India Glycols (500201) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 consolidated revenue was ₹2,412.40 crore, EBITDA ₹159.81 crore and PAT ₹65.06 crore, all above Q2 FY25.

• H1 FY26 consolidated revenue reached ₹4,915.52 crore, EBITDA ₹310.85 crore and PAT ₹138.31 crore.

• Bio-Fuel and Potable Spirits led growth; BSPC revenue declined and Ennature Biopharma faced operating pressures.

Financial highlights

• Q2 consolidated revenue was ₹2,412.40 crore versus ₹2,143.71 crore; EBITDA ₹159.81 crore versus ₹120.12 crore; PAT ₹65.06 crore versus ₹49.71 crore.

• Q2 EBITDA margin expanded to 14.6% from 12.4%; PAT margin rose to 5.9% from 5.1%.

• H1 consolidated revenue was ₹4,915.52 crore versus ₹4,426.29 crore; EBITDA ₹310.85 crore versus ₹248.48 crore; PAT ₹138.31 crore versus ₹110.09 crore.

• H1 EBITDA margin rose to 14.6% from 12.8%, and PAT margin to 6.5% from 5.7%.

Outlook and guidance

• Ethanol blending is expected to remain at 20% through October 2026; a possible increase to 27% after 2026 awaits government clarification.

• OMC allocations for the next year remain incomplete, with better visibility expected in coming months.

• BSPC has a strong pipeline and is executing incremental capacity expansions; management expects margin growth to continue.

• Potable Spirits plans CSD market entry during the year and continued premium-brand expansion.