India Glycols Limited (INDIAGLYCO) AI Stock Analysis

• Market Cap: ₹57.28B
• Dividend Yield: 0.47%
• Average Volume (3M): 19.23K
• Price to Earnings (P/E): 23.5
• Beta (1Y): 1.69
• Revenue Growth: 5.61%
• EPS Growth: 33.63%
• Country: IN
• Employees: 1,326
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals
• EPS (TTM): 10.05
• Shares Outstanding: 67,026,764
• 10 Day Avg. Volume: 24,007
• 30 Day Avg. Volume: 19,229
• PEG Ratio: 0.23
• Price to Book (P/B): 0.79
• Price to Sales (P/S): 0.47
• P/FCF Ratio: -4.48
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 50.43
• Revenue Forecast (FY): ₹43.23B

• Rating: 65 Neutral
• Price Target: ₹942.00 ▼(-6.52% Downside)
• Action: Reiterated Date: 11/18/25
• Date: Action: Reiterated 11/18/25

India Glycols Limited's stock score is driven by strong technical momentum, despite financial challenges such as declining margins and high leverage. The valuation suggests potential overvaluation, and the low dividend yield limits income appeal. The absence of earnings call and corporate events data means these factors do not influence the score.

Positive Factors

Value-added specialty portfolio

India Glycols’ focus on converting base glycols into downstream specialty and performance chemicals creates structural margin resilience versus pure commodity producers. Higher-value derivatives serve pharma, personal care and coatings, supporting customer stickiness and pricing power over a multi-month horizon.

Renewable feedstock and diversified end-markets

Use of renewable, agro-derived feedstock provides a sustainable supply-positioning advantage and potential cost/branding benefits as ESG demand grows. Serving pharmaceuticals, personal care, textiles, paints and detergents diversifies cyclicality, supporting more stable demand across market cycles.

Healthy gross margins and cash conversion

A gross margin near 26.5% combined with operating cash conversion (OCF/net income ~1.57) indicates efficient production and good cash generation from operations. These durable operating characteristics provide buffer to absorb input volatility and fund working capital needs over coming months.

Negative Factors

Rising leverage

Higher leverage increases interest and refinancing risk and reduces financial flexibility. With debt-to-equity near 0.84, the company has less room to absorb shocks or fund capex internally, making balance-sheet management a multi-month priority to avoid tighter liquidity under stress.

Negative free cash flow

Sustained negative free cash flow driven by high capex constrains the company’s ability to deleverage or reinvest without external funding. Over 2-6 months, continued negative FCF heightens reliance on borrowing or equity, limiting strategic optionality and increasing financial vulnerability.

Margin pressure and slowing top-line momentum

Although still growing, the deceleration in revenue growth alongside noted margin pressures signals less operating leverage. If margins do not stabilize, profitability and internal cash generation could weaken, reducing ability to fund growth or shore up the balance sheet in the medium term.

India Glycols Limited Business Overview & Revenue Model

Company Description

India Glycols Limited, a green petrochemical company, manufactures and sells industrial chemicals in India. The company operates through Industrial Chemical, Ethyl Alcohol, and Nutraceuticals segments. It offers monoethylene, diethylene, and triethylene glycols; polyethylene glycols; fatty alcohol, acid, and amine ethoxylates; alkyl phenol ethoxylates; castor/natural oil ethoxylates; and ethoxylated and propoxylated co-polymers. The company also provides polysorbates; glycol ethers and acetates; brake fluids and anti-freeze coolants; performance chemicals; natural gums, including guar gums and other hydrocolloid products; extra neutral alcohols/rectified spirits; Indian-made foreign liquor; and alcohol-based hand sanitizers. In addition, it offers natural active pharmaceutical ingredients, standardized botanical and herbal extracts, and spice extracts; and industrial gases, such as liquid oxygen, argon, nitrogen, and carbon dioxide, as well as IGL Steri-gas ethylene oxide and carbon dioxide gas mixtures. The company also exports its products. It serves agrochemical, automotive, detergent, healthcare and food processing, mining, oil and gas, paper, personal care, pharmaceutical, paint and emulsion polymerization, textile, and other industries. The company was formerly known as UP Glycols Limited and changed its name to India Glycols Limited in August 1986. India Glycols Limited was incorporated in 1983 and is headquartered in Noida, India.

How the Company Makes Money

India Glycols makes money mainly by manufacturing and selling chemical products to industrial customers. Its revenue model is product-sales driven and typically includes: (1) Sale of bulk and specialty chemicals: The company generates revenue from supplying glycols and other intermediates as well as higher-value specialty/performance chemicals (such as glycol ethers and other derivatives) to domestic and export customers. Pricing and margins are influenced by the product mix (commodity vs. specialty), customer/industry demand, and input/energy costs. (2) Domestic and export sales: Earnings are supported by selling to customers in India as well as overseas markets; export realizations and profitability can be affected by foreign exchange movements and international demand cycles for relevant chemical value chains. (3) Value addition through derivatives and specialty portfolio: The company improves monetization by converting base chemicals into downstream derivatives and specialty products that serve specific applications (e.g., solvents, personal care/pharma-related applications, coatings and cleaning formulations), which generally carry different margin profiles versus base chemicals. (4) Other income/partnerships: null

India Glycols Limited Financial Statement Overview

Summary

India Glycols Limited exhibits a mixed financial picture. Strong revenue growth and effective equity utilization are positive signs. However, declining profit margins, increased leverage, and negative free cash flow highlight areas of concern. The company must focus on enhancing profitability and managing debt to ensure sustainable financial health and mitigate potential risks.

Income Statement

India Glycols Limited shows a mixed performance in its income statement. The gross profit margin is healthy at approximately 26.5% for 2025, indicating efficient cost management. However, the net profit margin saw a decline from 5.3% in 2024 to 6.1% in 2025, showing moderate profitability. Revenue growth was strong in 2024 at 23.3%, but slowed down to 15.3% in 2025. EBIT margin is at 6.5% for 2025, indicating some operational efficiency but room for improvement. Overall, while there are areas of strength, such as revenue growth, declining margins present a challenge.

Balance Sheet

The balance sheet reveals a stable yet cautious financial position. The debt-to-equity ratio increased to 0.84 in 2025, suggesting higher leverage which could heighten financial risk. Return on Equity (ROE) improved to 10.2%, reflecting better utilization of equity. The equity ratio is stable at 36.5%, indicating a reasonable proportion of assets financed by equity. While the company maintains a solid equity base, increasing debt levels pose a potential risk to financial stability.

Cash Flow

Cash flow analysis indicates some challenges, particularly in free cash flow generation which remained negative at -3.98 billion in 2025. The operating cash flow to net income ratio stands at 1.57, which is healthy, suggesting good cash conversion from profits. However, the free cash flow to net income ratio is negative due to high capital expenditures, indicating potential future cash flow constraints. Improving free cash flow generation should be a priority to bolster financial flexibility.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	39.71B	37.68B	32.94B	26.37B	28.68B	22.92B
Gross Profit	13.76B	9.99B	10.55B	10.69B	8.45B	7.06B
EBITDA	6.26B	5.11B	4.28B	3.47B	4.98B	2.86B
Net Income	2.59B	2.31B	1.73B	1.25B	3.40B	1.32B
Balance Sheet
Total Assets	61.57B	61.76B	56.17B	48.58B	46.31B	41.19B
Cash, Cash Equivalents and Short-Term Investments	1.53B	546.92M	746.42M	2.83B	430.66M	396.11M
Total Debt	20.55B	18.92B	13.48B	11.12B	10.42B	11.37B
Total Liabilities	37.64B	39.20B	35.66B	29.57B	28.58B	29.51B
Stockholders Equity	23.94B	22.56B	20.51B	19.01B	17.92B	11.69B
Cash Flow
Free Cash Flow	-650.60M	-3.98B	-1.14B	-1.13B	-2.64B	-115.54M
Operating Cash Flow	1.06B	3.62B	4.39B	3.26B	1.16B	1.37B
Investing Cash Flow	-1.59B	-7.36B	-5.03B	-3.30B	764.47M	-1.48B
Financing Cash Flow	637.20M	3.54B	899.12M	-5.10M	-1.89B	107.45M

India Glycols Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1007.65
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDIAGLYCO, the sentiment is Negative. The current price of 1007.65 is above the 20-day moving average (MA) of 898.76, above the 50-day MA of 912.48, and above the 200-day MA of 942.77, indicating a bearish trend. The MACD of -20.78 indicates Positive momentum. The RSI at 39.30 is Neutral, neither overbought nor oversold. The STOCH value of 47.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:INDIAGLYCO.

India Glycols Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GNFC	70 Outperform	₹60.64B	12.10	―	3.68%	-7.53%	42.74%
INDIAGLYCO	65 Neutral	₹57.28B	23.54	―	0.47%	5.61%	33.63%
SUNFLAG	62 Neutral	₹38.32B	20.39	―	0.28%	6.44%	36.54%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
GUJALKALI	59 Neutral	₹30.44B	-46.40	―	3.11%	10.35%	―
LXCHEM	55 Neutral	₹31.93B	46.14	―	0.29%	-2.93%	-37.94%
CAMLINFINE	47 Neutral	₹24.90B	-19.42	―	―	9.21%	87.89%

India Glycols Limited Corporate Events

India Glycols Gets Major Relief as Customs Appeal Cuts Penalties, Plans Second Challenge

India Glycols Limited has disclosed that the Commissioner (Appeals), Noida has partially upheld an earlier customs order confirming a demand of Rs. 33.43 crore as short‑paid duty, along with applicable interest and a reduced penalty of Rs. 41 crore. However, the appellate authority has set aside the additional penalty of Rs. 41 crore and a substantial redemption fine of Rs. 191.76 crore, significantly cutting the total financial exposure originally raised by customs authorities.

The company, relying on legal advice, believes it has a strong case on merit and plans to file a second appeal against the remaining confirmed duty, interest and penalty. India Glycols has stated that it does not reasonably foresee any material impact on its financial position, operations or other activities from the matter as it currently stands, suggesting limited immediate risk for stakeholders despite the ongoing litigation.

India Glycols to Weigh Interim Dividend, Closes Trading Window

India Glycols Limited has scheduled a board meeting on 17 March 2026 to consider the declaration of an interim dividend for the 2025-26 financial year, signaling a potential payout to shareholders depending on the board’s decision. In line with regulatory requirements and its internal code of conduct, the company has also closed its trading window for dealing in its securities from 11 March to 19 March 2026 to prevent insider trading around this corporate action.

These steps underscore the company’s adherence to SEBI’s listing and insider trading regulations and reflect standard governance practices ahead of key financial decisions. Investors and other stakeholders will closely watch the outcome of the board meeting for clarity on interim dividend prospects and any implications for the company’s capital allocation and shareholder returns.