IGPL - I G Petrochems
📢 Recent Corporate Announcements
IG Petrochemicals Limited (IGPL) has officially released the transcript of its earnings conference call for the quarter ended December 31, 2025. The filing is a standard regulatory requirement under SEBI (LODR) Regulations, 2015, ensuring transparency for shareholders. The transcript provides a detailed record of management's discussion regarding the company's financial performance and operational outlook. Investors can access the full document on the company's website to review specific analyst Q&A sessions.
- Transcript for the Q3 FY26 earnings call released on February 18, 2026.
- Filing made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
- Covers financial results and management commentary for the period ending December 31, 2025.
- Document is publicly accessible via the company's official website link.
IG Petrochemicals Limited (IGPL) has officially released the audio recording of its earnings conference call held on February 13, 2026. The call focused on the company's financial and operational performance for the third quarter ended December 31, 2025. This disclosure is part of the company's regulatory compliance under SEBI's Listing Obligations and Disclosure Requirements. Investors can access the recording on the company's website to gain insights into management's commentary and future outlook.
- Earnings call for the quarter ended December 31, 2025, conducted on February 13, 2026.
- Audio recording made available to the public via the company's official website.
- Compliance update provided to both BSE and NSE under Regulation 30.
- The call provides a platform for analysts and institutional investors to discuss Q3 results with management.
IG Petrochemicals Limited (IGPL) reported a weak set of numbers for Q3 FY26, with revenue declining 16.8% YoY to ₹471.3 crore. The company posted a net loss of ₹7.2 crore for the quarter, a sharp reversal from the ₹27.7 crore profit in the year-ago period, primarily due to compressed margins in the Phthalic Anhydride (PAN) segment. EBITDA margins saw a significant contraction, falling from 9.6% in Q3 FY25 to just 3.3% in Q3 FY26. Despite the operational headwinds, the company is focusing on forward integration with its 1,00,000-ton Plasticizer plant and DEP expansion, both slated for mechanical completion by March 2026.
- Revenue for Q3 FY26 stood at ₹471.3 crore, down from ₹566.7 crore in Q3 FY25.
- EBITDA declined by 71.3% YoY to ₹15.6 crore, with margins shrinking to 3.3%.
- Reported a net loss of ₹7.2 crore for the quarter compared to a profit of ₹27.7 crore in the previous year.
- Mechanical completion of the ₹165 crore Advance Plasticizer plant (1,00,000 Tons) is expected by March 2026.
- DEP plant capacity expansion from 8,400 to 12,000 tons is on track for completion by March 2026.
IG Petrochemicals (IGPL) reported a weak set of numbers for Q3 FY26, swinging to a consolidated net loss of ₹10.86 crore compared to a profit of ₹28.54 crore in the same period last year. Consolidated revenue from operations declined 16.6% YoY to ₹465.32 crore, indicating significant pressure on the top line. Profitability was further squeezed by a sharp rise in finance costs, which jumped to ₹10.38 crore from ₹2.55 crore YoY. During the quarter, the company also completed the acquisition of IG Biofuels Limited, making it a wholly-owned subsidiary.
- Consolidated revenue from operations fell 16.6% YoY to ₹465.32 crore from ₹558.05 crore.
- Swung to a consolidated net loss of ₹10.86 crore versus a profit of ₹28.54 crore in Q3 FY25.
- Finance costs surged by 307% YoY to ₹10.38 crore compared to ₹2.55 crore in the year-ago quarter.
- Standalone EPS turned negative at -₹2.35 for the quarter compared to ₹9.01 in Q3 FY25.
- Acquired a controlling stake in IG Biofuels Limited effective December 9, 2025.
IG Petrochemicals Limited (IGPL) has scheduled its earnings conference call for Friday, February 13, 2026, at 2:00 PM IST. The management, represented by CFO Mr. Pramod Bhandari, will discuss the company's operational and financial performance for the third quarter and nine months ended December 31, 2025. This call follows the release of the Q3 FY26 financial results and provides a platform for institutional investors and analysts to seek clarifications on business growth and margins. The event is being coordinated by Strategic Growth Advisors.
- Earnings call scheduled for February 13, 2026, at 14:00 hours IST
- Discussion to focus on Q3 and 9M FY26 financial and operational performance
- Chief Financial Officer Mr. Pramod Bhandari to lead the management interaction
- Dial-in numbers provided for international participants from USA, UK, Singapore, and Hong Kong
IG Petrochemicals Limited (IGPL) has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Bigshare Services Pvt. Ltd., confirms that share certificates received for dematerialization during the quarter ended December 31, 2025, were processed correctly. It verifies that the securities were listed on the stock exchanges and the physical certificates were mutilated and cancelled within the mandated 15-day period. This is a standard administrative filing ensuring the integrity of the company's share registry.
- Compliance certificate submitted for the quarter ended December 31, 2025
- Registrar Bigshare Services Pvt. Ltd. confirmed all dematerialization requests were handled as per SEBI norms
- Security certificates were mutilated and cancelled after due verification within 15 days of receipt
- Names of depositories were substituted in the register of members as the registered owners
IG Petrochemicals Limited (IGPL) has announced the closure of its trading window for all designated persons starting January 1, 2026. This move is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015. The closure is in anticipation of the upcoming unaudited financial results for the quarter ending December 31, 2025. The trading window will reopen 48 hours after the financial results are officially declared to the stock exchanges.
- Trading window closure effective from January 1, 2026
- Closure is related to the unaudited financial results for the quarter ending December 31, 2025
- Trading window to reopen 48 hours after the announcement of Q3 results
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015
IG Petrochemicals Limited (IGPL) has announced the results of its Postal Ballot regarding the appointment of Shri Sanjoy Datta as an Independent Director. The special resolution was passed with an overwhelming majority, receiving 99.83% of the total votes in favor. Out of the 16.35 million votes polled, 16.32 million were in favor, while only 28,452 votes were against. The voting process concluded on December 15, 2025, with a total shareholder participation rate of approximately 53.10%.
- Special resolution for appointment of Shri Sanjoy Datta as Independent Director passed with 99.83% majority
- Total votes polled were 16,352,565, representing 53.10% of the total outstanding shares
- Promoter and Promoter Group voted 100% in favor with 15,780,854 shares
- Public Non-Institutions showed some resistance with 39.96% of their polled votes (28,452 shares) against the resolution
IG Petrochemicals Limited (IGPL) has announced a meeting with Investors and Analysts scheduled for December 17, 2025, in Mumbai. The meeting is a group physical meeting and will commence at 2:00 PM (IST). Discussions will be based on publicly available information, and no unpublished price-sensitive information (UPSI) will be discussed. The purpose of the meeting is for the company to engage with the investment community.
- Meeting with Investors/Analysts on December 17, 2025
- Meeting will commence at 2:00 PM (IST)
- Meeting will be held in Mumbai
- Discussions based on publicly available information
IG Petrochemicals Limited (IGPL) has successfully completed the acquisition of shares in I G Biofuels Ltd. Effective December 9, 2025, I G Biofuels Ltd. has officially become a wholly-owned subsidiary of the company. This move follows a multi-year process with initial disclosures dating back to May 18, 2023. The consolidation of this entity is expected to strengthen IGPL's position in the biofuels sector and contribute to its long-term growth strategy.
- I G Biofuels Ltd. is now a 100% wholly-owned subsidiary of IG Petrochemicals Limited.
- The acquisition process was finalized and became effective on December 9, 2025.
- The transaction follows regulatory disclosures initiated on May 18, 2023, and updated on November 3, 2025.
- The move indicates a strategic expansion and consolidation of the company's biofuels business interests.
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.