About the Company and History
India Glycols Limited (IGL) is a leading Indian chemical company specializing in bio-based chemicals, natural gums, industrial gases, spirits, and nutraceuticals. Established in 1983 and headquartered in Noida, India, IGL has built a strong presence in both domestic and global markets with a commitment to sustainable and eco-friendly chemical solutions.
Milestones and Timelines
-
1983: Incorporated as UP Glycols Limited.
-
1986: Renamed to India Glycols Limited.
-
1990s: Expanded into ethoxylates, glycol ethers, and acetates.
-
2000s: Entered the natural gums, potable spirits, and industrial gases segments.
-
2010s: Ventured into nutraceuticals and herbal extracts.
-
Recent Years: Focused on sustainability and innovation, expanding bio-based chemical solutions.
Key Metrics (as of 2024)
-
Market Capitalization: ₹3,895 crore.
-
Share Price: ₹1,256.35 (NSE); ₹1,258.15 (BSE).
-
P/E Ratio: 15.44x.
-
P/B Ratio: 1.37x.
-
Return on Equity (ROE): 9.19%.
-
Operating Margin: 31.4% (up from 25.0% in FY23).
-
Net Margin: 13.0% (up from 10.5% in FY23).
-
Dividend Yield: 0.64%.
-
Earnings Per Share (EPS): ₹49.01.
-
Debt-to-Equity Ratio: 0.4x (moderate leverage).
Products and Segments
IGL operates through multiple key business segments:
-
Bio-based Specialities and Performance Chemicals: Ethylene glycols, ethoxylates, glycol ethers, acetates, and performance chemicals.
-
Potable Spirits: Extra neutral alcohols, rectified spirits, and Indian-made foreign liquor (IMFL), including whisky, rum, brandy, vodka, and gin.
-
Ennature Biopharma: Natural active pharmaceutical ingredients, nutraceuticals, botanical extracts, and spice extracts.
-
Industrial Gases: Liquid oxygen, argon, nitrogen, carbon dioxide, and ethylene oxide gas mixtures.
Revenue Mix & Financial Performance
-
Total Revenue (FY24): ₹3,319.70 crore (Consolidated basis).
-
Net Profit (FY24): ₹172.99 crore.
-
Segment-Wise Revenue Contribution:
-
Geographical Revenue Distribution:
-
Domestic Market: 75%
-
Export Market: 25%
-
EBITDA Margin: 5.02%.
Market Share & Industry Trends
Order Book & Growth Outlook
-
Expansion into new R&D capabilities and product innovations.
-
Potential partnerships in biofuels and sustainable chemicals.
-
Increased focus on export markets to drive future revenue growth.
Peer Comparison
| Stock |
Current Price |
Market Capitalization |
PE TTM Price to Earnings |
PEG TTM PE to Growth |
ROE Annual % |
RoA Annual % |
Piotroski Score |
Revenue Growth Annual YoY % |
Net Profit Annual YoY Growth % |
Dividend yield 1yr % |
| India Glycols Ltd. |
1257.7 |
3894.03 |
18.62 |
0.84 |
8.43% |
3.07% |
6 |
24.11% |
38.30% |
0.64% |
| Deepak Nitrite Ltd. |
1992.05 |
27170.17 |
36.29 |
-6.8 |
16.90% |
13.30% |
6 |
-3.26% |
-4.82% |
0.38% |
| Tata Chemicals Ltd. |
846.5 |
21565.12 |
-38.58 |
0.3 |
1.20% |
0.72% |
5 |
-7.64% |
-88.43% |
1.77% |
| Navin Fluorine International |
4044.5 |
20054.94 |
75.97 |
-3.53 |
11.35% |
6.18% |
3 |
0.37% |
-27.90% |
0.30% |
| Deepak Fertilisers &. Chemicals |
1158.4 |
14623.39 |
16.79 |
0.21 |
8.18% |
3.74% |
7 |
-22.71% |
-63.43% |
0.73% |
| Archean Chemical Industries |
553.95 |
6837.28 |
41.14 |
-0.71 |
18.74% |
15.51% |
4 |
-7.47% |
-16.62% |
0.18% |
| GHCL Ltd. |
613.6 |
5875.51 |
9.81 |
-0.3 |
26.65% |
21.06% |
4 |
-23.68% |
-30.46% |
1.96% |
Shareholding Pattern (as of December 31, 2024)
| Summary |
Dec 2024 |
Sep 2024 |
Jun 2024 |
Mar 2024 |
Dec 2023 |
Sep 2023 |
Jun 2023 |
Mar 2023 |
| Promoter |
61.0% |
61.0% |
61.0% |
61.0% |
61.0% |
61.0% |
61.0% |
61.0% |
| FII |
2.4% |
2.9% |
1.8% |
1.8% |
1.6% |
1.3% |
1.2% |
1.2% |
| DII |
2% |
1.9% |
0.1% |
0.1% |
0.1% |
0.1% |
2.0% |
4.2% |
| Public |
34.5% |
34.1% |
37.1% |
37.1% |
37.3% |
37.6% |
35.9% |
33.6% |
SWOT Analysis
Strengths
-
Diversified product portfolio with bio-based specialty chemicals.
-
Strong promoter holding (61.01%).
-
Established export presence.
Weaknesses
Opportunities
-
Growing demand for bio-based chemicals in personal care and pharma.
-
Expansion into nutraceuticals and herbal extracts.
-
Government incentives for green chemistry initiatives.
Threats
-
Intense competition from global and domestic players.
-
Supply chain disruptions and raw material price volatility.
-
Regulatory changes affecting chemical manufacturing.
Bottom Line & Investment Perspective
India Glycols Limited has positioned itself as a key player in bio-based chemicals and specialty ingredients, with a strong focus on sustainability. Despite facing margin pressures, its diversified revenue streams and strategic expansion into high-growth sectors provide significant upside potential. Investors looking for exposure to eco-friendly and sustainable chemical manufacturing may find IGL an attractive long-term bet, provided they account for industry cyclicality and margin constraints.
Discalimer!
The content provided in this blog article is for educational purposes only. The information presented here is based on the author's research, knowledge, and opinions at the time of writing. Readers are advised to use their discretion and judgment when applying the information from this article. The author and publisher do not assume any responsibility or liability for any consequences resulting from the use of the information provided herein. Additionally, images, content, and trademarks used in this article belong to their respective owners. No copyright infringement is intended on our part. If you believe that any material infringes upon your copyright, please contact us promptly for resolution.