India Glycols Ltd

Director and KMP appointments

• U.S. Bhartia appointed Chairman and Managing Director for five years from 21 Aug 2026, subject to shareholders' approval.
• Vedant Jhaver appointed Additional Director (Non-Executive) effective 21 Aug 2026, subject to shareholder approval.
• Shirish Rajendra Barwale appointed Additional Director (Non-Executive) effective 21 Aug 2026, subject to approval.
• Samrat Banerjee appointed Independent Director for three years from 21 Aug 2026 to 20 Aug 2029.
• Raj Kishore Singh appointed Independent Director for three years from 21 Aug 2026 to 20 Aug 2029.
• Vimal Bhandari appointed Independent Director for three years from 21 Aug 2026 to 20 Aug 2029.
• Nidhi Jagat Killawala appointed Independent Director for three years from 21 Aug 2026 to 20 Aug 2029.
• All appointments subject to approval of shareholders.
• Not debarred from holding director office per SEBI orders.
• Related party disclosures: Vedant Jhaver and Shirish Barwale are sons-in-law of U.S. Bhartia; Bhartia is father-in-law to appointee.

Board and KMP appointments

• Pragya Bhartia Barwale appointed MD (KMP) for five years from 21 Aug 2026.
• U.S. Bhartia appointed Additional Director (Non-Executive) from 21 Aug 2026.
• Pooja Jhaver appointed Additional Director (Non-Executive) from 21 Aug 2026.
• Malay Memani appointed Independent Director for 3 years from 21 Aug 2026.
• Shukla Wassan appointed Independent Director for 3 years from 21 Aug 2026.
• Bharati Agarwal appointed Independent Director for 3 years from 21 Aug 2026.
• Shilpa Divekar Nirula appointed Independent Director for 3 years from 21 Aug 2026.
• All appointments subject to approval of Ennature shareholders.

Scheme update

• Effective Date fixed as 1 September 2026 for the Scheme.
• Record Date fixed as 2 September 2026 to identify shareholders for allotment.
• Resulting Company 1 (Ennature Bio Pharma Limited) to issue 1 share per 3 Demerged shares.
• Resulting Company 2 (IGL Spirits Limited) to issue 1 share per 1 Demerged share.
• Listings on NSE and BSE subject to applicable regulatory approvals.
• Board approved dates by circulation on 21 August 2026.
• NCLT-sanctioned Scheme among Demerged Company and both Resulting Companies.

NCLT sanction and key terms

• NCLT sanctioned the Scheme of Arrangement among India Glycols Limited, Ennature Bio Pharma Limited, and IGL Spirits Limited.
• Certified true copy of the NCLT order dated 17 July 2026 was received on 20 August 2026.
• Appointed Date for the Scheme is 01-Apr-2026; Effective Date and Record Date to be communicated by the boards.
• Biopharma Undertaking to transfer to Ennature Bio Pharma Limited (Resulting Company No.1) on the Effective Date.
• Spirits and Biofuel Undertaking to transfer to IGL Spirits Limited (Resulting Company No.2) on the Effective Date.
• Share swap: 1 new Rs5 share in Resulting Co No.1 for every 3 Demerged Co No.1 shares.
• Spirits/Biofuel: 1-for-1 transfer of Demerged shares to Resulting Co No.2; Demerged shares in Co No.2 cancelled.
• Tax liabilities relating to each Demerged Undertaking will be borne by the respective Resulting Company.
• Modified income tax returns to be filed within six months from the order date.
• Order binds all shareholders and creditors; no tax exemptions are granted under the Scheme.

Financial Performance

• Consolidated net revenue INR 1,130 crores, up 9% YoY.
• Consolidated EBITDA INR 170 crores, up 13% YoY.
• Consolidated EBITDA margin 15.0% (vs 14.3% in Q1 FY26).
• PAT up 32% YoY.
• NCLT approved demerger; effective date to be communicated.

Segment Trends

• IGL Spirits: net revenue INR 694 crores; EBITDA INR 120 crores; margin 17.3%.
• Spirits IMFL: 1.4 million cases; 26% YoY growth.
• Spirits non-IMFL: INR 279 crores; 7.5 million cases; 6% YoY growth.
• Bio-Fuel: net revenue INR 323 crores; EBITDA margin 10.8% (up 250 bps).
• Ennature Bio Pharma: net revenue INR 90 crores; EBITDA INR 10 crores; margin 11.1%.
• Chemicals (India Glycols): net revenue INR 345 crores; EBITDA INR 40 crores; margin 11.6%.

Demerger and Restructuring

• NCLT sanctioned the demerger scheme on 17 July 2026.
• Post-demerger: Spirits + Bio-Fuel under IGL Spirits Limited.
• Bio Pharma and biopolymers moved under Ennature Bio Pharma Limited.
• IGL as the chemicals business will continue under India Glycols Limited.

Outlook and Guidance

• FY27: Spirits EBITDA target in excess of INR 500 crores; Q1 contributed INR 120 crores.
• Spirits volumes expected to double; deeper penetration in core states; new launches planned.
• IMFL revenue to be in excess of 30% of total revenue in FY27.
• Overall ambition: EBITDA > INR 1,000 crores in 4–5 years; debt-free by FY28.
• Ennature Bio Pharma: EBITDA aspiration INR 130–150 crores in 4–5 years.
• NSU capex: core expansion INR 50–60 crores; incremental capex 5–20 crores this year.

Q&A Highlights

• FY27 Potable Spirits EBITDA target > INR 500 crores; Q1 INR 120 crores; volumes to double.
• Capex for NSU not capex-intensive; INR 5–20 crores possible; core expansion INR 50–60 crores.
• JV performance: net revenue up 21% vs Q4; EBITDA growth in high double digits.
• IMFL revenue share guidance: >30% of total revenue for FY27.
• Royalty to Amrut: disclosure not provided; cannot disclose royalty details.

Risks and Observations

• War impact: crude spikes; ricochet effects on Middle East supply and pricing for glycols.
• Rupee weakness; freight volatility affecting westbound cargo and logistics costs.
• Raw material availability and pricing volatility; some imports constrained.

AGM Details

• Date/time/mode: 19 Aug 2026, 11:00 IST, VC/OAVM.
• Deemed venue: Registered office, Kashipur, Uttarakhand.
• Remote e-voting: 15–18 Aug 2026; post-meeting voting extended 15 minutes.
• AGM concluded: 11:58 IST.

Key Resolutions

• Adoption of standalone and consolidated financial statements for year ended 31 March 2026.
• Final dividend of Rs 7.50 per equity share approved.
• Re-appointment of Shri Alok Singhal as director (by rotation).
• Ratification of remuneration payable to M/s R.J. Goel & Co., Cost Auditor, for year ending 31 March 2027.

Voting Results

• Resolution 1: Passed with requisite majority.
• Resolution 2: Passed with requisite majority.
• Resolution 3: Passed with requisite majority.
• Resolution 4: Passed with requisite majority.

Dividend Details

• Dividend declared/approved: Rs 7.50 per equity share.

Director Changes

• Director appointment/re-appointment: Shri Alok Singhal re-appointed (by rotation).

Auditor Appointments

• Cost Auditor remuneration for year ending 31 March 2027 ratified.

Volume movement clarification

• There is no undisclosed information or event requiring disclosure under SEBI Listing Regulations.
• Volume increase appears market-driven; company is not aware of any specific reason.
• Company will continue to inform exchanges as required under applicable regulations.

Clarification on volume increase

• There is no undisclosed information; volume rise appears market-driven; no specific reason identified.