India Glycols (500201) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 consolidated revenue was ₹2,551.10 crore, EBITDA ₹176.21 crore and PAT ₹67.57 crore; 9M PAT was ₹205.88 crore.

• 9M net revenue rose 11.4%, EBITDA 28.9% and PAT 23.4% YoY; Bio-Fuel and Potable Spirits led growth, while BSPC margins improved.

Financial highlights

• Q3 consolidated revenue from operations was ₹2,551.10 crore versus ₹2,424.01 crore YoY; EBITDA was ₹176.21 crore versus ₹129.48 crore.

• Q3 net revenue was ₹1,102 crore, up 13.0%; EBITDA rose 36.1% to ₹176 crore and margin reached 16.0%, up 277 bps.

• 9M consolidated revenue from operations was ₹7,466.62 crore, EBITDA ₹487.06 crore and PAT ₹205.88 crore.

• 9M net revenue was ₹3,235 crore, up 11.4%; EBITDA increased 28.9% to ₹487 crore and PAT 23.4% to ₹206 crore.

• Consolidated Q3 PAT rose 18.9% to ₹67.57 crore; 9M PAT margin was 6.4%.

Outlook and guidance

• Chemicals margins are expected to be sustained through higher-value products, operational changes and selective product development; further improvement remains a target.

• Biofuel profitability is expected to remain positive and policy range-bound; ethanol blending beyond 20% remains uncertain.

• More than 30 performance chemicals products have been introduced; customer qualification takes time, with pipeline and capacity expansion supporting growth expectations.

• Ennature expects improved Q4 turnover and margins as Gloriosa supply stabilizes and nicotine sales resume; launches and registrations support growth plans.