India Glycols Limited

Publication Details This notice pertains to the opening of a Special Window for the transfer and dematerialization of physical shares of India Glycols Limited. The publication serves as an administrative update in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. ## Special Window Facility The company has implemented a one-year special window from 5th February 2026 to 4th February 2027 to facilitate the transfer and dematerialization of physical share certificates purchased prior to 1st April 2019. This is intended to resolve cases where shares were not lodged for transfer or were previously rejected due to documentation deficiencies. ## Shareholder Instructions Eligible shareholders may submit their transfer requests alongside original share certificates and required documents to the Company's Registrar and Share Transfer Agent, M/s MCS Share Transfer Agent Limited, located at 179-180, DSIDC Shed, 3rd Floor, Okhla Industrial Area, Phase-I, New Delhi 110020. Alternatively, shareholders may communicate with the Company Secretary at the registered office in Noida, Uttar Pradesh. ## Regulatory Context This process is conducted under the guidelines of SEBI Circular No. HO/38/13/11(2)2026-MIRSD-POD/I/3750/2026 dated 30th January 2026.

Key Highlights

Regulatory and Legal Update

India Glycols Limited has reported receiving a penalty order from the State Tax Officer, Uttarakhand, under the Goods and Service Tax (GST) Act, 2017. The penalty, amounting to Rs 0.00622 crore (Rs 6.22 lakh), was levied following an inspection of a vehicle transporting goods to a customer.

Nature of Violation

The company stated that the issue arose due to an oversight by the transporter, who failed to update 'Part-B' details in the E-way bill for one out of three invoices. Crucially, the company noted that E-invoices were available for all goods, and there were no discrepancies regarding the quantity or description of the items transported.

Management Response and Outlook

Management has confirmed that the penalty amount has been deposited to ensure the immediate release of the detained vehicle. However, the company intends to file an appeal against the order before the relevant appellate forum. The company expressed confidence in successfully challenging the penalty, citing its understanding of legal precedents in similar cases.

Investor Takeaway

This disclosure relates to a routine operational compliance matter involving a small financial penalty. Given the company's clarification regarding the procedural nature of the error and its intent to appeal based on existing legal precedents, this event does not indicate a structural or financial risk for shareholders. Investors should note this as a procedural update rather than a significant business development.

Filing Overview

India Glycols Ltd has issued a clarification in response to queries from the BSE and NSE regarding recent movement in the company's share price.

Company Response

The company confirmed that there is no material, undisclosed information or event that remains pending disclosure under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Management stated that the company is not aware of any specific reason for the price movement and views it as market-driven.

Key Highlights

India Glycols Limited (the "Demerged Company") has provided formal guidance to its shareholders regarding the tax apportionment of the cost of acquisition of shares following the effective demerger of its Bio Pharma and Spirits & Biofuel undertakings.

• Scheme Effective Date: September 1, 2026
• Record Date for Allotment: September 2, 2026
• Entities Involved:
  • India Glycols Limited (Demerged Company)
  • Ennature Bio Pharma Limited (Resulting Company 1)
  • IGL Spirits Limited (Resulting Company 2)

Cost of Acquisition Apportionment

For the purpose of calculating the tax cost of acquisition for the equity shares held in the respective entities following the demerger, the company has advised shareholders to apportion their original cost of acquisition of India Glycols Limited shares as follows:

Demerger Recap

Following the NCLT Allahabad Bench order dated July 17, 2026, the demerger became effective on September 1, 2026. The allotment of shares to the shareholders of India Glycols Limited occurred in the following ratios:

• Ennature Bio Pharma Limited: 1 equity share for every 3 equity shares held in India Glycols Limited.
• IGL Spirits Limited: 1 equity share for every 1 equity share held in India Glycols Limited.

Investor Takeaway

This announcement is for general tax guidance purposes and is not a substitute for professional tax advice. Existing shareholders should use these provided percentages to adjust their cost base for their holdings in the respective companies. Shareholders are encouraged to consult their tax advisors to understand the specific tax implications for their individual cases, as the company explicitly states it takes no liability in relation to this guidance.

Meeting Schedule Update

India Glycols Ltd has announced a change in the mode of its upcoming Analyst and Institutional Investor meetings. The meetings, which were previously scheduled as in-person sessions on October 7 and 8, 2026, will now be conducted virtually.

All other details related to these meetings, as communicated in the company’s previous filing dated October 1, 2026, remain unchanged.

Investor Takeaway

This is a routine procedural disclosure and does not impact the company's financial position or business operations.

Compliance Update

India Glycols Ltd has filed the certificate required under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. This filing is a routine disclosure mandated by the Securities and Exchange Board of India (SEBI) to ensure transparency and adherence to timelines regarding the dematerialization of shares.

Key Filing Details

What the Certificate Confirms

The certificate, issued by the company's RTA, MCS Share Transfer Agent Limited, confirms that within 15 days of receiving securities for dematerialization, the company has:

1. Listed the Securities: Verified that the securities comprised in the certificates have been listed on the stock exchanges where the earlier issued securities are already traded.
2. Mutilated and Cancelled: Confirmed that the certificates were mutilated and cancelled after verification.
3. Updated Records: Confirmed that the name of the depository has been substituted in the company's records as the registered owner.

This filing does not impact the company's financial or operational performance.

Investor Meeting Disclosure

India Glycols Ltd has released the schedule for an upcoming Non-Deal Roadshow with analysts and institutional investors as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Schedule Details

Key Notes

• Nature of Interaction: The company has explicitly stated that discussions will be limited to publicly available information.
• UPSI Disclaimer: Management confirmed that no unpublished price-sensitive information (UPSI) is intended to be discussed.
• Operational Contingency: The schedule remains subject to change due to exigencies on the part of the participants, the host, or the company.

Trading Window Closure

India Glycols Ltd has formally intimated the stock exchanges regarding the closure of its trading window. The closure is part of the company's adherence to its Code of Conduct for Regulating, Monitoring, and Reporting Trading in Securities.

• Effective Start Date: Thursday, October 1, 2026
• Duration: The window will remain closed until 48 hours after the declaration of the financial results for the quarter and half-year ending September 30, 2026.

Investor Relevance

This announcement is a routine procedural compliance disclosure required under SEBI (Prohibition of Insider Trading) Regulations. It indicates that the company is in the process of finalizing its financial statements for the specified period. The trading window closure prohibits designated persons, including directors and connected individuals, from dealing in the company's securities during this period to prevent potential insider trading.

Investor Takeaway

The notification provides advance notice of the upcoming financial result cycle. Shareholders should monitor official exchange filings for the eventual date of the board meeting where these financial results will be considered and approved.

Investor Meeting Schedule

India Glycols Ltd has announced that it will participate in a non-deal roadshow, engaging with analysts and institutional investors. The meetings are scheduled as follows:

Nature of Disclosure

The company has made this disclosure in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. India Glycols explicitly noted that the discussions during these meetings will be strictly limited to publicly available information and that no unpublished price-sensitive information (UPSI) will be shared.

Investor Relevance

This filing serves as a routine administrative update regarding the company's investor relations calendar. There is no material financial, operational, or strategic change associated with this notice.

Plant Visit Schedule

India Glycols Ltd has informed the stock exchanges that it will host a plant visit for investors and analysts on 19th and 20th September 2026. This engagement is intended to provide stakeholders with an opportunity to observe the company's operations firsthand.

Event Details

The company has clarified that these interactions will focus exclusively on publicly available information. In compliance with regulatory standards, no unpublished price-sensitive information (UPSI) will be disclosed or discussed during these visits. The intimation is provided in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates the disclosure of such investor engagements to ensure transparency.

Key Highlights

Corporate Action Details

Ennature Bio Pharma Limited (EBL) has officially approved the allotment of 2,23,42,255 fully paid-up equity shares with a face value of INR 5 each. This allotment is being carried out in a 1:3 ratio to the shareholders of India Glycols Limited who were on the register as of the record date of September 2, 2026. These shares are being allotted in accordance with the Scheme of Arrangement involving India Glycols Limited, Ennature Bio Pharma Limited, and IGL Spirits Limited. The allotted shares will rank pari passu with existing equity shares.

Governance and Management Appointments

The Board of EBL has approved several key appointments to strengthen its management and compliance framework:

• Chief Financial Officer: Shri Ajay Sharma has been appointed as CFO. He brings over 20 years of experience in the pharma and automotive industries and has been associated with India Glycols Ltd since November 2021.
• Company Secretary & Compliance Officer: Smt. Preeti Choudhary has been appointed to this role. She is a member of the Institute of Company Secretaries of India with experience in corporate law, listing compliances, and mergers.
• Secretarial Auditor: M/s. Mukesh Agarwal & Co. has been appointed for a 5-year term covering FY 2026-27 to FY 2030-31, subject to shareholder approval.
• Internal Auditor: M/s. S.S. Kothari Mehta & Co. LLP has been appointed as Internal Auditor for the financial year 2026-27.

Next Steps

The Board has approved the Information Memorandum required for making the necessary applications to the stock exchanges. This is a prerequisite for listing and obtaining trading approval for the newly allotted equity shares.

Key Highlights

Corporate Action Details

IGL Spirits Limited (a subsidiary) has proceeded with the allotment of 6,70,26,765 fully paid-up equity shares of face value INR 5 each. This allotment follows the terms of the Scheme of Arrangement involving India Glycols Limited and Ennature Bio Pharma Limited. The shares have been allotted to eligible shareholders of India Glycols Limited who held shares as of the record date of September 2, 2026. The new equity shares rank pari passu in all respects with existing equity shares. The Board also approved the Information Memorandum required for making a listing application to the stock exchanges.

Governance and Management Update

The Board of IGL Spirits Limited has formalized key administrative and governance appointments:

• CFO & KMP: Shri Naresh Kumar Agrawal was appointed as Chief Financial Officer and Key Managerial Personnel. He is an Associate Member of the Institute of Chartered Accountants of India with 17 years of experience.
• Company Secretary & Compliance Officer: Shri Ishan Khanna was appointed as Company Secretary, Key Managerial Personnel, and Compliance Officer. He is an Associate Member of the Institute of Company Secretaries of India and a law graduate.

Auditor Appointments

IGL Spirits Limited has appointed the following firms to oversee its auditing requirements:

• Secretarial Auditor: M/s MAKS & Co., Company Secretaries, has been appointed for a five-year period (FY 2026-27 to 2030-31), subject to shareholder approval.
• Internal Auditor: M/s S.S. Kothari Mehta & Co. LLP, Chartered Accountants, has been appointed as Internal Auditor for the financial year 2026-27.

Investor Takeaway

This update confirms the progression of the Scheme of Arrangement, with the physical allotment of shares and the strengthening of the subsidiary's management and governance framework. Investors should track the subsequent listing approval process for the newly allotted shares.

Investor Meeting Schedule

India Glycols Ltd has informed the BSE and NSE about its scheduled analyst and institutional investor engagement. The company will conduct a non-deal roadshow in Mumbai on September 10th, 2026, and September 11th, 2026.

Disclosure Compliance

The intimation was filed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company emphasized that the discussions will be restricted to publicly available information and that no unpublished price-sensitive information (UPSI) is intended to be shared during these interactions.

Note to Investors

As is standard with such disclosures, the company noted that the schedule is subject to change due to exigencies on the part of the participants, hosts, or the company itself.

Board Update

India Glycols Ltd has formally disclosed the resignation of three non-executive directors from the board of Ennature Bio Pharma Limited (EBL), effective September 7, 2026. The outgoing directors are:

All three individuals cited "personal reasons" for their resignations. The disclosure was made by India Glycols in adherence to requirements set forth by the National Stock Exchange of India Limited (NSE) and BSE Limited in their observation letters regarding an ongoing Scheme of Arrangement.

Scheme of Arrangement Context

The resignation of these directors takes place against the backdrop of a Scheme of Arrangement currently in process involving India Glycols Ltd, Ennature Bio Pharma Limited, and IGL Spirits Limited, under the provisions of the Companies Act, 2013. The company is providing these updates to maintain compliance with regulatory observation letters and SEBI Master Circulars dated January 30, 2026.

What This Means for Investors

For existing shareholders, this update is a procedural governance disclosure. The resignation of non-executive directors in the midst of a corporate restructuring (Scheme of Arrangement) is a standard development. As the resignations are attributed to personal reasons and do not involve executive leadership, there is currently no indication of operational disruption or conflict. Investors should continue to monitor filings for further updates regarding the status of the Scheme of Arrangement.

Board Resignations at IGL Spirits Limited

India Glycols Limited has announced that three non-executive directors of its subsidiary, IGL Spirits Limited (IGSL), have resigned from their positions. The resignations were submitted and accepted with immediate effect on September 7, 2026.

Resigning Directors

All three directors cited "personal reasons" as the cause for their resignation.

Context and Regulatory Disclosure

This update is provided in compliance with reporting obligations related to the ongoing Scheme of Arrangement involving India Glycols Limited, Ennature Bio Pharma Limited, and IGL Spirits Limited. The disclosure adheres to requirements specified in the Observation Letters issued by the National Stock Exchange of India Limited and BSE Limited, as well as SEBI Master Circular No. HO/49114114(7)2025-CFD-POD2113762/2026.

As these individuals were non-executive directors, their departure represents a change in the governance structure of the subsidiary rather than an operational shift for the parent company, India Glycols Limited.

Demerger Completion and Structure

India Glycols Ltd (IGL) has officially confirmed that the demerger of its businesses became effective on September 1, 2026, with the record date set for September 2, 2026. This reorganization has resulted in three independently listed public companies:

• IGL Spirits Limited: Focuses on Potable Spirits (IMFL/non-IMFL), ENA, and Bio-Fuels.
• India Glycols Limited: Retains the Bio-based Speciality Materials, Sustainable & Performance Chemicals, and Gases businesses.
• Ennature Biopharma Ltd: Focuses on Nutraceuticals, plant-based APIs, and Biopolymers.

Management stated the strategic rationale for this split includes sharper business focus, improved capital allocation, and providing better value visibility to investors by aligning each business with its specific industry space.

Shareholder Entitlements

• IGL Spirits Limited: Shareholders receive one share of IGL Spirits for every one IGL share held.
• Ennature Biopharma Ltd: Shareholders receive one share of Ennature Biopharma for every three IGL shares held.

FY26 Financial Snapshot (Post-Demerger)

Based on the FY26 net revenue of 4,211 Cr, the business split is as follows:

Strategic Growth Vision

Management has presented a "10X 10Y" vision, targeting a ten-fold increase in sales and profits over the next ten years.

• Near-term Aspiration: The company is aiming for 2,000 Cr net revenue and 400 Cr EBITDA within the next 4–5 years.
• Growth Pillars: The strategy rests on three blocks:
  1. Sustainable Speciality Materials (Foundation): Leveraging the world's only bio-based EO (Ethylene Oxide) route.
  2. Sustainable & Performance Chemicals (Growth Engine): Scaling knowledge-led speciality chemistry such as surfactants and CarbonSmart performance chemicals.
  3. Novel Technologies (Horizon): Focusing on CCUS (Carbon Capture, Utilization, and Storage), novel catalysis, and CO2 valorization (currently in the development stage).

Key Operating Highlights

• Chemicals Portfolio: The company maintains a 175,000 MTPA glycols capacity and a 70,000 MTPA capacity for bio-glycol ethers and acetates.
• Industrial Gases: The division operates as a steady adjacency, with high-purity product offerings serving resilient food, healthcare, and manufacturing sectors.
• Joint Venture: The Clariant IGL JV (a 51:49 partnership established in 2021) reported FY26 sales to the JV of 419 Cr and a PAT of 95 Cr.

Investor Takeaway

With the demerger effective, investors should monitor how each independent entity executes its specific growth strategy. The management has provided clear aspirations for the medium term, emphasizing a shift toward higher-value, specialty-led products and sustainable sourcing. Existing shareholders should track the transition of listing and potential operational updates for the three distinct entities.

Key Highlights

• Demerger Status: Effective September 1, 2026; expected conclusion by October 24, 2026.
• New Structure: Three independently listed companies: IGL (Biobased Specialty Materials, Performance Chemicals, Gases), IGL Spirits Ltd (Spirits & Biofuels), and Ennature Bio Pharma Ltd (Nutraceuticals, APIs, Biopolymers).
• Financial Performance (FY24–FY26): Revenue CAGR of ~13% and EBITDA CAGR of ~28%.
• Vision: '10X 10Y' ambition, targeting 10x sales and profits over ten years.

Financial Snapshot (FY24–FY26)

Demerger Overview

The demerger aims to improve capital allocation and provide clearer business focus for investors. The assets, liabilities, and employees are being transferred to the resulting entities as follows:

• IGL Spirits Ltd: Focus on Potable Spirits and Biofuels.
• India Glycols Ltd (Post-Demerger): Focus on Biobased Specialty Materials, Sustainable & Performance Chemicals, and Gases.
• Ennature Bio Pharma Ltd: Focus on Nutraceuticals, plant-based APIs, and Biopolymers.

Shareholder entitlement:

• One share of IGL Spirits for one share of IGL.
• One share of Ennature Pharma for three shares of IGL.

Business Segment Performance

• Bio-Glycols: ~28,750 MT sales volume in FY26, generating INR 325 Cr in revenue.
• Bio-Glycol Ethers: ~18,000 MT sales volume in FY26, generating INR 221 Cr in revenue.
• Performance Chemicals: ~2,800 MT sales volume in FY26, generating INR 56 Cr in revenue.
• Industrial Gases: ~67,000 MT sales volume in FY26, generating INR 47 Cr in revenue.
• Clariant JV: Contributed ~34,000 MT sales volume, generating INR 419 Cr in sales to the JV and INR 95 Cr in JV PAT.

Management Commentary and Outlook

The company emphasizes a strategy driven by green chemistry and sustainable sourcing. Management maintains a '10X 10Y' vision, aiming for INR 2,000 Cr in net revenue and INR 400 Cr in EBITDA over the next 4–5 years. Key pillars include scaling application-led specialty chemistries, expanding in high-value global markets, and accelerating product pipeline growth.

What Looks Positive

• Structural Clarity: The demerger is now effective, removing uncertainty regarding the corporate structure and allowing for pure-play valuations of the spirits and chemicals businesses.
• Strong Operational Leverage: EBITDA growth (28% CAGR) has significantly outpaced revenue growth (13% CAGR), indicating improved operating efficiencies.

Concerns and Watch Points

• Execution Risk: The transition period following the October 24, 2026, expected conclusion requires managing common assets and shared services efficiently.
• Market Dependency: The performance remains sensitive to global demand for bio-based chemicals and commodity price fluctuations, despite the focus on specialty segments.

Investor Takeaway

The effective demerger of India Glycols Limited is a significant milestone intended to create focused, independently listed entities. With strong historical margin expansion and a clear, multi-block vision for future growth, the company is positioning itself to capture the structural adoption cycle in sustainable chemicals. Existing shareholders should monitor the operational transition post-demerger and the fulfillment of the 10-year growth aspirations.

Key Highlights

India Glycols Ltd (IGL) shared an investor presentation focusing on its IGL Spirits division. The update outlines a business model integrated across potable spirits, ENA, and bio-fuels, with a strong trajectory in financial performance and specific growth targets for the coming years.

Historical Financial Performance

The company demonstrated consistent growth across its segments between FY24 and FY26.

• Growth Drivers: Revenue grew at a CAGR of ~39% between FY24 and FY26. EBITDA grew at a CAGR of ~48% in the same period.
• Profitability: Potable spirits gross margin reached 45.9% in FY26.
• Balance Sheet: Net debt stood at INR 767 crore in FY26, down from INR 900 crore in FY25.

Growth Strategy and Outlook

Management articulated a clear pathway for the next phase of growth, centered on operational excellence and capacity utilization.

Operational Performance

• Spirits: The business achieved sales of ~30 million cases in FY26. It holds a leading position in non-IMFL segments in Uttar Pradesh and Uttarakhand.
• Bio-fuels: The division reported robust growth, benefiting from ethanol blending programs. For ESY 2025-26, the company has an initial allocation of 220 million liters, estimated to generate INR 1,450 crore in revenue.
• Manufacturing: The company operates an integrated manufacturing base with a combined ethyl-alcohol capacity of 379 MnL per annum.

Strategic Partnerships

• Bacardi: A 15-year partnership where IGL manages end-to-end manufacturing, supply chain, and logistics across North and East India.
• Amrut: Distribution rights acquired in 2024 for various premium brands including MaQintosh, Prestige Green Classic, and Old Port Rum, aimed at filling white spaces in IGL's luxury portfolio.

What Looks Positive

• Integrated Model: The flexibility to route alcohol across Spirits, ENA, and Bio-fuels based on demand and price realizations supports operating margins.
• Clear Targets: Management has provided transparent medium-term and long-term financial guidance, particularly regarding EBITDA and debt reduction.
• Institutional Sales: The company is expanding its footprint in CSD (Canteen Stores Department) and para-military channels, providing a stable, pan-India institutional revenue stream.

Concerns and Watch Points

• Execution Risk: Achieving 2x IMFL volume growth and reaching INR 1,000 crore EBITDA by FY31 will require successful execution of premiumization strategies and continued favorable regulatory environments for ethanol.
• Capital Allocation: While the company targets a debt-free status, future capital requirements for expansion or new launches remain a factor to watch.

Investor Takeaway

The presentation underscores a pivot towards a consumer-focused, integrated alcohol platform. The significant growth in revenue and EBITDA over the last three years, coupled with the articulated roadmap for EBITDA and debt reduction, suggests a focus on value creation. Shareholders should monitor the company's ability to maintain its market share in core regions while successfully scaling its premium portfolio and institutional presence.

Business Platform Overview

Ennature Biopharma, a platform of India Glycols Ltd, integrates three distinct business segments focused on natural ingredients. The company aims to leverage its legacy in green chemistry and phyto-chemical expertise to capture opportunities in the natural health and wellness sector.

Financial Snapshot (FY26)

The platform reported the following financial performance for FY26:

Business Segments

The Ennature Biopharma platform is comprised of three segments with distinct roles:

• Plant-based APIs (67% of sales): Described as a mature, cash-generative business with stable margins. Key products include Thiocolchicoside, Colchicine, Nicotine, and Vinpocetine.
• Biopolymers (16% of sales): A core, growing business segment focusing on Guar Gum and Specialty Gums.
• Nutraceuticals (17% of sales): Positioned as the future growth engine. This segment includes branded ingredients, standard botanical extracts, and CDMO services. It is highlighted as having higher margins.

Strategic Growth Outlook

Ennature Biopharma has outlined specific growth strategies for each segment:

• API: The company plans to launch one new API annually, gain market share in Nicotine and Thiocolchicoside, expand into new geographies, and establish a presence in the Nicotine Replacement Therapy (NRT) pharma segment.
• Biopolymer (Guar): The focus is on shifting towards a higher-value product mix, expanding into the dietary-fibre and food-ingredient markets, developing application-specific derivatives, and broadening the customer base.
• Nutraceuticals: As the primary growth driver, the company aims to scale to 6-8 branded ingredients, expand clinical validation and scientific substantiation, deepen penetration with key customers, and broaden distribution across the US, Europe, and Asia.

Manufacturing and Infrastructure

The platform operates manufacturing facilities in two locations:

• Dehradun: 1,600 MT manufacturing capacity.
• Kashipur: 24,000 MT manufacturing capacity.

These facilities hold various certifications, including EU-GMP, US-FDA, NSF-GMP, ISO 9001:2015, and ISO 22000:2018, supporting the company's focus on regulated markets.

Management Update

India Glycols Ltd has officially disclosed the cessation of four Senior Management Personnel (SMP) from the company. This change occurred at the close of business hours on August 31, 2026.

This development is a direct procedural result of the company's previously announced Scheme of Arrangement. The employment of these individuals has been transferred to the 'resulting companies' associated with the scheme.

Personnel Changes

The following individuals have ceased to be SMPs of the company:

Context

This filing serves as a follow-up to the company's intimation (reference no. IGL/SE/2026-27/51) dated September 1, 2026, which confirmed the effectiveness of the Scheme of Arrangement. The transfer of these personnel is part of the operational realignment contemplated within that scheme.

Investor Takeaway

For shareholders, this disclosure confirms the execution of organizational changes following the Scheme of Arrangement. As these departures are linked to the transfer of employment to resulting companies, they represent a structural reorganization rather than a departure due to operational failure or internal management issues.

Corporate Restructuring Overview

India Glycols Limited has formally announced that the Scheme of Arrangement, as sanctioned by the National Company Law Tribunal (NCLT), Allahabad Bench, has become effective as of September 1, 2026. The company has filed the certified true copy of the NCLT order with the Registrar of Companies, Uttarakhand. As a result, the demerger is now fully operational, and the two resulting companies have ceased to be subsidiaries of the original company.

Key Terms and Share Entitlement

The following share entitlement ratio has been established for shareholders of India Glycols Limited as of the record date of September 2, 2026:

For example, a shareholder holding 300 shares of India Glycols Limited will receive 300 shares of IGL Spirits Limited and 100 shares of Ennature Bio Pharma Limited, for a total of 700 shares across the three entities.

Business Segments Post-Demerger

The demerger splits the original company into three distinct entities, each with a specialized business focus:

• India Glycols Limited: Focuses on chemicals, glycols, bio-glycols, new specialty products, and industrial gases. This entity remains listed on both the BSE and NSE.
• IGL Spirits Limited: Focuses on the spirits business, including IMFL, country liquor, and bio-fuel. The management will apply to the BSE and NSE for listing.
• Ennature Bio Pharma Limited: Focuses on bio-pharma and bio-polymers. The management will apply to the BSE and NSE for listing.

June 2026 Quarter Revenue Comparison

The following net revenue figures were reported for the June 2026 quarter for the respective business segments:

Strategic Rationale

Management stated that the demerger is designed to create three separate companies, each with a clear business focus. The intended benefits include:

• Improved Management Oversight: Dedicated leadership for each distinct business segment.
• Efficient Resource Allocation: Better alignment of capital and investments with the specific business requirements of each entity.

Investor Takeaway

With the demerger effective, the primary focus for shareholders shifts to the upcoming listing process for IGL Spirits Limited and Ennature Bio Pharma Limited. Investors should monitor future filings for the specific timelines regarding the listing of these new entities on the stock exchanges.

Investor Meeting Schedule

India Glycols Ltd has scheduled a physical group meeting with analysts and institutional investors. The details are as follows:

Governance and Compliance

The company has confirmed that discussions during this interaction will be based on publicly available information. It explicitly stated that no unpublished price-sensitive information (UPSI) is intended to be discussed. This disclosure is submitted in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Appointments at IGL Spirits Limited

Following the receipt of Observation Letters from stock exchanges regarding the ongoing Scheme of Arrangement, IGL Spirits Limited (IGSL) has appointed the following Directors and Key Managerial Personnel (KMP) to its board, effective August 21, 2026. All appointments are subject to the approval of shareholders.

Governance and Disclosure Context

The appointment of this Board and KMP is part of the corporate formalization of IGL Spirits Limited within the context of the Scheme of Arrangement involving India Glycols Limited and Ennature Bio Pharma Limited.

The company has confirmed the following:

• Regulatory Compliance: The disclosures are made in accordance with SEBI Master Circular No. HO/49/14114(7)2025-CFD-POD2/1/3762/2026 dated 30th January, 2026.
• Debarment Status: It is affirmed that none of the appointed Directors are debarred from holding the office of Director by virtue of any SEBI order or other regulatory authority, in line with BSE and NSE circulars dated 20th June, 2018.

Director Relationships

The company disclosed inter-se relationships among the board members, noting that Shri U.S. Bhartia is the father-in-law of both Shri Vedant Jhaver and Shri Shirish Rajendra Barwale.

Investor Takeaway

This filing represents a procedural step in the administrative setup of IGL Spirits Limited. Shareholders tracking the progress of the Scheme of Arrangement should note the formation of this formal board as a development in the integration or segregation process, though it does not imply an immediate change in the financial or operational trajectory of the parent company, India Glycols Ltd.

Board and Management Appointments at Ennature Bio Pharma Limited

Ennature Bio Pharma Limited (EBL), a subsidiary of India Glycols Limited, has announced the appointment of a new Board of Directors and key leadership effective August 21, 2026. This development occurs in the context of an ongoing Scheme of Arrangement involving India Glycols Limited, Ennature Bio Pharma Limited, and IGL Spirits Limited, under Sections 230 to 232 of the Companies Act, 2013.

The company has confirmed that the appointed directors are not debarred from holding office by any SEBI order or regulatory authority. The following table summarizes the appointments:

Key Management Backgrounds

• Ms. Pragya Bhartia Barwale (Managing Director): With over 18 years of experience, she previously led the Ennature Biopharma division of India Glycols Limited, which the company states achieved revenue exceeding Rs. 200 crore under her leadership. Her focus has been on high-margin Branded Nutraceutical Ingredients.
• Independent Directors: The newly appointed independent directors bring diverse expertise ranging from investment and financial analysis (Ms. Bharati Agarwal and Mr. Malay Memani) to agribusiness and consulting (Ms. Shilpa Divakar Nirula) and legal and compliance governance (Ms. Shukla Wassan).

Regulatory Context

This disclosure was issued in compliance with observation letters from the National Stock Exchange of India Limited and BSE Limited, dated November 2025, and SEBI Master Circular No. HO/4911 411 4(7)2025-CFD-POD211 13762/2026 dated January 30, 2026.

What This Means for Investors

For shareholders of India Glycols Limited, this update marks a formal step in the governance and leadership structure of EBL as the group advances its Scheme of Arrangement. Investors should monitor further filings regarding the progress of this scheme, as board and leadership stability are critical during such corporate restructuring processes.

Corporate Action: Scheme of Arrangement

India Glycols Ltd has announced the formal fixation of the Effective Date and Record Date following the receipt of the certified true copy of the order from the NCLT, Allahabad Bench, which sanctioned the Scheme of Arrangement.

Key Dates

The Effective Date is the day on which the certified true copy of the NCLT order will be filed with the Registrar of Companies. The Record Date has been fixed to determine the shareholders of India Glycols Ltd who are eligible to receive shares of the Resulting Companies.

Share Entitlement Ratios

Shareholders of India Glycols Ltd will be allotted equity shares in the resulting companies as follows:

• Ennature Bio Pharma Limited (Resulting Company 1): 1 (one) equity share of INR 5 face value for every 3 (three) equity shares held in India Glycols Ltd.
• IGL Spirits Limited (Resulting Company 2): 1 (one) equity share of INR 5 face value for every 1 (one) equity share held in India Glycols Ltd.

Next Steps

Following the allotment, the equity shares of the Resulting Companies are proposed to be listed on the National Stock Exchange of India Limited (NSE) and the BSE Limited, subject to necessary regulatory approvals and compliance with applicable regulations.

Scheme of Arrangement Update

India Glycols Ltd has formally announced the key dates for its Scheme of Arrangement, which has been sanctioned by the National Company Law Tribunal (NCLT), Allahabad Bench. The company's Board of Directors, via resolution by circulation on August 21, 2026, has finalized the procedural timeline for the demerger.

Key Highlights

On the effective date, the certified true copy of the NCLT order sanctioning the scheme will be filed by the demerged and resulting companies with the Registrar of Companies. The record date will be used to determine the shareholders of India Glycols Ltd entitled to receive shares in the resulting companies.

Share Entitlement Ratios

Shareholders of India Glycols Ltd will be allotted shares in the resulting entities as follows:

• Ennature Bio Pharma Limited (Resulting Company 1): 1 equity share of Rs 5 face value for every 3 equity shares of Rs 5 face value held in India Glycols Ltd.
• IGL Spirits Limited (Resulting Company 2): 1 equity share of Rs 5 face value for every 1 equity share of Rs 5 face value held in India Glycols Ltd.

Listing Status

The shares proposed to be allotted by the resulting companies will be listed on the National Stock Exchange (NSE) and the BSE, subject to necessary regulatory approvals and compliance with applicable regulations.

What This Means for Investors

This announcement moves the company into the final stages of the demerger process. Existing shareholders should note the record date of September 2, 2026, as this is the cut-off date to be eligible for the allotment of shares in Ennature Bio Pharma Limited and IGL Spirits Limited based on the specified entitlement ratios.

Publication Details. India Glycols Ltd has published a notice in the Financial Express (English) and Uttar Ujala (Hindi) on August 21, 2026, regarding a special window for the transfer and dematerialization of physical shares. ## Purpose. The company is providing a one-year window, in compliance with a SEBI circular, to facilitate the transfer and dematerialization of physical shares that were purchased prior to April 1, 2019. ## Shareholder Instructions. This facility is available to shareholders who acquired physical shares before April 1, 2019, and who either have not yet lodged their shares for transfer or had previously lodged their shares but the requests were rejected, returned, or not attended to due to documentation deficiencies. The special window is open from February 5, 2026, to February 4, 2027. Eligible shareholders are advised to submit their transfer requests along with original share certificates and other requisite documents to the company's Registrar and Share Transfer Agent, MCS Share Transfer Agent Limited, or reach out to the Company Secretary for further clarification.

Scheme of Arrangement Overview

India Glycols Limited has received the certified true copy of the order from the National Company Law Tribunal (NCLT), Allahabad Bench, dated July 17, 2026, approving the company's Scheme of Arrangement. The scheme facilitates the demerger of two key business verticals into separate entities.

Key Restructuring Details

The NCLT order confirms that the scheme is binding on shareholders and creditors, effective from the Appointed Date.

Share Entitlement Ratios

Under the sanctioned scheme, shareholders of India Glycols Limited will receive equity shares in the resulting companies as follows:

• Ennature Bio Pharma Limited (Biopharma Undertaking): 1 equity share (face value Rs. 5) for every 3 equity shares held in India Glycols Limited.
• IGL Spirits Limited (Spirits and Biofuel Undertaking): 1 equity share (face value Rs. 5) for every 1 equity share held in India Glycols Limited.

Existing equity shares held by India Glycols Limited in the resulting companies will be cancelled upon the scheme becoming effective.

Next Steps for Shareholders

While the NCLT order has been received, the effective date and the record date for the determination of shareholder eligibility are yet to be finalized. The Board of Directors of the respective companies will determine these dates in accordance with the scheme's terms and communicate them in due course.

Important Compliance and Legal Notes

• Pending Proceedings: All proceedings relating to the Biopharma Undertaking or the Spirits and Biofuel Undertaking, including tax and legal matters, will be transferred to the respective resulting companies.
• Regulatory Filings: The company is required to file a certified copy of the order with the Registrar of Companies, Uttarakhand, within thirty days of receipt.
• Assets and Contracts: All assets, liabilities, and contracts related to the demerged undertakings stand transferred to the resulting companies effective from the appointed date.

Investor Takeaway

For existing shareholders, the receipt of the NCLT order is a significant procedural milestone in the demerger process. Investors should now monitor for the official announcement regarding the Record Date, which will determine the entitlement for the new shares in the resulting entities.

Key Highlights

Financial Snapshot

India Glycols posted a strong financial performance in Q1 FY27 with consolidated net revenue of INR 1,130 crore. EBITDA rose 13% year-on-year to INR 170 crore. The company reported that finance costs declined to INR 25 crore from INR 45 crore in the same period last year, attributing this to successful debt reduction.

Segment Performance

• Spirits (including Bio-Fuel): Revenue was INR 371 crore, up 5.3% YoY, with 14.2% EBITDA growth. The IMFL business was a highlight, growing 26% in revenue with a 55% surge in volume (1.4 million cases). The Bio-Fuel division recorded revenue of INR 323 crore (up 7%) with an EBIT margin of 8.4%.
• Chemicals: The division reported revenue of INR 362 crore, a 20.6% increase. Management noted that growth was broad-based but faced headwinds from crude price volatility and freight cost spikes.
• Ennature Bio Pharma: Reported its best-ever quarter with revenue at INR 90 crore (up 53%) and EBITDA of INR 10 crore (nearly 100% growth).

Corporate Action Details

Management confirmed that the NCLT sanctioned the scheme of arrangement on July 17, 2026. Upon effectiveness, the company will be segregated into three distinct entities:

1. IGL Spirits Limited: Covering potable spirits (IMFL/Indian-made Indian liquor) and Bio-Fuel.
2. Ennature Bio Pharma: Covering nutraceuticals, APIs, and the biopolymers business.
3. India Glycols Limited (retained entity): Focusing on bio-based chemicals, specialty glycols, new performance chemicals, and gases.

Management Commentary and Aspirations

Management explicitly stated that long-term targets shared are aspirations, not formal projections. Key aspirations for the next 4-5 years include:

• Spirits: EBITDA in excess of INR 1,000 crore.
• Chemicals: EBITDA of approximately INR 400 crore.
• Ennature Bio Pharma: EBITDA in the range of INR 130 crore to INR 150 crore.

The leadership highlighted that the structural shift towards a specialty-led chemicals portfolio and premiumization in the spirits segment are core drivers of this expected growth.

Concerns and Watch Points

• Raw Material & Freight Volatility: Management noted that crude price spikes and freight costs (which increased 5 to 20 times) impacted supply chains and margins in the chemical business.
• Export Headwinds: Disruptions in shipments to the Middle East and the US created headwinds for the performance chemicals segment.
• Execution Risk: While the company has aspirations for FY27 and beyond, management emphasized that these are dependent on market dynamics and strategic implementation.

Investor Takeaway

India Glycols has delivered a robust start to FY27, backed by strong segment-specific performance and successful demerger sanctioning. Investors should monitor the effective date of the demerger and the company's ability to maintain its margin premiumization strategy amidst volatile commodity and freight environments.

42nd Annual General Meeting Outcome

India Glycols Ltd held its 42nd Annual General Meeting (AGM) on August 19, 2026, via video conferencing. The company confirmed that all four resolutions proposed in the AGM notice were passed with the requisite majority by shareholders.

Resolutions Transacted

The meeting covered ordinary business items as follows:

Key Meeting Details

• Participation: A total of 52 members attended the meeting, comprising 7 from the Promoter and Promoter Group and 45 from the public.
• Scrutinizer: Shri Ashish Saxena (C.P. No. 7096) of M/s Ashish Saxena & Co. was appointed as the scrutinizer to oversee the remote e-voting and e-voting process.
• Financials and Dividends: Shareholders formally adopted the company's financial statements for the fiscal year ended March 31, 2026, and confirmed the Rs 7.50 per equity share payment as the final dividend for the same period.

Investor Takeaway

The AGM proceedings concluded successfully with all agenda items approved, reflecting a routine governance update. There were no adverse observations or qualifications noted by the Statutory or Secretarial Auditors, and the meeting concluded at 11:58 A.M. (IST).

42nd Annual General Meeting Overview

India Glycols Limited (IGL) conducted its 42nd Annual General Meeting (AGM) on August 19, 2026, via Video Conference/Other Audio Visual Means. The meeting facilitated the adoption of annual financial statements, confirmation of dividend payments, director reappointment, and ratification of auditor remuneration. All four resolutions proposed in the AGM notice were approved by shareholders with the requisite majority.

Summary of Resolutions

The following resolutions were transacted and passed through remote e-voting and e-voting during the meeting:

Key Corporate Developments

Financial Adoption and Dividend

Shareholders formally adopted the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026. Additionally, the company confirmed the payment of an interim dividend of Rs 7.50 per equity share, which will now stand as the final dividend for the financial year ended March 31, 2026.

Governance and Compliance

• Director Re-appointment: The shareholders approved the re-appointment of Shri Alok Singhal, who retired by rotation. While the resolution passed with a requisite majority of 97.7589%, there were 46 votes against the resolution, accounting for 2.2411% of the valid votes cast.
• Auditor Ratification: The remuneration payable to M/s R.J. Goel & Co., Cost Auditor (Firm Registration No. 000026), for the financial year ending March 31, 2027, was ratified by the shareholders.

Meeting Conduct

The meeting was chaired by Shri U.S. Bhartia, with 52 members attending via video conferencing. The company confirmed that no qualifications or adverse remarks were present in the Statutory and Secretarial Auditor reports, which were taken as read. The proceedings concluded at 11:58 A.M. (IST) following the conclusion of the e-voting period.

Clarification on Market Activity

India Glycols Ltd submitted a formal clarification to the BSE on August 19, 2026, in response to an email inquiry regarding recent unusual volume movement in the company's shares.

Official Statement

• No Undisclosed Information: The company confirmed that there is no undisclosed information, event, or announcement concerning India Glycols Ltd that is required to be disclosed under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
• Management View: The company stated it is not aware of any specific reason for the increased trading volume.
• Attribution: The management believes the recent movement in trading volume is market-driven.

Investor Relevance

This filing is a procedural compliance response to regulatory inquiries. It serves to inform shareholders that, as of the date of the letter, the company has no pending material developments or undisclosed news that would explain recent fluctuations in trading activity.

Exchange Query and Response

India Glycols Ltd (the "Company") has responded to a formal query from the National Stock Exchange (NSE) regarding a recent spurt in the volume of its shares traded on the exchange. The query was initiated by the NSE via a letter and email dated August 18, 2026.

In its formal response dated August 19, 2026, the Company clarified that:

• No Undisclosed Information: There is no undisclosed information, material announcement, or event concerning the Company that requires disclosure under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
• Market-Driven Activity: The Company is not aware of any specific internal reason for the observed increase in trading volume and believes the activity is driven by market forces.

Investor Takeaway

This filing is a routine procedural compliance measure taken in response to exchange surveillance. The Company has denied any insider or material corporate development as the cause of the recent market activity. Existing shareholders should note that this clarification is standard regulatory practice and carries no direct operational or financial implications.

Key Highlights

• NCLT Approval: The NCLT sanctioned the scheme of arrangement for the demerger of IGL on 17 July 2026.
• Demerger Structure: The business will be segregated into three focused entities:
  • India Glycols Limited: Retaining chemicals, glycols, bio-glycols, specialty products, and industrial gases.
  • IGL Spirits Limited: Covering spirits business (IMFL, Country Liquor) and bio-fuel business.
  • Ennature Bio Pharma Limited: Covering bio-pharma and bio-polymers business.
• Performance: IGL reported a strong Q1FY27, with gross revenue up 19% and PAT up 32% YoY.

Important Figures

Business Performance

• IGL Spirits Limited: Recorded revenue of ₹ 694 Cr, with EBITDA at ₹ 120 Cr. The spirits business grew 5% in revenue.
• Chemicals Business: Reported ₹ 332 Cr net revenue, up 25% YoY, with an EBITDA margin of 11.4%.
• Ennature Bio Pharma: Reported best-ever Q1 with revenue of ₹ 90 Cr, up 53% YoY, and EBITDA of ₹ 10 Cr.

Financial Analysis

• Profitability: EBITDA rose to ₹ 170 Cr (margin 15.0%) and PAT to ₹ 97 Cr (margin 8.6%).
• Finance Costs: Reduced significantly to ₹ 25 Cr in Q1FY27 compared to ₹ 45 Cr in Q1FY26, driven by debt reduction.

Management Commentary and Outlook

• Spirits Outlook: Targets doubling IMFL volumes through new brand launches and premiumization. Aims for EBITDA in excess of ₹ 500 Cr for FY27 and expects to be debt-free by FY28.
• Chemicals Outlook: Expects to deliver EBITDA in excess of ₹ 200 Cr in FY27 (including dividends from JV).
• Biopharma Outlook: Expects EBITDA in excess of ₹ 50 Cr in FY27.

Concerns and Watch Points

• Raw Material Availability: Management noted raw material availability as a potential near-term challenge for the Ennature Biopharma segment.

Investor Takeaway

IGL has entered a pivotal phase with the NCLT-approved demerger, which is designed to create three focused, independently managed entities. The strong Q1FY27 financial performance, coupled with significant debt reduction and improved margins, provides a positive backdrop for this corporate restructuring. Existing shareholders should monitor the progress of the implementation activities to track the transition of the businesses into the new, separate listing entities.

Compliance Notice: Mandatory KYC and Nomination Updates

India Glycols Ltd has issued a reminder to all shareholders holding company securities in physical form to furnish their Permanent Account Number (PAN), Know Your Client (KYC) details, and nomination choices.

Context and Regulatory Requirement

The reminder aligns with SEBI's mandate (Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/91 and subsequent updates) requiring physical security holders in listed companies to update their contact details, PAN (linked with Aadhaar), bank account information, and specimen signatures.

Impact on Shareholders

Shareholders who have not yet updated these details face service restrictions:

• Inability to lodge grievances or avail of service requests from the Registrar & Share Transfer Agent (RTA).
• Requirement for all payments (dividends, interest, redemption) to be processed exclusively through electronic modes effective from April 1, 2024.

Required Action

Shareholders are requested to submit the necessary forms to the RTA, MCS Share Transfer Agent Limited. Forms required include:

• ISR-1: Request for registering/updating PAN/KYC
• ISR-2: Confirmation of signature
• SH-13: Nomination
• SH-14: Cancellation/Variation in nomination
• ISR-3: Declaration for opting out of nomination

The company strongly encourages the dematerialization of physical shares to mitigate risks associated with physical holding and to facilitate seamless share transfers and transmissions as per SEBI Regulation 40.

Key Highlights

Financial Snapshot

Segment Performance

Corporate Action Details

The company is progressing with its Composite Scheme of Arrangement. Key updates include:

• NCLT Sanction: The NCLT pronounced the decision to sanction the scheme on 17th July 2026. The company is currently awaiting the certified true copy of the order to advance to the next implementation stage.
• Strategic Realignment: The Board previously decided to drop the amalgamation of Kashipur Holdings Limited (KHL) into the company to focus exclusively on the demerger of the Bio Pharma undertaking and the Spirits & Biofuel undertaking.

What This Means for Investors

The financial results provide a baseline for the company's performance for the first quarter of fiscal year 2026-27. The primary area of focus for investors remains the demerger process. With the NCLT having sanctioned the scheme, the company is moving closer to separating its Bio Pharma and Spirits & Biofuel businesses into distinct entities. Investors should monitor the company's announcements regarding the receipt of the certified NCLT order, which will be the catalyst for the next phase of the corporate restructuring.

Investor Takeaway

India Glycols has delivered its Q1 financial figures while reaching a significant milestone in its corporate restructuring plan via the NCLT sanction. The Potable Spirits segment continues to be the largest contributor to revenue. Shareholders should track the timeline for the certified order from the NCLT, as this will formally enable the demerger process to proceed. No concerns were flagged by the auditors in the limited review report.

Key Highlights

Financial Snapshot

Corporate Action Details

The Board provided an update on the Composite Scheme of Arrangement. The company has decided to exclusively focus on the demerger of the Bio Pharma undertaking (Ennature Bio Pharma Limited) and the Spirits & Biofuel undertaking (IGL Spirits Limited). The earlier proposal to amalgamate Kashipur Holdings Limited (KHL) into the company has been dropped.

Key procedural status:

• The NCLT sanctioned the Scheme via an order dated 17th July 2026.
• The company is currently awaiting the certified true copy of this order to proceed with further implementation.
• This strategic pivot is intended to focus value creation on the specific undertakings mentioned.

Segment Performance (Consolidated)

Potable Spirits remains the primary revenue driver for the company.

Financial and Operational Analysis

The company's consolidated performance includes contributions from various subsidiaries, including IGL Finance Limited, IGL Chem International entities, and the newly demerging entities. A noteworthy contributor during the quarter was the share of net profit from the joint venture, Clariant IGL Specialty Chemicals Private Limited, which stood at ₹20.60 crore.

What This Means for Investors

For investors, the primary takeaway is the clarification of the company's corporate restructuring path. By dropping the KHL amalgamation and narrowing the focus of the demerger, the company has simplified the scope of its restructuring. The financial results provide a baseline for the new fiscal year. Investors should monitor the receipt of the certified NCLT order, which is the next key administrative step to move the demerger forward.

Investor Takeaway

India Glycols has delivered its Q1 results while simultaneously updating the market on its strategic restructuring. With the NCLT sanction for the demerger already secured, the completion of the restructuring hinges on administrative formalities. Existing investors should continue to track the timeline for the demerger's completion, as this will likely result in a distinct corporate structure for the company's various business lines.

Corporate Governance Update

India Glycols Limited has informed the stock exchanges of a change in the designation of Ms. Pragya Bhartia Barwale (DIN: 02109262). Effective from the closure of business hours on 12th August, 2026, Ms. Barwale has transitioned from her role as a Whole-Time Director and Key Managerial Person (KMP) to a Non-Executive Non-Independent Director.

Following this change, she will be liable to retire by rotation. The company has affirmed that Ms. Barwale is not debarred from holding the office of Director by virtue of any SEBI order or any other regulatory authority.

Board Meeting Details

The Board of Directors considered and approved this re-designation during their meeting held on 12th August, 2026. The meeting proceedings are summarized below:

Director Profile Context

Ms. Pragya Bhartia Barwale is the daughter of the company's leadership: Shri U.S. Bhartia (Chairman & Managing Director) and Smt. Jayshree Bhartia (Director).

Investor Takeaway

For investors, this update represents a shift in the executive structure of the Board of Directors. Ms. Barwale remains a board member but will no longer serve in a Whole-Time Director or Key Managerial capacity. This change is procedural and does not inherently alter the company's operational outlook or financial performance. Investors should view this as a standard corporate governance adjustment.

Earnings Conference Call Details

India Glycols Limited has scheduled its earnings conference call to discuss Q1 FY27 performance on Friday, 14th August 2026, at 16:00 Hrs IST.

Management Participants

The company has confirmed the participation of key leadership for the upcoming interaction:

Investor Takeaway

The conference call provides an opportunity for investors to engage with the senior management team regarding the company's financial and operational results for the quarter. Participation from divisional heads of the Spirits and Bio Pharma businesses suggests the call will likely cover updates on these specific segments.

Conference Call Details

India Glycols Limited has formally announced the schedule for its earnings conference call regarding Q1 FY27 performance. The management team will host the discussion on Friday, 14th August 2026, at 16:00 Hrs IST.

Management Participation

The earnings call will feature representation from the senior leadership team, covering key business verticals such as Spirits and Bio Pharma, as well as finance and legal functions. This presence highlights the company's focus on these divisions.

Investor Takeaway

For existing shareholders, this conference call represents a key opportunity to gain visibility into the company's operational trends, segmental performance, and financial results for Q1 FY27. Investors can participate through the universal dial-in numbers provided by the company. Stakeholders should monitor this call for management commentary on business strategy and outlook for the coming quarters.

Board Meeting and Financial Results

India Glycols Limited has formally notified the stock exchanges that a meeting of its Board of Directors will be held on Wednesday, 12th August, 2026. The agenda for this meeting includes the consideration and approval of the company's standalone and consolidated unaudited financial results for the first quarter ended 30th June, 2026.

Trading Window Closure

In accordance with its code of conduct for regulating, monitoring, and reporting trading in securities, the company has confirmed that the trading window for dealing in its securities has been closed since 1st July, 2026. This restriction will remain in effect until 14th August, 2026, covering the period of the quarterly results announcement.

Investor Takeaway

This filing provides the specific timeline for India Glycols' Q1 earnings release. Investors should track the company's financial disclosures scheduled for release on or after 12th August, 2026, for insights into performance for the first quarter of the fiscal year.

Board Meeting Details

The Board of Directors of India Glycols Limited is scheduled to meet on 12th August, 2026. The agenda for the meeting includes the review and approval of the company's standalone and consolidated unaudited financial results for the first quarter ended 30th June, 2026.

Trading Window Closure

In accordance with the company's Code of Conduct for Regulating, Monitoring, and Reporting Trading in Securities, the trading window for dealing in the company's securities is closed from 1st July, 2026. The window will remain closed until 14th August, 2026 (inclusive). This period is standard procedure to prevent insider trading prior to the release of financial results.

Investor Takeaway

This announcement is a procedural update regarding the timeline for the company's Q1 2026-27 financial disclosure. Investors should note that the board will convene on 12th August, 2026, to discuss the quarterly results. The trading window closure is a standard compliance measure and does not impact normal market operations for the general public.

Appointment Details

IGL Spirits Limited, a wholly owned subsidiary of India Glycols Limited, has appointed Shri Manoj Kumar Rai as an Additional Director (Executive Director) and Key Managerial Personnel, designated as the Chief Operating Officer.

Professional Profile

Mr. Manoj Kumar Rai, aged 53, is a seasoned business leader with over 27 years of industry experience. His background spans several sectors, including:

• Engineering
• Consumer Goods
• Entertainment
• Alcoholic Beverages

He possesses expertise in business strategy, P&L management, commercial excellence, and business transformation. Prior to this appointment, he served as the Chief Revenue Officer at Allied Blenders and Distillers Limited. His previous professional experience includes tenures at Pernod Ricard India, Marico Industries, and Saregama India.

Strategic Context

This appointment is relevant as it relates to IGL Spirits Limited, which is currently undergoing a Scheme of Arrangement. The company has confirmed that this disclosure is made in accordance with the regulatory observation letters received from the National Stock Exchange and BSE, as well as applicable SEBI master circulars regarding the ongoing restructuring process.

Investor Takeaway

For investors, this update confirms a key leadership change at the subsidiary level. The appointment of an experienced professional like Mr. Rai suggests a focus on operational leadership and P&L management at IGL Spirits Limited. Investors should continue to monitor updates regarding the ongoing Scheme of Arrangement, as this process remains the primary structural development for the company.

Key Highlights

• Management Transfer: Shri Akshay Bansal has been transferred from India Glycols Limited to its wholly-owned subsidiary, Ennature Bio Pharma Limited (EBL).
• New Role: He has been appointed as an Additional Director (Executive Director) and Key Managerial Personnel at EBL.
• Tenure: The appointment is for a term of five years, effective from July 31, 2026, until July 30, 2031.
• Context: The transition is part of the ongoing Scheme of Arrangement involving India Glycols, Ennature Bio Pharma, and IGL Spirits Limited.

Management Profile

Shri Akshay Bansal (52 years) brings 26 years of experience in the pharmaceuticals, nutraceuticals, and nicotine industries. His background includes expertise in:

• Manufacturing operations
• International commercial strategy
• Supply chain management
• Business development

Prior to this role, he served as the Head of Sales & Marketing for the Ennature Bio Pharma Division of India Glycols Limited.

Organizational Context

This personnel change is explicitly linked to the ongoing Scheme of Arrangement, which is being executed under Sections 230 to 232 of the Companies Act, 2013. The company has affirmed that this transfer is compliant with regulatory requirements and that Mr. Bansal is not debarred from holding directorial positions by any SEBI order.

What This Means for Investors

This update is primarily governance-focused and signals the operational realignment of the subsidiary, Ennature Bio Pharma Limited, ahead of the culmination of the corporate restructuring plan. Investors should view this as a step toward finalizing the structural changes proposed under the Scheme of Arrangement. There is no immediate impact on financial performance expected from this change.

Investor Takeaway

This is a procedural disclosure confirming leadership changes within the India Glycols group. Shareholders should note the strategic placement of experienced leadership at the subsidiary level as the company progresses with its reorganization plan.

Management Restructuring

India Glycols Limited has executed a change in its senior management structure. Shri Akshay Bansal, who served as a Senior Managerial Personnel (SMP) at the parent company, has been transferred to Ennature Bio Pharma Limited (EBL), a wholly-owned subsidiary. This transition was effective from the close of business hours on July 30, 2026.

Key Details of Appointment

Following the transfer, Shri Akshay Bansal has been appointed as an Additional Director (Executive Director) and Key Managerial Personnel (KMP) of Ennature Bio Pharma Limited. His appointment is for a term of five consecutive years, effective from July 31, 2026, until July 30, 2031, subject to shareholder approval at EBL.

Mr. Bansal is a 52-year-old professional with 26 years of experience across the pharmaceuticals, nutraceuticals, and nicotine industries. His background includes expertise in manufacturing, commercial strategy, supply chain management, and business development.

Corporate Context

The company clarified that this update is part of an ongoing Scheme of Arrangement involving India Glycols Limited, Ennature Bio Pharma Limited, and IGL Spirits Limited. The disclosures were made in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, following observation letters received from the stock exchanges regarding the scheme.

Investor Takeaway

For investors, this development represents a structural alignment of leadership as part of the company's broader corporate restructuring plan. The transfer of a senior official to the subsidiary underscores management's focus on strengthening the leadership team at the subsidiary level. Investors should continue to monitor updates related to the Scheme of Arrangement, as the restructuring process remains the primary driver behind these organizational changes.

Board Decision and Meeting Update

India Glycols Limited has formally announced the dispatch of the Notice for its 42nd Annual General Meeting (AGM) and the Annual Report for the financial year 2025-26. These documents have been sent to eligible shareholders of the company via email. The company has also confirmed the publication of related advertisements in newspapers, specifically the Financial Express and Uttar Ujala editions, on July 25, 2026.

Compliance and Regulatory Update

The company has confirmed that this publication is in full compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Section 108 of the Companies Act, 2013. The notice includes details regarding e-voting information, ensuring shareholders are informed of the procedure to exercise their voting rights for the upcoming meeting.

What This Means for Investors

This filing represents a standard administrative and compliance-related procedure associated with the company's annual governance cycle. Shareholders should look for the detailed AGM notice and annual report to review the company's financial performance and resolutions proposed for the upcoming year.

Key Highlights

Annual General Meeting

The company has formally announced its 42nd Annual General Meeting (AGM) to be held on August 19, 2026. The meeting will be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM), in compliance with applicable corporate laws and regulatory circulars.

Dividend and Compliance Update

In line with recent SEBI mandates, the company has clarified that all dividend payments will be processed exclusively through electronic mode. Shareholders are advised that to ensure the seamless receipt of dividends, it is critical to have updated and validated KYC particulars and bank account details on record.

• Demat Holders: Update bank and KYC details directly through their respective Depository Participants.
• Physical Holders: Submit necessary forms for PAN, KYC, and bank account details to the Registrar and Share Transfer Agent (RTA).

Failure to comply with these requirements may lead to delays or issues in the dividend payment process.

Shareholder Resources

For assistance with KYC updates, physical share management, or AGM-related queries, shareholders can contact the RTA:

Investor Takeaway

Investors should note the AGM date of August 19, 2026. For those holding shares, it is highly recommended to verify that bank and KYC information is current with the relevant depository or RTA to avoid potential disruptions in dividend payouts. This is a routine procedural update and requires standard shareholder attention to ensure compliance with updated payment mechanisms.

Financial Snapshot

Strategic Developments

Consequent to a preferential issue on November 24, 2025, the shareholding of Kashipur Holdings Limited reduced from 50.35% to 49.77%. Consequently, Kashipur Holdings Limited ceased to be the Holding Company of India Glycols Limited effective from that date.

Regulatory and Legal Update

The company has disclosed several ongoing legal proceedings concerning excise duty and customs classification. Key items include:

• Customs Duty Demand: A matter regarding differential customs duty on the import of Denatured Ethyl Alcohol involves a demand of ₹74.43 crore. While partially allowed by the Appellate Authority, the matter remains subject to an appeal before CESTAT, Allahabad.
• Excise Duty Penalty: A penalty case of ₹10.39 crore concerning the classification of RAB under the Central Excise Tariff (FY 2005-06 to 2008-09) is pending before the Honorable High Court of Uttarakhand.
• Customs Duty Case: A customs duty demand of ₹44.18 lakh is currently under appeal.

Sustainability and Operations

The company has emphasized its commitment to green chemical production and sustainability. Notable initiatives include:

• Zero Liquid Discharge (ZLD): Implementation of ZLD mechanisms at key distillery units located in Kashipur, Gorakhpur, and Dehradun.
• Waste Management: The company is registered under the Extended Producer Responsibility (EPR) regime for plastic waste and adheres to practices for safe disposal of hazardous and non-hazardous waste.
• Certifications: The company maintains various certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and ISO 50001:2018 across its facilities.

Investor Takeaway

Investors should track the ongoing litigation proceedings involving the company, particularly the customs and excise duty matters, as these carry financial implications. The transition in corporate control structure, with the cessation of the holding company, marks a significant shift in governance. Sustainability remains a strategic focus, with ongoing investments in ZLD and environmental compliance being key operational aspects to monitor.

Key Highlights

Financial Snapshot

Segment Performance

Revenue and Income Analysis

India Glycols saw consistent growth in its top line, with Gross Sales and other income reaching ₹9,869.71 crore in FY 2025-26, up from ₹9,052.37 crore in the previous year. The Potable Spirits division continues to be the primary engine of growth, contributing over 70% of the company's revenue, supported by strong brand positioning and expansion into premium segments.

Profitability Analysis

The company demonstrated strong profitability growth, with net profit rising to ₹282.33 crore compared to ₹180.38 crore in the previous year. This robust performance is attributed to a focus on premiumization and improved operational efficiencies, which helped offset margin pressures in the Bio-Based Specialties and Ennature Bio Pharma segments.

Operational Performance

The company has successfully completed capital expansion projects, including a new distillery and a Bio-Fuel Ethanol plant. These initiatives, along with strategic investments in green energy and specialty chemicals, are intended to support long-term sustainability and growth. The company reported full utilization of the proceeds from its preferential share issue.

Corporate Action Details

During the year, the company successfully raised ₹466.99 crore through a preferential issue of 51,03,765 equity shares at ₹915 per share. Additionally, the Board has declared an interim dividend of ₹7.50 per equity share, which will be treated as the final dividend for FY 2025-26.

Concerns and Watch Points

What This Means for Investors

For investors, the key takeaways are the company's strong ability to grow profits despite external market pressures and its commitment to improving shareholder value through dividends and strategic restructuring. The ongoing demerger scheme is a major development that could potentially unlock value by separating business units with different growth profiles.

Investor Takeaway

India Glycols has delivered a solid financial performance, characterized by strong top-line growth and significant bottom-line improvement. Investors should closely monitor the progress of the NCLT-sanctioned demerger scheme and the recovery trajectory of the Bio Pharma and specialty chemicals divisions, which are currently facing competitive headwinds. The company's strategic focus on premiumization and renewable energy solutions remains a long-term positive.

Key Highlights

• Revenue Growth: Standalone gross sales and other income rose to ₹9,869.71 crore in FY 2025-26, up from ₹9,052.37 crore in FY 2024-25.
• Profitability: Net profit grew significantly by 56% to ₹282.33 crore compared to ₹180.38 crore in the previous year.
• Strategic Restructuring: Board approved a scheme for the demerger of the Bio Pharma and Spirits & Biofuel undertakings.
• Capital Action: Successfully raised ₹466.99 crore via preferential issue and executed a share split in August 2025.

Financial Snapshot

Revenue and Income Analysis

The Potable Spirits segment remains the primary revenue driver, contributing 70.69% of the total revenue, followed by the Power Alcohol (Bio-Fuel) segment at 14.96%. The Bio-Based Specialities and Performance Chemicals segment contributed 12.23%, while Ennature Biopharma contributed 2.12%.

Profitability Analysis

The company witnessed a substantial bottom-line improvement, with net profit increasing by 56.5% year-over-year. Earnings per share (Basic and Diluted) also improved significantly to ₹44.31 in FY 2025-26 compared to ₹29.13 in the previous fiscal.

Segment Performance

Corporate Action Details

• Preferential Issue: The company raised ₹466.99 crore through the issuance of 51,03,765 equity shares at ₹915 per share (face value of ₹5 each). The funds were fully utilized for working capital requirements and debt repayment.
• Share Split: To improve liquidity and encourage broader investor participation, equity shares were subdivided from a face value of ₹10 to ₹5 per share in August 2025.
• Demerger: A scheme of arrangement to demerge the Bio Pharma and Spirits & Biofuel undertakings into Ennature Bio Pharma Limited and IGL Spirits Limited, respectively, is currently pending before the NCLT.

Concerns and Watch Points

Number Relationship Analysis

The 56% increase in net profit, despite only a 9% increase in gross revenue, suggests improved operational efficiency and a successful focus on value-added, premium products. The successful preferential issue has supported capital requirements, helping the company manage its liquidity position effectively.

What This Means for Investors

India Glycols has demonstrated resilient growth in its core Potable Spirits and Bio-fuel segments, which offset the pricing challenges faced in the chemicals sector. The ongoing demerger process indicates a strategic intent to create focused entities, which may allow for better valuation and operational clarity for different business lines. Investors should monitor the progress of the demerger and the company's ability to maintain margins in a volatile global commodity environment.

Investor Takeaway

The company has delivered strong financial growth for FY 2025-26. The shift towards premiumization in its spirits portfolio and the expansion of the biofuel segment have been key success factors. The ongoing demerger of the Bio Pharma and Spirits/Biofuel businesses is a critical strategic move for future value creation. Investors should keep a close watch on the completion of this demerger process and the company’s ability to navigate external geopolitical and pricing pressures in the chemical segment.

AGM Notice Overview

India Glycols Limited has formally announced the convening of its 42nd Annual General Meeting (AGM). The company has published notice clippings in the Financial Express (all editions) and Uttar Ujala (Nainital edition) on July 23, 2026, to inform shareholders of the meeting details and procedures.

Meeting Details

• Meeting Date: Wednesday, August 19, 2026
• Time: 11:00 A.M. (IST)
• Mode: Video Conferencing (VC) / Other Audio Visual Means (OAVM)

The meeting will be held without the physical presence of members at a common venue, in adherence to Ministry of Corporate Affairs (MCA) circulars regarding virtual meetings.

Instructions for Shareholders

To ensure participation and receipt of meeting-related documents, the company has provided specific guidance for shareholders:

• Annual Report Dissemination: The Notice and the Annual Report for the Financial Year 2025-26 will be distributed electronically to members who have registered their email addresses.
• Physical Mode Shareholders: Those holding shares in physical form are requested to register or update their email addresses with the Registrar & Share Transfer Agent (RTA), MCS Share Transfer Agent Limited.
• Demat Mode Shareholders: Those holding shares in dematerialized mode should update their email addresses with their respective Depository Participants.

Compliance Context

This publication is part of the company's compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, and the ongoing MCA circulars permitting virtual AGMs. These regulatory requirements ensure that shareholders receive timely access to the Annual Report and the necessary platform access to participate in the meeting.

What This Means for Investors

This is a standard corporate governance update. Investors should ensure their contact details—specifically their registered email addresses—are current with their depository participant or the RTA. This will ensure they receive the electronic notice and credentials required to join the AGM and participate in e-voting processes.

Annual General Meeting Announcement

India Glycols Limited has formally announced the schedule for its 42nd Annual General Meeting (AGM). This meeting is a mandatory annual event for shareholder engagement and corporate governance.

Meeting Details

• Date: Wednesday, 19th August, 2026
• Time: 11:00 A.M. (IST)
• Mode: The meeting will be conducted through Video Conferencing/Other Audio Visual Means (VC/OAVM).

Accessing the Annual Report

The company has outlined the procedure for shareholders to access the Notice of the 42nd AGM and the Annual Report for the Financial Year 2025-26:

• Website Availability: Documents will be hosted on the company's official website.
• Email Communication: Shareholders with registered email addresses will receive the Notice and Annual Report via email.
• Physical Communication: In compliance with regulatory requirements for those without registered email addresses, the company will dispatch a letter containing a web link to access the Annual Report.

This communication is in compliance with the relevant provisions of the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Highlights

The NCLT, Allahabad Bench, has sanctioned the Scheme of Arrangement for India Glycols Limited. This scheme involves the demerger of the company's Biopharma Undertaking and the Spirits and Biofuel Undertaking into separate resulting companies.

Corporate Action Details

Upon the scheme becoming effective, the company will issue shares of the resulting entities to the existing shareholders of India Glycols Limited.

Income Tax Demand Clarification

The company addressed a reported outstanding income tax demand for the assessment year 2024-25. The company clarified that the demand of INR 27,890 has been discharged.

Management stated that the Equalisation Levy was deposited on 6th July 2023, and the requisite Form 1 was filed on 25th June 2024, noting that no interest is payable. Proof of payment has been submitted to the authorities.

What This Means for Investors

The sanction from the NCLT is a final judicial step in the demerger process. The restructuring will result in the creation of distinct entities focused on the Biopharma and Spirits & Biofuel businesses. Shareholders will receive new equity based on the specified ratios. The company has formally addressed tax concerns to ensure compliance and avoid regulatory hurdles during the restructuring process. The scheme does not involve corporate debt restructuring or a reduction in paid-up equity share capital.

Investor Takeaway

Investors should note the formal approval of the demerger and the defined share allocation ratios. The business will now operate as distinct entities post-restructuring. Management has affirmed that the scheme is for business reorganization and does not signify tax avoidance. Shareholders should monitor company disclosures for the announcement of the 'Effective Date,' which will mark the official implementation of the scheme.

Corporate Action Details

India Glycols Limited has received the order from the Hon'ble National Company Law Tribunal (NCLT), Allahabad Bench at Prayagraj, sanctioning the Scheme of Arrangement. This scheme involves the demerger of specific business undertakings into separate entities:

• Bio Pharma Undertaking: To be demerged into Ennature Bio Pharma Limited (EBL).
• Spirits and Biofuel Undertaking: To be demerged into IGL Spirits Limited (ISL).

The sanctioning of this scheme represents a procedural progression in the company's previously announced restructuring plans. The company has stated that a copy of the order will be made available once uploaded on the NCLT website.

What This Means for Investors

The NCLT approval confirms that the regulatory process for the demerger is moving forward as planned. This restructuring is intended to separate the business units into distinct entities, which is often done to improve operational focus and business clarity for each respective segment. Investors should view this as a positive regulatory step in the transition process. As the next steps involve implementation and the setting of an effective date, further updates from the company will be necessary to understand the final timeline for the separation.

Investor Takeaway

For existing shareholders, the NCLT approval is a key milestone, validating the legal framework of the demerger. This removes a significant regulatory hurdle for the planned separation of the Bio Pharma and Spirits & Biofuel undertakings. Investors should monitor future communications from the company regarding the effective date of the scheme and any implications for shareholding structures. The company remains in an active phase of this corporate reorganization, and the focus now shifts toward the implementation of the sanctioned scheme.

Key Highlights

Transaction Details

The National Company Law Tribunal (NCLT), Allahabad Bench, has concluded the hearing for the Second Motion petition regarding the Scheme of Arrangement. The court has reserved the matter for final pronouncement, indicating that the demerger process is nearing its legal conclusion. Under the scheme, the business divisions will be demerged into Ennature Bio pharma Limited and IGL Spirits Limited.

Regulatory and Legal Observations

• Creditor Meetings: The NCLT has dispensed with the meetings of the secured creditors for both the petitioner and the resulting companies, streamlining the legal path for the demerger.
• Regulatory Reports: The Registrar of Companies (RoC) and Official Liquidator (OL) for Uttarakhand have filed reports with no adverse observations regarding the proposed scheme.
• Tax Dispute: During the hearing, the Income Tax Department raised an outstanding demand of Rs 27,890 dated May 6, 2026. The company contended that the principal amount was settled in 2023 and the issue pertains to interest. To ensure progress on the demerger, the company has provided an undertaking that it will remain bound by any outstanding tax demands post-sanction of the scheme.

What This Means for Investors

The reservation of the order by the NCLT is a positive signal that the restructuring process is moving towards completion. With major regulatory hurdles—such as creditor meetings and the RoC/OL reporting—already addressed, the primary remaining step is the final court order. The minor tax issue raised was addressed by the company, and its undertaking provides a clear path forward without impeding the restructuring timeline.

Investor Takeaway

Investors should view this as a progressive step in the company's demerger strategy. The legal process is in its final stages, and the resolution of minor procedural queries indicates a smooth progression toward implementation. Existing shareholders should monitor for the final order pronouncement, which will detail the next steps in the demerger and allocation of interests in the resulting entities.

India Glycols Limited published a second newspaper advertisement on April 22, 2026, announcing the opening of a Special Window for the transfer and dematerialisation of physical shares. This initiative aligns with SEBI Circular No. HO/38/13/11(2)2026-MIRSD-POD/I/3750/2026 dated January 30, 2026. The window, valid for one year from February 5, 2026, to February 4, 2027, is for shareholders who acquired physical shares before April 1, 2019, and had not lodged them for transfer or had them rejected due to documentation issues. The advertisement appeared in the Financial Express and Uttar Ujala.

Summary

• India Glycols' tax appeal saw a Rs.7,20,570 IGST penalty waived by the appellate authority.
• A new penalty of Rs.10,000 IGST was imposed due to a clerical error on the E-way bill.
• The company deems the Rs.10,000 penalty invalid but will not appeal further due to litigation costs.

Key Numbers & Dates

• Date of Appellate Order: 15th April 2026
• Original Penalty Set Aside: Rs. 7,20,570 (IGST)
• New Penalty Imposed: Rs. 10,000 (IGST)
• Reason for New Penalty: Clerical mistake in E-way bill (not disclosing tax amount)
• Date of Impugned Order: 25th November 2024
• Date of SEBI Circular: 30th January 2026

What Changes for the Business

• The company successfully contested a significant portion of a tax penalty, with Rs.7,20,570 (IGST) being waived off by the appellate authority.
• A minor penalty of Rs.10,000 (IGST) will be incurred by the company as a result of a procedural error.

⚠️ What Could Go Wrong (source-based)

• [Legal] The company considers the Rs.10,000 penalty invalid but will not pursue further appeal to avoid litigation costs.

Summary

• India Glycols Limited (IGL) has received an order from the NCLT Allahabad Bench dated 9th April 2026, admitting the second motion petition related to its Scheme of Arrangement.
• This scheme involves the demerger of IGL into two resulting companies: Ennature Biopharma Limited (Resulting Company 1) and IGL Spirits Limited (Resulting Company 2).
• The NCLT has directed that public notices be issued in newspapers and notices be sent to specified authorities.
• The matter is scheduled for further proceedings on 21st May 2026.

Key Numbers & Dates

• NCLT Order Date: 9th April, 2026
• Online Copy Available: 10th April, 2026
• First Motion Order: 15th January, 2026
• Scheme of Arrangement Hearing: 21st May, 2026

What Changes for the Business

• The Scheme of Arrangement, as approved by the NCLT's second motion order, is progressing towards completion.
• This restructuring aims to demerge India Glycols Limited into 'Demerged Company', 'Resulting Company 1' (Ennature Biopharma Limited), and 'Resulting Company 2' (IGL Spirits Limited).

⚠️ What Could Go Wrong

• [Regulatory]: The Scheme remains subject to applicable regulatory and other approvals, indicating potential delays or conditions from authorities.
• [Execution]: Notices are to be published in newspapers, and authorities have 30 days from receipt to submit representations, which could introduce objections or requirements.

What to Track Next

• Publication of notices in Business Standard and Amar Ujala newspapers.
• Submissions of representations by statutory authorities within 30 days.
• The next hearing date scheduled for 21st May 2026.

Summary

• India Glycols Limited has submitted a compliance certificate as per Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
• The certificate covers the quarter ended March 31, 2026.
• It confirms that securities received for dematerialization were listed on stock exchanges and that physical certificates were cancelled and ownership updated.

Key Numbers & Dates

• Quarter ended: March 31, 2026

What Changes for the Business

• No specific business changes are indicated; this is a routine regulatory compliance filing.

⚠️ What Could Go Wrong

• None of the text suggests any specific risks or adverse conditions associated with this filing.

Summary

• India Glycols Limited will close its trading window for dealing in its securities from April 1, 2026, until 48 hours after its audited financial results for the fiscal year ending March 31, 2026, are declared.
• This is a routine procedure in line with the company's Code of Conduct.

Key Numbers & Dates

• Trading Window Closure Start Date: April 1, 2026
• Financial Year End: March 31, 2026
• Trading Window Reopens: 48 hours after declaration of Audited Financial Results.

What Changes for the Business

• Directors, officers, and designated employees will be restricted from trading in India Glycols Limited's shares during the closure period as per the company's Code of Conduct.

What to Track Next

• Investors should track the date of the declaration of the audited financial results for FY26 to determine when the trading window will reopen.

Summary

• India Glycols Limited conducted an Equity Shareholders' Meeting on March 24, 2026, to vote on a proposed Scheme of Arrangement.
• The scheme involves the demerger of India Glycols Limited into Ennature Bio Pharma Limited and IGL Spirits Limited.
• The resolution for the scheme of arrangement was passed with the requisite majority by the shareholders.
• The meeting was held pursuant to orders from the Hon'ble National Company Law Tribunal (NCLT), Allahabad Bench.

Key Numbers & Dates

• Equity Shareholders' Meeting: March 24, 2026
• Cut-off date for determining voting entitlement: March 17, 2026
• Voting Result (All Equity Shareholders): 4,42,48,625 votes (100%) in favour vs. 1 vote (0.000%) against.
• Total shareholders attended the meeting: 49

What Changes for the Business

• The approved Scheme of Arrangement aims to demerge India Glycols Limited into "Demerged Company" (India Glycols Limited), "Resulting Company 1" (Ennature Bio Pharma Limited), and "Resulting Company 2" (IGL Spirits Limited).
• This corporate restructuring is subject to obtaining final approval from the Hon'ble National Company Law Tribunal.

⚠️ What Could Go Wrong (source-based)

• [Regulatory] The scheme is subject to the final approval of the Hon'ble National Company Law Tribunal, Allahabad Bench, Prayagraj.

What to Track Next

• Monitor the final sanction of the Scheme of Arrangement by the Hon'ble National Company Law Tribunal.

Summary

• India Glycols Limited's equity shareholders met on March 24, 2026.
• The meeting was convened pursuant to orders from the Hon'ble National Company Law Tribunal (NCLT), Allahabad Bench, Prayagraj.
• Shareholders overwhelmingly approved the Scheme of Arrangement involving India Glycols Limited, Ennature Bio Pharma Limited, and IGL Spirits Limited.

Key Numbers & Dates

• The equity shareholders meeting was held on March 24, 2026.
• The resolution to approve the Scheme of Arrangement was passed with 4,42,48,625 votes in favour and 1 vote against.
• A total of 4,42,48,626 votes were cast.
• 49 shareholders attended the meeting.
• Remote e-voting was available from March 20 to March 23, 2026.
• The cut-off date for determining voting entitlement was March 17, 2026.
• The meeting was held pursuant to NCLT orders dated January 15, 2026 and February 16, 2026.

What Changes for the Business

• The approval pertains to a Scheme of Arrangement amongst India Glycols Limited (as the 'Demerged Company'), Ennature Bio Pharma Limited (as 'Resulting Company 1'), and IGL Spirits Limited (as 'Resulting Company 2'), and their respective shareholders.

What to Track Next

• The approved Scheme of Arrangement is subject to further sanction and approvals from the Hon'ble National Company Law Tribunal and other regulatory authorities.

India Glycols Limited's Board of Directors has declared an interim dividend of ₹7.50 per equity share (150%) on shares with a face value of ₹5. The record date for eligibility is Monday, March 23, 2026. Dividend payments will be processed within 30 days, exclusively via electronic transfer. Shareholders must ensure updated KYC and bank details to avoid payment withholding. Tax Deducted at Source (TDS) will be applicable, and necessary documents are to be submitted by March 23, 2026.

Summary

• India Glycols Limited declared an interim dividend of ₹7.50 per Equity Share (150%) for FY 2025-26.
• The record date for determining eligible shareholders is March 23, 2026.
• The company has outlined detailed Tax Deducted at Source (TDS) procedures for resident and non-resident shareholders.
• Shareholders must submit required documentation, including valid PAN details, by March 23, 2026, to ensure correct TDS rates are applied and avoid higher deductions.
• Dividend payments will exclusively be made via electronic mode from November 2025 onwards.

Key Numbers & Dates

• Interim Dividend: ₹7.50 per Equity Share (150%) on a face value of ₹5.
• Record Date: Monday, 23rd March, 2026.
• TDS Document Submission Deadline: Monday, 23rd March, 2026.
• Dividend Payment Timeline: Within 30 days of declaration.
• TDS Rate (Resident Individuals with PAN): 10%.
• TDS Rate (Resident Individuals without PAN): 20%.
• TDS Rate (Non-Residents): Generally 20% (subject to DTAA).
• Exemption Threshold (Resident Individuals): Dividend amount up to ₹10,000.

What Changes for the Business

• All dividend payments will be remitted electronically only from November 19, 2025, with no warrants or cheques issued.
• Shareholders need to ensure their bank account details and KYC are updated with depositories or the RTA to receive electronic dividend credits.

⚠️ What Could Go Wrong (source-based)

• [Financial] Failure to provide valid PAN details or required TDS documentation by March 23, 2026, may result in a higher TDS rate (up to 20% for residents, or treaty rates for non-residents, potentially higher if non-compliant).
• [Execution] Dividend payment may be withheld for shareholders whose KYC details are not completed or updated.
• [Financial] Misrepresentation or inaccuracy in provided information may lead to income tax demands (including interest, penalty) for which the shareholder will be responsible to indemnify the company.

What to Track Next

• Shareholders should ensure their PAN and KYC details are up-to-date with depositories/RTA.
• Timely submission of all necessary declarations and documents for TDS compliance.
• Verification of TDS credit in Form 26AS after dividend payment.

Summary

• India Glycols Limited's Board of Directors has declared an interim dividend of ₹7.5 per equity share for the financial year 2025-26.
• The dividend represents 150% of the company's face value of ₹5 per share.
• The Record Date for determining eligible shareholders has been fixed for Monday, March 23, 2026.
• Dividend payments are scheduled to be made within 30 days from the declaration date.

Key Numbers & Dates

• Interim Dividend: ₹7.5 per equity share
• Face Value: ₹5 per equity share
• Dividend Percentage: 150%
• Declaration Date: March 17, 2026
• Record Date: March 23, 2026
• Payment Timeline: Within 30 days from declaration date

What Changes for the Business

• No direct changes to business operations are mentioned. The announcement pertains to a financial return to shareholders.

What to Track Next

• Track the payment of the interim dividend, which should occur within 30 days of the March 17, 2026 declaration.

Summary

• India Glycols Limited declared an interim dividend of ₹7.5 per equity share for the financial year 2025-26.
• This dividend represents 150% of the company's face value of ₹5 per share.
• The Board of Directors made this declaration during a meeting held on March 17, 2026.
• March 23, 2026, has been set as the record date for determining shareholder eligibility.

Key Numbers & Dates

• Interim Dividend: ₹7.5 per equity share (150% of face value ₹5) for FY2025-26.
• Declaration Date: March 17, 2026.
• Record Date: March 23, 2026.
• Payment Timeline: Within 30 days from the declaration date.

What Changes for the Business

• Shareholders eligible as of the record date will receive a dividend payment, increasing their immediate returns from the investment.

Summary

• India Glycols Limited's Board of Directors has declared an interim dividend.
• The dividend is ₹7.5 per equity share for the financial year 2025-26.
• The record date for determining eligible shareholders is March 23, 2026.
• Payment will be made within 30 days from the declaration date.

Key Numbers & Dates

• Interim Dividend: ₹7.50 per equity share
• Face Value: ₹5.00 per equity share
• Dividend Rate: 150%
• Financial Year: 2025-26
• Board Meeting Date: March 17, 2026
• Record Date: March 23, 2026
• Payment Timeline: Within 30 days from declaration

What to Track Next

• Ensure dividend payment within the 30-day stipulated period.

Summary

• India Glycols Limited announced receipt of an interim dividend from its joint venture, M/s Clariant IGL Specialty Chemical Private Limited.
• The company received ₹36 crore (Gross) and its wholly-owned subsidiary received ₹2.88 crore (Gross) on March 17, 2026.
• The dividend was declared on equity shares of face value ₹10 each at ₹36,000 per share (3600%).

Key Numbers & Dates

• Interim dividend received by India Glycols (Gross): ₹36.00 crore
• Interim dividend received by India Glycols (Net of TDS): ₹32.40 crore
• Interim dividend received by WoS (Gross): ₹2.88 crore
• Interim dividend received by WoS (Net of TDS): ₹2.59 crore
• Date of dividend receipt: 17th March, 2026
• India Glycols' shareholding in JV: 45.37%
• WoS's shareholding in JV: 3.63%

What Changes for the Business

• The receipt of dividend income is expected to boost the company's liquidity and cash reserves.

Summary

• India Glycols Limited received an order from the Appellate Authority regarding a customs dispute.
• The order partially upheld a previous demand for ₹33.43 crore in short-paid duty and interest, and a penalty of ₹41 crore.
• A significant redemption fine of ₹191.76 crore was set aside.
• The company plans to file a second appeal and expects no material impact.

Key Numbers & Dates

• Impugned Order (22nd March 2024) confirmed ₹33.43 crore duty short, ₹82 crore penalty, and ₹191.76 crore redemption fine.
• Appellate Authority Order (27th February 2026) upheld ₹33.43 crore duty short (with interest) and ₹41 crore penalty.
• Appellate Authority Order set aside the ₹191.76 crore redemption fine.
• Company received Appellate Order on 12th March 2026.
• Company plans to file a second appeal.

What Changes for the Business

• The financial liability related to the customs order has been significantly reduced by the Appellate Authority's decision.
• The company maintains confidence in its position, planning a further appeal, and assesses no material impact on its operations or finances.

⚠️ What Could Go Wrong

• [Financial] Confirmation of ₹33.43 crore duty demand with interest and ₹41 crore penalty by the Appellate Authority, pending a second appeal.
• [Legal] The outcome of the second appeal against the Appellate Authority's order remains uncertain.

What to Track Next

• The company's progress and outcome of the second appeal against the confirmed demand.

Summary

• CARE Ratings has placed India Glycols Limited's credit ratings on 'Rating Watch with Developing Implications' due to a proposed demerger of its business segments.
• The company is undertaking a composite scheme of arrangement to demerge its biofuel, potable spirits, and bio-pharma undertakings into separate entities.
• The rating agency will monitor the progress of the demerger, which is expected to be completed within six months, and will review the ratings post-completion.
• Key financial metrics such as gearing and net debt to PBILDT are expected to improve post-restructuring and debt reduction efforts.

Key Numbers & Dates

• Fund-based LT-Term Loan: ₹1229.79 crore.
• Fund-based LT/ST-Working Capital Limits: ₹450.00 crore.
• Non-fund-based ST-BG/LC: ₹850.00 crore.
• Fund-based LT-Bank Guarantee: ₹0.00 crore (Withdrawn).
• Withdrawn Guarantee Amount: ₹72.63 crore.
• Total debt as of January 31, 2026: ₹1,793 crore.
• Revenue FY25: ₹3,748 crore.
• PBILDT Margin FY25: 13.09%.
• Revenue 9MFY26: ₹3,239 crore.
• PBILDT Margin 9MFY26: 15.04%.
• Net debt to PBILDT (adjusted for LC) FY25: 4.31x.
• Expected overall gearing by FY26-end: ~0.7x.
• Expected net debt to PBILDT by FY26-end: 2.5x-3.0x.
• Gross Cash Accruals FY25: ₹390 crore.
• Planned Capex FY26: ₹150 crore.
• Expected dividend from JV: ₹40 crore per annum.
• LT-Term Loan Maturity: March 31, 2027.
• Press Release Date: March 6, 2026.

What Changes for the Business

• The company is planning a demerger where its biofuel, potable spirits, and bio-pharma undertakings will be moved to separate entities.
• India Glycols Limited will retain the glycols and new specialty chemicals business, aiming to become a pure chemical manufacturer.
• This restructuring is expected to enhance capital allocation, management focus, and resource efficiency across businesses.

⚠️ What Could Go Wrong (source-based)

• [Financial] Incremental debt or deteriorating profitability could lead to net debt to PBILDT remaining above 4.50x by FY26-end.
• [Financial] Sustained net debt to PBILDT above 4.5x on a sustained basis may lead to a trigger in negative rating sensitivity factors.
• [Execution] Delays or non-approval of the composite scheme of arrangement by regulatory authorities (NCLT, shareholders, etc.) could impact the restructuring timeline.
• [Financial] The company's profitability remains exposed to volatility in key raw material costs and government-regulated pricing, particularly in the PS and BF segments.
• [Financial] The liquor industry faces risks from stringent state-level regulations, inter-state transfer challenges, and potential prohibition in certain states.

Results Snapshot

• Consolidated Financials (in ₹ crore):
  • Total Operating Income: FY24 (Audited) 3294, FY25 (Audited) 3748.
  • PBILDT: FY24 (A) 402, FY25 (A) 491.
  • Profit After Tax (PAT): FY24 (A) 173, FY25 (A) 231.
  • Overall Gearing (x): FY24 (A) 0.98, FY25 (A) 0.94.
  • Interest Coverage (x): FY24 (A) 3.26, FY25 (A) 2.96.

What to Track Next

• Approval status of the composite scheme of arrangement from NCLT, shareholders, and other regulatory authorities.
• Completion timeline of the demerger process, expected within six months.
• Evolution of the company's financial risk profile, particularly gearing and net debt to PBILDT metrics post-restructuring.
• Performance of the demerged entities and the remaining IGL business.

Summary

• India Glycols Limited will convene a Board Meeting on Tuesday, March 17, 2026.
• The primary purpose of the meeting is to consider the declaration of an interim dividend for the financial year 2025-26.
• The company has announced a trading window closure for its securities from March 11, 2026, to March 19, 2026, inclusive.

Key Numbers & Dates

• Board Meeting Date: Tuesday, 17th March, 2026 (to consider interim dividend for FY 2025-26)
• Trading Window Closure: Wednesday, 11th March, 2026 to Thursday, 19th March, 2026 (both days inclusive)

What to Track Next

• The outcome of the Board Meeting on March 17, 2026, regarding the interim dividend declaration.

Summary

• India Glycols Limited will hold a Board Meeting on March 17, 2026.
• The meeting will consider declaring an interim dividend for the financial year 2025-26.
• The company's trading window will be closed from March 11 to March 19, 2026.

Key Numbers & Dates

• Board Meeting Date: March 17, 2026 (to consider interim dividend)
• Trading Window Closure: March 11, 2026, to March 19, 2026 (inclusive)

What to Track Next

• Outcome of the Board Meeting on March 17, 2026, regarding interim dividend declaration.

Summary

• India Glycols Limited will hold a Board of Directors meeting on March 17, 2026.
• The primary purpose of the meeting is to consider declaring an interim dividend for the financial year 2025-26.
• The company has also set a trading window closure period from March 11 to March 19, 2026.

Key Numbers & Dates

• Board Meeting: March 17, 2026 (to consider interim dividend for FY25-26)
• Trading Window Closed: March 11, 2026 to March 19, 2026 (inclusive)

What Changes for the Business

• The main impact is the potential declaration of an interim dividend, which could be a positive cash return to shareholders.
• The trading window closure restricts insider trading during this period.

⚠️ What Could Go Wrong

• [Financial] Dividend declaration is not guaranteed and depends on the board's decision, as indicated by the phrase "if any".

What to Track Next

• Outcome of the Board meeting on March 17, 2026, regarding the interim dividend.
• Announcement of dividend amount (if declared).

India Glycols Limited has officially published notices in the Financial Express and Uttar Ujala regarding forthcoming meetings of its equity shareholders and unsecured creditors. These sessions are mandated by the National Company Law Tribunal, Allahabad Bench, to review and approve a Scheme of Arrangement involving India Glycols Limited (Demerged Company), Ennature Bio Pharma Limited (Resulting Company 1), and IGL Spirits Limited (Resulting Company 2). The publications also contain essential information concerning e-voting procedures for these critical meetings.

News Crux

India Glycols Limited has issued a notice for a meeting of its Unsecured Creditors to be held on Tuesday, 24th March, 2026, via Video Conferencing, to consider and approve a proposed Scheme of Arrangement. The Scheme involves the demerger of undertakings into Ennature Bio Pharma Limited and IGL Spirits Limited.

⚠️ Investor Risks & Governance

The company has disclosed details of various ongoing legal and tax proceedings:

Civil Matters:

• M/s M.S. Tex Minerals and Chemicals LLC filed an appeal against an order dated 07.08.2025 in the High Court of Singapore.
• Nagardas Kanji filed Suit No. 104218/2011 before the City Civil Court, Mumbai.
• Uttarakhand Power Corporation Ltd. filed a petition before APTEL.
• M/s Texan Minerals and Chemicals LLC filed a petition against the Company and Shri U.S. Bhartia.
• Igl Chem has filed an appeal against an arbitration award, with a hearing fixed for 24.04.2026.

Tax Related Matters:

• Details of appeals filed against disallowance of CSR expenses.
• Claims made under Section 35(2AB) related to tax matters.
• Information regarding duty drawback and non-consideration of dividend distribution tax challan.

Indirect Tax Matters:

• Proceedings concerning excise duty demands and penalties, including demands related to Denatured Ethyl Alcohol (DEA).

News Crux

India Glycols Limited has announced a meeting of its equity shareholders, convened by the National Company Law Tribunal, Allahabad Bench, Prayagraj, to consider and approve a proposed Scheme of Arrangement amongst India Glycols Limited, Ennature Biopharma Limited, and IGL Spirits Limited. The meeting is scheduled for Tuesday, 24th March, 2026, at 11:00 AM IST, via Video Conferencing (VC), with e-voting facilities available for shareholders.

Key Events

• Notice issued for a meeting of Equity Shareholders of India Glycols Limited, convened by the Hon'ble National Company Law Tribunal.
• Purpose: To consider and approve a Scheme of Arrangement amongst India Glycols Limited, Ennature Biopharma Limited, and IGL Spirits Limited.
• Meeting Date: Tuesday, 24th March, 2026.
• Meeting Time: 11:00 AM IST.
• Mode: Video Conferencing (VC).
• E-voting facility available; Cut-off date for e-voting: Tuesday, 17th March, 2026; Remote e-voting period: Friday, 20th March, 2026 to Monday, 23rd March, 2026.

News Crux

India Glycols Limited has received an order from the National Company Law Tribunal (NCLT), Allahabad Bench, allowing for the rescheduling of meetings related to its Scheme of Arrangement. The meetings of equity shareholders and unsecured creditors, initially scheduled for March 9, 2026, will now be convened on March 24, 2026. This modification is necessitated by the unavailability of the NCLT-appointed Chairperson.

Key Events

The National Company Law Tribunal (NCLT), Allahabad Bench, has permitted India Glycols Limited to reschedule the meetings of its equity shareholders and unsecured creditors concerning the Scheme of Arrangement. The original meeting date of March 9, 2026, has been revised to March 24, 2026, due to the NCLT-appointed Chairperson's unavailability. The Scheme involves India Glycols Limited, Ennature Biopharma Limited, and IGL Spirits Limited and is still subject to regulatory approvals.

The news compilation includes several corporate announcements. India Glycols Limited has opened a special window for the transfer and dematerialisation of physical shares as per SEBI guidelines. Additionally, JMJ Fintech, Lenskart Solutions, Oasis Securities, Lords Chloro Alkali, and Kaycee Industries have informed about upcoming postal ballots or EGMs requiring shareholder voting. Avanti Feeds also announced a similar special window for physical share transfers. Notices regarding lost share certificates were issued by Pricol and BEML, while Indian Technometal Company Limited is undergoing liquidation.

News Crux

Transcript of India Glycols Limited's Q3 and 9MFY26 Earnings Conference Call held on February 12, 2026. Management reported record revenue and EBITDA for the periods, detailed segment performance, debt reduction initiatives, and outlined strategies for future growth, including premiumization in spirits and expansion in bio-based chemicals.

Quarterly Results

Consolidated Performance:

• Q3 FY26: Revenue increased by 13.0% YoY. EBITDA grew by 36.1% YoY, with EBITDA margins improving to 16.0% overall.
• 9M FY26: Revenue increased by 11.4% YoY. EBITDA grew by 28.9% YoY. EBITDA margin stood at 15.0%. Profit After Tax (PAT) grew by 23% YoY.

Segmental Performance (Q3 FY26):

• Bio-based Specialty & Performance Chemicals (BSPC): Turnover of INR 313 Cr, EBIT margin of 12.8%.
• Biofuels: Revenue of INR 394 Cr, EBIT margin of 8.4%.
• Potable Spirits: Revenue of INR 345 Cr (up 11% YoY), EBIT margin of 21.0%.
• Ennature Biopharma: Revenue of INR 50 Cr, EBIT margin of 4.1%.

Segmental Performance (9M FY26):

• BSPC: Revenue of INR 901 Cr, EBIT margin of 11.6%.
• Biofuels: Revenue of INR 1,165 Cr, EBIT margin of 7.3%.
• Potable Spirits: Revenue of INR 1,025 Cr (up 16.6% YoY), EBIT growth of 22.0% (INR 217 Cr from INR 178 Cr), EBIT margin of 21.2%.
• Ennature Biopharma: Revenue of INR 144 Cr, EBIT margin of 2.9%.

Guidance & Strategy

• Overall Strategy: Focus on leveraging strengths in bio-based ingredients, driving value realization in consumer/lifestyle and Potable Spirits segments through premiumization, innovation, and partnerships.
• Potable Spirits: Dual strategy of product innovation and premiumization, phased regional expansion, targeting CSD and paramilitary segments. Partnership with Amrut for brand sales and distribution. Launching own brands and premium editions.
• Chemicals: Focus on bio-based glycols (bio-DEG), Performance Chemicals including commercialization of bio-based amines with L'Oreal, and exploring new segments like flavour & fragrances.
• Bio-Fuels: Growth expected from India's 20% ethanol blending target; opportunity to use surplus ethanol capacity for in-house chemical production.
• Debt Reduction: Company is actively reducing debt. INR 582 Cr debt was prepaid in Q3 FY26 (INR 467 Cr from preferential allotment, INR 116 Cr from internal accruals). Plans to prepay an additional INR 75-100 Cr in Q4 FY26 and INR 100-150 Cr in April '26.
• Interest Cost Management: Swapping high-cost debt to low-cost debt (INR 130 Cr swapped, saving 125-150 bps). Impact of these efforts expected in Q4 FY26. Credit line (CC) is vacant.
• CapEx: No significant capital expenditure is planned until after the proposed demerger.

Financial Deep Dive

• Debt Reduction: Total debt reduction of INR 582 Cr achieved by utilizing INR 467 Cr from a preferential allotment (from promoters, their friends and relatives) and INR 116 Cr from internal accruals. Of the INR 582 Cr, INR 288 Cr was working capital (rupee CC), INR 200 Cr was term loan, and INR 87 Cr was unsecured loan. The estimated term loan closing by March 31, 2026, is around INR 1,100 Cr.
• Interest Cost: Ongoing efforts to reduce interest burden, including debt swapping, are expected to reflect in Q4 FY26 financials.
• Working Capital: The company's cash credit (CC) facility is currently vacant, indicating efficient working capital management.

⚠️ Investor Risks & Governance

• Joint Venture (JV) Margins: The JV experienced a squeeze in EBITDA margins due to a widening gap between the price of alternative feedstocks (from Reliance) and the JV's greener, more expensive products. While the top line was not significantly impacted, profitability suffered.
• Ennature Biopharma: This segment is facing cost pressures on feedstocks and significant volatility in Western markets, impacting margins.
• Credit Rating: The company's credit rating is in process and is currently on watch list due to the ongoing demerger. Rating improvements are anticipated only after the completion of the demerger.

Key Events

• Product Launches: Commercial sale of bio-based amines initiated with L'Oreal. New branded nutraceuticals (Gingeren and Asparagine) launched in the US supply chain. New SKUs in glass and tetra formats for regular Potable Spirits launched in Uttarakhand.
• Market Expansion: Entry into the Canteen Stores Department (CSD) market with multiple brands, with a rollout plan across 34 CSD depots pan-India. Expansion of brandy portfolio in South India.
• Partnerships: Cementing of partnership with Amrut for premium single malt distribution and sales in select Northern markets. Existing partnership with Bacardi continues.

Outlook

• The company anticipates continued robust financial performance and positive momentum, supported by its diversified product portfolio and strategic focus on higher-value segments.
• Growth is expected to be driven by innovation, sustainability, and leveraging India's macro-economic growth trends.
• Confidence expressed in the rapid growth of the new Performance Chemicals business and sustained profitability in the Chemicals segment.
• The Bio-Fuels segment is expected to see continued growth, driven by government policies and potential utilization of ethanol for chemical applications.
• Management is focused on innovating and differentiating products in the nutraceuticals space, aiming for stronger global market presence.

India Glycols Limited has announced the availability of the audio recording for its third quarter (Q3) and nine-month (9MFY26) financial results conference call. The call was held on February 12, 2026. The company has provided a direct web link for investors and stakeholders to access this recording on its official website. This announcement serves to inform the exchanges and the public that the management's discussion on financial performance, outlook, and strategy is now available for review. Specific financial results, guidance, or detailed commentary are not included in this announcement but would be found within the conference call recording itself.

India Glycols Limited (IGL) has announced its financial results for the third quarter and nine months ended December 31, 2025 (Q3 & 9MFY26), showcasing record performance and significant strategic developments.

Quarterly and Nine-Month Performance:
For Q3 FY26, IGL reported a record net revenue of ₹1,102 Cr, a 13.0% increase year-on-year (YoY), and its highest-ever EBITDA at ₹176 Cr, up 36.1% YoY. The EBITDA margin expanded by 277 basis points (bps) to 16.0%. Profit After Tax (PAT) grew by 18.9% YoY to ₹68 Cr, with PAT margin improving to 6.1% from 5.8%.

The nine-month period (9MFY26) also demonstrated strong growth, with net revenue rising 11.4% YoY to ₹3,235 Cr and EBITDA increasing by 28.9% YoY to ₹487 Cr. The EBITDA margin for 9MFY26 stood at 15.0%, up 208 bps. PAT for the period increased by 23.4% YoY to ₹206 Cr.

Segmental Performance:
Key segments contributed to the strong performance. The Bio-Fuel (BF) segment recorded robust growth, with net revenue up 45.2% YoY in Q3 and 51.2% YoY in 9MFY26. The Bio-Based Specialties and Performance Chemicals (BSPC) segment showed excellent EBITDA performance, driven by a focus on high-margin products and cost actions, with EBIT margins expanding significantly. The Potable Spirits (PS) segment also reported healthy revenue growth, up 5.0% YoY in Q3 and 16.6% YoY in 9MFY26, supported by new product launches and premiumisation strategies. The Ennature Biopharma (EB) segment faced a challenging operating environment, with revenue declining by 14.0% in 9MFY26.

Financial Highlights and Outlook:
IGL achieved a substantial reduction in total debt by ₹582 Cr, with ₹467 Cr raised through a preferential allotment and the remainder from internal accruals. The company anticipates the full impact of interest cost reduction in Q4 FY26. The overall outlook remains positive, supported by a diversified product portfolio, operational leverage, and a strong pipeline in new performance chemicals. Management expressed confidence in sustaining positive financial performance.

Proposed Restructuring:
Significant progress has been made on the proposed demerger of the Bio Pharma undertaking into Ennature Bio Pharma Limited and the Spirits & Biofuel Undertaking into IGL Spirits Limited. The company has received No Objection/Observation Letters from stock exchanges and has secured approval from the National Company Law Tribunal (NCLT). The appointed date for the demerger scheme is April 1, 2026. This restructuring aims to create focused entities for improved management, resource allocation, and value unlocking for stakeholders.

Annual Performance (FY25):
For the full fiscal year FY25, consolidated Gross Revenue reached ₹9,039 Cr, with Net Revenue at ₹3,768 Cr, reflecting CAGRs of 16.7% and 19.2% respectively over three years. EBITDA grew to ₹525 Cr (28.3% CAGR), with an EBITDA margin of 13.9%. Adjusted PAT stood at ₹231 Cr (28.0% CAGR), and Adjusted PAT Margin was 6.1%. Key ratios show Debt-to-Equity at 0.80x and Interest Coverage Ratio at 2.50x for FY25. ROCE improved to 11.6%.

Pidilite Industries Limited has published a notice regarding a postal ballot, as announced on February 11, 2026. The report also includes the unaudited financial results for India Glycols Limited and Toyota Financial Services India Limited for the quarter and nine months ending December 31, 2025. India Glycols presented standalone and consolidated income and profit figures, while Toyota Financial Services detailed its quarterly and nine-month performance, including key financial metrics and ratios.

India Glycols Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025. The company reported a standalone Profit After Tax (PAT) of ₹65.07 crore for Q3 FY26, marking a 21.04% year-on-year (YoY) increase from ₹53.76 crore in Q3 FY25. Standalone revenue from operations grew by 5.25% YoY to ₹2,551.06 crore. On a consolidated basis, PAT for Q3 FY26 was ₹67.57 crore, up 19.00% YoY from ₹56.81 crore in the prior year. Consolidated revenue saw a similar increase of 5.24% YoY to ₹2,551.10 crore. A notable improvement was seen in consolidated EBITDA, which surged by 36.09% YoY to ₹176.21 crore, with margins expanding to 6.91% from 5.34%.

For the nine-month period ended December 31, 2025, standalone PAT increased by 31.89% YoY to ₹171.49 crore, while consolidated PAT grew by 23.35% YoY to ₹205.88 crore. Standalone revenue for the nine months was ₹7,464.80 crore (up 9.00% YoY), and consolidated revenue was ₹7,466.62 crore (up 8.99% YoY).

Segmentally, the Bio-Fuel segment demonstrated strong growth in both revenue and profit during Q3 FY26 compared to the previous year. Other segments like Bio-based Specialities and Performance Chemicals, Potable Spirits, and Ennature Biopharma showed relatively stable or mixed performance.

The company recognized an exceptional item of ₹0.83 crore for both the quarter and the nine-month period, attributed to additional employee benefit expenses arising from the implementation of new Labour Codes in India.

In terms of corporate actions, the Board of Directors approved a modification to the Scheme of Arrangement, deciding to focus exclusively on the demerger of the Bio Pharma undertaking and the Spirits & Biofuel Undertaking, withdrawing the earlier proposal for amalgamation. The appointed date for this scheme is April 1, 2026, and the NCLT has allowed the company's application. Additionally, the company successfully completed a preferential allotment of equity shares, raising approximately ₹467 crore at a price of ₹915 per share. A stock split (10:5) was also executed, leading to a restatement of Earnings Per Share (EPS) for all prior periods.

The financial results were subjected to a limited review by the statutory auditors. No forward-looking management guidance was provided in this announcement.

This report details the Monitoring Agency's assessment of India Glycols Limited's utilization of Rs. 466.99 crore raised via a Preferential Issue of Equity Shares. For the quarter ended December 31, 2025 (Q3FY26), CARE Ratings, acting as the Monitoring Agency, confirmed that the company's use of funds adhered to the Offer Document's objectives.

• Fund Utilization:
  • Rs. 350.25 crore was allocated for augmenting working capital. During Q3FY26, a portion was utilized towards repayment of demand loans, CC utilization, and other short-term borrowings, aligning with the stated object.
  • Rs. 116.74 crore was allocated for General Corporate Purposes (GCP). During Q3FY26, these funds were utilized towards the repayment of Term Loans, as approved by the management and within the allowed limit for GCP.
• Compliance and Deviations: The report explicitly states that all fund utilization is as per the disclosures in the Offer Document. No material deviations were observed. All Government/statutory approvals related to the objects have been obtained.
• Timelines: The objects are projected to be completed by the latest by March 31, 2026, as per the offer document.

The report is a compliance update from CARE Ratings regarding the fund utilization and does not contain financial results, operational performance metrics, or forward-looking guidance for India Glycols Limited.

India Glycols Limited (IGL) has formally announced the appointment of Shri Rakesh Kumar Srivastava as Head Operations (Dehradun), designating him as a Senior Management Personnel. This decision was deliberated and approved during the Board of Directors' meeting held on February 10, 2026. The appointment, effective the same date, was made upon the recommendation of the Nomination & Remuneration Committee, in compliance with Regulation 30 and Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure also provides details regarding the meeting's commencement at 16:00 Hrs and conclusion at 17:12 Hrs. The company is hosting this information on its website, www.indiaglycols.com. Shri Srivastava, aged 51, brings over 29 years of extensive experience in the pharmaceutical and chemical industries. He holds a Bachelor of Science in Chemistry and a Masters degree in Organic Chemistry. Prior to joining IGL, he served as General Manager – Production at Mangalam Drugs & Organic Limited and has professional engagements with Shiv Shakti Industries, Nutra Plus India Limited, and Camlin Limited. There are no disclosed relationships between Shri Srivastava and the company's directors.

India Glycols Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025. For the third quarter of FY26, standalone revenue from operations stood at ₹2,551.06 Cr, marking a year-on-year (YoY) increase of 5.25%. The standalone Profit After Tax (PAT) for the quarter was ₹65.07 Cr, reflecting a significant YoY growth of 21.05%. The nine-month period saw standalone revenue reach ₹7,464.80 Cr (YoY growth of 8.98%) and PAT climb to ₹171.49 Cr (YoY growth of 31.88%).

On a consolidated basis, revenue from operations for Q3 FY26 was ₹2,551.10 Cr, up 5.24% YoY. Consolidated PAT for the quarter was ₹67.57 Cr, an 18.9% YoY increase. For the nine-month period, consolidated revenue was ₹7,466.62 Cr (YoY growth of 8.99%), and consolidated PAT was ₹205.88 Cr (YoY growth of 23.35%). An exceptional item of ₹0.83 Cr was recognized during the quarter, attributed to changes in employee benefit expenses resulting from the new Labour Codes.

In terms of corporate actions, the company provided updates on its Composite Scheme of Arrangement. The Board decided to exclusively focus on the demerger of the Bio Pharma undertaking into Ennature Bio Pharma Limited and the Spirits & Biofuel Undertaking into IGL Spirits Limited, dropping the earlier proposal for amalgamation of Kashipur Holdings Limited. The appointed date for the Scheme of Arrangement is set for April 1, 2026. The company received No Objection/Observation Letters from stock exchanges and NCLT allowed its First Motion Application on January 15, 2026. Additionally, the company completed a stock split in FY25, subdividing equity shares from ₹10 to ₹5 face value, and restated EPS accordingly. It also completed a preferential allotment in November 2025, raising approximately ₹467 Cr by issuing equity shares at ₹915 per share, increasing the paid-up share capital.

India Glycols Limited has issued a formal disclosure regarding its upcoming Earnings Conference Call. This event is scheduled to take place on Thursday, February 12, 2026, commencing at 16:00 Hrs IST. The purpose of this call is to discuss the company's financial results for the third quarter (Q3) and the nine-month period (9MFY26).

The announcement, made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, confirms the participation of senior management, including Mr. Rupark Sarswat (Chief Executive Officer) and Mr. Anand Singhal (Chief Financial Officer), alongside other key executives.

Details provided for the call include universal dial-in numbers for India and international toll-free access points for various countries. An option to 'Express Join' the call via DiamondPass is also mentioned, along with contact information for InCred Equities.

The company has also stated that this letter is being hosted on its official website, www.indiaglycols.com. It is important to note that this notification serves solely as an intimation of the conference call date and time. The provided text does not contain any actual financial results, specific guidance, management commentary on past performance, or detailed financial metrics such as income statement drivers, balance sheet items, cash flow analysis, or key ratios. It is purely an announcement of the upcoming discussion.

India Glycols Limited: Q3 & 9MFY26 Earnings Conference Call Announcement

News Crux:
India Glycols Limited (IGL) has formally announced its upcoming earnings conference call to discuss its financial results for the third quarter (Q3) and the nine-month period (9M) of the fiscal year 2025-26 (FY26). The announcement, made on February 3rd, 2026, provides essential details for stakeholders to engage with the company's management.

Upcoming Event Details:
The conference call is scheduled to take place on Thursday, February 12th, 2026, at 16:00 IST. This event serves as a platform for the company to present its financial performance for the recently concluded quarter and the year-to-date period.

Management Participation:
Key members of India Glycols Limited's senior management team will be present to discuss the results and answer questions. These include:

• Mr. Rupark Sarswat (Chief Executive Officer)
• Mr. Anand Singhal (Chief Financial Officer)
• Mr. S.K. Shukla (Head - Liquor Business)
• Mr. Ankur Jain (Head - Legal & Company Secretary)

Dial-in and Access Information:
Comprehensive dial-in numbers for India and international toll-free access (USA, UK, Singapore, Hong Kong) are provided. An option to 'Express Join' the call via DiamondPass is also available. Further enquiries regarding the conference call can be directed to Silketha.quinny@incredresearch.com or contact the InCred Equities Team. The intimation letter is also hosted on the company's official website, www.indiaglycols.com.

Outlook & Financials:
As this announcement precedes the actual results disclosure, no financial performance data, guidance, or outlook has been provided in this document. These details are expected to be shared during the conference call itself.

India Glycols Limited has formally announced that its Board of Directors will convene a meeting on Tuesday, February 10, 2026. The primary agenda for this meeting is to consider and approve the unaudited financial results of the company, both on a standalone and consolidated basis, for the third quarter and the first nine months of the financial year 2025-26, which concluded on December 31, 2025. In line with regulatory requirements and the company's internal code of conduct for trading in securities, the trading window for dealing in India Glycols Limited's shares, which was closed from January 1, 2026, will continue to remain closed until February 12, 2026. This period ensures that no insider trading occurs before the official announcement of the financial performance. Further details will be made available on the company's official website, www.indiaglycols.com.

India Glycols Limited has announced a Board Meeting scheduled for Tuesday, February 10, 2026. The primary agenda for this meeting is to consider and approve the unaudited standalone and consolidated financial results for the quarter and the nine months ended December 31, 2025.

The company has also confirmed that the trading window for dealing in its securities, which was closed from January 1, 2026, will remain closed until February 12, 2026. This announcement serves as a notification for the upcoming release of financial performance data, with the actual results expected to be disclosed after the Board Meeting on February 10, 2026.

India Glycols Limited (IGL) has announced a key development in its strategic restructuring plan as the Hon'ble National Company Law Tribunal (NCLT), Allahabad Bench, has allowed the first motion application filed in relation to the Scheme of Arrangement.

The NCLT's order, dated January 15, 2026, facilitates the demerger of the 'Bio Pharma Undertaking' and the 'Spirits and Biofuel Undertaking' from India Glycols Limited into two separate entities: Ennature Biopharma Limited (Resulting Company 1) and IGL Spirits Limited (Resulting Company 2), respectively.

As per the NCLT's directions, separate meetings of the Equity Shareholders and Unsecured Creditors of India Glycols Limited (the Demerged Company) are to be convened via video conferencing. The tribunal has dispensed with the meetings for secured creditors of the demerged company, provided notices are issued detailing individual debt values. Meetings for the equity shareholders and creditors of the resulting companies have also been dispensed with, as they reportedly have no secured or unsecured creditors, and substantial consent from equity shareholders has been obtained.

The rationale behind the Scheme of Arrangement includes imparting greater focus on each of India Glycols' diversified businesses, enhancing operational efficiency, attracting focused investors, and potentially unlocking stakeholder value. The appointed date for the arrangement has been set as April 1, 2026. The scheme is still subject to applicable regulatory approvals.

India Glycols Limited (IGL) has submitted its routine SEBI compliance certificate for the quarter ended December 31, 2025 (Q3 FY26). This administrative filing follows previously reported positive financial performance for the earlier quarters of FY26, including Q1 and Q2, and ongoing strategic corporate actions.

Performance:
IGL reported a strong performance in Q1 FY26, with consolidated revenue of ₹1,040 Cr and PAT of ₹73 Cr, marking significant year-on-year growth. The company further saw a consolidated revenue increase of 12.53% YoY to ₹2,412.40 Cr and a PAT jump of 30.88% YoY to ₹65.06 Cr in Q2 FY26, accompanied by improved EBITDA margins. The company also noted capacity expansions in its distillery and Bio-Fuel Ethanol Plant during FY25, with segments like Bio-fuels and Potable Spirits showing robust growth.

Outlook & Discussion:
The company is actively pursuing a strategic demerger of its Bio Pharma and Spirits & Biofuel undertakings into separate listed entities, aiming to unlock shareholder value and drive focused growth. IGL has secured 'No Objection' certificates from NSE and BSE for this demerger, progressing towards NCLT approval. Furthermore, a preferential issue of equity shares, raising approximately ₹467 crore, was completed to fund working capital and reduce debt, bolstering the company's financial position. Management maintains a positive outlook, emphasizing innovation and sustainability, while acknowledging pressures in certain chemical and biopharma segments.

Financials:
The company's FY25 annual report indicated increased capital expenditure leading to higher finance costs and a debt-to-equity ratio of 0.96, which led CARE Ratings to place the company on Rating Watch. However, improved EBITDA margins were noted in recent quarterly results. The company also faces a customs duty demand for its Ennature Bio-Pharma division, for which it is pursuing an appeal.

Key Events:
Key events during this period include a 1:2 stock split with a record date of August 12, 2025, the approval of FY24-25 financials and dividend at the AGM on September 30, 2025, and the resignation of a Plant Head. The company has also managed trading window closures for financial result disclosures.

India Glycols Limited informed the stock exchanges on December 30, 2025, about an order received from the Additional Commissioner, ACC (Import), NCH, New Delhi, dated December 18, 2025. The order pertains to the Ennature Bio-Pharma division and concerns the customs classification of certain goods imported between June 2020 and September 2024. The Adjudicating Authority has confirmed a customs duty demand of ₹32,95,005/- along with applicable interest, and has also imposed an equal penalty of ₹32,95,005/- under the Customs Act, 1962. The company had previously deposited the duty demand of ₹32,96,284/- along with interest of ₹11,22,338/-, aggregating ₹44,18,622/-, under protest. India Glycols stated that based on its assessment and legal advice, it has a strong case on merits, asserting that the imported goods were appropriately classified. The company intends to file an appeal and does not anticipate any material impact on its financial or operational activities due to this matter.

India Glycols Limited has informed the stock exchanges about the closure of its trading window. As per the company's Code of Conduct for Regulating, Monitoring and Reporting Trading in Securities, the window will be closed from January 1, 2026, until 48 hours after the declaration of its financial results for the quarter and nine months ending December 31, 2025. This is a standard practice to ensure compliance and prevent insider trading.

India Glycols announced that the Commissioner, CGST (Appeals), Noida, has set aside an order from the Joint Commissioner, CGST, Noida, which had disallowed the Transitional Input Tax Credit (ITC) and demanded ₹1,92,12,510 along with penalties and interest. The Appellate Authority allowed the company's appeal, effectively dropping the demand for tax, penalty, and interest. The company has posted details on its website.

India Glycols Limited (IGL) announced on November 26, 2025, the successful allotment of 51,03,765 equity shares on a preferential basis at an issue price of ₹915 per share, including a premium of ₹910 per share. This allotment, approved by the Board of Directors on October 16, 2025, and by the members at the Extraordinary General Meeting on November 12, 2025, aggregates to ₹466.99 crore.

Of the newly issued equity shares, 21,85,790 were allotted to Kashipur Holdings Limited (KHL), part of the Promoter Group, while 29,17,975 equity shares were allotted to various funds and other investors in the Non-Promoter category. With this allotment, Kashipur Holdings Limited ceased to be the holding company, with its shareholding decreasing from 50.35% to 49.77%, effective November 24, 2025.

The funds raised from the preferential issue will be used to reduce IGL's overall debt, including term loans and working capital, by March 31, 2026. The company is currently processing the listing and trading approval for the newly allotted shares.

India Glycols Limited (IGL) has announced the allotment of 51,03,765 equity shares with a face value of ₹5 each, at an issue price of ₹915 per share, through a preferential issue, raising a total of ₹466.99 crore. The allottees belong to both the "Promoter and Promoter Group" and "Non-Promoter" categories.

Consequent to this allotment, the shareholding of Kashipur Holdings Limited (KHL) in IGL has decreased from 50.35% to 49.77%, resulting in KHL ceasing to be the holding company of India Glycols Limited, effective November 24, 2025. The Preferential Allotment Committee of the Board of Directors approved the allotment in its meeting held on November 24, 2025.

India Glycols Limited (IGL) has filed the transcript of its Q2 & H1 FY26 Earnings Conference Call, held on November 18, 2025. The company reported strong financial performance for Q2 FY26, with consolidated revenue increasing by 12.53% year-on-year to ₹2,412.40 Cr and consolidated Profit After Tax (PAT) jumping by 30.88% to ₹65.06 Cr. EBITDA also saw a significant rise of 33% to ₹160 Cr, with EBITDA margins improving by 216 basis points to 14.6%. The first half (H1) FY26 performance was also robust, with consolidated revenue growing 11.05% to ₹4,915.52 Cr and PAT increasing by 25.63% to ₹138.31 Cr.

Segment-wise, Biofuels and Potable Spirits were key growth drivers. Biofuels revenue increased by 63% (Q2) and 54.5% (H1), supported by the government's blending program. Potable Spirits saw sales growth of 24.5% (Q2) and 23.4% (H1). The Chemicals business experienced revenue pressure but improved EBIT margins. Ennature Biopharma faced headwinds due to market competition and supply chain disruptions.

Strategically, IGL is progressing with the demerger of its Bio Pharma and Spirits & Biofuel undertakings into separate listed entities. The company has also received shareholder approval for a preferential issue of equity shares at ₹915 per share, aiming to raise approximately ₹466.99 Cr. These funds are earmarked for working capital and general corporate purposes, with a significant portion intended for debt reduction, expected to lower finance costs by ₹60-70 Cr annually. The company also plans a 1:2 stock split, with a record date of August 12, 2025, and has recommended a 100% dividend for FY24-25, approved at the AGM on September 30, 2025.

Management discussed outlook on various segments, emphasizing growth in value-added chemicals and green solutions, while navigating challenges in certain segments through strategic adjustments. The company is exploring advanced biofuels and green chemistries. Discussions also covered the Amrut partnership for premium spirits and expansion into new markets like Kerala.

India Glycols Limited (IGL) has announced significant progress in its proposed Scheme of Arrangement for demerging its Bio Pharma and Spirits & Biofuel undertakings into Ennature Biopharma Limited (EBPL) and IGL Spirits Limited (ISL), respectively. The company has received an Observation Letter with 'No Objection' from the National Stock Exchange of India (NSE) dated November 17, 2025, and an Observation Letter with 'No Adverse Observations' from BSE Limited (BSE) dated November 19, 2025. These letters are crucial for proceeding with the approval process from the Hon’ble National Company Law Tribunal (NCLT).

The observation letters from NSE and BSE are subject to various statutory and regulatory approvals, as well as the consent of the respective shareholders and creditors of the companies involved. The stock exchanges have outlined specific conditions and comments that must be addressed, including ensuring compliance with SEBI regulations, disclosing ongoing legal and adjudication proceedings, maintaining financial records not older than six months, and ensuring that any shares issued under the scheme are in demat form. The validity of these observation letters is six months from November 17, 2025, within which the scheme must be submitted to the NCLT.

This development is a key step in India Glycols' strategy to unlock shareholder value and achieve focused growth for its diversified business verticals. The company previously announced strong financial results for Q2 and H1 FY26, with consolidated revenue growing 12.53% YoY in Q2 to ₹2,412.40 Cr and PAT increasing 30.88% YoY to ₹65.06 Cr. The company also approved a preferential issue of equity shares to raise approximately ₹466.99 crore for working capital and general corporate purposes.

India Glycols Limited (IGL) has officially released the audio recording of its Q2 and H1FY26 earnings conference call, held on November 18, 2025. This recording is accessible on the company's official website (www.indiaglycols.com) and via a provided web link, as per SEBI regulations. The call served as a platform for management to discuss the company's financial performance for the second quarter and the first half of the fiscal year 2025-26. This follows IGL's recent announcement of strong results, with consolidated revenue growing 12.53% YoY to ₹2,412.40 Cr for Q2 and 11.05% YoY to ₹4,915.52 Cr for H1. Consolidated PAT saw a substantial increase of 30.88% YoY to ₹65.06 Cr for Q2 and 25.63% YoY to ₹138.31 Cr for H1. The availability of the audio recording aims to enhance investor transparency, providing detailed insights into operational highlights, strategic initiatives such as the proposed demerger and a ₹467 crore preferential issue, and the company's outlook.

India Glycols Limited (IGL) has submitted an investor presentation for its Q2 and H1 FY26 earnings conference call, dated November 18, 2025. The presentation details strong financial performance for the periods ending September 30, 2025.

Q2 FY26 Consolidated Highlights: Net Revenue stood at ₹1,092 Cr, marking a 13.6% YoY increase. EBITDA grew by 33.0% YoY to ₹160 Cr, with margins expanding by 216 bps to 14.6%. Profit After Tax (PAT) increased by 30.9% YoY to ₹65 Cr, with margins at 5.9%. Segmentally, Bio-Fuel (BF) revenue surged 62.9% YoY to ₹423 Cr, and Potable Spirits (PS) increased by 24.5% YoY to ₹338 Cr. However, Bio-based Specialities and Performance Chemicals (BSPC) revenue declined by 21.9% to ₹288 Cr, and Ennature Biopharma (EB) revenue fell 28.7% to ₹43 Cr.

H1 FY26 Consolidated Highlights: Net Revenue reached ₹2,133 Cr, an increase of 10.5% YoY. EBITDA rose by 25.1% YoY to ₹311 Cr, with margins at 14.6% (+172 bps). PAT grew by 25.6% YoY to ₹138 Cr, with margins at 6.5%. Segmentally, BF grew 54.5% to ₹770 Cr, and PS increased by 23.4% to ₹680 Cr. BSPC revenue declined by 22.8% to ₹588 Cr, and EB revenue fell 20.2% to ₹94 Cr.

Standalone Results for Q2 and H1 FY26 also demonstrated robust year-on-year growth in revenue, EBITDA, and PAT.

Strategic Developments: The company is progressing with its proposed restructuring, including the demerger of Potable Spirits & Bio-fuel businesses into IGL Spirits Limited (ISL) and Bio-pharma business into Ennature Bio Pharma Limited (EBL). Shareholders approved a preferential issue on November 12, 2025, aiming to raise approximately ₹466.99 crore for working capital and general corporate purposes. The investor presentation is available on the company's website and has been filed with stock exchanges as per SEBI regulations. The earnings conference call is scheduled for November 18, 2025.

India Glycols Limited announced its unaudited financial results for the quarter and half-year ended September 30, 2025. The company reported strong year-over-year performance. On a standalone basis, revenue from operations for Q2 FY26 increased by 12.46% to ₹2,410.71 Cr, and Profit After Tax (PAT) grew by 34.85% to ₹53.20 Cr. Consolidated revenue for Q2 FY26 rose by 12.53% YoY to ₹2,412.40 Cr, with PAT increasing by 30.88% YoY to ₹65.06 Cr. For the half-year ended September 30, 2025, consolidated revenue stood at ₹4,915.52 Cr, a 11.05% YoY increase, and PAT was ₹138.31 Cr, up 25.63% YoY. The company reiterated its focus on the demerger of its Bio Pharma and Spirits & Biofuel undertakings, with an appointed date for the Scheme of Arrangement set for April 1, 2026. Furthermore, shareholders approved a preferential issue on November 12, 2025, aimed at raising approximately ₹466.99 Cr for working capital and general corporate purposes, involving the issuance of up to 51,03,765 equity shares at ₹915 each. The results were reviewed by statutory auditors and approved by the Board on November 14, 2025.

India Glycols Limited (IGL) announced its unaudited financial results for the quarter and half-year ended September 30, 2025, following a Board meeting held on November 14, 2025. The company reported strong year-on-year performance on both standalone and consolidated bases.

Standalone Performance:
For the second quarter (Q2 FY26), revenue from operations increased by 12.46% YoY to ₹2,410.71 Cr, while Profit After Tax (PAT) surged by 36.74% YoY to ₹53.94 Cr. EBITDA grew significantly by 32.77% YoY to ₹160.25 Cr. For the first half (H1 FY26), revenue from operations grew by 10.99% YoY to ₹4,913.74 Cr, and PAT rose by 23.37% YoY to ₹106.42 Cr. EBITDA for H1 FY26 increased by 25.76% YoY to ₹309.51 Cr.

Consolidated Performance:
On a consolidated basis, Q2 FY26 revenue from operations rose by 12.53% YoY to ₹2,412.40 Cr, with PAT showing a substantial increase of 30.88% YoY to ₹65.06 Cr. EBITDA increased by 33.04% YoY to ₹159.81 Cr. For H1 FY26, consolidated revenue grew by 11.05% YoY to ₹4,915.52 Cr, and PAT was up 25.63% YoY to ₹138.31 Cr. Consolidated EBITDA grew by 25.09% YoY to ₹310.85 Cr.

Financial Deep Dive:
Consolidated EBITDA margins for Q2 FY26 stood at 6.62%, an improvement from 5.60% in Q2 FY25. The balance sheet shows increased borrowings, with total borrowings standing at ₹1,977.58 Cr as of September 30, 2025, against ₹1,804.27 Cr as of March 31, 2025, leading to a consolidated Debt-to-Equity ratio of 0.83.
Cash flow from operations for H1 FY26 was ₹106.35 Cr consolidated. Capital expenditure (purchase of property, plant & equipment) for H1 FY26 was ₹171.41 Cr.

Outlook & Key Developments:
The company continues to focus on its proposed demerger of Bio Pharma and Spirits & Biofuel undertakings, with an appointed date of April 1, 2026, and has dropped the KHL amalgamation proposal. A significant strategic move is the approved preferential issue of equity shares at ₹915 per share, aiming to raise approximately ₹467 Cr for working capital and general corporate purposes, subject to shareholder approval at an EGM held on November 12, 2025.

Other corporate actions include the 1:2 stock split (approved July 22, 2025, record date August 12, 2025) and a dividend declaration (proposed 100%, ₹5 per share post-split), pending final shareholder approval at the AGM held on September 30, 2025.

An earnings conference call for Q2 and H1 FY26 results is scheduled for November 18, 2025.

India Glycols Limited (IGL) held its Extraordinary General Meeting (EGM) on November 12, 2025, to seek shareholder approval for a preferential issue of equity shares. The company proposed to issue up to 51,03,765 equity shares at a price of ₹915 per share, aiming to raise approximately ₹466.99 crore. The funds raised are intended to be utilized for strengthening working capital to the tune of ₹350.25 crore and for general corporate purposes amounting to ₹116.74 crore. The Board of Directors had previously approved this proposal on October 16, 2025. The EGM, conducted via Video Conference/Other Audio Visual Means (VC/OAVM), transacted this 'Special Business' resolution. Voting details indicate strong shareholder endorsement: the resolution was passed with the requisite majority. Specifically, 100% of votes from the Promoter and Promoter Group were in favour. Out of 3,91,54,287 total votes polled, 3,90,72,270 votes were in favour, representing 99.79% of the votes polled, with only 82,017 votes against. This indicates robust shareholder confidence in the company's strategic direction and financial plans.

India Glycols Limited (IGL) convened its Extraordinary General Meeting (EGM) on November 12, 2025, where shareholders passed a special resolution approving the issuance of equity shares on a preferential basis. This corporate action, initially approved by the Board of Directors on October 16, 2025, involves issuing up to 51,03,765 equity shares at ₹915 per share, targeting approximately ₹466.99 crore. The funds are earmarked for bolstering working capital (₹350.25 crore) and general corporate purposes (₹116.74 crore). The EGM, held via Video Conference, included detailed proceedings, voting results, and a consolidated scrutineer's report, confirming the resolution's approval with requisite majority. This fundraising is part of the company's broader financial strategy, coming after Q1 FY26 performance highlights and preceding the upcoming Q2/H1 FY26 results announcement.

India Glycols Limited (IGL) has officially announced its Q2 and H1FY26 Earnings Conference Call. This significant investor event is scheduled for Tuesday, November 18, 2025, commencing at 16:00 IST. The primary objective of this call is to enable the company's senior management, including Mr. Rupark Sarswat (CEO) and Mr. Anand Singhal (CFO), to present and analyze the financial results for the second quarter and the first half of the fiscal year 2026. Participants will have the opportunity to gain insights into the company's operational performance, key financial indicators, strategic initiatives, and future business outlook. The company has provided comprehensive dial-in information for both domestic and international participants, ensuring broad accessibility. This announcement, made on November 7, 2025, adheres to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and is also available on India Glycols' corporate website. While specific financial results are not detailed in this initial notification, the conference call will serve as the platform for their disclosure and subsequent discussion.

The news is an official intimation by India Glycols Limited (IGL) to the stock exchanges (BSE and NSE) regarding its upcoming Earnings Conference Call for the second quarter (Q2) and the first half (H1) of the fiscal year 2025-26 (FY26). As per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has announced that this conference call will be held on Tuesday, November 18, 2025, at 16:00 Hrs. (IST). The call aims to discuss the financial results for the aforementioned periods. Key management personnel, including Mr. Rupark Sarswat (Chief Executive Officer), Mr. Anand Singhal (Chief Financial Officer), Mr. S.K. Shukla (Head - Liquor Business), and Mr. Ankur Jain (Head (Legal) & Company Secretary), will be present to address investors and analysts. Comprehensive dial-in details, including universal dial-in numbers (+91 22 6280 1527 / +91 22 7115 8322) and international toll-free numbers for USA, Singapore, UK, and Hong Kong, along with contact information for the InCred Capital team (Nitin Awasthi, Satish Kumar, Ajay Rao), have been provided for investor participation. The company also confirms that this information will be available on its official website, www.indiaglycols.com. This announcement serves as a precursor to the release of the company's financial statements for Q2 and H1FY26, offering investors an opportunity to understand the company's performance and outlook directly from its leadership.

India Glycols Limited (INDIAGLYCO) has announced that its Board of Directors will meet on Friday, November 14, 2025. The key agenda item for this meeting is the consideration and approval of the company's unaudited financial results for the second quarter (Q2) and the first half of the fiscal year 2025-26, which ended on September 30, 2025. These results will include both standalone and consolidated financial statements. This announcement signals an upcoming disclosure of the company's financial performance for the recent period, which is crucial for investors to assess the company's operational efficiency and profitability trends. Following the board's approval, the financial information will be made available on India Glycols' official website, www.indiaglycols.com. In conjunction with the upcoming results, the company has also reaffirmed the closure of its trading window. This window, initially shut down from October 1, 2025, will remain closed for all directors, officers, and designated employees for trading in the company's securities until Sunday, November 16, 2025, both days inclusive, in adherence to the company's internal code of conduct for preventing insider trading.

India Glycols Limited has officially announced a Board Meeting scheduled for Friday, November 14, 2025. The primary agenda item for this meeting is the consideration and approval of the company's unaudited financial results for the second quarter (Q2) and the first half (H1) of the fiscal year 2025-26, concluding on September 30, 2025. This announcement is significant for the investment community as it pertains to the official disclosure of the company's financial performance for the recent periods. The Board will review both standalone and consolidated figures.

In addition to the financial results approval, the company provided an important update regarding its trading window for securities. As previously intimated on September 26, 2025, the trading window has been closed for company insiders since Wednesday, October 1, 2025, in accordance with SEBI regulations and the company's internal code of conduct. This closure is set to continue until Sunday, November 16, 2025 (inclusive). Following this period, the trading window will be reopened on Monday, November 17, 2025, enabling resumption of normal trading activities in the company's securities.

No specific guidance or outlook commentary is provided in this notice; these details are typically part of the earnings release and subsequent investor calls. The company has also stated that the information will be hosted on its official website, www.indiaglycols.com. Investors and analysts will be looking for detailed performance metrics, including revenue growth, profitability margins, earnings per share (EPS), and any commentary on future business prospects or challenges when the results are formally published.

India Glycols Limited has issued a notification regarding its upcoming Extraordinary General Meeting (EGM) for the fiscal year 2025-26, providing details for shareholder e-voting. In parallel, Acutaas Chemicals Limited, CEAT Limited, and Jagsonpal Finance & Leasing Limited have published extracts of their unaudited financial results for the quarter and half-year ended September 30, 2025. Additionally, Shanti Educational Initiatives Limited is seeking member approval for a special resolution to shift its registered office, and TVS Electronics Limited has issued notices concerning a special window for share transfer re-lodgement and a KYC campaign.

India Glycols Limited (IGL) has issued a notice for an Extraordinary General Meeting (EGM) scheduled for Wednesday, November 12, 2025, to approve a substantial preferential issue of equity shares. The company proposes to issue up to 51,03,765 equity shares, each with a face value of ₹5, at an issue price of ₹915 per share (including a premium of ₹910 per share). This preferential allotment is expected to raise a total of up to ₹4,66,99,44,975 (approximately ₹467 crore). The proceeds from this issue are earmarked for augmenting the company's working capital requirements (₹350.25 crore) and for general corporate purposes (₹116.74 crore), with a targeted utilization timeline of March 31, 2026. The issue includes allotments to promoter Kashipur Holdings Limited and several non-promoter entities, including various funds from 360 One, Founders Collective Funds, Shri Anirudha Bubna, and QRG Investments and Holdings Limited. The issue price has been determined in compliance with SEBI ICDR Regulations, being higher than the floor prices calculated based on 90-day and 10-day volume-weighted average prices. The EGM will be conducted via Video Conferencing/Other Audio Visual Means (VC/OAVM), and members can participate and vote electronically. The remote e-voting period will commence on November 8, 2025, and conclude on November 11, 2025, with a cut-off date of November 5, 2025, for determining eligibility. This preferential issue is expected to slightly dilute the promoter shareholding from 61.01% to 59.63% and increase the public shareholding percentage, while adhering to all applicable SEBI and Companies Act regulations.

India Glycols Limited announced on October 16, 2025, that its Board of Directors has approved a preferential issue of equity shares. The company plans to issue up to 51,03,765 equity shares, each with a face value of ₹5, at a price of ₹915 per share. This preferential allotment, which includes a premium of ₹910 per share, is aimed at raising an aggregate amount of up to ₹4,66,99,44,975 (approximately ₹467 crore) in cash. The issuance is subject to the approval of the company's members and other applicable regulatory approvals, as per SEBI ICDR Regulations. The relevant date for determining the issue price was October 13, 2025. The annexures detail the proposed allottees, categorized into Promoter & Promoter Group and Non-Promoter segments. Notable non-promoter investors include various 360 One Funds, Kashipur Holdings Limited (Promoter), QRG Investments and Holdings Limited, and others. The company has also convened an Extra-Ordinary General Meeting (EGM) for Wednesday, November 12, 2025, at 11:00 AM IST, to seek shareholder approval for this preferential issue. The board meeting commenced at 16:30 Hrs and concluded at 17:06 Hrs. This news primarily concerns fundraising and capital structure adjustments. There are no details provided regarding quarterly/annual financial performance, updated guidance, outlook, specific financial deep dives (balance sheet, cash flow), or other key ratios in this announcement. It is purely a disclosure related to a proposed capital raise.

India Glycols Limited announced on October 16, 2025, the outcome of its Board Meeting, wherein it approved a preferential issue of equity shares. The company plans to raise up to ₹466.99 crore by issuing 51,03,765 equity shares at a price of ₹915 per share. This issuance is for cash and will be allocated to entities within the Promoter & Promoter Group and Non-Promoter categories, including Kashipur Holdings Limited and various 360 One funds. The board also approved the notice for an Extra-Ordinary General Meeting (EGM) to be held on November 12, 2025, to seek shareholder consent for this preferential allotment. The relevant date for determining the issue price was October 13, 2025. The board meeting commenced at 16:30 Hrs and concluded at 17:06 Hrs.

India Glycols Limited (IGL) has issued a formal notice regarding an upcoming Board of Directors meeting scheduled for Thursday, October 16, 2025. The primary objective of this meeting is to consider and evaluate a proposal for the issuance of various financial instruments, which may include Equity Shares, Convertible Securities, or a combination thereof. The issuance is planned through mechanisms such as Preferential Issue or Private Placement, in accordance with applicable laws and subject to necessary regulatory and statutory approvals, including the approval of the company's shareholders. Furthermore, the company confirmed that the trading window for its securities, which was closed from October 1, 2025, in line with the company's code of conduct for insider trading, will continue to remain closed. This announcement highlights a strategic initiative by IGL to potentially raise capital, which could have implications for its financial structure, debt levels, and future growth prospects.

India Glycols Limited has filed a routine regulatory compliance certificate with the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on October 6, 2025. The filing pertains to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, and covers the financial quarter ended September 30, 2025.

The core of the submission is a certificate provided by MCS Share Transfer Agent Limited, the company's appointed Registrar and Share Transfer Agent. This certificate serves to confirm that the company has adhered to the stipulated procedures for the dematerialization of its securities. Specifically, it verifies two key aspects:

1. Listing of Dematerialized Securities: The securities that were received for dematerialization have been duly listed on the stock exchanges where India Glycols Limited's shares are already traded.
2. Cancellation of Physical Certificates: The physical share certificates submitted for conversion into dematerialized form have undergone a rigorous verification process. Post-verification, these certificates have been mutilated and cancelled. Furthermore, the records of India Glycols Limited have been updated to reflect the name of the depository (as the beneficial owner) as the registered owner of these securities, replacing the individual shareholder's name.

This is a standard, mandatory procedure for all listed companies in India. It is designed to ensure the integrity of shareholding records, facilitate seamless electronic trading, and maintain transparency in the stock market. The filing does not include any financial performance data, operational updates, management guidance, or outlook for the company. It is purely an administrative and compliance-related submission required by SEBI to oversee the functioning of depositories and ensure efficient processing of securities.

India Glycols Limited announced the outcome of its 41st Annual General Meeting (AGM) held on September 30, 2025. The meeting, conducted via Video Conference/Other Audio Visual Means (VC/OAVM), successfully transacted business as per the notice dated May 30, 2025. All five proposed resolutions, comprising ordinary business and special business, were passed by the shareholders with the requisite majority. The key resolutions passed include: 1. Adoption of the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2025, along with the Board and Auditors' reports. 2. Declaration of a dividend at the rate of 100% of the face value of each equity share for FY 2024-25. 3. Re-appointment of Smt. Jayshree Bhartia as a Director who retires by rotation. 4. Ratification of remuneration for M/s R. J. Goel & Co. as Cost Auditor for FY 2025-26. 5. Approval of the appointment of M/s Mukesh Agarwal & Co. as Secretarial Auditor for a term of five consecutive years starting from FY 2025-26. Voting was conducted through remote e-voting and during the AGM itself, with reports from the Scrutinizer confirming the outcomes. Approximately 53 members attended the AGM. While detailed financial figures were not part of this announcement, the adoption of annual accounts and dividend declaration signifies procedural completion for the fiscal year ended March 31, 2025. The voting results presented show overwhelming support for all resolutions, with a very minimal number of votes cast against most items, underscoring shareholder confidence.

India Glycols Limited conducted its 41st Annual General Meeting (AGM) on September 30, 2025, via Video Conference/Other Audio Visual Means. All five resolutions put forth in the AGM notice were passed by the shareholders with the required majority. These resolutions included the adoption of the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2025, along with the Reports of the Board of Directors and Auditors. Shareholders also approved the declaration of a dividend at the rate of 100% of the face value of each equity share for FY 2024-25. Further business transacted and approved involved the re-appointment of a director retiring by rotation, ratification of remuneration for the Cost Auditor for FY 2025-26, and approval of the appointment of the Secretarial Auditor for a five-year term commencing from FY 2025-26. Voting results showed strong shareholder support, with near-unanimous favour across all resolutions from promoters and public shareholders. Total votes polled amounted to 63.0317% of the outstanding shares. The AGM proceedings confirmed robust shareholder confidence, but this filing does not contain specific financial performance metrics or future guidance.

India Glycols Limited (IGL) has issued a regulatory filing on September 26, 2025, to inform stock exchanges about the closure of its trading window. This is a standard procedure implemented in accordance with the company's Code of Conduct for Regulating, Monitoring and Reporting Trading in Securities. The trading window for dealing in the securities of India Glycols Limited will commence on Wednesday, October 1, 2025. It will remain closed until a period of 48 hours has elapsed after the official declaration of the company's financial results for the quarter and half-year ending September 30, 2025. The company has also made this information available on its official website, www.indiaglycols.com. This measure is designed to prevent any potential misuse of unpublished price-sensitive information and ensure a fair trading environment for all stakeholders.

India Glycols Limited (IGL) has issued a formal announcement regarding its dividend for the financial year 2024-25, dated September 22, 2025. The company's Board of Directors, in a meeting on May 16, 2025, had recommended a dividend of 100% on the then-existing equity shares, with a face value of Rs. 10 each.

Subsequently, the company underwent a significant corporate action: the sub-division or split of its equity shares. This was approved by the Board on May 30, 2025, and later ratified by the members through a postal ballot on July 22, 2025. The record date for this share sub-division was fixed as August 12, 2025. Following this split, each equity share with a face value of Rs. 10 was divided into two equity shares, each with a face value of Rs. 5.

Consequently, the previously recommended dividend has been adjusted. India Glycols now proposes to pay a dividend of Rs. 5 per equity share. This amount represents 100% of the new face value of Rs. 5 per share. The final approval for this revised dividend payout rests with the company's shareholders, who will vote on the matter at the 41st Annual General Meeting, scheduled to be held on Tuesday, September 30, 2025. The company's scrip code is 500201 (NSE: INDIAGLYCO).

The news primarily concerns multiple Indian companies, including India Glycols Limited, Birla Cable Limited, Vindhya Telelinks Limited, Century Extrusions Limited, and Sumedha Fiscal Services Limited, publishing public notices on September 20, 2025. These notices announce the opening of a "Special Window for Re-lodgement of Transfer Requests of Physical Shares," mandated by SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 dated July 2, 2025. The window, operational from July 7, 2025, to January 6, 2026, targets shareholders whose physical share transfer requests, lodged before April 1, 2019, were rejected or returned due to documentation or process deficiencies. The companies emphasize that all re-lodged transfers during this period will be processed and issued exclusively in demat mode. The news also includes a tender notice from NMDC Limited for drill bits and information about Cargowings Logistics Limited undergoing liquidation. No financial performance data, company guidance, or outlook is provided in these announcements.

Lloyds Enterprises Limited has announced the successful completion of its Rights Issue, which aimed to raise up to ₹99,225.88 lakhs by offering 25,44,25,324 partly paid-up equity shares at ₹38 per share. The issue saw robust demand, being oversubscribed by 133.89% with bids for 34,35,33,752 shares received. The company finalized the basis of allotment on September 10, 2025, and completed the dispatch of allotment advice and refund intimations on September 11, 2025. Listing applications were filed on September 10, 2025, with approval received the following day. Shares are expected to commence trading on or about September 12, 2025.

In parallel, HRS Aluglaze Limited has filed its Draft Red Herring Prospectus (DRHP) with the BSE SME platform for its upcoming Initial Public Offering (IPO). The proposed IPO involves issuing up to 58,00,000 equity shares of face value ₹10 each. The DRHP details the book-building process and is open for public comments for at least 21 days from its filing on September 11, 2025.

Furthermore, India Glycols Limited and Bharat Forge Limited have published advertisements regarding the "Saksham Niveshak" 100 Days' Campaign initiated by the Investor Education and Protection Fund Authority (IEPFA) of the Ministry of Corporate Affairs. This campaign, running from July 28 to November 06, 2025, urges shareholders to update their Know Your Customer (KYC) details, including PAN, bank mandates, and nomination, and to claim any unpaid or unclaimed dividends. The objective is to safeguard shareholders' benefits and prevent their shares and dividends from being transferred to the IEPF after a stipulated period.

India Glycols Limited has officially informed the stock exchanges, BSE Limited and National Stock Exchange of India Limited, about a change in its senior management personnel. Shri Uttaran Das, who held the position of Plant Head - Dehradun, has submitted his resignation. The company's management has accepted this resignation, and it is effective from the closure of business hours on September 10, 2025. The disclosure has been made as per Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company provided the required details, stating that the reason for the change is resignation and the date of cessation is September 10, 2025. No further details regarding his profile or relationships with directors were applicable as this is not an appointment. This is a routine administrative update concerning personnel changes within the company's senior management team.

Several Indian companies have published routine corporate announcements concerning their upcoming Annual General Meetings (AGMs), the dispatch of their Annual Reports for the financial year 2024-25, and details regarding e-voting procedures and book closure periods. India Glycols Limited will hold its 41st AGM on September 30, 2025, conducted via Video Conferencing (VC)/Other Audio Visual Means (OAVM). The company has completed the dispatch of its Annual Report for FY 2024-25 via email and has set its book closure from September 24 to September 30, 2025. It also recommended a dividend of Rs. 5 per equity share for FY 2024-25 post a share split, with a cut-off date of September 23, 2025, for eligibility. Zenlabs Ethica Limited announced its 32nd AGM for September 29, 2025, with e-voting available from September 26 to September 28, 2025. Embassy Developments Limited will conduct its 19th AGM on September 26, 2025, via VC/OAVM. Their FY2024-25 annual report was dispatched on September 4, 2025, with book closure from September 20 to September 26, 2025. The company also reiterated its dividend recommendation of Rs. 5 per share post-share split, with an eligibility cut-off on September 23, 2025. MPDL LIMITED and Monind Limited have scheduled their AGMs for September 29, 2025, also through VC/OAVM, and have completed the dispatch of their FY2024-25 annual reports. E-voting for MPDL will be from September 26-28, 2025, with a cut-off date of September 22, 2025. Monind Limited's e-voting period is notably brief, scheduled only for September 28, 2025. Separately, UCO Bank has issued tender notices inviting bids for a consultant for ESG & Climate Risk Management, as well as for IT-related services including centralized log management solutions and facility management for its IT infrastructure.

India Glycols Limited has informed the stock exchanges (BSE and NSE) about the dispatch of a communication to its shareholders concerning the Annual Report for the fiscal year 2024-25 and the notice for its 41st Annual General Meeting (AGM). The letter to shareholders provides a web-link (http://www.indiaglycols.com/wp-content/uploads/annual-report-2024-25.pdf) and a QR code to access the full Annual Report and AGM notice. The AGM is scheduled to take place on Tuesday, September 30, 2025, at 11:00 AM (IST) and will be conducted through Video Conferencing (VC) / Other Audio Visual Means (OAVM), in line with prevailing regulatory guidelines. Shareholders are instructed to register/update their e-mail addresses and PAN & KYC details with their Depository Participant (for demat shares) or the Registrar & Share Transfer Agent (MCS Share Transfer Agent Limited for physical shares) to ensure eligibility for dividends, especially for those holding shares in physical mode, as per SEBI circulars effective April 1, 2024. The Annual Report and AGM Notice are also hosted on the company's website and the websites of BSE, NSE, and NSDL.

India Glycols Limited has filed its Business Responsibility and Sustainability Report (BRSR) for the financial year 2024-25. This comprehensive report details the company's performance and commitments across nine core principles of responsible business conduct, covering environmental, social, and governance (ESG) aspects. Key areas include ethical governance, product safety, employee well-being, human rights, and consumer engagement. The filing also highlights material risks and opportunities, such as environmental regulations and corporate governance standards. Notably, the report discloses significant penalties incurred in previous financial years (2017-18 to 2021-22) related to customs duty (amounting to over ₹307 crore, with appeals filed) and income tax assessments, as well as GST issues. India Glycols outlines its strategies for waste management, energy conservation, water usage, and its CSR activities, including support for aspirational districts. The company emphasizes its ISO certifications and adherence to safety and environmental standards, aiming for sustainable operations and long-term value creation.

India Glycols Limited (IGL) has announced its financial results for the fiscal year ended March 31, 2025. The company reported a consolidated revenue of approximately ₹9,039 Cr, marking a 14% year-on-year increase. The standalone net profit stood at ₹180 Cr, up 18.9% YoY, with EPS at ₹58.26. The company's Bio-Fuel segment demonstrated exceptional growth, with revenue soaring by over 100% to ₹1,043 Cr, primarily driven by supportive government policies and increased ethanol blending rates. The Potable Spirits division also performed well, showing a 13.5% revenue growth to ₹6,306 Cr, attributed to brand premiumization and market expansion. However, the Bio-based Specialties and Performance Chemicals (BSPC) segment experienced a revenue decline of about 17.5% to ₹1,341 Cr, facing challenges from market dynamics and price competition. The company has augmented capacities at its Kashipur and Gorakhpur plants, particularly for grain-based distilleries and bio-fuel ethanol, expecting significant contributions to cash flows. Management expressed a positive outlook for the near future. Key strategic initiatives include a demerger of its Bio Pharma and Spirits/Biofuel undertakings into separate entities. The company's debt levels have increased, with borrowings rising by 36.6% YoY, leading to a higher consolidated Debt-Equity ratio of 0.80. CARE Ratings has placed the company on Rating Watch with Developing Implications due to restructuring actions. The company proposed a dividend of 100% for FY25.

India Glycols Limited has issued its 41st Annual General Meeting (AGM) notice, scheduled for September 30, 2025, along with its Annual Report for FY 2024-25. The company reported a robust financial performance for FY25, with gross revenue increasing by 14% year-on-year to ₹9,052.37 Cr and net profit rising by 19% to ₹180.38 Cr. EBITDA grew by 23% to ₹521.34 Cr, and EPS stood at ₹58.26. The Board has recommended a 100% dividend (₹5 per share). Key segments like Bio-fuels (over 100% revenue growth) and Potable Spirits (over 13% revenue growth) significantly contributed to the performance. The company has also undertaken substantial capacity expansions in its distillery and specialty chemical units. However, CARE Ratings has placed the company's ratings on watch due to restructuring actions. A significant customs duty dispute is also noted.

India Glycols Limited released its Annual Report for the financial year ended March 31, 2025, reporting strong financial performance. On a standalone basis, revenue grew by 14% YoY to ₹9,052.37 Crore, and PAT increased by 19% YoY to ₹180.38 Crore. EBITDA stood at ₹521.34 Crore, with an improved EBITDA margin of 5.76%. The company has significantly expanded capacities in its grain-based distillery (to 500 KLPD) and Bio-Fuel Ethanol Plant (to 590 KLPD), and enhanced its New Value-Added Chemical Products capacity. The Bio-fuels segment saw over 100% revenue growth, while the Potable Spirits segment grew by over 13%. The company's strategy focuses on sustainability, specialty chemicals, and value-added products. However, substantial capital expenditure has led to increased borrowings, resulting in a higher debt-to-equity ratio (0.80x consolidated) and increased finance costs. The company has also undertaken a Composite Scheme of Arrangement for demerger of its Bio Pharma and Spirits/Biofuel undertakings. The outlook remains positive, driven by government support for biofuels and growth in specialty chemicals and spirits businesses.

Several Indian companies have issued notices regarding their upcoming Annual General Meetings (AGMs) scheduled for September 2025. These meetings will be conducted virtually through Video Conferencing (VC) or Other Audio Visual Means (OAVM) in compliance with Ministry of Corporate Affairs and SEBI circulars. The notices typically include details on e-voting commencement and end dates, book closure periods, and instructions for shareholders to participate and vote electronically.

Companies that have issued such notices include India Glycols Limited (AGM on Sep 30), Cemantic Infra-Tech Limited (AGM on Sep 29), Vineet Laboratories Limited (AGM on Sep 25), Asian Tea & Exports Limited (AGM on Sep 24), Indong Tea Company Limited (AGM on Sep 24), Amines & Plasticizers Limited (AGM on Sep 25), Acutaas Chemicals Limited (AGM on Sep 25), and Rama Vision Ltd (AGM on Sep 26).

Significant financial information pertains to dividend announcements. Amines & Plasticizers Limited recommended a final dividend of 25% (Rs. 0.50 per equity share) for FY 2024-25, with a record date set for September 12, 2025. India Glycols Limited's Board recommended a dividend of 100% of the face value, which translates to Rs. 5 per equity share after a recent stock split. The record date for this dividend is September 23, 2025. Tata Power Company Limited invited Expressions of Interest for civil works at its Trombay station, which is a procurement notice rather than a financial performance update.

India Glycols Limited (NSE: INDIAGLYCO, BSE: 500201) has announced key dates for its corporate activities. The company's 41st Annual General Meeting (AGM) is scheduled to be held on Tuesday, September 30, 2025, commencing at 11:00 AM IST. The AGM will be conducted entirely through Video Conferencing/Other Audio Visual Means (VC/OAVM) in compliance with regulatory guidelines.

Crucially, the Register of Members and Share Transfer Books of the company will remain closed from Wednesday, September 24, 2025, through Tuesday, September 30, 2025, both days inclusive. This book closure is for the dual purpose of determining the entitlement of shareholders for the payment of dividend for the financial year ended March 31, 2025, and for the conduct of the 41st AGM. The dividend, if declared at the AGM, is expected to be paid within 30 days of the meeting date. Entitlement will be based on beneficial ownership data as of September 23, 2025, for dematerialized shares and after processing valid transmission requests for physical shares.

The Notice of the 41st AGM, along with the Annual Report for the Financial Year 2024-25, will be disseminated to shareholders via email. It will also be made available on the company's official website, www.indiaglycols.com. This announcement is a standard corporate procedural update for shareholders.

India Glycols Limited has officially announced the schedule for its 41st Annual General Meeting (AGM). The meeting is slated to take place on Tuesday, September 30, 2025, commencing at 11:00 A.M. IST. The AGM will be conducted entirely through Video Conferencing (VC) or Other Audio Visual Means (OAVM), adhering to relevant circulars. In conjunction with the AGM, the company will observe a book closure period. The Register of Members and Share Transfer Books of the company will remain closed from Wednesday, September 24, 2025, through to Tuesday, September 30, 2025, inclusive. This closure is specifically for determining the entitlement of shareholders for the payment of dividend for the financial year that concluded on March 31, 2025, and also for the purpose of the AGM. The record date for identifying eligible shareholders, particularly beneficial owners in electronic form, is set as Tuesday, September 23, 2025. Any dividend declared at the AGM will be disbursed to eligible shareholders within 30 days of the meeting. The company will also be sending out the Notice of the 41st AGM and the Annual Report for the Financial Year 2024-25 to shareholders via email and will make them available on its official website.

India Glycols Limited has issued a comprehensive advisory to its shareholders concerning the procedures for Tax Deducted at Source (TDS) on dividend payments for the Financial Year 2024-25. The communication follows the company's Board recommendation of a 100% dividend for FY2024-25 (Rs. 10 per share of Rs. 10 face value), which was subsequently adjusted to Rs. 5 per share (Rs. 5 face value) after the approved 1:2 equity share split effective August 13, 2025.

The advisory elaborates on the Income Tax Act provisions for TDS, detailing requirements for resident individuals and non-individuals, including the need for valid PAN, submission of Forms 15G/15H for exemptions (subject to conditions), and the higher TDS rate of 20% for non-compliant PAN holders. For non-resident shareholders, it outlines the standard 20% TDS rate (plus surcharge and cess), with provisions to avail beneficial Double Taxation Avoidance Agreement (DTAA) rates. This requires submission of documents such as PAN, Tax Residency Certificate (TRC), Form 10F, and other declarations, subject to verification. The company also highlights the higher TDS rate of 5% or double the applicable rate under Section 206AB for 'specified persons' who have not filed their income tax returns.

A critical element of the communication is the deadline of Friday, September 19, 2025, by which shareholders must submit all required documents to ensure the correct application of TDS rates. The company also reminds shareholders about SEBI mandates for updating PAN, KYC, and Nomination details, particularly emphasizing that physical shareholders must complete these updates for electronic dividend payments. The company reserves the right to apply higher TDS rates if information provided is inaccurate or incomplete.

India Glycols Limited (IGL) announced its Q1 FY26 results, reporting a strong performance with net revenue up 7% year-on-year to Rs. 1040 crores and EBITDA growth of 18% to Rs. 151 crores, resulting in an EBITDA margin of 17.7% (up 128 basis points). Profit After Tax (PAT) surged by 21% to Rs. 73 crores, with PAT margins improving to 7.0% (up 80 basis points), and Earnings Per Share (EPS) stood at Rs. 23.7, a 21% increase. The company's joint venture also contributed significantly, with profit up 73.7% to Rs. 19 crores.

Segment-wise, the Bio-Fuel segment showed strong revenue growth of 45% to Rs. 348 crores, supported by government ethanol blending policies. The Potable Spirits business reported a 22% revenue increase to Rs. 342 crores, with EBIT margins improving to 21.1%, driven by brand strength like 'Bunty Bubli' and a focus on premiumization, including the Amrut partnership and expansion into CSD channels. The Chemicals business experienced weaker sales but saw margin expansion to 10.9% (up 100 bps), though it faced pressure from lower crude-based MEG prices. Ennature Biopharma saw weak sales and margins due to slowing demand and increased competition, with the company planning strategies for differentiation and market entry in regulated markets.

Management highlighted operational priorities including sweating existing assets and announced plans for business restructuring into three clusters: IGL Spirits, Chemicals/JV, and Ennature Biopharma/Biopolymers, aimed at unlocking shareholder value. Regarding financials, the company plans to repay approximately Rs. 300 crores in the current financial year, funded by internal accruals, and has minimal planned CapEx for the current year, focusing on maintenance and roll-over projects. Finance cost was identified as an area needing attention.

The company mentioned that August 12, 2025, has been fixed as the record date for the subdivision/split of equity shares.

India Glycols Limited (IGL) announced strong financial results for the first quarter of FY26 (Q1 FY26). The company reported a 7.4% year-on-year increase in net revenue to ₹1,040 Cr. EBITDA grew by 17.7% to ₹151 Cr, with EBITDA margins expanding by 128 basis points to 14.5%. Profit After Tax (PAT) saw a significant jump of 21.3% to ₹73 Cr, resulting in improved PAT margins of 7.0%. Segment-wise, the Potable Spirits (PS) and Bio-Fuel (BF) segments performed robustly, with PS revenue up 22.4% to ₹342 Cr and BF revenue up 45.4% to ₹348 Cr. The Bio-based Specialities and Performance Chemicals (BSPC) segment saw a revenue decline of 23.7% to ₹300 Cr, while Ennature Biopharma (EB) revenue decreased by 11.1% to ₹51 Cr. Management highlighted strong performance in the joint venture business, with a 73.7% YoY increase in profit share to ₹19 Cr. In a significant strategic move, IGL announced a proposed demerger of its Potable Spirits, Bio-Fuel, and Bio-pharma businesses into two separate listed entities, ISL and EBL, respectively. The company also set August 12, 2025, as the record date for a 1:2 stock split. Annual trends indicate consistent growth in revenue, EBITDA, and PAT over the last three fiscal years, with revenue CAGR of 19.2% and EBITDA CAGR of 28.3%. However, the debt-to-equity ratio increased to 0.80 in FY25 and interest coverage ratio moderated to 2.50. The company expressed confidence in future growth driven by its diversified business model, strong chemical pipeline, and increasing demand for sustainable products, while acknowledging risks associated with segment performance under pressure and potential regulatory changes.

India Glycols Limited (IGL) announced its Q1 FY26 financial results, showcasing a strong year-on-year performance. Consolidated net revenue increased by 7.4% to ₹1,040 Cr from ₹969 Cr in Q1 FY25. EBITDA saw a significant rise of 17.7% to ₹151 Cr, with EBITDA margins expanding by 128 basis points to 14.5%. Profit After Tax (PAT) grew by 21.3% to ₹73 Cr, and PAT margins improved by 82 bps to 7.0%.

Segment-wise, Potable Spirits (PS) revenue grew 22.4% YoY to ₹342 Cr with EBIT margin improving to 21.1%, while Bio-Fuel (BF) revenue surged 45.4% YoY to ₹348 Cr. However, Bio-based Specialties and Performance Chemicals (BSPC) revenue declined 23.7% YoY to ₹300 Cr, and Ennature Biopharma (EB) revenue fell 11.1% YoY to ₹51 Cr.

The company also provided an annual financial overview, highlighting a 14.1% CAGR in Gross Revenue and 18.9% CAGR in EBITDA over FY23-FY25. Key ratios indicate a Debt-to-Equity ratio of 0.58 in FY25 (down from 0.64 in FY24) and ROCE improved to 11.6% (from 10.5% in FY24).

A major strategic announcement is the proposed restructuring involving the demerger of Potable Spirits & Bio-fuel and Bio-pharma businesses into separate entities, India Glycols Spirits Limited (ISL) and Ennature Biopharma Limited (EBL), respectively. This aims to create focused businesses, improve resource allocation, and unlock stakeholder value. The company also set August 12, 2025, as the record date for its proposed sub-division/split of equity shares.

India Glycols Limited has officially informed both the BSE Limited and the National Stock Exchange of India Limited on August 8, 2025, about its compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This notification concerns SEBI circulars issued on May 7, 2024, June 10, 2024, and an update on June 23, 2025, focusing on mandatory requirements for holders of physical securities.

The company is emphasizing the critical need for shareholders who still hold shares in physical form to furnish their Permanent Account Number (PAN), Know Your Client (KYC) details, and nominate a representative. These details are essential for shareholders to lodge any grievances or to avail themselves of services offered by the Registrar and Share Transfer Agent (RTA), MCS Share Transfer Agent Limited. Moreover, the disclosure highlights a key regulatory change: physical security holders who have not completed these updates will only be eligible for payments, including dividends, interest, or redemption, through electronic means from April 1, 2024, onwards, upon the complete submission of all required documentation.

India Glycols has previously communicated these requirements to its physical shareholders on January 14, 2022, May 13, 2023, and May 24, 2024. The company strongly advises shareholders to submit the necessary forms, such as ISR-1, ISR-2, SH-13, SH-14, and ISR-3, either via 'In Person Verification' (IPV), postal mail, or electronic submission with e-sign to the RTA. Furthermore, the company strongly recommends immediate conversion of physical shares to demat form, as SEBI has stopped the transfer of physical shares, except for transmission or transposition cases, since April 1, 2019. This move is in line with SEBI's ongoing efforts to streamline and secure the securities market. The news does not contain any financial results, performance metrics, guidance, or other operational updates.

India Glycols Limited (IGL) has disclosed key business developments, including an extension of its partnership with Amrut Distilleries Private Limited. Under the renewed arrangement, IGL will add 'Amrut’s Prestige Whisky' to its product portfolio on a royalty basis, taking responsibility for its manufacturing, bottling, and marketing across key markets. This move aims to leverage the brand's potential.

In terms of market expansion, IGL is strategically entering the Kerala market, a region identified as having high growth potential for premium liquor brands. The company has secured necessary approvals for its in-house brands, Zumba Lemoni (White Rum) and Amazing (Vodka, Brandy, and Rum). Procedural formalities for these approvals are expected to be completed shortly.

Furthermore, IGL has strengthened its position in the paramilitary sector. The company currently supplies five of its own brands to these formations and has improved its competitive standing, ranking among the top four suppliers out of 66 participating companies in the recent tender process.

The company's Board of Directors noted these developments during their meeting on August 7, 2025.

India Glycols Limited announced its Unaudited Financial Results for the first quarter ended June 30, 2025. On a consolidated basis, the company reported total income of ₹2,504.52 Cr, marking a 9.6% year-on-year (YoY) increase from ₹2,285.38 Cr in Q1 FY25. Revenue from operations stood at ₹2,503.12 Cr, up 9.2% YoY from ₹2,282.58 Cr. The company's EBITDA rose significantly by 27.6% YoY to ₹151.04 Cr in Q1 FY26, compared to ₹118.36 Cr in Q1 FY25, leading to an improved EBITDA margin of 6.03% from 5.18% YoY. Profit After Tax (PAT) grew by 21.3% YoY to ₹73.25 Cr from ₹60.38 Cr in the corresponding period. Basic Earnings Per Share (EPS) also saw an increase to ₹23.66 from ₹19.50 YoY.

Segment-wise, Potable Spirits revenue increased by 13.3% YoY to ₹1,805.06 Cr, and Bio-Fuel revenue grew by 45.4% YoY to ₹347.57 Cr. Bio-based Specialities revenue declined by 23.7% YoY to ₹299.99 Cr, and Ennature Biopharma revenue fell by 11.1% YoY to ₹50.50 Cr.

In significant corporate updates, India Glycols' Board has decided to exclusively focus on the demerger of its Bio Pharma undertaking into Ennature Bio Pharma Limited and its Spirits & Biofuel undertaking into IGL Spirits Limited, dropping the earlier proposal for amalgamation of Kashipur Holdings Limited (KHL). The appointed date for the Scheme of Arrangement remains April 1, 2026. The company also confirmed the stock split of every one equity share of face value ₹10 into two equity shares of face value ₹5, with shareholders approving it on July 22, 2025. The record date for this 1:2 split has been fixed as August 12, 2025. The company's results were subject to a limited review by statutory auditors.