India Glycols readies spirits demerger as premium IMFL push targets ₹500 crore-plus FY27 EBITDA

India Glycols reported Q1FY27 revenue of ₹2,988.44 crore, up 19.4% year on year, and PAT of ₹96.83 crore, up 32.2%. Following NCLT approval, it will split chemicals, spirits/biofuel and biopharma businesses; the spirits unit is expanding premium IMFL through Amrut and Bacardi partnerships.

— Source published Wed, 19 Aug, 2026, 13:28 IST · First seen Wed, 19 Aug, 2026, 13:34 IST · Source Mint · Markets

What happened

India Glycols reported stronger Q1FY27 earnings and received NCLT approval to split into chemicals, spirits/biofuel, and biopharma entities. Its spirits arm is

Key facts

  • Q1FY27 revenue ₹2,988.44 crore, up 19.4% YoY
  • Q1FY27 PAT ₹96.83 crore, up 32.2% YoY
  • Q1FY27 EBITDA ₹170 crore, up 13% YoY
  • PAT margin 8.6%; EBITDA margin 15%
  • Arihant Capital target price ₹1,639
  • Spirits business targets over ₹500 crore EBITDA in FY27E

Why this matters

A standalone spirits platform strengthens India Glycols’ partnership-led premium IMFL strategy and could create optionality for further brand, distribution or capital partnerships.

What to watch

  • Effective date and listing/record-date milestones following NCLT approval.
  • Standalone spirits/biofuel revenue, EBITDA margin and progress toward more than ₹500 crore FY27 EBITDA.
  • Premium IMFL mix growth, state-market expansion, brand launches and distribution reach under Amrut and Bacardi arrangements.
  • Ethanol and ENA pricing, feedstock costs, blending policy changes and biofuel demand conditions.
  • Incremental demerger costs, debt allocation, working-capital needs and any change in capex guidance.
  • State excise-duty changes, license approvals and competitive promotional intensity in premium spirits.
  • Finalize the post-demerger capital structure, debt allocation, leadership and standalone financial disclosures for chemicals, spirits/biofuel and biopharma.
  • Accelerate premium IMFL launches, state registrations and distribution expansion through Amrut and Bacardi-linked portfolios.
  • Prioritize higher-margin premium SKUs and evaluate selective capacity, bottling and marketing investments rather than broad volume-led expansion.
  • Provide quarterly segment EBITDA, premium-mix, case-volume and biofuel realization metrics to establish credibility around the FY27 target.
  • Use the separation to pursue partnerships, acquisitions or strategic capital for the spirits platform if valuation and cash-flow visibility improve.