India Glycols (500201) Q4 25/26 earnings summary

Executive summary

• FY26 consolidated net revenue rose 11.8% to ₹4,211 crore; EBITDA increased 24.5% to ₹654.18 crore and PAT rose 26.8% to ₹292.76 crore.

• FY26 operating cash flow reached ₹769.17 crore, more than double FY25; Q4 finance costs declined to ₹26 crore from ₹45 crore.

• Auditors issued unmodified opinions on the audited standalone and consolidated results.

Financial highlights

• FY26 gross revenue from operations was ₹9,826.63 crore, up 8.7%; EBITDA margin was 15.5%, up 162 bps, and PAT margin was 6.9%.

• FY26 EBIT rose to ₹499 crore, PBT increased 29.0% to ₹377.21 crore, and EPS was ₹45.95 on a consolidated basis.

• Q4 consolidated revenue was ₹2,360.01 crore, EBITDA ₹167.12 crore and PAT ₹86.88 crore; EBITDA margin was 17.1% and PAT margin 8.9%.

• Q4 net revenue was ₹976 crore, up 13.1%; EBITDA was ₹167 crore, up 13.3%.

• FY26 standalone EBITDA was ₹690.09 crore and PAT ₹282.33 crore; Q4 standalone EBITDA was ₹203.42 crore and PAT ₹110.28 crore.

Outlook and guidance

• Performance chemicals pipeline is expected to support growth; management hopes to more than double the business in FY27, subject to project execution.

• Potable Spirits plans expansion into Andhra Pradesh and Daman & Diu, with premiumization through Amrut; management expects to maintain or improve Q4 EBIT margin of 22.1%.

• Bio-fuel outlook reflects excess domestic capacity and consideration of higher ethanol-blending levels.

• Ennature Biopharma expects growth from customer additions, volume gains and improved price realizations, but significant EBITDA improvement is not expected in FY27.

• A further 24% JV equity sale is planned for 2028–29, with proceeds intended for term-loan repayment and a debt-free chemicals business.