India Glycols Q1 FY27 Results (NSE: INDIAGLYCO)
Signal: Growth reaccelerated
The read
The operating trajectory is mixed: revenue grew 19.4% YoY and raw-material intensity improved 400bps, but EBITDA margin slipped 34bps YoY and 151bps QoQ to 5.7%; the 32.2% PAT growth was helped by finance-cost reduction and ₹20.60 crore of joint-venture profit, while EPS growth lagged PAT at 22.2%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,988.44 Cr | +19.4% | +26.6% |
| EBIT | ₹102.28 Cr | +42.2% | |
| Net profit | ₹96.83 Cr | +32.2% | |
| EPS | ₹14.45 | +22.2% | |
| EBIT margin | 5.7% |
P&L walk
Revenue rose to ₹2,988.44 crore, +19.4% YoY and +26.6% QoQ, while raw-material cost fell to 22.7% of revenue from 26.7%, but EBITDA grew only 12.5% YoY and margin contracted 34bps YoY; PAT growth was stronger at 32.2% because finance costs fell 43.6% and the joint venture contributed ₹20.60 crore.
Segments
Potable Spirits remained the largest driver at ₹2,218.67 crore of revenue and ₹75.03 crore of segment result, while Bio-Fuel contributed ₹323.22 crore of revenue and ₹27.03 crore of result; consolidated PAT was ₹20.24 crore above standalone PAT because of the joint venture's ₹20.60 crore contribution.
Key positives
- Consolidated revenue reached ₹2,988.44 crore, +19.4% YoY and +26.6% QoQ, extending the recent growth trajectory.
- Raw-material cost declined to 22.7% of revenue from 26.7% a year earlier, a 400bps gross-margin tailwind; the specific driver was not disclosed.
- Finance costs fell 43.6% YoY to ₹25.18 crore, supporting PAT growth of 32.2% to ₹96.83 crore.
- Potable Spirits generated ₹2,218.67 crore of revenue and ₹75.03 crore of segment result, making it the group's primary earnings engine.
- The NCLT sanctioned the demerger scheme on 17 July 2026, creating a structural path toward separately listed spirits, biofuel and biopharma businesses.
Key concerns
- EBITDA margin declined 34bps YoY and 151bps QoQ to 5.7%, despite the 400bps raw-material gross-margin tailwind.
- Power and fuel expense rose 26.1% YoY and 31.6% QoQ to ₹115.42 crore, absorbing part of the gross-margin benefit.
- EPS growth of 22.2% lagged PAT growth of 32.2%, requiring monitoring for share-count or minority-interest effects.
- Standalone PAT fell 30.6% QoQ to ₹76.59 crore as other income dropped to ₹0.38 crore from ₹39.20 crore in Q4FY26.
Research and educational content only. Not investment advice.