India Gelatine & Chemicals Ltd (531253)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, India Gelatine's revenue was ₹45.7 Cr (+16.8% year on year, +17.2% on the previous quarter), and net profit ₹8.1 Cr (+14.2% year on year); the operating margin was 20.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹45.7 | +16.8% | +17.2% |
| Operating profit | ₹9.4 | +19.3% | +88.5% |
| Net profit | ₹8.1 | +14.2% | +80.5% |
| EPS (₹) | 11.40 | +14.2% | +80.4% |
| Operating margin | 20.6% | — | — |
📢 Recent Corporate Announcements
India Gelatine & Chemicals reported a 16.8% YoY increase in revenue to Rs 45.68 Cr for the quarter ended June 30, 2026. Net profit grew by 14.1% YoY to Rs 8.08 Cr, while EPS improved to Rs 11.40 from Rs 9.99 in the same quarter last year. Sequentially, revenue rose 17.2% from Rs 38.98 Cr in Q4 FY26, indicating strong quarterly momentum. The company maintained its single-segment focus on chemicals, with other income contributing Rs 2.43 Cr to the total income.
- Revenue from operations increased 16.8% YoY to Rs 45.68 Cr from Rs 39.10 Cr.
- Net profit for the quarter stood at Rs 8.08 Cr, up 14.1% from Rs 7.08 Cr in Q1 FY26.
- Earnings Per Share (EPS) rose to Rs 11.40 compared to Rs 9.99 in the year-ago period.
- Profit Before Tax (PBT) reached Rs 10.65 Cr, a 20.5% increase over Q1 FY26.
- Total Expenses for the quarter were Rs 37.46 Cr, with cost of materials consumed at Rs 16.46 Cr.
India Gelatine & Chemicals reported a strong start to FY27 with Q1 revenue growing 16.8% YoY to ₹45.68 Cr. Net profit increased 14.1% YoY to ₹8.08 Cr, while sequentially PAT surged 80.4% from the preceding quarter's ₹4.48 Cr. The company achieved an EPS of ₹11.40 for the quarter, significantly higher than the ₹6.31 reported in the previous quarter. This performance is notable as the Q1 PAT already represents approximately 32% of the total TTM PAT of ₹25 Cr.
- Revenue from operations increased 16.8% YoY to ₹45.68 Cr from ₹39.10 Cr in June 2025
- Net Profit grew 14.1% YoY to ₹8.08 Cr, up from ₹7.08 Cr in the same period last year
- Sequential PAT growth reached 80.4% compared to the ₹4.48 Cr recorded in March 2026
- Total income for the quarter stood at ₹48.11 Cr, including other income of ₹2.43 Cr
- Earnings Per Share (EPS) improved to ₹11.40 from ₹9.99 YoY
India Gelatine & Chemicals has scheduled its 54th Annual General Meeting (AGM) for August 25, 2026, via video conferencing. The company has dispatched physical letters to shareholders without registered email addresses, providing web links to the FY 2025-26 Annual Report. This filing also serves as a mandatory reminder for shareholders to update KYC details and dematerialize physical shares to remain eligible for dividend payments. For FY26, the company reported a revenue of Rs 170 Cr and a PAT of Rs 25 Cr.
- 54th Annual General Meeting scheduled for August 25, 2026, at 11:00 AM IST.
- Annual Report for the Financial Year 2025-26 made available on the company website.
- Mandatory KYC update reminder for physical shareholders to ensure eligibility for electronic dividend payments.
- Company reported TTM PAT of Rs 25 Cr on a revenue base of Rs 170 Cr.
- Open offer price previously announced at Rs 408.90 per share for a 39.42% stake acquisition.
India Gelatine & Chemicals has released its FY26 annual report, highlighting a significant recovery in profitability despite a 13.6% decline in total income to ₹178.19 Cr. Net profit (PAT) grew 44.3% YoY to ₹25.10 Cr, with PAT margins improving to 14% from 8% in FY25. The company maintains a very strong balance sheet with a debt-equity ratio of 0.02 and an improved ROCE of 16.10%. A 60% dividend has been proposed, with the AGM scheduled for August 25, 2026.
- Total Income for FY26 stood at ₹178.19 Cr, down from ₹206.20 Cr in FY25
- Net Profit (PAT) increased to ₹25.10 Cr from ₹17.39 Cr in the previous year
- Return on Capital Employed (ROCE) improved to 16.10% compared to 12.60% in FY25
- Proposed dividend of 60% for the financial year 2025-26
- Debt-Equity ratio remains minimal at 1:0.02 with total loan funds of ₹136.57 lakhs
India Gelatine & Chemicals has issued a notice for its 54th AGM to be held on August 25, 2026. The company has recommended a final dividend of ₹6 per share for FY26, representing a 60% payout on the face value of ₹10. Key agenda items include the revision of Executive Director P. Velmurugan's remuneration to ₹1.22 crore per annum and the shifting of the registered office to Vapi, Gujarat. Despite a 14.5% decline in revenue to ₹169.8 crore in FY26, the company reported a significant increase in PAT to ₹25.1 crore from ₹17.4 crore in the previous year.
- Recommended a final dividend of ₹6 per equity share for the financial year ended March 31, 2026.
- Proposed revision of Executive Director P. Velmurugan's remuneration to ₹1.22 crore per annum (₹1.02 crore fixed + ₹0.20 crore variable).
- Reported FY26 Profit After Tax (PAT) of ₹25.10 crore, a 44% increase over FY25's ₹17.39 crore.
- Revenue from operations for FY26 stood at ₹169.81 crore, down from ₹198.53 crore in FY25.
- Proposed shifting of the registered office from Ahmedabad to Vapi, Gujarat, to align with operational proximity.
India Gelatine & Chemicals Ltd has scheduled a board meeting on August 10, 2026, to approve its unaudited financial results for the quarter ended June 30, 2026. This follows a fiscal year where the company reported TTM revenue of Rs 170 Cr and a PAT of Rs 25 Cr. Investors will be monitoring these results for signs of recovery, as quarterly revenue declined from Rs 46.9 Cr in September 2025 to Rs 38.98 Cr in March 2026. The trading window for designated persons remains closed until August 12, 2026.
- Board meeting scheduled for August 10, 2026, to approve Q1 FY27 results.
- Trading window closed from July 01, 2026, until 48 hours after results declaration (August 12, 2026).
- Company reported TTM revenue of Rs 170 Cr with an operating profit margin of 17.2%.
- Recent quarterly EPS stood at Rs 6.32 for the period ending March 2026.
- The company is currently undergoing a strategic 39.42% stake acquisition by Pioneer Jellice India and Ashok Matches.
Financial Performance
Revenue Growth by Segment
The company experienced a decline in revenues during FY 2024-25. Direct export revenue (FOB value) decreased by 16.48% from INR 142.53 Cr in FY 2023-24 to INR 119.04 Cr in FY 2024-25. The Di-Calcium Phosphate (DCP) segment saw 'sluggish' demand compared to the previous year due to poultry price fluctuations between April and August.
Geographic Revenue Split
Exports are the primary revenue driver, contributing INR 119.04 Cr in FOB value for FY 2024-25. While specific domestic vs. international percentage splits are not fully detailed, the company emphasizes a 'strategic emphasis on exports' and notes that overseas markets deliver higher realizations.
Profitability Margins
Profit Before Tax (PBT) declined by 39.22% from INR 37.26 Cr in FY 2023-24 to INR 22.65 Cr in FY 2024-25. This was driven by pricing pressures in gelatine and ossein segments due to surplus global production.
EBITDA Margin
Not explicitly disclosed as a percentage, but PBT as a percentage of export revenue contracted from approximately 26.1% in FY 2024 to 19.0% in FY 2025, indicating a significant squeeze on core profitability due to pricing pressures.
Capital Expenditure
The company spent INR 50.58 Lakhs on CSR obligations. Specific historical or planned CAPEX for manufacturing facilities in INR Cr is not disclosed in the provided documents, though trials for new raw material sourcing were conducted.
Operational Drivers
Raw Materials
Gel bones (primary raw material for Ossein and Gelatine), which are sourced both domestically and internationally. Imported raw materials accounted for INR 8.59 Cr in FY 2024-25, a 33.9% increase from INR 6.41 Cr in FY 2023-24.
Import Sources
The company is diversifying sourcing to 'new regions' internationally to reduce dependence on domestic raw materials. Specific countries are not named, but trials with imported gel bones from these regions were successful in FY 2025.
Capacity Expansion
Current capacity is not specified in MT. The company is focusing on 'yield improvement' and 'process development' for new grades of gelatine rather than immediate physical footprint expansion.
Raw Material Costs
Raw material imports cost INR 8.59 Cr in FY 2025. Costs are impacted by 'pricing volatility' and 'raw material consistency' issues in the domestic Indian market, leading to a strategic shift toward imports to improve yield and consistency.
Manufacturing Efficiency
Yield improvement during FY 2024-25 was described as 'marginal'. The company is implementing automation, digitization, and membrane filtration to improve purity and efficiency.
Strategic Growth
Expected Growth Rate
6-7%
Growth Strategy
Growth will be achieved through a 39.42% stake acquisition by Pioneer Jellice India and Ashok Matches, which may bring strategic synergies. The company is also focusing on premium product positioning, cost optimization, and diversifying into marine-derived gelatine and collagen peptides to capture the 6-7% CAGR projected for the global market.
Products & Services
Gelatine (used in pharma capsules, food, and cosmetics), Ossein, and Di-Calcium Phosphate (DCP) for the poultry sector.
Brand Portfolio
India Gelatine & Chemicals Limited (IGCL).
New Products/Services
Development of new grades/types of Gelatine and research into using waste products as raw material for other industries. Marine-based gelatine is identified as a high-growth area.
Market Expansion
Targeting expansion in the Asia-Pacific region (India and China) and emerging markets for halal-certified products in the Middle East and Africa.
Strategic Alliances
In December 2024, Pioneer Jellice India Private Limited and Ashok Matches and Timber Industries Private Limited entered a Share Purchase Agreement to acquire 39.42% of the company.
External Factors
Industry Trends
The global gelatine market is valued at USD 4.8 billion (2024) and growing at 6-7% CAGR. Trends include a shift toward functional/protein-enriched foods, rising demand for marine-derived gelatine for halal/kosher markets, and increasing use in 3D printing and tissue engineering.
Competitive Landscape
Key competition comes from manufacturers in South America and Turkey (due to surplus production) and plant-based substitute providers (agar, pectin, carrageenan).
Competitive Moat
The company's moat is built on a 'strong and loyal international customer base' and 'rigorous compliance standards' which are difficult for new entrants to replicate in the regulated pharma/nutraceutical sectors.
Macro Economic Sensitivity
Highly sensitive to global trade flows and geopolitical uncertainties due to strong export reliance. Demand is also sensitive to health-related consumer sentiment regarding animal-derived products.
Consumer Behavior
Rising health awareness and protein consumption are driving demand, while some segments are shifting toward vegan/vegetarian alternatives.
Geopolitical Risks
Geopolitical uncertainties are cited as a risk that could disrupt operations and impact global trade flows for the company's export-heavy business.
Regulatory & Governance
Industry Regulations
Operations are governed by FDA, FSSAI, and EU regulations. Compliance with halal and kosher certifications is increasingly critical for market access.
Environmental Compliance
The company spent INR 50.58 Lakhs on CSR activities in FY 2024-25. It is also investing in renewable energy and waste-heat recovery to meet sustainability pressures.
Legal Contingencies
The company reported a 2-day delay in compliance with Regulation 44(3) of the LODR during the audit period. No major pending court cases or values were disclosed.
Risk Analysis
Key Uncertainties
Global pricing volatility due to surplus production (South America/Turkey) and raw material supply consistency are the primary business risks.
Geographic Concentration Risk
High reliance on exports, which exposes the company to international market volatility and geopolitical risks.
Third Party Dependencies
Dependency on poultry sector health for DCP sales and on international suppliers for high-quality gel bones.
Technology Obsolescence Risk
Risk of being outpaced by plant-based alternatives; mitigated by R&D into marine gelatine and new product grades.
