Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Oct
Source: Bse
India Glycols Limited (INDIAGLYCO)
Micro CapFMCG stocks · Micro cap · NSE
IGL Spirits is an integrated alcohol platform spanning mass to premium spirits, ENA, and renewable bio-fuels. It boasts scaled manufacturing with 379 MnL p.a. ethyl-alcohol capacity and a strong North India presence, being #1 in non-IMFL in UP & Uttarakhand. The company also operates a significant bio-fuels franchise.
₹303.75
-15.55 · -4.87%
Market cap ₹2,229 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result12 Aug, 05:03 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · FMCG P/E 37.8 (n=42)
Technical timing lens
Trend score and candlestick chart
20Bearishfull bear SMA stack · SMA20 -46.0% / mo · MACD + · near 52W low · sector -5.7pp vs Nifty 500 (3M)
Stock trend: 24
Sector RS: 14
Sector 3M: -11.3% vs Nifty 500 -5.6%
FMCG FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
INDIAGLYCOD candles · FIT view-68.7%Latest close ₹303.75 on 2026-10-21
Bar
-5.7%
RSI
36
MACD hist
20.72
52W pos
9%
2026-10-21O ₹322.00H ₹323.50L ₹299.90C ₹303.75Vol 5.6L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
INDIAGLYCONifty FMCGNifty 500
- INDIAGLYCO
- -73.7%
- Nifty 500
- -6.5%
- Nifty FMCG
- -10.7%
- Vs Nifty 500
- -67.2 pp
Chart stats
21 Oct 2026- From 52W high
- -75.1%
- 52W range position
- 9%
- ATR (14)
- 10.9%
- Volume vs 20D
- 0.24x
- Avg traded value
- ₹81.1 Cr
- 20D price channel
- ₹252 - ₹399
₹1,222
₹217 - ₹1,222
₹33.1
Latest completed session
20-session average
113.6% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED69
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent80
Revenue +8.7% · PAT +32.9% YoY
Technical
Bearish20
Price trend and sector-relative-strength timing.
Valuation
Legacy model+85.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +9% YoY · PAT +33% YoY · margin expansion · +16% QoQ · operating leverage
Filed 12 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,130 Cr | +8.7% | +15.8% |
| EBITDA | ₹170 Cr | +13.3% | +2.4% |
| Operating margin | 15.0% | +100 bps | -200 bps |
| PAT | ₹97 Cr | +32.9% | +11.5% |
| PAT margin | 8.6% | +156 bps | -33 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 7.03
- P/B
- 0.76
- EV/EBITDA
- 4.71
- Market Cap
- 2229.00Cr
Profitability
- ROE
- 11.30%
- ROCE
- 12.40%
- ROA
- 4.84%
- Dividend Y
- 2.26%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 14.00%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 39.00%
Balance Sheet
- Debt/Equity
- 0.58
- Interest Coverage
- 4.52×
- Altman Z
- 2.15
- Book Value
- 438.00
Cash Flow
- FCF Yield
- 0.09%
- FCF Positive Y
- 8/5
- OCF
- 769.00 Cr
- EPS TTM
- 48.02
Shareholding
- Promoter Hold
- 59.63%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 71%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,130+15.8% vs prev
Net Profit
₹ CrLatest: 97.0+11.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~85.1% over last month) — short-term momentum negative.
- RSI(14) at 36 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 75% off 52W high · 40% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 69 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 69 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth20/25
Quality1/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
69
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
69/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 85.9%.
- Valuation contributes 30/30 to the score.
Main drags
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
7.0
PB
0.8
EV/EBITDA
4.7
ROE
11.3%
ROCE
12.4%
FCF Yield
0.1%
Debt/Equity
0.6
MoS
+85.9%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Current PE is low at 7.0, so peak-cycle earnings risk should be checked.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
69
Previous: 69
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+85.9%
Previous: +85.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
69
69
69
69
69
69
69
69
69
69
69
69
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹687.92
+55.8% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹2,160.9
+85.9% MoS
PEG
0.31
Comparable companies
Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
BNAGROCHEM
Small
BN Agrochem Limited
Agro Processing
match 108
30
137.0
8.0%
-175%
OVERVALUED
MWL
Small
Mangalam Worldwide Limited
Specialty Chemicals
match 92
55
21.5
18.0%
+44%
FAIR VALUE
SACHEEROME
SME
Sacheerome Ltd.
Specialty Chemicals
match 92
58
39.4
27.0%
+8%
FAIR VALUE
SRHHYPOLTD
Small
Sree Rayalaseema Hi-Strength Hypo Limited
Specialty Chemicals
match 92
71
9.4
10.5%
+69%
UNDERVALUED
OCCLLTD
Small
OCCL Limited
Specialty Chemicals
match 92
63
12.9
12.2%
+68%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-11T15:16:21.637Z
Management commentary snapshot
IGL Spirits reported robust FY26 performance with Potable Spirits net revenue up 19% CAGR (FY24-26) and gross margin at 45.9%. Overall net revenue grew 39% CAGR (FY24-26) to INR 2,801 Cr, with EBITDA up 48% CAGR to INR 492 Cr. RoCE improved to 20.5% and net debt declined.
The company demonstrates strong growth in both spirits and bio-fuels, driven by premiumization, strategic partnerships, and integrated manufacturing. Margin expansion and improving capital returns support the current thesis, though execution on new market expansion and premium portfolio scale-up remains key.
Current business mix
Net Revenue by Business Segment (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Potable Spirits47.5%
Bio-fuels52.5%
Growth engines
Premiumization Strategy
Scaling premium whisky and single malts through Amrut partnership, trading consumers up IGL’s established brand ladder.
Bio-fuels Demand
Ramp up Kashipur and Gorakhpur capacity while participating in higher blending targets and future flex-fuel applications.
New Market Expansion
Enter Andhra Pradesh, Kerala, Chhattisgarh, West Bengal, Odisha, Punjab, Haryana & Himachal Pradesh while scaling nationwide CSD and paramilitary distribution.
Strategic Partnerships
Leverage Bacardi’s manufacturing relationship and Amrut’s premium brands to expand without lengthy organic brand-building cycles.
Capacity and execution
Kashipur Distillery Expansion
Expanded Kashipur distillery to 500 KLPD and bio-fuel ethanol plant to 590 KLPD.
Gorakhpur Grain-based Plant
New Grain based plant in Gorakhpur & Kashipur. Gorakhpur has 500 KLPD ethanol capacity.
Liquor Bottling Plant
Commissioned liquor bottling plant; entering IMFL and IMIL Liquors.
Tailwinds
Indian Alcobev Market Growth
India is the most exciting alcobev market globally, supported by powerful macroeconomic tailwinds – a massive TAM and growth opportunity ahead.
Premiumization Trend
Rising affluence and aspirational consumption are accelerating the shift toward premium and super-premium alcohol.
Ethanol Blending Program
E20 achieved ahead of original schedule, with rising fuel demand and new applications supporting continued ethanol growth through 2030.
Energy Security Focus
Domestic bio-ethanol strengthens energy security; India imports ~88.5% of crude-oil requirements.
Risk radar
Regulatory Approvals
Risks include IGL Spirits Limited's ability to obtain regulatory approvals.
Technological Changes
Technological changes could cause actual results to differ materially from forward-looking statements.
Market Risks
Exposure to market risks as well as other risks.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation provides financial data and operational metrics for FY24, FY25, and FY26, emphasizing year-on-year growth trends and CAGRs, which is typical for assessing annual performance and strategic progress.
Sector KPIs management disclosed
Potable Spirits Net Revenue CAGR
c. 19% CAGR (FY24-26) in Net Revenue for Potable Spirits.
Potable Spirits Gross Margin
45.9% in FY26, up from 36.0% in FY24.
Non-IMFL Market Share
#1 in non-IMFL in Uttar Pradesh & Uttarakhand.
White Spirits Market Share
#2 player in the white spirits segment with a high double-digit market share across core operating markets.
Management forward view
EBITDA Targets
Aspire to Deliver in EBITDA over INR 550Cr by FY27 and INR 1,000Cr EBITDA in next 3-4 years.
IMFL Volume Growth
2x IMFL Volumes through new brand launches by FY27.
Debt Reduction
Achieve a Debt Free Balance Sheet by FY28.
Market Positioning
Leading Player Aspiring to Become a Top 3 Indian Alcobev Brand Across Consumer Segments.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA | INR 492 Cr (FY26) | Achievement of INR 550 Cr by FY27 and INR 1,000 Cr in 3-4 years. |
| IMFL Volumes | Not explicitly stated, but target is 2x by FY27. | Progress on new brand launches and volume doubling by FY27. |
| Net Debt | INR 767 Cr (FY26) | Progress towards a debt-free balance sheet by FY28. |
| New Market Penetration | Expanding to 8 states for Amazing/Zumba and CSD/paramilitary channels. | Successful entry and scaling in new states and institutional channels. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
76Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 43rd percentile within FMCG. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
88 docs text-extracted · 40 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · FMCG: 43rd pctile, median 79 · Micro: 66th pctile, median 73
Evidence depth
Financial-only
88 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
65
acceptable · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 59.6%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.1%.
- ▸8 years of positive FCF.
Trust risks
- ▸Promoter holding fell 1.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching India Glycols Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationSep 2026
Sep 2026 · PPT
Source: Bse
Investor presentationSep 2026
Sep 2026 · PPT
Source: Bse
Investor presentationSep 2026
Sep 2026 · PPT
Source: Bse
Concall transcriptSep 2026
Sep 2026 · Transcript
Source: Bse
Investor presentationSep 2026
Sep 2026 · PPT
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Aug
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 19 Jun
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.