Key Metrics of India Glycols
About India Glycols
Sectors
Company details
- Website
- indiaglycols.com
- Registered office
- A-1,industrial Area,bazpur Road, Kashipur,, Udham Singh Nagar, In-uk, 244713
- Listed
- NSE: INDIAGLYCO · ₹323.75
Operational Areas of India Glycols
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
NoteRating watch (CARE, 06 Mar 2026)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 06 Mar 2026 | CARE | Watch | A- | A2+ | Developing | ₹2,530 Cr | View |
| 24 Mar 2025 | CARE | Watch | A- | A2+ | Developing | ₹2,775 Cr | View |
| 18 Sep 2024 | CARE | Reaffirmed (from A-) | A- | A2+ | Stable | ₹2,775 Cr | View |
| 05 Mar 2024 | CARE | Revised (from A) | A- | A2+ | Stable | ₹2,160 Cr | View |
| 12 Dec 2022 | CARE | Assigned | A | A1 | Stable | ₹4,220 Cr | View |
Credit strengths (CARE, Mar 2026)
+ Diversified revenue streams mitigating significant volatility in revenues and earnings
IGL operates across four major segments - BSPC, comprising of glycols, specialty chemicals, natural gum, and other related goods, PS segment comprising manufacturing and selling ethyl alcohol (Potable) , BF segment, comprising of ethanol and EB segment comprising of manufacturing and selling nutraceutical products . Overall, the BSPC segment contributed 3 6% (49%) revenue in FY25 (FY24), biofuels contributed 2 8% (16%), while PS and EB contributed 3 1% (29%) and 6% (6%) revenue.
+ Large scale of operations supported by healthy market position in its area of operations
The company is the largest manufacturer of bio-based glycols, holds a strong position in country liquor in Uttar Pradesh and Uttarakhand, and is the market leader in Thiocolchicoside API. Overall, the company achieved 14% revenue growth to ₹3,748 crore in FY25, with PBILDT margin improving to 13.09%. In 9MFY26, revenue grew 11% y-o-y to ₹3,239 crore, and margin improved to 15.04%. CareEdge Ratings expects revenue to exceed ₹4,400 crore in FY26 with PBILDT margin above 14.25%.
Credit challenges
− Average financial risk profile of the company though improving post equity infusion
The company’s financial risk profile remains moderate due to the significant capital expenditure undertaken for expanding grain- based distillery capacities, converting one of its plants from rectified spirits to extra neutral alcohol (ENA), and setting up manufacturing facilities for new specialities unit , which was financed largely through external borrowings . As a result, overall gearing increasing from 0.66x as on March 31, 2024, to 0.84x as on March 31, 2025. However, overall gearing adju
− Exposure to volatility in key raw material costs
IGL’s BSPC segment profitability remains exposed to volatility in the spread between glycol products and its primary raw mate rial, ethyl alcohol, as the movements in product realisations and input costs often do not align. In the PS segment, margins had weakened in FY22 due to a sharp rise in ethanol and material costs, and the company’s inability to increase selling prices as they are government regulated. Recent improvement in PS margins has been supported by government‑led increases in count
− Highly regulated liquor industry
The liquor industry in India remains highly regulated, with each state independently controlling production, sales and the duty structure. This results in challenges related to inter‑state transfer of production and leads to a high incidence of duties and taxes. States also regulate licensing for production, distribution and retailing. The sector faces the risk of prohibition in certain states due to the negative social perception associated with alcohol. CareEdge Ratings expects these regulator
Could lead to an upgrade
• Improvement in debt coverage metric, particularly, net debt (including LC acceptances ) to profit before interest, lease rentals, depreciation, and taxation (PBILDT) below 3.5x on a sustainable basis. 1Complete definition of ratings assigned are available at www.careratings.com and other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release • Significant
Could lead to a downgrade
• Incremental debt programme or deteriorating profitability, leading to continued net debt to PBILDT above 4.50x by FY26- end.
Agency-reported financials (CARE, 06 Mar 2026)
| Metric | March 31, 2024 | March 31, 2025 | 9MFY26 |
|---|---|---|---|
| Total operating income | ₹3,294 Cr | ₹3,748 Cr | ₹3,239 Cr |
| PBILDT* | ₹402 Cr | ₹491 Cr | ₹487 Cr |
| Profit after tax (PAT) | ₹173 Cr | ₹231 Cr | ₹206 Cr |
| Overall gearing (x)# | 0.98× | 0.94× | — |
| Interest coverage (x) | 3.26× | 2.96× | — |
| Revenue growth (YoY) | — | 13.8% | — |
| PAT margin | 5.3% | 6.2% | 6.4% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Continues to be on Long-term bank facilities (RWD) | Working capital & bank lines | — | ₹1,230 Cr | — | A- | Watch | CARE |
| Long-term Short-term CARE Continues to be on bank facilities A2+ (RWD) | Working capital & bank lines | — | ₹450 Cr | — | A- | Watch | CARE |
| Continues to be on Short-term bank facilities (RWD) | Working capital & bank lines | — | ₹850 Cr | — | A2+ | Watch | CARE |
CARE ratings on record (checked 24 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | — | Withdrawn |
| BG/LC | ₹850 Cr | CARE A2+ (Rating Watch with Developing Implications) |
| Term Loan | ₹1,230 Cr | CARE A- (Rating Watch with Developing Implications) |
| Working Capital Limits | ₹450 Cr | CARE A- / CARE A2+ (Rating Watch with Developing Implications) |
Lenders
| Fund-based - LT | Term Loan | Aditya Birla Capital Limited |
| Fund-based - LT | Term Loan | Axis Bank Ltd. |
| Fund-based - LT | Term Loan | Bajaj Finance Ltd. |
| Fund-based - LT | Term Loan | Bandhan Bank Ltd. |
| Fund-based - LT | Term Loan | Bank of Baroda |
| Fund-based - LT | Term Loan | CSB Bank Ltd. |
| Fund-based - LT | Term Loan | Export Import Bank of India |
| Fund-based - LT | Term Loan | IDBI Bank Ltd. |
| Fund-based - LT | Term Loan | IDFC First Bank Ltd. |
| Fund-based - LT | Term Loan | IndusInd Bank Ltd. |
| Fund-based - LT | Term Loan | State Bank of India |
| Fund-based - LT | Term Loan | SVC Co-operative Bank Ltd |
| Fund-based - LT | Term Loan | Tata Capital Ltd. |
| Fund-based - LT | Term Loan | Union Bank of India |
| Fund-based - LT/ ST | Working Capital Limits | Axis Bank Ltd. |
| Fund-based - LT/ ST | Working Capital Limits | Bank of Baroda |
| Fund-based - LT/ ST | Working Capital Limits | IDBI Bank Ltd. |
| Fund-based - LT/ ST | Working Capital Limits | State Bank of India |
| Fund-based - LT/ ST | Working Capital Limits | Union Bank of India |
| Non-fund-based - ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - ST | BG/LC | Bank of Baroda |
| Non-fund-based - ST | BG/LC | IDBI Bank Ltd. |
| Non-fund-based - ST | BG/LC | State Bank of India |
| Non-fund-based - ST | BG/LC | Union Bank of India |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 54% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 54% chance the next rating action is stable or better
- Current rating A- (investment grade)
- Interest coverage 2.96×
What happened, step by step
- Mar 2026 — ₹467 cr raised
- Mar 2026 — Full repayment of debt
“In Q3FY26, the company raised ₹467 crore through a preferential issue, most of which was utilised for debt reduction.”
- Mar 2025 — ₹500 cr raised through term loans
- Mar 2026 — Full repayment of debt
“The company has raised term loan of ₹500 crore to reduce its annual term loan repayment by replacing the existing term loan with new term loan with longer tenors; reducing its reliance on letter of credit and park s ome cash for operational/liquidity purpose.”
Rated limits by facility
Timeline
From the report
In Q3FY26, the company raised ₹467 crore through a preferential issue, most of which was utilised for debt reduction.
From the report
Liquidity: Adequate IGL’s liquidity is adequate, marked by gross cash accruals (GCA) of ₹390 crore in FY25 and expected GCA in the range of ₹440- 550 crore in FY26-FY27, against, scheduled repayment of ₹337 crore in FY26 and ₹277 crore in FY27.
From the report
Total planned capex for FY26 is ₹150 crore, and surplus accruals after capex and dividends are being utilised to prepay the debt to lower the interest outgo.
From the report
The company has modest free cash and cash equivalents of ₹7 crore as on March 31, 2025 (with another ~₹69 crore held as margin money), which stood at ₹8 crore as on November 30, 2025.
From the report
This may further strengthen considering scheduled repayments of term loan and organic improvement in PBILDT considering ramp up in new specialities unit.
From the report
Apart from the significant addition of grain -based distillery capacities, establishment of new specialities unit (to manufacture speciality chemicals) and large working capital requirements, the company’s debt position remained higher -than-envisaged due to new term loans being availed.
From the report
The company has raised term loan of ₹500 crore to reduce its annual term loan repayment by replacing the existing term loan with new term loan with longer tenors; reducing its reliance on letter of credit and park s ome cash for operational/liquidity purpose.
From the report
Press Release Liquidity: Adequate IGL has scheduled repayment obligations of ~₹255 crore in FY25, against which gross cash accruals (GCA) is expected at ~₹330- 350 crore.
From the report
The company had modest free cash and cash equivalents of ₹27 crore as on March 31, 2024, and ₹19.78 crore as on December 31, 2024.
From the report
Apart from the significant addition of grain-based distillery capacities, establishment of new specialities unit (to manufacture speciality chemicals) and large working capital requirements, the company’s debt position remained higher-than-envisaged due to new term loans being availed.
From the report
Liquidity: Adequate IGL has scheduled repayment obligations of around ₹255 crore in FY25, against which gross cash accruals (GCA) is expected at around ₹330 -350 crore.
From the report
The company has modest free cash and cash equivalents of ₹27 crore as on March 31, 2024, and ₹2.6 crore as on June 30, 2024.
From the report
Liquidity: Adequate IGL has scheduled repayment obligations of around ₹298.71 crore in FY24, against which gross cash accruals is estimated at around ₹300-305 crore.
From the report
The company has modest free cash and cash equivalents of ₹2 crore as on March 31, 2023, and ₹2.7 crore as on Sept 30, 2023.
From the report
As per the JV agreemen t, IGL has transferred its bio-ethylene oxide derivatives (bio-EOD) business, 1Complete definition of the ratings assigned are available at www.careedge.in and other CARE Ratings Ltd.’s publications CARE Ratings Ltd. 1 Press Release to CISCPT and Clariant has infused ₹650 crore in CISCPT as a consideration for the same.
From the report
The unencumbered cash & bank balance stood at ₹4.92crore as on September 30, 2022.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of India Glycols
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Graphite India Limited | Discovered Companies · Other Industries | — | — | Kolkata, West Bengal, India |
 Larsen & Toubro |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | larsentoubro.com | 1938 | Mumbai, India |
 Dr. Reddy's Laboratories |
Part of Dr. Reddy's Laboratories. | drreddys.com | 1984 | India |
 Sun Pharmaceutical Industries |
Large Pharma Companies · Pharmaceuticals & Healthcare | sunpharma.com | 1983 | Vadodara, India |
| Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | bhel.com | — | India | |
 Aurobindo Pharma |
Part of Aurobindo Pharma. | aurobindo.com | 1986 | Hyderabad, India |
| Defence & Shipbuilding PSUs · Public Sector (PSU) & Government | hal-india.co.in | 1940 | Bangalore, Karnataka, India | |
 Cipla |
Part of Cipla. | cipla.com | 1935 | Mumbai, India |
| Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | bel-india.in | — | India | |
 Zydus Lifesciences |
Large Pharma Companies · Pharmaceuticals & Healthcare | zyduslife.com | 1952 | Ahmedabad, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Bio-based chemicals and spirits
Filings
No filings on record yet.