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India Glycols readies spirits demerger as premium IMFL push targets ₹500 crore-plus FY27 EBITDA
Our read
India Glycols' demerger can turn its spirits/biofuel operation into a separately valued premium-consumption platform, but the market will require evidence that premium-brand scale and margin expansion—not merely corporate separation—can support the ₹500 crore-plus FY27 EBITDA ambition.
For operators
India Glycols’ demerger should give its premium IMFL and biofuel businesses clearer operating focus as Amrut and Bacardi-led expansion scales.
Watch
Effective date and listing/record-date milestones following NCLT approval.
The report,
India Glycols reported stronger Q1FY27 earnings and received NCLT approval to split into chemicals, spirits/biofuel, and biopharma entities. Its spirits arm is expanding premium IMFL through Amrut and Bacardi partnerships, with FY27E EBITDA targeted above ₹500 crore.
Reported figures
From the report. Source details below
| 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% |
Why it matters to operators
The NCLT-approved split could unlock valuation visibility for spirits and biofuel, supported by 19.4% Q1FY27 revenue growth and a ₹500 crore-plus FY27E EBITDA target.
What to watch next
- 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.
The source
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