MoneyWorks4Me

India Glycols Ltd (INDIAGLYCO)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500201 NSE: INDIAGLYCO Breweries & Distilleries | Small Cap | India Glycols Share Price

₹295.70 -15.55 (-5.00%)

As on 11-Sep'26 15:19

India Glycols Ltd (INDIAGLYCO)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500201 NSE: INDIAGLYCO Breweries & Distilleries | Small Cap | India Glycols Share Price

₹295.70 -15.55 (-5.00%)

As on 11-Sep'26 15:19

Key Metrics
Valuation Multiples
Market Cap
₹2,086 Cr.
Current Price
₹295.7
52-Week Low / High
₹229 / 1,223
TTM EPS
₹47.2
TTM Sales
₹10,312 Cr.
Book Value per Share
₹448.9
P/E Ratio
6.59
Lower than its 5-year historical median
Industry PE
51.5
Price to Book (P/B)
0.69
Lower than its 5-year historical median
Price to Sales (P/S)
0.20
Lower than its 5-year historical median
EV/EBITDA
5.37
Lower than its 5-year historical median
Dividend Yield
2.54%
Profitability Efficiency
Return on Equity (ROE)
11.28%
Outperforms industry median
Return on Capital Employed (ROCE)
12.73%
In line with industry median
Return on Assets (ROA)
4.61%
Operating Profit Margin
15.7%
Net Profit Margin
6.95%
Gross Profit Margin
5%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
11.78%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
27.07%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
26.78%
Asset Quality
Promoter Holding
59.63%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,975 Cr.
Equity
₹33.5 Cr.
Face Value
₹5
All Time Low / High
₹6.65 / 1222.85

India Glycols stock performance

Key Ratios
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Check Before You Invest

Valuation

Undervalued

Price Trend

Weak
Q.1 Is India Glycols Ltd a good quality company?
India Glycols Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does India Glycols Ltd performance compare with that of its Peers?
Q.1 Revenue growth of India Glycols Ltd vs industry peers?
India Glycols Ltd revenue CAGR is 13.06%, compared to the industry median CAGR of 16.23%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of India Glycols Ltd?
Promoters hold 59.63% of the India Glycols Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of India Glycols Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 19% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
India Glycols Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 9.7%15.4%20%10.8%9%17.1%8.6%11.4%12.1%13.7%-
Value Creation
Index
-0.30.10.4-0.2-0.40.2-0.4-0.2-0.10.0-

Growth Parameters

Sales 2,4733,0283,3562,7142,2802,8632,6503,2913,7674,21110,310
Sales YoY Gr.-22.4%10.8%-19.1%-16%25.6%-7.4%24.2%14.5%11.8%-
Adj EPS 7.515.427.418.611.720.721.426.133.843.545.7
YoY Gr.-106.4%77.8%-32.2%-37%77.2%3.3%21.9%29.5%28.9%-
BVPS (₹) 136.2151.6173.1186.7200.8244256.3277.2302.2378.6390
Adj Net
Profit
46.195.216911572.4128133161209292306
Cash Flow from Ops. 302487148344142114326438362769-
Debt/CF from Ops. 3.21.66.32.67.48.43.4352.1-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 6.1%13.1%16.7%11.8%
Adj EPS 21.7%30.1%26.7%28.9%
BVPS12%13.5%13.9%25.3%
Share Price 18.5% -3.1% -7.6% -64.6%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
5.610.716.810.369.38.69.811.713.211.9
Op. Profit
Mgn %
7.87.413.511.47.44.612.412.614.615.76.5
Net Profit
Mgn %
1.93.25.14.23.24.554.95.66.93
Debt to
Equity
1.20.80.90.80.80.60.70.810.6-
Working Cap
Days
13110490105100838979746130
Cash Conv.
Cycle
6-15-32-34-42-26-45-56-54-40-8

Valuation of India Glycols - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales2,5003,0343,3572,7352,3172,8682,6513,2943,7684,211
Operating Expenses + 2,3102,8132,9452,4622,0522,7452,3552,8923,2573,562
Manufacturing Costs515568712472453627771778868857
Material Costs1,4701,8711,9031,7011,3391,7151,3161,8052,0432,333
Employee Cost 969710193838989103123133
Other Costs 228276230196176314179205224239
Operating Profit 190222411274265123296402511649
Operating Profit Margin (%) 7.6%7.3%12.3%10.0%11.4%4.3%11.1%12.2%13.6%15.4%
Other Income + 601312917211572729166
Exceptional Items 000002212800-1
Interest 1331311501008773103123166168
Depreciation 72737678808094101115155
Profit Before Tax 45147213113120369165223292377
Tax 10518138113924506184
Profit After Tax 359713375109330141173231293
PAT Margin (%) 1.4%3.2%4.0%2.7%4.7%11.5%5.3%5.3%6.1%7.0%
Adjusted EPS (₹)5.715.621.418.521.354.920.227.937.343.7
Dividend Payout Ratio (%)8.80%12.80%14%16.20%14.10%6.80%18.60%14.30%13.40%17.20%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 7528459631,0341,1691,7921,9012,0512,2562,933
Share Capital 31313131313131313134
Reserves 7218149321,0031,1381,7611,8702,0202,2252,899
Debt +9457518638919918929011,0731,4871,309
Long Term Debt651723964075085405517251,040919
Short Term Debt880579467484483352350348447390
Minority Interest00000-190000
Trade Payables5797817437225816427521,099979788
Others Liabilities 1,2171,0441,2161,4391,3791,3241,3041,3941,4541,494
Total Liabilities 3,4923,4213,7844,0864,1194,6314,8585,6176,1766,523

Fixed Assets

Net Fixed Assets +2,1102,1552,1652,2202,1852,3102,7093,1983,8274,553
Gross Block2,2462,3632,4482,5852,5732,7193,1503,7394,4805,360
Accumulated Depreciation136208283365388409441540653807
CWIP 9189137172126243125849837
Investments 2524212627336318335381389
Inventories5184486476826106937541,1061,171891
Trade Receivables390334322569362399430384365351
Cash Equivalents 295911692981021131387750
Others Assets 328312376325713548408371256253
Total Assets 3,4923,4213,7844,0864,1194,6314,8585,6176,1766,523
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 302502147343137116326439362769
PBT 45148214113120348154207246331
Adjustment 189200191179122-111129209250318
Changes in Working Capital 66155-25342-143-1259334-113144
Tax Paid 2-1-5-41-17-21-50-11-20-24
Cash Flow From Investing Activity + -40-103-128-151-14876-330-503-736-767
Capex -42-129-139-150-149-380-435-542-753-817
Net Investments 205-30055000
Others 02662045649381750
Cash Flow From Financing Activity + -263-3993-21611-189-19035423
Net Proceeds from Shares 000000000467
Net Proceeds from Borrowing 0000000000
Interest Paid -135-130-148-93-88-67-99-123-165-168
Dividend Paid -0-4-15-44-0-18-23-23-25-75
Others -128-265166-7899-103122236544-201
Net Cash Flow -1-022-23-04-525-2025
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)4.7912.1214.717.519.9322.297.648.7610.7211.28
ROCE (%)9.3915.819.9510.729.6217.289.2110.8912.3312.73
Asset Turnover Ratio1.011.21.421.331.321.511.41.511.531.55
PAT to CFO Conversion(x)8.635.181.114.571.260.352.312.541.572.62
Working Capital Days
Receivable Days38.1031.8023.4031.2031.302122.8018.8015.1013.30
Inventory Days52.3042.4039.1046.5043.403639.8042.904638.30
Payable Days131.50132.60146.20157.30177.50130.10193.30187.20185.70138.20

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India Glycols Ltd FAQs

The current trading price of India Glycols on 11-Sep-2026 15:19 is ₹295.7.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of India Glycols stood at ₹2,086.2 Cr

The latest P/E ratio of India Glycols as of 10-Sep-2026 is 6.82.

The latest P/B ratio of India Glycols as of 10-Sep-2026 is 0.80.

The 52-week high of India Glycols is ₹1,222.9 and the 52-week low is ₹229.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of India Glycols is ₹10,310 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that India Glycols Ltd is a below average quality company.

The key valuation ratios of India Glycols Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of India Glycols Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About India Glycols Ltd

India Glycols Limited (IGL) is a leading company that manufactures green technology based bulk, specialty and performance chemicals and natural gums, spirits, industrial gases, sugar and nutraceuticals.

The company was established as a single mono-ethylene glycol plant in 1983. Since then, the company has brought together cutting-edge technology, innovation and an unflagging commitment to quality, to manufacture a wide range of products that have found global demand.

Its state-of-the-art, integrated facilities manufacture chemicals including glycols, ethoxylates, glycol ethers and acetates, and various performance chemicals. Its product range spans the chemicals, spirits, herbal and other phytochemical extracts and guar gum, industrial gases and realty sectors, and finds application across an increasing number of industries.

These products are manufactured in compliance with stringent global standards of plant operations, quality and safety. The company’s facilities have been approved and certified by international agencies including Det Norske Veritas (DNV). The operations at all plants are closely monitored through distributed control systems (DCS), which facilitate a high degree of control over the quality of products.

The company’s flagship chemicals division started out with a path-breaking green approach to manufacturing ethylene oxide and derivatives. Using the molasses-ethyl alcohol-ethylene 'green route', the company is the only one of its kind in the world. With the emphasis now increasingly shifting to green manufacturing, the chemical division is well poised to meet the industry’s need for environmentally responsible products and production techniques.

Keeping in mind the critical dependence on agricultural feedstock, the company has taken up several initiatives including backward integration into sugar manufacturing to ensure seamless raw material availability. Other complementary initiatives include co-opting the cane growing community to ensure cane availability while providing adequate returns to the farmer.

Apart from chemicals, the company has a significant presence in the natural active pharmaceuticals and nutraceuticals space with Ennature Biopharma; a well-established natural gum division manufacturing guar gum and a variety of derivatives; a spirits division that manufactures country and Indian-made foreign liquor adhering to the highest quality standards; and Shakumbari Sugar - a well-established player in the Indian sugar industry.

Further, the company has traditionally looked to leverage the export potential of its products. The company has therefore initiated the process of aligning to emerging global trends and has established facilities and operations that are in compliance with global good manufacturing practices.

Business area of the company

The company is one of the leading manufacturers with its presence in Glycols (Bio-Based Specialities and Performance Chemicals), Ethyl Alcohol (Potable Spirits), Plant based APIs and Nutraceuticals, Natural Gums (Bio Polymers) and Derivatives and Industrial Gases. The Bio-based Ethylene Oxide Derivatives business is being transferred to a JV company, details whereof are given under the heading Ethylene Oxide Derivatives (EODs) in this report. Its state-of-the-art manufacturing facilities are working to provide sustainable value added products using the best technologies.

The Company has organised its business into:

A) Chemicals having following segments:-

  • Bio-based Glycols (MEG, DEG, TEG and Heavy Glycols), Glycol Ethers, Glycol Ether Acetates.
  • Ethylene Oxide Derivatives (EODs) (this business is being transferred to a JV company, details whereof are given under the heading Ethylene Oxide Derivatives (EODs) in this report).
  • Power Alcohol (Bio Fuel), Industrial Gases, Natural Gum (Bio Polymers) etc.

B) Ethyl Alcohol (Potable Spirits) and Extra Neutral Alcohol (ENA).

C) Ennature Biopharma (Nutraceuticals)

Products

  • Polyethylene glycols
  • Fatty alcohol ethoxylates
  • Fatty acid ethoxylates
  • Fatty amine ethoxylates
  • Alkyl phenol ethoxylates
  • Castor / natural oil ethoxylates
  • EO / PO co-polymers
  • Polysorbates
  • Glycol ethers and acetates
  • Brake fluids / anti-freeze coolant
  • Performance chemicals
  • Natural gum
  • Extra neutral alcohol
  • Indian-made foreign liquor (IMFL)

Awards

  • 1991: National Safety Award for meritorious performance in industrial safety, in achieving longest accident-free period from Ministry of Labour, Government of India.
  • 1991: National Safety Award for outstanding performance in industrial safety as runner up in achieving lowest average frequency rate from Ministry of Labour, Government of India.
  • 1992: Award of Merit for operating 27,55,364 employee hours without occupational injury or illness from National Safety Council, USA.
  • 1997: Award for Best Project / Entrepreneur in the biomethanation sector from Ireda.
  • 1998: Safety Award in recognition and commendation of services rendered to the cause of safety from British Safety Council, UK.
  • 1999: Safety Award in recognition and commendation of services rendered to the cause of safety from British Safety Council, UK.
  • 2000: Safety Award in recognition and commendation of services rendered to the cause of safety from British Safety Council, UK.
  • 2001: Safety Award in recognition and commendation of services rendered to the cause of safety from British Safety Council, UK.
  • 2002: Safety Award in recognition and commendation of services rendered to the cause of safety from British Safety Council, UK.
  • 2002: National Safety Award for outstanding performance in industrial safety, in achieving longest accident-free period from Ministry of Labour, Government of India.
  • 2002: Perfect Record Award for operating 7,208,784 employee hours without occupational injury or illness from National Safety Council, USA.
  • 2004: Best Performing Power Plant from Wartsila.
  • 2004: International Safety Award in recognition of proven track record of maintaining excellent safety standards from British Safety Council, UK.
  • 2005: International Safety Award in recognition and commendation of services rendered to the cause of safety from British Safety Council, UK.
  • 2008: Best Quality ENA Award in recognition of quality ENA production from Ciab.
  • 2008: Best Enhanced Performance for enhanced performance in exports, northern region from Concor.
  • 2013:  Award of Business Leader of the Year - Innovation for year 2013 conferred to its CMD, U.S. Bhartia from Chemtech CEW Leadership & Excellence Awards.
  • 2014:  India Glycols has been awarded The ICONIC IDC Insights Award 2014 in the manufacturing and logistics vertical from International Data Corporation (IDC).
  • 2014:  India Glycols honoured with the silver award for being one of the highest foreign exchange earners in the Chemicals, Drugs, Pharma and allied sector from Federation of Indian export organization.
  • 2015: Soulmate Premium Whisky won the Gold Award at Monde Selection 2015 for its logo from Organisation International Institute for Quality Selections.
  • 2016:  India Glycols, Kashipur, wins the BIRAC Innovator Award 2016 from BIRAC.
  • 2016:  India Glycols conferred ICC Award for Excellence in Energy Conservation and Management from Indian Chemical Council (ICC).
  • 2016:  India Glycols won the prestigious gold award for outstanding export performance in the 'chemicals panel - large scale sector' category from Basic Chemicals, Cosmetics & Dyes Export Promotion Council.
  • 2017:  CHEMEXCIL awards India Glycols for outstanding export performance from CHEMEXCIL.
  • 2018:  India Glycols honoured for 'efficiency in energy usage in the petrochemical sector' at the FICCI Chemicals and Petrochemicals Awards 2018 from FICCI.

Milestones

  • 1983: Incorporated on November 19, 1983, as UP Glycols Limited.
  • 1986: Renamed as India Glycols Limited on 28th August 1986.
  • 1989: Commercial production commenced at MEG plant from 25th April 1989: capacity, 20,000MTPA.
  • 1994: Commissioning of 13,000MTPA EO purification plant.
  • 1994: Commissioning of 20,000MTPA ethoxylate plant.
  • 1995: De-bottlenecking of MEG facility (20,000 to 25,000 MTPA).
  • 1997: Commissioning of 10,000MTPA formulation plant.
  • 1998: De-bottlenecking of MEG facility (25,000 to 30,000 MTPA).
  • 1998: Commissioning of 6,000MTPA sulphation plant.
  • 1999: Commissioning of 85,000 BL PD new continuous process distillery.
  • 1999: De-bottlenecking of MEG facility (30,000 to 33,000 MTPA).
  • 1999: Increase in power generation capacity (6 to 18 MW).
  • 2001: Commissioning of glycol ether plant.
  • 2001: Commissioning of guar gum facility, 12,000MTPA capacity.
  • 2002: Commissioning of bottling plant.
  • 2002: Expansion of MEG plant to 60,000MTPA.
  • 2003: Addition of GE acetate facility.
  • 2003: Commissioning of ENA plant.
  • 2005: Expansion of MEG production to 1 lakh MTPA.
  • 2005: Commissioning of ASU - III.
  • 2005: Commissioning of RAB unit.
  • 2006: Commissioning of Gorakhpur unit.
  • 2007: Acquisition of Shakumbhari Sugar.
  • 2008: Commissioning of CO2 plant.
  • 2008: Expansion of MEG plant to 200,000MTPA.
  • 2009: Commissioning of Ennature Biopharma, Dehradun.
  • 2009: Commissioning of DEGEE acetate plant.
  • 2009: Expansion of formulation plant - CABS.
  • 2009: Expansion of ethoxylate plant (stirred reactor).
  • 2010: “The Biomass based Cogeneration Project at Gorakhpur registered under CDM project by UNFCCC.”
  • 2016-17: The Company launched ‘Soulmate Blu’, a Premium Whisky brand in semi-premium segment in the states of Uttarakhand and Haryana
  • 2017-18: Launched its premium products under the brand name of “V2 O Vodka” and Smooth in Vodka category, Soulmate in Whisky category and some premium brands in Rum.
  • 2018-19: The Company launched ‘Soulmate Blu’, a Premium Whisky in semi-premium segment in eastern states such as Assam, Odisha in addition to existing States of Uttarakhand, Himachal Pradesh and Haryana
  • 2019-2020: The company started manufacturing of premium quality Hand Sanitizer from its Kashipur and Gorakhpur plants and successfully launched the brand “HandSantol” which got a very good response from the market.
  • 2022: The company commissioned operations in a grain based distillery unit at Gorakhpur.
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