Demerger Details

The demerger of India Glycols Limited has been completed with all key approvals secured from exchanges, shareholders, creditors, and NCLT. The demerger became effective on 1st September 2026, with 2nd September 2026 being the record date.

The demerger creates three independently listed public companies:

  • IGL to retain Biobased Specialty Materials; Sustainable & Performance Chemicals, Gases
  • IGL Spirits to house Potable Spirits & Biofuels
  • Ennature will have Nutraceuticals, plant-based APIs and Biopolymers

Assets, liabilities, contracts and employees of the respective business have been transferred to relevant resulting companies. Suitable commercial arrangements for common assets and shared services have been made to ensure seamless transition.

Financial Performance

  • Revenue grew at approximately 13% CAGR over FY24–FY26
  • EBITDA grew at approximately 28% CAGR over the same period, materially outpacing revenue growth
  • Growth led by scale-up of spirits and biofuels businesses
  • Discontinuation of some less profitable business and changes in operating philosophy contributed to improved margins

Manufacturing Infrastructure

Kashipur Complex: 300-acre advanced manufacturing complex with capabilities in:

  • Ethanol Grain/Molasses fermentation and distillation
  • ENA production
  • Biofuels
  • IMFL & IMIL Bottling
  • Biopolymers
  • Bio-based Speciality Materials
  • Sustainable & Performance Chemicals
  • Gases production

Gorakhpur Complex: 56-acre distillation & bottling complex with:

  • Ethanol Grain/Molasses processing
  • Ethanol Bio-Fuel Grade production
  • Fermentation and distillation
  • ENA production
  • IMFL bottling (Tetra and Glass bottling)
  • Branded IMIL Bottling

Dehradun Facility: 1,60,000 sqft state of art facility with:

  • SCFE (Super Critical CO2) extraction
  • Aqueous Extraction
  • Solvent Extraction
  • Bio Fermentation

Strategic Vision and Growth Plans

Vision: 10X 10Y - Ten times sales and profits over ten years through three overlapping growth blocks:

  • Aiming for ₹2,000 Cr net revenue and ₹400 Cr EBITDA in the next 4–5 years
  • Growth strategy built on renewable-carbon spine, not by acquisition

Growth Drivers:

1. Scale application-led specialty chemistries across personal care, oil & gas, crop protection, paints and coatings

2. Strong Existing Bio-based Materials Platform for packaging, textile and automotive customers

3. Expand in high-value global markets including Southeast Asia, US and Europe

4. Accelerate growth through differentiated product pipeline including bio-amines, green solvents

5. Capitalize on shift toward sustainable sourcing with certified bio-based alternatives

6. Sharpened focus and capital allocation post-demerger

Core Competencies and Differentiators

  • World's first producer of bio-based Ethylene Oxide
  • 97% of raw material renewable
  • 100+ green products commercialised
  • Three integrated manufacturing complexes over ~360 acres
  • 3×3 feedstock-flexibility model across in-house, domestic and imported ethanol
  • Zero-liquid-discharge distilleries
  • UNFCCC CDM-registered biomass cogeneration
  • DSIR-recognised R&D centre operating since 1993
  • Direct rail line to port from Kashipur complex (~1,500 km from nearest gateway ports)
  • Largest exporter from ICD Kashipur

Business Segments Overview

Bio-Glycols: Renewable alternatives serving large value chains with established scale and differentiated renewable positioning

Bio-Glycol Ethers: Bio-based solvents serving diversified industrial applications with manufacturing leadership and downstream product breadth

Performance Chemicals: Application-led chemistries for specialty needs across bio-amines, green solvents and performance chemicals

Industrial Gases: High-purity solutions for essential end-markets including food, healthcare and manufacturing applications

Clariant IGL Joint Venture: 51:49 joint venture established in 2021 with long-term supply agreement to sell EO

Forward-Looking Statements

The presentation contains forward-looking statements involving risks and uncertainties including the company's ability to successfully implement its strategy, growth and expansion plans, obtain regulatory approvals, technological changes, and market risks. The company does not undertake any obligation to update forward-looking statements.