🔍

IG Petrochemicals Limited (IGPL)

₹573.65 -0.90% last close, 16 Oct

📊 NSE: IGPL 🏢 Chemicals 📢 Latest filing: 14 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, IG Petrochemicals' revenue was ₹618 Cr (+31.4% year on year, +17.8% on the previous quarter), and net profit ₹66.4 Cr (against a loss a year earlier); the operating margin was 18.2%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹618	+31.4%	+17.8%
Operating profit	₹112	from loss	+68.4%
Net profit	₹66.4	from loss	+136.7%
EPS (₹)	21.57	from loss	+136.8%
Operating margin	18.2%	—	—

Full quarterly financials → Results calendar →

IGPL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 68.14% of the IGPL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.76%. That is higher than usual for this stock. Turnover was only ₹88 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal.

68.14%Delivery, 16 Oct

54.76%Own 20-session average

0.2×Volume vs its average

₹573.65NSE close · -0.90%

Delivery in the last 5 sessions: 50.3% · 53.8% · 57.3% · 60.4% · 68.1%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

IGPL Submits Demat Compliance Certificate for Quarter Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 14 Oct 2026, 02:49 PM

IG Petrochemicals Limited submitted its quarterly certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2026. The certificate was issued by Bigshare Services Pvt. Ltd., the company's Registrar and Share Transfer Agent. It confirms that securities received for dematerialization were processed, mutilated, cancelled, and substituted within 15 days of receipt. This is a routine quarterly compliance filing with zero financial or operational impact.

Quarter ended September 30, 2026 compliance confirmed under Regulation 74(5)
Certificate issued by Registrar and Share Transfer Agent Bigshare Services Pvt. Ltd.
Dematerialization requests confirmed, mutilated, and cancelled within 15 days of receipt

💡 No action needed; this is a standard quarterly administrative filing. Investors should track upcoming Q2 FY27 earnings announcements.

IG Petrochem Senior Management Exit: Sanjay Gupta Resigns as President - New Business Initiatives

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 06 Oct 2026, 06:16 PM

IG Petrochemicals Limited has announced the resignation of Shri Sanjay Gupta from his role as President – New Business Initiatives, designated as Senior Management Personnel. The resignation is effective from the close of business hours on October 6, 2026. This exit comes as IGPL targets diversification into non-Phthalic products and expansion into green energy through its CBG initiatives. The company reported TTM revenue of ₹2,073 Cr and TTM PAT of ₹82 Cr as of recent quarters.

Resignation of Shri Sanjay Gupta, President – New Business Initiatives, effective close of business hours on 6th October, 2026
Designation categorized under Senior Management Personnel (SMP)
Filing made under Regulation 30 of SEBI LODR Regulations
Company maintains TTM revenue of ₹2,073 Cr and Net Worth of ₹1,321 Cr

💡 Track announcements regarding succession or new leadership appointments for New Business Initiatives, as well as progress updates on the pilot CBG and plasticizer diversification projects.

IGPL to Attend Anand Rathi Annual Flagship Conference on Sept 22, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Sep 2026, 02:34 PM

IG Petrochemicals Limited announced that company officials will attend the Anand Rathi Annual Flagship Conference on September 22, 2026, starting at 2:00 PM IST in Mumbai. The interactions will involve one-on-one and group meetings. The company confirmed that discussions will be based strictly on publicly available information with no unpublished price sensitive information (UPSI) disclosed.

Conference date scheduled for 22nd September 2026
Meeting timing set for 2:00 PM IST Onwards
Meeting format includes One-on-One and Group Meetings
Organised by Anand Rathi in Mumbai

💡 Track if any investor presentation is filed with the exchanges following the conference.

IGPL Releases Q1 FY27 Earnings Call Transcript; Focus on 50% PAN Market Share

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Aug 2026, 06:29 PM

IG Petrochemicals Limited (IGPL) has released the transcript for its Q1 FY27 earnings call. The company continues to leverage its dominant position as India's largest Phthalic Anhydride (PAN) producer with over 50% market share. Despite a thin TTM PAT of Rs 2 Cr and OPM of 4.9%, management is targeting a long-term revenue potential of Rs 3,000-3,200 Cr at 90% capacity utilization. The strategy involves diversifying into plasticizers and green energy to counter low international realizations in the Maleic Anhydride (MAN) segment.

IGPL maintains over 50% market share in Phthalic Anhydride (PAN) in India
Targeting total revenue potential of Rs 3,000-3,200 Cr at 90% capacity utilization
Diversification into non-Phthalic products targeting Rs 1,000-1,100 Cr from plasticizers, DEP, and MAN
Current production levels maintained at 45,000-50,000 tons per quarter
Pilot 5 TPD Compressed Bio-Gas (CBG) plant expected to generate Rs 16-22 Cr revenue

💡 Investors should monitor the recovery in operating margins from the current 4.9% and track the execution of the plasticizer expansion, which aims for a 5x capital turnover ratio.

IGPL Releases Q1 FY2026-27 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Aug 2026, 05:47 PM

IG Petrochemicals Limited (IGPL) has released the audio recording of its earnings call held on August 7, 2026, for the Q1 FY2026-27 results. The company is currently operating in a challenging environment with a TTM OPM of 4.9% and a TTM PAT of just Rs 2 Cr, despite a TTM revenue of Rs 1,925 Cr. Investors should look for management commentary on the recovery of Phthalic Anhydride (PAN) margins and the progress of the 5 TPD pilot CBG plant. The company continues to hold a dominant 50% market share in the domestic PAN market.

Earnings call conducted on August 7, 2026, for the quarter ended June 30, 2026
Company maintains a dominant market share of over 50% in Phthalic Anhydride (PAN) in India
TTM Revenue stands at Rs 1,925 Cr with a thin TTM PAT of Rs 2 Cr
Targeting a long-term revenue potential of Rs 3,000-3,200 Cr at 90% capacity utilization

💡 Investors should review the recording for updates on international Maleic Anhydride prices and the execution timeline for the non-Phthalic product diversification strategy.

IGPL AGM Results: 53.4% Turnout as Shareholders Approve FY26 Dividend and Re-appointments

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Aug 2026, 05:25 PM

IG Petrochemicals Limited (IGPL) has concluded its 37th Annual General Meeting (AGM) held on August 6, 2026, with all six resolutions passed. Shareholders approved the FY26 financial statements and the declaration of a dividend. While most resolutions passed with over 99% total support, Resolution 5 (re-appointment of Executive Director Sagar Jadhav) faced significant institutional pushback, with 89.42% of institutional votes cast against it. The overall voter turnout stood at 53.42% of the total share capital.

Total voter turnout recorded at 53.42% with 1,64,52,092 votes polled out of 3,07,94,850 shares.
Resolution 5 (Executive Director re-appointment) passed despite 89.42% of institutional votes being cast against it.
Dividend for FY26 approved with 99.83% of total polled votes in favor.
Promoter group, holding 68.74% of the company, voted 100% in favor of all proposed resolutions.
Resolution 4 regarding Non-Executive Director commission received 100% support from institutional voters.

💡 Investors should monitor the dividend payment timeline and note the high institutional dissent on executive re-appointments as a potential governance watch-point.

IGPL Q1 FY27: Revenue Up 30% to ₹625 Cr, EBITDA Margins Expand to 19.2%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 07 Aug 2026, 10:35 AM

IGPL reported a sharp recovery in Q1 FY27, with revenue growing 30% YoY to ₹625.1 crore. Profitability saw a significant turnaround as EBITDA jumped to ₹120 crore (19.2% margin) from ₹13 crore (2.7% margin) in Q1 FY26. The company posted a PAT of ₹71 crore, reversing a loss of ₹8.2 crore in the year-ago period. Management confirmed the plasticizer plant is slated for production in Q2 FY27, followed by the CBG project in Q3 FY27.

Revenue grew 30% YoY to ₹625.1 crore in Q1 FY27, representing ~32% of TTM revenue.
EBITDA margins expanded to 19.2% from 2.7% YoY, driven by improved realizations across products.
Non-Phthalic business (DEP and MAN) contributed ₹49 crore to the quarterly revenue.
Plasticizer plant production is expected to commence in Q2 FY27, following mechanical completion in FY26.
PAT turned positive at ₹71 crore compared to a net loss of ₹8.2 crore in Q1 FY26.

💡 Watch for the successful commissioning and volume ramp-up of the plasticizer plant in Q2 FY27 and the CBG project in Q3 FY27 to validate the diversification strategy.

IGPL 37th AGM: Shareholders Approve FY26 Financials and Dividend Declaration

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Aug 2026, 06:45 PM

IG Petrochemicals Limited (IGPL) concluded its 37th Annual General Meeting on August 6, 2026. Shareholders approved the audited financial statements for FY26, where the company reported a TTM revenue of ₹1,925 Cr and a significantly lower PAT of ₹2.2 Cr compared to ₹108.7 Cr in FY25. The meeting confirmed the re-appointment of Shri Nikunj Dhanuka and Shri Sagar Jadhav to the board. Management highlighted the progress of the Advance Plasticizer project and diversification into Compressed Bio-Gas (CBG) to mitigate volatility in the Phthalic Anhydride (PAN) market.

37th Annual General Meeting held on August 6, 2026, with 44 shareholders attending via video conferencing.
Shareholders approved the dividend for the financial year ended March 31, 2026.
Management reiterated a target revenue potential of ₹3,000-3,200 Cr at 90% capacity utilization.
Company maintains a dominant market share of over 50% in Phthalic Anhydride (PAN) in India.
Progress reported on the 5 TPD pilot CBG plant and debottlenecking of DEP capacity.

💡 Investors should monitor the commercialization timeline of the Advance Plasticizer project and the pilot CBG plant, as these non-Phthalic segments are intended to drive the next leg of growth and margin recovery.

₹66.44 Cr Q1 Profit: IGPL Reports Massive Turnaround with 31% YoY Revenue Growth

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Aug 2026, 04:46 PM

IG Petrochemicals (IGPL) delivered a strong turnaround in Q1 FY27, reporting a consolidated net profit of ₹66.44 Cr, reversing a loss of ₹12.99 Cr in the year-ago period. Revenue from operations grew 31.4% YoY to ₹617.80 Cr, driven by improved operational performance. Notably, this single quarter's profit is significantly higher than the total FY26 PAT of ₹2.22 Cr. The company's standalone PBT margin stood at approximately 15.3%, reflecting a sharp recovery in the chemical cycle.

Consolidated Revenue from Operations rose 31.4% YoY to ₹617.80 Cr from ₹470.05 Cr.
Consolidated Net Profit reached ₹66.44 Cr, a massive jump from a loss of ₹12.99 Cr in Q1 FY26.
Quarterly EPS surged to ₹21.57, compared to ₹9.11 in the preceding March 2026 quarter.
Standalone Profit Before Tax (PBT) stood at ₹94.92 Cr, representing a 15.3% margin on revenue.
Inventory management showed a significant positive swing with a ₹65.14 Cr increase in finished goods/WIP value.

💡 Investors should monitor the sustainability of Phthalic Anhydride (PAN) margins and international price benchmarks. Key execution milestones to watch include the progress of the 5 TPD pilot CBG plant and the diversification into non-Phthalic products targeting ₹1,000-1,100 Cr revenue.

IGPL to Host Q1 FY27 Earnings Call on August 7, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Aug 2026, 03:38 PM

IG Petrochemicals Limited (IGPL) has scheduled its earnings conference call for Friday, August 7, 2026, at 2:30 PM IST to discuss Q1 FY27 results. The call will be led by CFO Pramod Bhandari and follows a challenging FY26 where the company reported a thin TTM PAT of ₹2 Cr on revenue of ₹1,925 Cr. Investors will be looking for updates on margin recovery, as the company's operating profit margin (OPM) stood at 4.9% for the trailing twelve months.

Earnings call scheduled for August 7, 2026, to discuss performance for the quarter ended June 30, 2026.
Company maintains a dominant market position with over 50% share in Phthalic Anhydride (PAN) in India.
TTM Revenue as of the latest period is ₹1,925 Cr against a Market Cap of ₹1,536 Cr.
Management is targeting a long-term revenue potential of ₹3,000-3,200 Cr at 90% capacity utilization.

💡 Monitor the management commentary during the call specifically regarding the recovery of Maleic Anhydride (MAN) prices and the impact of US import duties on downstream demand which previously restricted client capacity to 30-40%.

IGPL Submits Routine Share Dematerialization Certificate for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jul 2026, 05:47 PM

IG Petrochemicals Limited (IGPL) has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by Bigshare Services Pvt. Ltd., confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed and cancelled. The registrar confirmed that the names of the depositories were updated in the register of members within the mandated 15-day period. This is a standard administrative filing with no impact on the company's financial health or operations.

Compliance certificate issued for the quarter ended June 30, 2026
Confirmation that dematerialization requests were processed within 15 days of receipt
Registrar and Share Transfer Agent (RTA) identified as Bigshare Services Pvt. Ltd.
Verification that security certificates were mutilated and cancelled after due verification

💡 This is a procedural filing. Investors should monitor the company's upcoming quarterly results to see if margins improve from the current 4.9% OPM, given the low international Maleic Anhydride prices.

IGPL Schedules 37th AGM for August 6, 2026; Dispatches FY26 Annual Report Link

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Jul 2026, 05:54 PM

IG Petrochemicals Limited (IGPL) has announced that its 37th Annual General Meeting (AGM) will be held on August 6, 2026, via video conferencing. The company has initiated the dispatch of notices and the web-link for the FY 2025-26 Annual Report to shareholders. This is a standard regulatory procedure to ensure all shareholders, including those without registered email addresses, have access to the annual performance documents. Investors should use this opportunity to review the full financial statements for the year ending March 2026.

37th Annual General Meeting scheduled for August 6, 2026, at 3:00 P.M. IST
Annual Report and AGM notice pertain to the Financial Year 2025-26
Dispatch of physical letters to shareholders with unregistered emails initiated on July 11, 2026
Meeting to be conducted through Video Conference / Other Audio-Visual Means
Company maintains a 50% market share in Phthalic Anhydride (PAN) in India as per context

💡 Investors should download and review the FY26 Annual Report from the company's website to understand the management's strategy for diversifying into non-Phthalic products and the progress of the CBG pilot plant.

IGPL sets July 30, 2026, as Record Date for Dividend

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 10 Jul 2026, 06:03 PM

IG Petrochemicals Limited (IGPL) has announced July 30, 2026, as the record date for determining shareholder eligibility for its upcoming dividend. The 37th Annual General Meeting (AGM) is scheduled for August 6, 2026, where the dividend will be put to a vote. If approved, payments will commence on or after August 13, 2026. This follows a recovery in the March 2026 quarter, where the company reported a PAT of ₹28.07 Cr, significantly improving its TTM PAT to ₹2 Cr.

Record date for dividend eligibility fixed as July 30, 2026
37th Annual General Meeting (AGM) to be held on August 6, 2026
Dividend payment date scheduled for on or after August 13, 2026
Book closure period set from July 31, 2026, to August 4, 2026
Company reported a significant quarterly PAT recovery of ₹28.07 Cr in March 2026

💡 Investors should monitor the AGM for management's outlook on Phthalic Anhydride margins and the execution timeline for the new CBG and plasticizer projects.

Aug 6 AGM: IGPL Proposes 0.20% Profit Commission for Non-Exec Directors and Dividend Declaration

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 10 Jul 2026, 05:55 PM

IG Petrochemicals Limited (IGPL) has scheduled its 37th Annual General Meeting (AGM) for August 6, 2026. The company will seek shareholder approval for the FY26 financial statements and a dividend declaration, with the record date set for July 30, 2026. Key resolutions include the re-appointment of Executive Director Sagar Jadhav for three years and a new commission for Non-Executive Directors capped at 0.20% of net profits. This follows a significant recovery in the March 2026 quarter, where PAT reached ₹28.07 Cr compared to losses in previous periods.

37th Annual General Meeting scheduled for August 6, 2026, via video conferencing
Dividend record date fixed for July 30, 2026, with payment starting on or after August 13, 2026
Proposed commission for Non-Executive Directors capped at 0.20% of net profits for a 5-year period
Re-appointment of Shri Sagar Jadhav as Executive Director for a 3-year term effective July 1, 2026
Ratification of Cost Auditor remuneration at ₹60,000 plus taxes for FY 2026-27

💡 Investors should note the dividend record date of July 30, 2026, and monitor the AGM voting results for management re-appointments and the new commission structure.

IG Petrochemicals to Close Trading Window from July 1, 2026, for Q1 FY27 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Jun 2026, 12:16 PM

IG Petrochemicals Limited (IGPL) has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. This closure is standard procedure ahead of the declaration of the company's unaudited financial results for the quarter ending June 30, 2026. The trading window will remain closed for all designated persons and their immediate relatives. It is scheduled to reopen 48 hours after the financial results are officially submitted to the stock exchanges.

Trading window closure effective from July 1, 2026.
Closure pertains to the financial results for the quarter ending June 30, 2026.
Window to reopen 48 hours after the announcement of unaudited results.
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory filing with no impact on company fundamentals; investors should await the actual Q1 FY27 earnings release for performance insights.

View All IGPL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew 5% YoY to INR 2,234 Cr in FY25. Phthalic Anhydride (PAN) remains the core segment, while non-PAN revenue (Maleic Anhydride, Benzoic Acid, DEP) contributed INR 74 Cr in H1 FY26. The company targets non-PAN revenue of INR 1,000-1,100 Cr at optimum capacity, representing a potential 400%+ increase from current levels.

Geographic Revenue Split

Not disclosed in available documents, though the company notes impact from US market tariffs on downstream clients and sluggish demand in Western markets.

Profitability Margins

Gross profit for H1 FY26 was INR 216 Cr. Net profit margin for FY25 improved significantly to 5.11% from 1.90% in FY24, an increase of 168.89% YoY due to higher operational spreads.

EBITDA Margin

EBITDA margin stood at 11.30% in FY25, up from 6.39% in FY24, representing a 491 basis point improvement. EBITDA rose 82.5% YoY to INR 248.38 Cr.

Capital Expenditure

Planned investment of INR 100 Cr in the Compressed Bio-Gas (CBG) business, with IGPL's equity contribution expected to be INR 15-30 Cr. The company is also spending INR 160-170 Cr on plasticizer capacity to generate INR 1,000 Cr in revenue.

Credit Rating & Borrowing

The company is net debt-free as of Q2 FY26. It repaid INR 40 Cr of debt in the most recent quarter to further reduce interest costs. Finance costs for FY25 were INR 38.80 Cr, up 27.6% YoY.

⚙️ Operational Drivers

Raw Materials

Crude oil derivatives (specifically Orthoxylene for PAN production) and Napier Grass for the new CBG segment. Raw material costs are a primary driver of margins, with Maleic Anhydride realizations currently at an all-time low of under $300.

Import Sources

Not specifically disclosed, but the company mentions high dependency on imports for the chemical industry, particularly from Europe and China.

Capacity Expansion

Current production is crossing 2,00,000 MTPA (approx. 45,000-50,000 tons per quarter). Planned expansion into plasticizers and CBG aims to reach a total revenue potential of INR 3,000-3,200 Cr at 90% capacity utilization.

Raw Material Costs

Raw material price fluctuations are cited as a primary risk. Inventory turnover ratio decreased by 28% to 6.91 in FY25 due to an increase in closing inventory values.

Manufacturing Efficiency

Capacity utilization is targeted at 90% for optimum revenue. Current production is maintained at 45,000-50,000 tons per quarter despite sluggish market conditions.

📈 Strategic Growth

Expected Growth Rate

35-40%

Growth Strategy

Growth will be driven by diversifying into non-Phthalic products, targeting INR 1,000-1,100 Cr from plasticizers, DEP, and Maleic Anhydride. The company is also entering the green energy space via I G Biofuels with a 5 TPD pilot CBG plant and plans for future 15-20 TPD plants.

Products & Services

Phthalic Anhydride (PAN), Maleic Anhydride (MAN), Benzoic Acid, Di-ethyl Phthalate (DEP), and Plasticizers (DOP, DBP).

Brand Portfolio

IGPL

New Products/Services

Compressed Bio-Gas (CBG) from Napier Grass (expected revenue INR 16-22 Cr for the pilot) and fuel oil from plastic waste via chemical recycling (Pyrolysis).

Market Expansion

Acquisition of I G Biofuels Ltd as a 100% subsidiary to house all future CBG projects. Expansion of the plasticizer business to achieve a 5x capital turnover ratio.

Market Share & Ranking

IGPL holds over 50% market share in Phthalic Anhydride (PAN) in India and is the sole producer of Maleic Anhydride (MAN) in the country.

Strategic Alliances

Strategic Growth Advisors (SGA) serves as the Investor Relations advisor.

🌍 External Factors

Industry Trends

The Indian chemical industry faces headwinds from volatile crude and weak Western demand. However, the plasticizer market is growing due to demand for eco-friendly solutions and film/cable manufacturing.

Competitive Landscape

Competes with global imports in the Maleic Anhydride segment and large domestic players like Adani and Reliance in the emerging CBG sector.

Competitive Moat

IGPL's moat is based on cost leadership (50% PAN market share) and being the sole domestic producer of Maleic Anhydride, providing a significant logistics and availability advantage over imports.

Macro Economic Sensitivity

Highly sensitive to global crude oil prices as raw materials are crude derivatives. Sluggish global demand and high interest rates impact downstream construction and automotive sectors.

Consumer Behavior

Shift toward sustainable and circular economy products is driving the company's investment in CBG and plastic waste pyrolysis.

Geopolitical Risks

US-China trade tensions and US tariffs on downstream chemical products have indirectly reduced volume off-take from domestic customers.

⚖️ Regulatory & Governance

Industry Regulations

Subject to stringent environmental and safety regulations for chemical manufacturing. The company maintains internal controls to monitor plant safety and compliance.

Environmental Compliance

The company is investing in solar and natural gas integration to meet stringent environmental and safety regulations and reduce its carbon footprint.

Taxation Policy Impact

Effective tax provision for FY25 was INR 31.85 Cr on a PBT of INR 144.32 Cr (approx. 22%).

Legal Contingencies

The company faced a fine from BSE for non-compliance with SEBI Regulation 21 regarding the composition of the Risk Management Committee; a waiver application is currently pending.

⚠️ Risk Analysis

Key Uncertainties

Volatility in crude derivative prices could impact margins by 10-15%. Mark-to-Market (M2M) charges of INR 8 Cr impacted Q2 FY26 profitability.

Geographic Concentration Risk

Manufacturing is concentrated in India (Goa and Karnataka), while demand is susceptible to global trade barriers.

Third Party Dependencies

High dependency on government pricing for CBG, where the government sets the procurement price for the 1,500-1,600 tons per year output.

Technology Obsolescence Risk

The company is mitigating technology risk by investing in chemical recycling (Pyrolysis) and renewable energy integration.

Credit & Counterparty Risk

Debtors turnover of 7.08 indicates healthy receivable quality; however, downstream industry sluggishness (30-40% utilization) poses a risk to future credit cycles.