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India Glycols Limited (INDIAGLYCO)

₹331.95 +1.03% last close, 16 Oct

📊 NSE: INDIAGLYCO 🏢 Breweries & Distilleries 📢 Latest filing: 10 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, India Glycols' revenue was ₹2,988 Cr (+19.4% year on year, +206.2% on the previous quarter), and net profit ₹96.8 Cr (+32.6% year on year); the operating margin was 5.7%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹2,988	+19.4%	+206.2%
Operating profit	₹170	+45.4%	+2.1%
Net profit	₹96.8	+32.6%	+11.3%
EPS (₹)	14.45	+22.1%	+11.5%
Operating margin	5.7%	—	—

Full quarterly financials → Results calendar →

INDIAGLYCO delivery percentage and bulk deals

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

On Fri, 16 Oct 2026, 27.49% of the INDIAGLYCO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 31.38%. That is close to its usual level. Volume was 0.4 times its average, well below normal. It closed at a price band (circuit) on 2 sessions in about the last 20. 16 bulk or block deals were reported in INDIAGLYCO in the last 60 days: ₹167 Cr bought and ₹163 Cr sold.

27.49%Delivery, 16 Oct

31.38%Own 20-session average

0.4×Volume vs its average

₹331.95NSE close · +1.03%

Delivery in the last 5 sessions: 36.0% · 6.3% · 19.6% · 32.3% · 27.5%

Date	Side	Counterparty	Value	Price	Quantity	Type
13 Oct	Sell	Junomoneta Finsol Private Limited	₹36.47 Cr	₹353.37	1,031,949	Bulk
13 Oct	Buy	Junomoneta Finsol Private Limited	₹36.41 Cr	₹353.22	1,030,673	Bulk
13 Oct	Sell	Microcurves Trading Private Limited	₹30.74 Cr	₹354.70	866,674	Bulk
13 Oct	Buy	Microcurves Trading Private Limited	₹30.71 Cr	₹354.35	866,674	Bulk
13 Oct	Sell	Hrti Private Limited	₹28.43 Cr	₹351.66	808,594	Bulk

Delivery across the market →Circuit stocks →All bulk and block deals →

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

India Glycols Receives Minor GST Penalty of ₹6.22 Lakh from Uttarakhand Tax Authority

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 10 Oct 2026, 10:10 PM

India Glycols has received an order from the State Tax Officer, SGST Department, Uttarakhand, levying a penalty of ₹6,22,080 under the GST Act. The penalty was imposed because Part-B details were missing in the E-way bill for one out of three invoices during vehicle transit, although an E-invoice was present. The company has deposited the penalty to release the vehicle and plans to appeal the order. Financially, this penalty is negligible against the company's TTM revenue of ₹6,158 Cr.

Penalty of ₹6,22,080 imposed by the State Tax Officer, SGST Department, Uttarakhand
Order received and dated 10th October 2026
Violation pertains to missing Part-B details in the E-way bill for 1 out of 3 invoices
Full amount of ₹6,22,080 deposited to secure vehicle release; appeal to be filed

💡 Track the outcome of the planned appellate forum challenge, though the financial impact remains immaterial to the company's operations.

India Glycols Details Demerger Cost Apportionment: 47.62% to IGL Spirits, 31.77% to Parent

🟡 NEUTRAL ⭐ 6/10

M&A 📅 06 Oct 2026, 06:06 PM

India Glycols Limited has issued cost of acquisition apportionment guidelines following the demerger of its Bio Pharma and Spirits & Biofuel undertakings. The scheme, effective September 1, 2026, allocates 47.62% of original acquisition cost to IGL Spirits Limited, 31.77% to India Glycols Limited, and 20.61% to Ennature Bio Pharma Limited. Eligible shareholders as of the September 2, 2026 record date receive 1 share of Ennature for every 3 India Glycols shares held, and 1 share of IGL Spirits for every 1 share held. This provides clarity for existing investors regarding capital gains computations upon future share sales.

Cost of acquisition apportioned at 47.62% for IGL Spirits Limited, 31.77% for India Glycols Limited, and 20.61% for Ennature Bio Pharma Limited
Share entitlement ratio confirmed at 1:3 for Ennature Bio Pharma and 1:1 for IGL Spirits
Scheme effective date established as September 1, 2026, following NCLT order dated July 17, 2026
Record date for allotment of shares was September 2, 2026

💡 Track the listing and trading commencement dates of Ennature Bio Pharma Limited and IGL Spirits Limited on stock exchanges, and use the provided cost ratios for tax records.

India Glycols Submits Regulation 74(5) Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 05 Oct 2026, 06:34 PM

India Glycols Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September 2026. The certificate from MCS Share Transfer Agent Limited confirms that securities received for dematerialisation within the period were confirmed, listed, and physical certificates mutilated as per statutory timelines. This is a recurring administrative filing and does not contain any operational or financial updates.

Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
Pertains to the quarter ended 30th September 2026
Confirmation issued by Registrar and Share Transfer Agent MCS Share Transfer Agent Limited
Confirms securities dematerialisation processed within the mandatory 15-day window

💡 Track the upcoming Q2 FY27 earnings release and board meeting announcements for material business and financial updates.

India Glycols Schedules Investor Plant Visits on September 19-20, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Sep 2026, 04:24 PM

India Glycols Limited has informed the exchanges that it will host an investor and analyst plant visit on September 19 and 20, 2026. The visits and group interactions are scheduled to take place across its manufacturing facilities located at Kashipur and Dehradun. The company clarified that all discussions will rely strictly on publicly available information without sharing any unpublished price sensitive information (UPSI).

Plant visit scheduled for Saturday, 19th September, 2026 and Sunday, 20th September, 2026
Interaction planned for various investors and analyst groups
Locations identified as Kashipur and Dehradun plants
Company confirmed no unpublished price sensitive information (UPSI) will be discussed

💡 Monitor post-visit investor presentation disclosures or transcripts on the stock exchanges for operational commentary regarding distillery operations and the New Specialities Unit ramp-up.

Ennature Bio Pharma Allots 2.23 Cr Shares (1:3 Ratio) to India Glycols Shareholders

🟢 POSITIVE ⭐ 7/10

M&A 📅 08 Sep 2026, 07:11 PM

Under the ongoing Scheme of Arrangement, Ennature Bio Pharma Limited (EBL) has approved the allotment of 2,23,42,255 fully paid-up equity shares of INR 5 each to eligible India Glycols Limited (IGL) shareholders in a 1:3 ratio. The record date for determining eligible shareholders was September 2, 2026. EBL has also approved its Information Memorandum to apply for listing and trading approvals on BSE and NSE. Additionally, Key Managerial Personnel appointments were confirmed, including Ajay Sharma as CFO and Preeti Choudhary as Company Secretary.

Allotment of 2,23,42,255 equity shares of INR 5 each by Ennature Bio Pharma Limited in a 1:3 ratio
Record date for eligible shareholders of India Glycols Limited was September 2, 2026
Board approved Information Memorandum to seek listing and trading approvals on BSE and NSE
Ajay Sharma appointed Chief Financial Officer and Preeti Choudhary appointed Company Secretary of EBL

💡 Track the upcoming stock exchange notifications for trading approvals and the formal listing date of Ennature Bio Pharma Limited shares.

IGL Spirits Allots 6.70 Cr Shares (1:1 Ratio) Under Demerger Scheme; Prepares for Listing

🟢 POSITIVE ⭐ 7/10

M&A 📅 08 Sep 2026, 07:01 PM

IGL Spirits Limited has approved the allotment of 6,70,26,765 fully paid-up equity shares of INR 5 each to the eligible shareholders of India Glycols Limited in a 1:1 ratio, based on the record date of September 2, 2026. The board has also approved the Information Memorandum to apply for listing and trading approvals on the stock exchanges. Additionally, key appointments including Shri Naresh Kumar Agrawal as CFO and Shri Ishan Khanna as CS were finalized. This marks a critical milestone in executing the composite Scheme of Arrangement.

Allotment of 6,70,26,765 equity shares of INR 5 each in 1:1 ratio to India Glycols shareholders
Record date for eligibility was September 2, 2026
Information Memorandum approved for seeking listing and trading approvals on NSE and BSE
Appointed Naresh Kumar Agrawal as CFO and Ishan Khanna as Company Secretary effective September 8, 2026
Appointed MAKS & Co. as Secretarial Auditor for 5 years (FY 2026-27 to 2030-31)

💡 Track the upcoming listing date and trading approval notification from NSE and BSE for the newly allotted shares of IGL Spirits Limited.

India Glycols Discloses Material Update on Ennature Bio Pharma Under Scheme of Arrangement

🟡 NEUTRAL ⭐ 3/10

M&A 📅 07 Sep 2026, 07:03 PM

India Glycols Limited has submitted a regulatory update on September 7, 2026, regarding Ennature Bio Pharma Limited (EBL). This disclosure complies with SEBI circular requirements and Stock Exchange Observation Letters dated November 17 and November 19, 2025, concerning its Scheme of Arrangement. Specific operational and financial details of the update were referenced in an attached annexure not detailed in the primary cover text.

Material update received from Ennature Bio Pharma Limited via letter dated September 7, 2026
Compliance submission referenced NSE observation letter dated November 17, 2025
Referenced BSE observation letter dated November 19, 2025 in relation to the Scheme of Arrangement
Filing executed under SEBI Master Circular dated January 30, 2026

💡 Track further exchange filings regarding NCLT approval timelines and structural progress of the Scheme of Arrangement involving Ennature Bio Pharma.

India Glycols Files Material Update on Ennature Bio Pharma Under Scheme of Arrangement

🟡 NEUTRAL ⭐ 3/10

M&A 📅 07 Sep 2026, 06:44 PM

India Glycols Limited has submitted a regulatory update regarding Ennature Bio Pharma Limited (EBL) dated 7th September 2026. The submission complies with conditions stipulated in the Stock Exchange Observation Letters issued by NSE (dated 17th November 2025) and BSE (dated 19th November 2025) for its Scheme of Arrangement. The filing adheres to SEBI Master Circular guidelines regarding ongoing disclosures during corporate restructuring.

Material update received from Ennature Bio Pharma Limited (EBL) via letter dated 7th September 2026
Complies with NSE observation letter dated 17th November 2025 and BSE letter dated 19th November 2025
Filing made pursuant to SEBI Master Circular dated 30th January 2026 for Schemes of Arrangement

💡 Track subsequent regulatory filings, NCLT hearing schedules, and shareholder approval timelines regarding the Scheme of Arrangement involving Ennature Bio Pharma.

India Glycols Discloses Material Update for IGL Spirits Under Scheme of Arrangement

🟡 NEUTRAL ⭐ 4/10

M&A 📅 07 Sep 2026, 06:34 PM

India Glycols Limited has submitted a regulatory update regarding IGL Spirits Limited (IGSL) in relation to its proposed Scheme of Arrangement. The disclosure follows observation letters issued by NSE on November 17, 2025, and BSE on November 19, 2025, in compliance with SEBI Master Circular dated January 30, 2026. The submission communicates events and material developments notified by IGSL on September 7, 2026, as part of the ongoing corporate restructuring process.

Disclosure submitted pursuant to NSE Observation Letter dated 17th November, 2025
BSE Observation Letter reference dated 19th November, 2025 noted for the Scheme of Arrangement
Update received via letter from IGL Spirits Limited dated 7th September, 2026
Filing executed under SEBI Master Circular dated 30th January, 2026

💡 Track subsequent updates on the NCLT approval process and final timelines for the Scheme of Arrangement involving IGL Spirits Limited.

Demerger effective Sep 1, 2026: IGL splits into 3 entities; 1:1 and 1:3 share allotments

🟢 POSITIVE ⭐ 9/10

M&A 📅 02 Sep 2026, 09:36 PM

India Glycols Limited announced that its corporate demerger scheme became effective on September 1, 2026, with the record date set as September 2, 2026. Under the scheme, shareholders will receive 1 share of IGL Spirits Limited for every 1 IGL share held, and 1 share of Ennature Biopharma Limited for every 3 IGL shares held, alongside retaining their existing IGL shares. For FY26, the spirits & biofuels entity accounted for ₹2,801 Cr (67%) of net revenue, the retained chemicals business generated ₹1,164 Cr (28%), and the biopharma business contributed ₹246 Cr (6%). The standalone residual specialty chemicals business delivered an Adjusted EBITDA of ₹330 Cr with a 28.4% margin in FY26.

Demerger became effective on September 1, 2026, with September 2, 2026, as the record date to determine eligible shareholders.
Share entitlement ratio: 1 share of IGL Spirits Ltd for every 1 IGL share held, and 1 share of Ennature Biopharma Ltd for every 3 IGL shares held.
IGL Spirits represents the largest business with FY26 gross revenue of ₹8,416 Cr and net revenue of ₹2,801 Cr.
Retained India Glycols specialty chemicals entity posted FY26 net sales of ₹1,164 Cr and Adjusted EBITDA of ₹330 Cr (28.4% margin).
Overall consolidated EBITDA grew at a 28% CAGR over FY24–FY26 to reach ₹690 Cr.

💡 Track the crediting and listing dates for the newly created shares of IGL Spirits Limited and Ennature Biopharma Limited on the stock exchanges, and monitor post-demerger quarterly reporting for the three independent units.

India Glycols Shares Ennature Biopharma Presentation Highlighting ₹246 Cr FY26 Revenue

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 02 Sep 2026, 04:55 PM

India Glycols submitted an investor presentation detailing the operations and strategic outlook for its natural ingredients division, Ennature Biopharma. In FY26, Ennature reported revenue of ₹246 Cr with an EBITDA margin of 11.9% (₹29 Cr EBITDA) and a gross margin of 40.1%. The segment spans plant-based APIs (67% of sales), nutraceuticals (17%), and biopolymers (16%), backed by manufacturing capacities of 1,600 MT at Kashipur and 24,000 MT at Dehradun. The business accounts for roughly 2.8% of India Glycols' consolidated TTM revenue of ₹8,928 Cr.

Ennature Biopharma generated ₹246 Cr in revenue with ₹29 Cr EBITDA (11.9% margin) in FY26.
Sales mix comprises 67% Plant-based APIs, 17% Nutraceuticals, and 16% Biopolymers.
Export contribution stands high across divisions: 54% in APIs, 69% in Biopolymers, and 83% in Nutraceuticals.
Holds 5 granted patents (including 2 US patents), 9 filed patents, and 20 clinical trials supporting product pipelines.
Manufacturing infrastructure comprises 1,600 MT capacity at Kashipur and 24,000 MT at Dehradun.

💡 Track the scaling of high-margin branded nutraceutical ingredients (targeting 6-8 branded products) and margin contribution in upcoming quarterly segment results.

India Glycols Shares Investor Presentation on Ennature Biopharma Business (FY26 Revenue: ₹246 Cr)

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 02 Sep 2026, 04:53 PM

India Glycols Limited released an investor presentation for an institutional meeting on September 2, 2026, highlighting its Ennature Biopharma natural ingredients platform. Ennature Biopharma reported FY26 revenue of ₹246 crore and an EBITDA of ₹29 crore (11.9% margin) with a 40.1% gross margin. The business comprises Plant-based APIs (67% of sales), Nutraceuticals (17%), and Biopolymers (16%). The presentation outlines growth strategies including scaling high-margin branded nutraceuticals, clinical validation, and expanding regulated market exports.

Ennature Biopharma recorded FY26 revenue of ₹246 crore and an EBITDA of ₹29 crore (11.9% EBITDA margin)
Revenue mix is led by Plant-based APIs at 67%, followed by Nutraceuticals at 17% and Biopolymers (Guar) at 16%
Export contribution stands high at 54% for APIs, 69% for Biopolymers, and 83% for Branded Nutraceuticals
Infrastructure includes a 24,000 MT facility at Kashipur and a 1,600 MT facility at Dehradun with 9 total patent filings (5 granted)

💡 Track the commercial scale-up and margin trajectory of the Ennature Biopharma portfolio, along with progress on planned branded ingredient launches in upcoming quarterly filings.

India Glycols releases Ennature Biopharma presentation; segment reports ₹246 Cr FY26 revenue

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 02 Sep 2026, 04:51 PM

India Glycols has issued an investor presentation for its natural ingredients and botanical platform, Ennature Biopharma, ahead of an analyst meeting. For FY26, Ennature reported revenue of ₹246 Cr with an EBITDA of ₹29 Cr (11.9% margin) and a gross margin of 40.1%. The division's revenue mix consists of Plant-based APIs (67%), Nutraceuticals (17%), and Biopolymers (16%). The business operates two manufacturing units with a combined capacity of 25,600 MT (24,000 MT at Kashipur and 1,600 MT at Dehradun) and generates strong export contributions across lines.

Ennature Biopharma achieved ₹246 Cr revenue and ₹29 Cr EBITDA (11.9% EBITDA margin) in FY26.
Plant-based APIs contribute 67% of sales with 54% export mix across 26+ countries.
Nutraceuticals segment accounts for 17% of sales with 83% export revenue across 19+ countries.
Manufacturing infrastructure comprises 24,000 MT capacity at Kashipur and 1,600 MT at Dehradun.
IP portfolio includes 9 patents filed (5 granted, including 2 US patents) and 20 clinical trials.

💡 Track progress on the demerger/value-unlocking structure and commercialization milestones for 2-3 new branded nutraceutical ingredients in the pipeline.

India Glycols Transfers 4 Senior Management Personnel Under Scheme of Arrangement

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Sep 2026, 06:46 PM

India Glycols Limited announced that four Senior Management Personnel (SMPs) have ceased to hold their roles in the company effective August 31, 2026. This change follows the transfer of their employment to resulting companies as contemplated under its Scheme of Arrangement, which became effective September 1, 2026. The personnel transitioning include plant, distillery, and business heads across the Gorakhpur, Dehradun, and IMFL operations.

4 Senior Management Personnel ceased to be SMPs of India Glycols from close of business on August 31, 2026.
Transfer of employment is pursuant to the Scheme of Arrangement effective from September 1, 2026.
Transitioning executives include Business Head (Gorakhpur), Head-Distillery (Gorakhpur), State Head (IMFL), and Head Operations (Dehradun).

💡 Track further regulatory disclosures detailing the full corporate restructuring and the operational split into resulting entities under the Scheme of Arrangement.

India Glycols Demerger Effective Sep 1; Splits into 3 Separate Listed Entities

🟢 POSITIVE ⭐ 9/10

M&A 📅 01 Sep 2026, 04:16 PM

India Glycols has made its NCLT-approved Scheme of Arrangement effective from September 1, 2026, splitting the company into three distinct entities. Shareholders on the September 2, 2026 record date will receive 1 share of IGL Spirits Limited for every 1 share held, and 1 share of Ennature Bio Pharma Limited for every 3 shares held. In the June 2026 quarter, IGL Spirits generated Rs 694 crore in net revenue, India Glycols (chemicals) generated Rs 345 crore, and Ennature Bio Pharma generated Rs 90 crore. Both new entities will apply for separate listings on BSE and NSE.

Demerger into three distinct companies effective September 1, 2026 following ROC filing.
Share swap ratio: 1 share of IGL Spirits for every 1 IGL share, plus 1 share of Ennature Bio Pharma for every 3 IGL shares.
Business split by June 2026 quarter net revenue: IGL Spirits (Rs 694 cr), India Glycols (Rs 345 cr), and Ennature Bio Pharma (Rs 90 cr).
Record date fixed as September 2, 2026 to determine shareholder eligibility for new entity shares.

💡 Monitor the ex-demerger trading adjustments post the September 2, 2026 record date and track exchange listing timelines for IGL Spirits and Ennature Bio Pharma.

View All INDIAGLYCO Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Biofuels (BF) grew 54.5% YoY to INR 770 Cr in H1FY26. Potable Spirits (PS) grew 24.5% YoY to INR 338 Cr in Q2FY26. Bio-based Specialities and Performance Chemicals (BSPC) declined 22.8% YoY to INR 588 Cr in H1FY26 due to subdued pricing and demand in Chinese/SE Asian markets.

Geographic Revenue Split

Not disclosed in available documents, though the company notes management decisions to restrict supply to domestic markets due to subdued pricing in Chinese and South-East Asian markets.

Profitability Margins

Gross Revenue reached INR 9,052 Cr in FY25, up 13.9% from INR 7,944 Cr in FY24. PAT margin improved to 6.5% in H1FY26 from 5.7% in H1FY25. Net profit for FY25 was INR 180 Cr compared to INR 152 Cr in FY24, a 18.4% increase.

EBITDA Margin

EBITDA margin stood at 14.6% in H1FY26, expanding by 172 bps from 12.8% in H1FY25. Absolute EBITDA grew 25.1% YoY to INR 311 Cr. The company has seen a steady margin recovery from 11% in FY22 to nearly 15% in FY26.

Capital Expenditure

Planned capex of INR 175 Cr and INR 190 Cr for FY25 and FY26 respectively, primarily funded through term loans for distillery capacity enhancement and the New Specialities Unit (NSU). Gross Fixed Assets increased to INR 4,377 Cr in FY25 from INR 3,713 Cr in FY24.

Credit Rating & Borrowing

Credit rating maintained by CARE Ratings with an 'Adequate' liquidity profile. Interest coverage ratio was 3.15x in 9MFY25. Finance costs increased 23.7% YoY to INR 94 Cr in H1FY26 due to higher debt for capex.

⚙️ Operational Drivers

Raw Materials

Ethyl Alcohol (primary feedstock for BSPC), Grain/Molasses (for distillery), and various chemicals. Raw material costs are highly volatile and impact the spread for glycol products.

Import Sources

Sourced domestically within India, particularly from states like Uttar Pradesh and Uttarakhand for distillery operations.

Capacity Expansion

Distillery capacity is being enhanced with a capex of INR 365 Cr over two years. The New Specialities Unit (NSU) is currently ramping up operations as of Q2FY26 to drive future revenue.

Raw Material Costs

BSPC segment profitability is susceptible to the spread between glycol products and ethyl alcohol. PS segment margins were previously impacted by sharp escalations in ethanol and material costs.

Manufacturing Efficiency

EBITDA margin expansion of 216 bps in Q2FY26 indicates improved operational efficiency and better product mix.

📈 Strategic Growth

Expected Growth Rate

11-14%

Growth Strategy

Scaling up distillery facilities to supply ethanol to Oil Marketing Companies (OMCs), ramping up the New Specialities Unit (NSU), and expanding the Potable Spirits portfolio with in-house brands. The company is also leveraging its JV with Clariant for bio-based specialities.

Products & Services

Bio-based glycols, Ethanol (for OMCs), Country Liquor, IMFL (Spirits), Industrial Gases, Sugar, and Nutraceuticals (Ennature Biopharma).

Brand Portfolio

Zumba Lemoni, Soulmate Blu, Amazing Vodka (Potable Spirits).

New Products/Services

Launched in-house brands Zumba Lemoni and Soulmate Blu; planning to launch a new Brandy brand to strengthen the Potable Spirits segment.

Market Expansion

Strengthening footprint in the Paramilitary business and institutional channels for Potable Spirits.

Strategic Alliances

Joint Venture with Clariant (Clariant IGL) which contributed INR 30 Cr to PAT in H1FY26, a 40.1% YoY increase.

🌍 External Factors

Industry Trends

The Indian chemical industry is expected to grow to USD 300 billion by 2025. The liquor industry shows strong potential with volumes of 350 million cases, while the government's ethanol blending mandate is driving the Biofuel segment.

Competitive Landscape

Competes with traditional petrochemical-based glycol producers and other distillery-based chemical companies in India.

Competitive Moat

Moat is built on green technology-based manufacturing (bio-based vs petro-based) and a strong market position in the regulated liquor industry in North India. Sustainability is driven by the global shift toward renewable chemicals.

Macro Economic Sensitivity

Highly sensitive to global chemical cycles and crude oil prices which affect substitute glycol pricing.

Consumer Behavior

Shift toward premiumization in the Potable Spirits segment and increasing demand for sustainable/green chemicals in global supply chains.

Geopolitical Risks

Trade tensions and global supply chain shifts (China+1) are benefiting the Indian chemical sector, though subdued demand in China currently pressures export volumes.

⚖️ Regulatory & Governance

Industry Regulations

Highly regulated liquor industry where states control production, sales, and duty structures. Ethanol prices for OMCs are also subject to government mandates.

Environmental Compliance

Focus on green technology-based chemicals; specific ESG costs not disclosed.

Taxation Policy Impact

Tax expenses for H1FY26 were INR 36 Cr on a PBT of INR 174 Cr, representing an effective tax rate of approximately 20.7%.

⚠️ Risk Analysis

Key Uncertainties

Volatility in the spread between ethyl alcohol and glycol prices; potential introduction of prohibition laws in key states; and the successful ramp-up of the NSU unit.