India Glycols shares declined 3.3% to an intraday low of ₹1,110.05 on Wednesday, 19 August, snapping a four-day winning streak. According to BSE data, the stock opened at ₹1,152.40 against its previous close of ₹1,138.60. As of 15:02 PM on 19 August, the stock was trading at ₹1,110, with the market cap standing at ₹7,392.40 crore. The stock has delivered impressive long-term returns, with 216% gains over three years and 2,198% surge over the last 10 years. The stock has also gained 10% year-to-date, outperforming the Sensex which has declined 10% during the same period.
On 12 August, India Glycols reported robust financial performance for Q1FY27, demonstrating strong growth across key metrics. As reported by the company, consolidated revenue from operations rose 19.4% year-on-year to ₹2,988.44 crore, compared to ₹2,503.12 crore in Q1FY26. Net profit attributable to owners stood at ₹96.83 crore, marking a 32.2% increase from ₹73.25 crore in the previous year. The PAT margin improved significantly by 153 basis points year-on-year to 8.6%. EBITDA at ₹170 crore registered a 13% YoY increase, while EBITDA margin expanded by 53 basis points to 15%.
India Glycols has received approval from the NCLT for its scheme of arrangement on 17 July 2026, paving the way for a strategic demerger into three focused entities. According to the proposed structure, India Glycols Limited will retain chemicals, glycols, bio glycols, new speciality products, and industrial gases. The second entity, IGL Spirits Limited, will handle spirits business, IMFL, country liquor, and biofuel business, while the third entity, Ennature Bio Pharma Limited, will manage bio-pharma and bio-polymers business. Both new entities will be listed on BSE and NSE alongside the existing India Glycols Limited. The Board of Directors approved the Composite Scheme of Arrangement involving amalgamation of Kashipur Holdings Limited (KHL) into the Company and Demerger of the Bio Pharma undertaking into Ennature Bio Pharma Limited and Spirits & Biofuel Undertaking into a separate undertaking.
Brokerage firm Arihant Capital maintains a buy recommendation with a target price of ₹1,639, citing the transformative value unlocking potential. As reported by Arihant Capital, the spirits business is targeting over ₹500 crore EBITDA for FY27E with premium IMFL portfolio growth of 26% YoY. The chemicals business, positioned as the world's largest bio-based speciality chemicals player, is targeting ₹2,500 crore in revenue and ₹400 crore in EBITDA over 4-5 years. Ennature Bio Pharma is expected to achieve ₹130-150 crore in EBITDA in the same timeframe. Arihant estimates revenue, EBITDA, and PAT CAGR of 12%, 15.4%, and 29% respectively over FY26-29E, with EBITDA margin expanding to 16.9% by FY29E. The NCLT-approved trifurcation into India Glycols (specialty chemicals), IGL Spirits (spirits + biofuels), and Ennature Bio Pharma (nutraceuticals/APIs) is a major catalyst that eliminates the conglomerate discount by creating three pure-play entities.
Technical experts remain optimistic about India Glycols' prospects despite the recent decline. According to Vipin Kumar, AVP-Research at Globe Capital Market, the stock has been consolidating in an ascending triangle formation while holding strong above key moving averages. As reported by Globe Capital Market, immediate resistance is placed around ₹1,200, which serves as the breakout level from the triangle formation. Immediate support is positioned around ₹1,040, followed by ₹985 levels. A decisive close above ₹1,200 would confirm the breakout and potentially trigger fresh buying interest, leading the stock towards ₹1,350 and higher levels in the near term.
