India Glycols announced its first-quarter results for fiscal 2027, driven by record EBITDA, a booming biopharma unit, and a planned demerger aimed at unlocking value, despite ongoing supply chain challenges.
India Glycols said its first-quarter results for fiscal 2027 were lifted by record earnings before interest, tax, depreciation and amortisation and a sharper mix across its consumer and speciality businesses, even as supply-chain disruption continued to weigh on some exports. The company reported EBITDA of 1.7 billion rupees, up 13% from a year earlier, while profit after tax rose 32%. Management also pointed to a lower finance-cost burden after debt reduction, which helped strengthen the bottom line.
The strongest showing came from Ennature Biopharma, which the company described as its best quarter to date. Revenue in that unit increased 65%, while EBITDA surged 188%, helped by new customer wins and an expanding nicotine-related business. Separately, the Clariant joint venture also remained solid, with management saying performance was broadly in line with or better than plan over the past four years despite a difficult operating backdrop.
India Glycols’ spirits arm also posted a meaningful gain in Indian made foreign liquor, or IMFL, with revenue rising 26% and volumes up 55%. Manoj Kumar Rai, chief executive director and chief operating officer of IGL Spirits, said the business is targeting EBITDA above 5 billion rupees for fiscal 2027 and aims to double IMFL volumes from the previous year through deeper penetration in core states and new launches in whisky, rum and semi-premium vodka. Anand Singhal, the company’s chief financial officer, said IMFL is expected to account for more than 30% of spirits revenue this year.
The company said the growth in volume has not yet fully translated into revenue because of a mix of states and brands, with faster gains in the mass-premium tier. It expects that to improve as it rolls out more premium products. Rupark Sarswat, chief executive of Ennature Biopharma, said capital spending there should remain modest this year, at 5 million to 20 million rupees, while the long-term aim is to lift revenue to 5 billion to 7 billion rupees over four to five years and raise gross margins materially by the end of the decade.
India Glycols also said it has received approval from the National Company Law Tribunal for its demerger plan, which it argues should create more focused businesses in chemicals, spirits and biopharma and make the investment case easier to assess. That restructuring comes as the company continues to battle volatile raw-material costs and shipping disruptions linked to geopolitical tensions, which management said have pushed freight rates sharply higher and hurt exports to the Middle East and the United States. Still, the combination of debt reduction, improving premium mix and a cleaner corporate structure suggests the company is positioning itself for a more focused next phase of growth.
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