ₹133 crore, targeting 290 KLPD capacity.