Q1 2027 India Glycols Ltd Earnings Call

August 14, 2026

Speaker #1: Ladies and gentlemen, the conference call will begin shortly. Please stay connected. Thank you. Ladies and gentlemen, good day and welcome to the India Glycols Limited Q1 FY27 earnings call hosted by Incred Equities.

Operator: Ladies and gentlemen, good day and welcome to India Glycols Limited Q1 FY27 earnings call hosted by InCred Equities. As a reminder, all participant lines will be in listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing * then zero on your touch-tone phone. Please note that this conference is being recorded. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Nitin Awasthi.

Speaker #1: As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Speaker #1: Should you need assistance during this conference call, please signal an operator by pressing star, then zero, on your touch-tone phone. Please note that this conference is being recorded.

Speaker #1: This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as of the date of this call.

Speaker #1: These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Nithin Avasthi. Thank you, and over to you, sir.

Operator: Thank you, and over to you, sir.

Speaker #2: Thank you. I would like to thank the management for giving us this opportunity to host the conference call today. From India Glycols management, we have Mr. Rupak Saraswat, Chief Financial Officer; Mr. Manoj Kumar Rai, Chief Executive Director and COO of Ideal Spirits Limited; Mr. Akshay Bansal, Executive Director of Enatured Biopharma Limited; Mr. Anand Sengal, Chief Financial Officer; Mr. S.K. Shukla, Head of Liquor Business; and Mr. Ankur Jain, Head of Legal and Company Secretary.

Nitin Awasthi: Thank you. I would like to thank the management for giving us this opportunity to host the conference call today. From India Glycols management, we have Mr. Rupark Sarswat, Chief Financial Officer, Mr. Manoj Kumar Rai, Executive Director and COO of IGL Spirits Limited, Mr. Akshay Bansal, Executive Director of Ennature Biopharma Limited, Mr. Anand Singhal, Chief Financial Officer, Mr. S. K. Shukla, Head of Liquor Business, and Mr. Ankur Jain, Head of Legal and Company Secretary. I would now like to invite Mr. Rupak to initiate the proceedings with his opening remarks, post which we shall open the floor for a Q&A session. Thank you, and over to you, sir.

Speaker #2: I would now like to invite Mr. Rupak to initiate the proceedings with his opening remarks, after which we shall open the floor for a Q&A session.

Speaker #2: Thank you, and over to you, sir.

Speaker #3: So, thank you very much. And thank you, everybody, for joining us. I hope all of you are enjoying your monsoons, and I'm sure a lot of you in Mumbai are waiting to welcome Ganpati.

Rupark Sarswat: Thank you very much, and thank you everybody for joining us, and hope all of you are enjoying your monsoons. I am sure a lot of you are in Mumbai are waiting to welcome Ganpati. Best wishes to all of you. Now what I intend to do is to start with two introductions. First is a gentleman, Mr. Gagan Kwatra, who will be handling investor relations for us. He has joined us. I am sure his presence will make us better prepared to deal with our investors and better answer your questions, and be more responsive. He has 15 years of work experience in a number of organizations handling investor relations and consulting, et cetera, which includes Jubilant FoodWorks, LT Foods, and prior to that, some consulting assignments that he did with KPMG.

Speaker #3: So, best wishes to all of you. And now, what I intend to do is start with two introductions. First is the gentleman, Mr. Gagan Quatra, who will be handling investigations for us.

Speaker #3: He has joined us. I'm sure his presence will make us better prepared to deal with our investors, better answer your questions, and be more responsive.

Speaker #3: He has 15 years of work experience in a number of organizations, handling investor relations and consulting, etc., which includes Jubilant FoodWorks, LT Foods, and prior to that, some consulting assignments that he did with KPMG.

Speaker #3: The other gentleman I would like to introduce is Mr. Manoj Kumar Rai, who has joined as the Chief Operating Officer for Spirits and Small Business.

Rupark Sarswat: The other gentleman I would like to introduce is Mr. Manoj Kumar Rai, who has joined as a Chief Operating Officer for the Spirits and Ethanol business. As you know, with the restructuring, his role becomes very important. He is a stalwart in the liquor business, and he will help us answer all the difficult questions that you have for this business. He has got 27 years of experience across engineering, consumer goods, entertainment, and beverages. He is a B.Tech from IIT Delhi and a postgraduate in business management from IIM Lucknow. He joins from Allied Blenders & Distillers, where he was the Chief Revenue Officer, led seven consecutive quarters of profitable growth. Earlier, he spent 19 years with Pernod Ricard India in multiple roles. He has also worked with Marico, Saregama India, Sodexo, et cetera. I have taken the opportunity to introduce them.

Speaker #3: As you know, with the restructuring, his role becomes very important. He's a stalwart in the liquor business, and he will help us answer all the difficult questions that you have for this business.

Speaker #3: He has 27 years of experience across engineering, consumer goods, entertainment, and beverages. He holds a B.Tech from IIT Delhi and a postgraduate degree in business management from IIM Lucknow.

Speaker #3: He joined from Allied Blenders and Distillers, where he was the Chief Revenue Officer and led seven consecutive quarters of profitable growth. He also spent 19 years with Purna Rekab India in multiple roles.

Speaker #3: And earlier, he's also worked with Marico, Saregama India, Soldier, etc. So, let's take this opportunity to introduce them. I'm sure you'll have an opportunity to interact with them today, and even more so going forward.

Rupark Sarswat: I'm sure we will have an opportunity to interact with them today and more so going forward. With that, let me get started on a quick update on the business, then we can talk a little bit about restructuring, a little bit about the segments and so on. All in all, we've had a very strong quarter. India Glycols delivered a very strong start for FY27 with a double-digit growth in gross revenue, EBITDA, and PAT, which was supported by a balanced portfolio and improved profitability. We've had revenues of INR 1,129 crores, up 8.5%, and a recorded EBITDA of INR 170 crores. Our gross revenue is up 19%, net revenue up 19%, EBITDA up 13%, and PAT up 32%. On the business restructuring front, we've got the NCLT approval. Effective date is to be communicated, and we are progressing the actions as per the plan.

Speaker #3: With that, let me get started with a quick update on the business. Then we can talk a little bit about restructuring, a little bit about the segments, and so on.

Speaker #3: So, all in all, we've had a very strong quarter. I just delivered a very strong start for '27, with double-digit growth in gross revenue, EBITDA, and PAS.

Speaker #3: This was supported by a balanced portfolio and improved profitability. So, we've had revenues of ₹1,129 crore, up 8.5%, and a record EBITDA of ₹170 crore.

Speaker #3: So, our gross revenue is up 19%, net revenue up 19%, EBITDA up 13%, and PAT up 32%. On the business restructuring front, we've got the NCLT approval, effective date is to be communicated, and we are progressing the actions as per the plan.

Speaker #3: The business portfolio overall remains well-diversified, and you can see that we've been improving our business, making it a better quality business across businesses.

Rupark Sarswat: The business portfolio overall remains well-diversified, and you can see that we've been improving our business, making it a better quality business across businesses, and you can see premiumization and margin recovery all across. The Spirits business recorded a revenue of INR 361 crores, up by 23%, EBITDA growth of 14.2%, and the company retained a dominant share in UP and Uttarakhand while benefiting from premium product offerings in these areas. In Chemical, the revenues increased by 20.6% to INR 362 crores, driven by growth in multiple sector areas, which include Bio Glycols, Green Solvents, as well as Performance Chemicals. Biofuel reported a revenue of INR 323 crores with EBIT increasing 19% year-on-year to INR 27 crores and EBIT margin at 8.4%. Ennature Biopharma reported its best ever quarter with revenue rising 65% year-on-year and EBITDA increasing 188%.

Speaker #3: And you can see premiumization and margin recovery all across. The spirits business recorded a revenue of ₹361 crore, up 5.3%. EBITDA growth was 14.2%.

Speaker #3: And the company retained a dominant share in UPN Uttarakhand, while benefiting from premium product offerings in these areas. In chemicals, the revenues increased by 20.6% to ₹362 crore.

Speaker #3: Driven by growth in multiple areas, which include bioglycol, green solvents, as well as performance chemicals. Biofuels reported a revenue of ₹323 crore, with EBIT increasing 19% year on year.

Speaker #3: To ₹27 crore, and EBIT margin at 8.4%. NHL Biopharma reported its best-ever quarter, with revenue rising 65% year-on-year and EBITDA increasing 188%.

Speaker #3: So, this growth has been supported by new acquisitions of customers, several nutraceutical launches, expansion of the nicotine business, and, in general, improved efficiency. The finance costs for the company declined by ₹25 crore in Q1 FY27, from ₹45 crore.

Rupark Sarswat: This growth has been supported by new acquisitions of customers, several new pharmaceutical launches, expansion of the nicotine business and in general, improved efficiency. The finance costs for the company declined by INR 25 crores in Q1 FY27 from INR 45 crores in Q1 FY26. This is on account of debt reduction, which has been supporting the profitable growth as well. Debt levels had reduced during the quarter, with debt-to-equity ratio has also improved. The proposed restructuring that we received NCLT approval is something that we are going to talk about a little more. All in all, strong revenue and EBITDA growth, strong margin performance, business restructuring on plan. As for as potable spirits is concerned, the broader theme of premiumization and market leadership continues. On the chemical front, we've had a good growth across areas, and we'll talk about the factors subsequently.

Speaker #3: In Q1 FY26, and this is on account of debt reduction, which has also supported the profitable growth. Debt levels reduced during the quarter, and the debt-to-equity ratio has also improved.

Speaker #3: And the proposed restructuring, for which we received NCLT approval, is something that we are going to talk about a little more. So, all in all, strong revenue and EBITDA growth, strong margin performance, business restructuring on plan. As far as portable spirits are concerned, the broader theme of premiumization and market leadership continues.

Speaker #3: On the chemicals front, we've had good growth across areas, and we've talked about that factor subsequently. We recognize that our growth will come from new performance chemicals, which right now is small, but I think the pipeline is strong, and we expect it to continue to drive growth year on year.

Rupark Sarswat: We recognize that our growth will come from new Performance Chemicals, which right now is small, but I think the pipeline is strong, and we expect it to continue to drive growth year-on-year. As I mentioned, a very strong quarter for Ennature Biopharma and good progress with customers, et cetera. Just to give you a general thing that people generally ask us about is also the impact of the war. The war has impacted us in multiple ways, some good, some not so good. It is both a combination of headwinds and tailwinds for us. As you know, crude spiked to a four-year high, which also meant that crude prices went up, which also meant that some of the chemicals that come into India from the Middle East, for example, glycols and some other petrochemical derivatives, were affected not only in terms of supply but also prices.

Speaker #3: As I mentioned, it was a very strong quarter for NHL Biopharma, and we made good progress with customers, etc. Just to give you a general update, something people often ask us about is also the impact of the board.

Speaker #3: Now, the Board has impacted us in multiple ways—some good, some not so good. So, it is both a combination of headwinds and tailwinds for us.

Speaker #3: As you know, crude spiked to a four-year high, which also meant that crude prices went up. This meant that some of the chemicals that come into India from the Middle East—for example, glycols and some other special chemical derivatives—were affected not only in terms of supply, but also prices.

Speaker #3: The rupee hit a record low. But another factor which impacted business is the fact that trades really became even more determining than the prices themselves.

Rupark Sarswat: The rupee hit a record low, but another factor which impacted business is the fact that freights really became even more determining than the prices themselves. Freights which are for westbound cargos have been very, very volatile, going up anywhere between 5 to 20 times, which impacted some of our businesses. The impact has been that as far as crude is concerned, it had a positive impact on our ethylene oxide business because you see, we talked about over the last 3 or 4 years that we had a disadvantage in terms of our bio-based EO being slightly more expensive than Reliance's EO. This is something which was not the case 15 years prior to 2021. However, this changed in the recent past.

Speaker #3: So, trades which are for westbound cargoes have been very, very volatile, going up anywhere between 5 to 20 times, which has impacted some of our businesses.

Speaker #3: So, the impacts have been that, as far as crude is concerned, it had a positive impact on our ethylene oxide business because, you see, we talked about over the last three or four years that we had a disadvantage in terms of our bio-based fuel being slightly more expensive than Reliance's fuel.

Speaker #3: Now, this was not the case 15 years prior to 2021. However, this changed in the recent past. And for the few months I am referring to, we were either similar to Reliance's prices or slightly lower, which meant that we had greater offtake for specialty chemicals and better penetration for some of the glycols which we sell into India, and so on.

Rupark Sarswat: For the few months that I am talking about, we were either similar to Reliance's prices or slightly lower, which meant that we had greater offtake for specialty chemicals and greater penetration for some of the glycols which we sell into India and so on. The impact on chemicals on the other side, which was that several of our raw materials, propylene oxide, for example, were either completely not available or were prohibitively expensive. This adversely impacted our businesses in the oil and gas sector, where we were supplying specialty chemicals within India. We also supply oil and gas materials to the Middle East, which essentially completely collapsed because there was no sale happening to that area. Shipments to US, et cetera, became very difficult. That was a negative impact, mainly impacting the chemicals business.

Speaker #3: And the impact on chemicals, on the other side, was that several of our raw materials, propylene oxide, for example, were either completely unavailable or were prohibitively expensive.

Speaker #3: So, this adversely impacted our business in the oil and gas sector, where we were supplying specialty chemicals within India. We also supply oil and gas materials to the Middle East, which essentially completely collapsed because there were no sales happening to that area.

Speaker #3: And also, shipments to the US, etc., became very difficult. So, that had a negative impact, mainly affecting the chemicals business. Overall, high profitability, broad-based revenue growth, a breakout quarter for NHL Biopharma, and we've maintained the momentum in chemicals.

Rupark Sarswat: All in all, high profitability, broad-based revenue growth, a breakout quarter for Ennature Biopharma and we have maintained the momentum in chemicals. Another thing that we have been talking about is the fact that if you look at FY22, we had an EBITDA margin of 11%. In 2023, we became 13%. In 2024, we became 14.2%. 2025, 14%. FY26, 16.4%. The margin recovery story has been, I would like to say, based on a strategic plan that we spoke to you about for the last few years, managing our costs better, managing our feedstocks better, improving the quality of our business and getting into new areas which drove both growth and profitability. This is very heartening for us to know that first of all, it has been consistent and stable. There is sustained improvement in quality of the business as seen in these years.

Speaker #3: Another thing that we've been talking about is the fact that, if you look at FY22, we had an EBITDA margin of 11%. In FY23, we became 13%; in FY24, we became 14.2%; in FY25, 14%; and in FY26, 16.4%.

Speaker #3: So, the margin recovery story has been, I would like to say, based on a strategic plan that we spoke to you over the years: managing our costs better, managing our feedstocks better, improving the quality of our business, and getting into new areas, which drove both growth and profitability.

Speaker #3: So, this is very heartening for us to know that, first of all, it has been consistent and stable. So, there is the same improvement in the quality of the business as seen in these years.

Speaker #3: So, that's a broader point I'd like to make. Now, coming to another important thing—as we've got the approval from NCLT for the demerger—as you know, NCLT has now sanctioned the scheme of arrangement on 17th July 2026.

Rupark Sarswat: That is a broader point I would like to make. Now coming to another important thing, as we have got the approval from NCLT for the demerger. As you know, NCLT has now sanctioned the scheme of arrangement on 17 July 2026, and upon effectiveness, the spirit, biofuel, and biopharma undertaking transfer to dedicated resulting companies. We start with India Glycols Limited as we have it now, and that is how we have been presenting ourselves. This segregates into three different entities. One entity remains as such, which is India Glycols Limited, as such in the sense of name, which will continue to have bio-based chemicals, speciality glycols, new performance chemicals, gases, and any other new areas in the chemical space we may get into.

Speaker #3: And, upon effectiveness, the Spirits, Biofuel, and Biopharma undertakings transfer to dedicated resulting companies. So, we start with India Glycols Limited as we have it now, and that is how we've been presenting ourselves.

Speaker #3: And this segregates into three different entities. One entity remains as such, which is India Glycols Limited—as such, in the sense of the name—which will continue to have bio-based chemicals, specialty glycols, new performance chemicals, gases, and any other new areas in the chemical space we may get into.

Speaker #3: The other big one is Ideal Spirits Limited, which will have the potable spirits business, both IMFL as well as Indian-made Indian liquor. But it also will have the biofuel business, looking at the synergies of the business, which is ethanol, and the fact that a significant amount of ethanol that is produced is actually also required by the potable spirits business.

Rupark Sarswat: The other big one is IGL Spirits Limited, which will have the portable spirits business, both IMFL as well as Indian-made Indian liquor, but it also will have the biofuels business, looking at the synergies of the business, which is ethanol, and the fact that a significant amount of ethanol that is produced is actually also required by the portable spirits business. The Ennature Biopharma business will continue to have what it has in terms of nutraceuticals and APIs, but the biopolymers business from within the chemicals business will now be part of this entity.

Speaker #3: The NHL Biopharma business will continue to have what it has in terms of nutraceuticals and APIs. But the biopolymers business, from within the chemical business, will now be part of this entity.

Speaker #3: In order to make sure that our costs are managed well and the expertise to run these businesses is retained within the company, there are, of course, arrangements in place so that we can continue to manage them.

Rupark Sarswat: In order to make sure that our costs are managed well and the expertise to run these businesses are retained within the business, there are, of course, arrangements so that we can continue to manage them with the people that we have without hiring too many different people and managing the overlaps in a good manner. Now, let me take a pause and request Anandji to quickly give you a very high-level financial performance update.

Rupark Sarswat: In order to make sure that our costs are managed well and the expertise to run these businesses are retained within the business, there are, of course, arrangements so that we can continue to manage them with the people that we have without hiring too many different people and managing the overlaps in a good manner. Now, let me take a pause and request Anand to quickly give you a very high-level financial performance update.

Speaker #3: With the people that we have, without hiring too many different people, and managing the overlaps in a good manner. Now, let me take a pause and request Anandji to quickly give you a very high-level financial performance update.

Speaker #2: Thank you, sir. So, the net revenue in ideal Spirit for Q1 financial at 27 is 694 crores, with the EBITDA of 122 crores. The margin is 17.3% versus 14.7% in Q1 financial at 26.

Anand Singhal: Thank you, sir. The net revenue in IGL Spirits for Q1 FY27 is INR 694 crores with the EBITDA of INR 120 crores. The margin is 17.3% versus 14.7% in Q1 FY26. This is 14.7% growth in the EBITDA in IGL Spirits. India Glycols, the net revenue is INR 345 crores, up by 24% year-on-year. EBITDA is INR 40 crores, which is 12% up year-on-year basis, and EBITDA margin is 11.6%. The Ennature Biopharma net revenue is INR 90 crores, which is up by 53%. EBITDA is INR 10 crores, which is almost about 100% year-on-year growth, and EBITDA margin is 11.1%. Overall, if we compare the net revenue for the company as India Glycols on a consolidated basis is INR 1,130 crores, which is up by 9%.

Speaker #2: So, this is 14.7% growth in the EBITDA in Ideal Spirits. India Glycols' net revenue is ₹345 crores, up by 24% year-on-year. EBITDA is ₹40 crores, which is 12% up on a year-on-year basis, and the EBITDA margin is 11.6%.

Speaker #2: The NHL Biopharma net revenue is ₹90 crores, which is up by 53%. EBITDA is ₹10 crores, which is almost about 100% year-on-year growth, and EBITDA margin is 11.1%.

Speaker #2: So, overall, if we compare the net revenue for the company, as India Glycols on a consolidated basis, it is ₹1,130 crore, which is up by 9%.

Speaker #2: EBITDA is ₹170 crore, which is up by 13%, and the EBITDA margin is 15% versus 14.3% in Q1 last year. So, overall, this is tremendous growth and very good performance.

Anand Singhal: EBITDA is INR 170 crores, which is up by 13%, and EBITDA margin is 15% versus 14.3% in the Q1 last year. Overall, a tremendous growth and very good performance.

Speaker #2: Thank you, Anandji. Now, considering that it is Friday evening and we are supposed to talk about segments, we will start with High Spirits. So, I would request my colleague, new colleague, Mr. Manoj Rai, to give us an update on Spirits, which is obviously doing very well.

Rupark Sarswat: Thank you, Anandji. Now, considering that it is Friday evening and we are supposed to talk about segments, we will start with high spirits. I will request my new colleague, Mr. Manoj Rai, to give us an update on spirits, which is obviously doing very well. Well, that comment for when I'd like to know.

Rupark Sarswat: Thank you, Anand. Now, considering that it is Friday evening and we are supposed to talk about segments, we will start with high spirits. I will request my new colleague, Mr. Manoj Rai, to give us an update on spirits, which is obviously doing very well. Well, that comment for when I'd like to know.

Speaker #2: Well, that comment was on a lighter note.

Speaker #3: Thank you, and good evening to all of you. Well, when we look at the numbers, first for IMFL (Indian Made Foreign Liquor), it's been an extremely healthy quarter. We bifurcated the IMFL business into two parts.

Manoj Kumar Rai: Thank you. Good evening to all of you. Well, when we look at the numbers first for IGL Spirits, an extremely healthy quarter. We bifurcated the IGL Spirits business into two parts. One is the main spirits business and the other is the Biofuels business. Spirits business had a net revenue of INR 371 crores with an EBITDA margin of about 22.9%, which is an improvement of 470 basis points. When I further bifurcate this into IMFL and non-IMFL business, it's the IMFL business which shows promise. We have grown 26% year-on-year in terms of net revenue, doing 1.4 million cases, which is a 55% growth over last year. In the non-IMFL business, our revenues have more or less remained stagnant. We are at INR 279 crores with a volume of 7.5 million, which is a 6% growth year-on-year.

Speaker #3: One is the main Spirits business, and the other is the Biofuel business. The Spirits business had a net revenue of ₹371 crore, with an EBITDA margin of about 22.9%, which is an improvement of 270 basis points.

Speaker #3: When I saw the bifurcate this into IMFL and non-IMFL business, if the IMFL business, which shows promise, we have grown 26% year on year in terms of net revenue, doing 1.4 million cases, which is a 55% growth over last year.

Speaker #3: In the non-IMFL business, our revenues have more or less remained stagnant. We are at ₹279 crore, with a volume of 7.5 million, which is a 6% growth year on year.

Speaker #3: When I look at the biofuel business, it's a 7% growth in net revenue at ₹323 crore, with an EBITDA margin of 10.8%, which is an improvement of 250 basis points.

Manoj Kumar Rai: When I look at the Biofuels business, it's a 7% growth in net revenue at INR 323 crores with an EBITDA margin of 10.8%, which is an improvement of 50 basis points. Now, that's one performance, and if we have to look at how the business outlook for IGL Spirits pans out over the next few years, I think there are six or seven main pivots on which the outlook for IGL Spirits looks encouraging. The first is when we looked at the IMFL growth, we saw a 26% growth, particularly in geographies where we are operating. The industry or the segment where we operate has either declined or remained stagnant. Considering the kind of movement in the industry and our growth, we see a lot of promise. This is further going to get accelerated because there are quite a few launches planned.

Speaker #3: Now, that's what one performance, and if we have to look at how the business outlook for Ideal Spirits pans out for the rest of the year.

Speaker #3: I think there are six or seven main pivots on which the outlook for Ideal Spirits looks encouraging. The first is when we looked at the IMFL growth—you saw a 26% growth.

Speaker #3: Particularly in the geographies where we are operating, the industry or the sectors where we operate have either declined or remained stagnant. So, considering the kind of movement in the industry and our growth, we see a lot of promise.

Speaker #3: This is further going to get accelerated because there are quite a few launches planned. There are launches planned in the Dealers' Whiskey segment. There are launches planned in the semi-premium vodka segment, which will improve our margins further.

Manoj Kumar Rai: There are launches planned in the deluxe whiskey segment, there are launches planned in the semi-premium vodka segment, which will improve our margins further. We would want to focus more on the white spirits business. If we look at the IMFL category, it's the white spirit business which is growing at the fastest rate, and we are strategically placed with our portfolio in this particular segment. We expect to garner a higher share than the segment. There are many times when people build brands in the premium and the semi-premium segment. Rather than building, we have entered into a strategic partnership with Campari, where we've acquired brands from them, and we do the distribution and marketing for them in the selected states.

Speaker #3: We would want to focus more on the White Spirits business. If we look at the IMFL category, it's for the White Spirits business, which is growing at the fastest tempo.

Speaker #3: And we are strategically placed with our portfolio in this particular segment. We expect to garner a higher share than the segment. You know, there are many times when people build brands in the premium and semi-premium segment; rather than building, we have entered into a strategic partnership with Amrit, where we've acquired brands from them, and we do the distribution and marketing for them in the selected states.

Speaker #3: And you would be pleased to know that the kind of aspirations that we have in the premium whiskey segment, as well as the single malt segment, are as well.

Manoj Kumar Rai: You would be pleased to know that the kind of aspirations that we have in the premium whiskey segment, as well as the single malt segment, are those lines. We are looking at doubling our volumes in the Amrut Distilleries whiskey segment, the three whiskeys that we make with them, and we are looking at a healthy 10,000 plus kind of a volume as far as the single malt is concerned in the states where we operate. The other big pillar through which growth would be driven for IGL Spirits would be through geographical and channel expansion. Our bulk of the business currently is focused in three states, which is UP, Uttarakhand, and Delhi. We have just touched the tip of the iceberg in these states.

Speaker #3: We are looking at doubling our volumes in the Amrit whiskey segment, the three whiskeys that we make with them, and we are looking at a healthy 10,000-plus kind of volume as far as this single malt is concerned.

Speaker #3: In the states where we operate, the other big pivot through which growth would be driven for Ideal Spirits would be through geographical and channel expansion.

Speaker #3: Our bulk of the business currently is focused in three states, which are UP, Uttarakhand, and Delhi. We've just touched the tip of the iceberg in these states.

Speaker #3: These are big states in terms of industry size, and we will look at deepening our penetration not only through our existing portfolio, but also through other offerings that we have.

Manoj Kumar Rai: These are big states in terms of the industry side, and we will look at deepening our penetration, not only through our existing portfolio, but also through other offerings that we have. Apart from this, there would be inorganic gains coming in from introduction of new brands and introduction into new states. We are looking at defense giving us an all-India footprint with the introduction of three to four new brands. While we speak, there are already three brands that are approved, and there is one on the horizon. We have had a long-standing relationship with Bacardi, close to about 15 years. You would probably know that we are the only one in the country which has exclusive facility for them in terms of spirit maturation. This reinforces our position of being a trusted partner, as well as the fact that we can comply with world-class manufacturing practices.

Speaker #3: Apart from this, there would be inorganic gains coming in from the introduction of new brands and expansion into new states. We are looking at Defense giving us an all-India footprint with the introduction of three to four new brands.

Speaker #3: As we speak, there are already three brands that are approved, and there is one on the annual. We have had a longstanding relationship with Bacardi, close to about 15 years.

Speaker #3: And you would probably know that we are the only ones in the country which has an exclusive facility for them in terms of spirit maturation.

Speaker #3: This reinforces our position as a trusted partner, as well as the fact that we can comply with world-class manufacturing practices. The fact that we have captured high-quality VMO, and that we have enough and more capacity available, ensures that this gives us a cost advantage in the states that we operate.

Manoj Kumar Rai: The fact that we have captive high-quality ENA, and we have enough and more capacity available, ensures that this gives us the cost advantage in the states that we operate and protects our margin. We manufacture one of the best qualities of ENA, and we are one of the largest manufacturers, thus giving us consistent quality and sustainable cost leadership. What is heartening to also know that in the states where we operate in the non-IMFL segment, despite a declining market where most of the big players in the markets have declined, we continue to maintain our strong position in both UP as well as Uttarakhand. Primarily led by the fact that we have built brands in this non-IMFL segment, something which was unheard of in the past.

Speaker #3: And protects our margin. We manufacture one of the best qualities of VMO, and we are one of the largest manufacturers, thus giving us consistent quality and sustainable cost conditions.

Speaker #3: What is heartening to also know is that in the states where we operate in the non-IMFL segment, despite it being a declining market where most of the big players have declined, we continue to maintain our strong position in both UP as well as Uttarakhand.

Speaker #3: Primarily led by the fact that we have built brands in this non-IMFL segment, something which was unheard of in the past. One of our brands, Bunty Bubbly — you may have heard of it — has received various accolades, including appreciation from the Limca Book of Records as well as the Asia Book of Records.

Manoj Kumar Rai: One of our brands, Bunty & Bubly, you would have heard, has received various accolades, including being appreciated by Linkup Coffee Club as well as Ishya Coffee Club. The fact that despite increase in the number of players in the non-IMFL segment, we continue to hold a dominant position as far as our shares in the market is concerned speaks volumes about the kind of quality and the kind of brands that we have built, and the strong marketing effort that goes behind this. All this naturally gives us a very encouraging outlook for FY27, and we expect to deliver an EBITDA in excess of INR 500 crores.

Speaker #3: The fact that, despite the increase in the number of players in the non-IMFL segment, we continue to hold a dominant position as far as our market share is concerned speaks volumes about the kind of quality and the kind of brands that we have created.

Speaker #3: And the strong marketing efforts that go behind these. All this naturally gives us a very encouraging outlook for Q1 '27. And we expect to deliver an EBITDA in excess of ₹500 crores.

Speaker #3: You may recall migration, which I spoke to you about, and continued growth not only in the operating states but also inorganic growth in the new states that we enter.

Manoj Kumar Rai: ENA margin, which I spoke to you about, and continued growth in not only the operating states, but also the inorganic growth in the new states that we entered, would eventually lead us to becoming a debt-free company from 2028 onwards, and we are targeting an EBITDA in excess of INR 100 crores in the next four to five years. If we do this, we would probably be one of the top five alcohol companies in this country. Supriyo, I hand over to you for-

Speaker #3: This would eventually lead us to becoming a debt-free company from 2028 onwards, and we are targeting an EBITDA in excess of ₹100 crore in the next four to five years.

Speaker #3: If we do this, we would probably be one of the top five Alphabet companies in this country. So, Padmi, I hand over to you.

Rupark Sarswat: Thanks, Manoj, for a very comprehensive update on the liquor business, or rather the spirits business, including biofuel. I will talk a little bit about the India Glycols bit as per the new structure, which is essentially broadly known as the chemicals business. For the chemicals business, the net revenue at INR 332 crores was up 25% year-on-year with an EBITDA margin of 11.4%. For the small gases business, it was INR 13 crores with an EBITDA margin of 23.1%. Overall, this business had quite a good quarter, both in terms of volume and value term. If you look at some of the core businesses, for example, green solvents of glycols and glycol ethers, the volumes were up 6%, the value was up 13%, and gross margin rose to 50%. For the glycols business, value up 83%, and similarly, very strong growth in gross margin.

Speaker #1: Thanks. Thanks, Imran, for a very comprehensive update on the liquor business—or rather, the spirits business—including Biofood. I will talk a little bit about the India Glycols bit, as per the new structure.

Speaker #1: This is essentially, broadly known as a chemical business. So, for the chemicals business, the net revenue at ₹332 crore was up 25% year on year, with an EBITDA margin of 11.4%.

Speaker #1: And for the small gases business, it was ₹13 crore with an EBITDA margin of 23.1%. Overall, this business had quite a good quarter, both in terms of volume and value.

Speaker #1: If you look at some of the core businesses, for example, green solvents or glycols and glycol ethers, the volumes were up 6%, the value was up 13%, and gross margins were close to 50%.

Speaker #1: For the glycols business, the value was 83%, and similarly, we saw very strong growth in gross margins. The performance chemicals business grew by 40%, which was lower than what we had targeted, essentially for some of the reasons that I articulated.

Rupark Sarswat: The performance chemicals business grew by 40%, which was lower than what we had targeted, essentially for some of the reasons that I articulated. Exports suffered to Middle East as well as other countries, and some raw materials became prohibitively expensive and supply chain disruptions. We had flattish contribution. We saw some growth in terms of EO sales that we sell to the joint venture as well. Now, talking about going forward, it is a business that is very resilient, and we have a strategy on how we will build it. In terms of looking at this business, we would be leveraging the fact that we are the largest supplier of bio-based specialty chemicals in the world, combined with our joint venture. We are the pioneer in manufacture of bio-based EO, glycol ether. Perhaps the only true scale supplier of these products in the world.

Speaker #1: Exports suffered to the Middle East as well as other countries, and some raw materials became prohibitively expensive amid supply chain disruption. So, we had a flattish contribution.

Speaker #1: We saw some growth in terms of PO sales that we sell to the joint venture as well. Now, talking about going forward, it is a business that, you know, is very resilient, and we have a strategy on how we will build it.

Speaker #1: So, in terms of looking at this business, we would be leveraging the fact that we are the largest supplier of bio-based specialty chemicals in the world, combined with our joint venture.

Speaker #1: And we are the pioneer in the manufacture of bio-based EO, glycols, and glycol ethers. And perhaps the only two-scale supplier of these products in the world.

Speaker #1: I'm aware of one or two more people who ventured into that space, but none of them made it, first of all, to this scale and with all these products.

Rupark Sarswat: I am aware of one or two more people who went in industry, but none of them make first of all, to this scale and all these products. We see in terms of our drivers, one is our strength in process chemistry, product development, applications, and partnerships. A lot of our new value-added chemicals are being driven by innovation and applications. We are essentially moving from product to good product to differentiated product, to understanding applications, to solving problems, to collaborative projects, to strategic projects. You can see that all across in terms of what we are doing. We have entered several new spaces. For example, we became the first-ever company to manufacture bio-based AMI. We started supplying small quantities, and I am sure over a period of time, it will be a good opportunity to grow.

Speaker #1: So, we see, in terms of our drivers, one is our strength in process chemistry, product development, applications, and partnerships. So, a lot of our new value-added chemicals are being driven by innovation and applications.

Speaker #1: We are essentially moving from product, to good product, to differentiated product, to understanding applications, to solving problems, to collaborative projects, to strategic projects. And you can see that all across in terms of what we are doing.

Speaker #1: So, we ventured into several new spaces. For example, we became the first ever company to manufacture bio-based amine. We started supplying small quantities and I'm sure over a period of time, it will be a good opportunity to grow.

Speaker #1: Similarly, we also became the first company in the world to supply carbon-smart epoxyrates and glycols. Those are small right now, but these are technologies for the future, and that is something we look at.

Rupark Sarswat: Similarly, we also became the first company in the world to supply carbon-smart epoxides and glycols, though small right now, but these are technologies for the future, and that is something we look at. We are building on supplying our green solvents business into various end applications like crop protection, food, pharma, personal care, et cetera. As a part of our new strategy, a lot of our growth will be hinged on innovation that we do with good partners and also grow with them. For example, we will not necessarily become the supplier to every end consumer throughout the world, but we will definitely be partners of choice. Some of the names that I can, with their permission, say we have got strong collaborative partnerships, not merely supply partnerships, are BASF, Dow, L'Oréal, Unilever, Mondelez, and many others. That continues.

Speaker #1: Yes, we are building on supplying our Green Solvents business into various end applications like crop protection, food, pharma, personal care, etc. As part of our new strategy, a lot of our growth will be hinged on innovation that we do with good partners and also grow with them.

Speaker #1: For example, we will not necessarily become the supplier to every end consumer throughout the world, but we will definitely be partners of choice, and some of the names that I can, with their permission, say we've got strong collaborative partnerships with—not merely supply partnerships—are BASF, Dow, L'Oréal, Unilever, Mibel, and many others.

Speaker #1: You know, so that continues. The other thing is, you know, I have some aspirations to share with you, and the aspiration that we are looking at is to deliver an EBITDA of about ₹200 crore.

Rupark Sarswat: The other thing, I have some kind of aspirations to share with you. The aspiration that we are looking at is to deliver an EBITDA of about INR 200 crores. Sorry, an EBITDA of about INR 400 crores, and a business which is approximately INR 2,500 crores in the next four to five years. That is an aspiration. I would like to underline it again that that is not a projection. Having said that, this is a plan that we have made product by product, customer by customer, and I am quite confident that we should be getting there. In addition to this, we are working on new technologies we have not built in because we are not in a position to build numbers there. These new technologies are, for example, looking at utilizing carbon, producing viable low carbon footprint products, and some of them can be transformational.

Speaker #1: And sorry, an EBITDA of about ₹400 crores. And the business, which is approximately ₹2,500 crores in the next four to five years—that's an aspiration.

Speaker #1: I mean, I would like to underline again that that's not a projection. Now, having said that, this is a plan that we've made product by product, customer by customer, and I'm quite confident that we should be getting there.

Speaker #1: And in addition to this, we are working on new technologies. We've not built in because we are not in a position to develop numbers there.

Speaker #1: These new technologies are, for example, looking at utilizing carbon and producing viable, low-carbon footprint products, and some of them can be transformational. Considering that they have not matured right now, I am constrained to neither reveal what we are doing nor am I in a position to give numbers.

Rupark Sarswat: Considering that they are not matured right now and constrained to neither reveal what we are doing nor am I in a position to give numbers. The reason I am highlighting this is that we are building this business on the back of innovation, on the back of sustainability, on the back of strong partnerships. Of course, some things succeed, some things take time. But given the fundamentals of what we are doing and given what is happening in the macroeconomic environment and the thrust on sustainability, I am sure this business is positioned to build on very well from here. All in all, renewable materials is a strategic advantage, not just a credential, a point that I would like to emphasize. There is a structural shift towards specialty-led portfolio, and this will keep on showing more in numbers.

Speaker #1: But the reason I'm highlighting this is that we are building this business on the back of innovation, on the back of sustainability, and on the back of strong partnerships.

Speaker #1: Of course, some things succeed, some things, you know, take time. But given the fundamentals of what we are doing, and given what is happening in the macroeconomic environment and the customer sustainability, I'm sure this business is positioned to build on very well from here.

Speaker #1: So, all in all, renewable materials are a strategic advantage, not just a credential—a point that I would like to emphasize. There is a structural shift towards a specialty-led portfolio.

Speaker #1: And this will keep on showing more in numbers. Performance chemicals, or value-added chemicals, is moving well, and we've got a strong pipeline and expect it to continue to become an important part of the chemicals business.

Rupark Sarswat: Performance chemicals or value-added chemicals is moving well, and we have got a strong pipeline. I expect it to continue to become an important part of the chemicals business. I already spoke about innovation being something that we are genuinely doing very well and our collaboration with good people, which will help us drive growth. Coming to another interesting segment of ours, which is Ennature Biopharma. So Ennature Biopharma, as I mentioned, has achieved its best ever quarterly performance at INR 83 crores, growth of over 30% in the prior quarter. Thiocolchicoside sales registered a robust growth of 26% over the prior quarter, previous quarter, supported by a strong order pipeline with good price realization. However, the raw material availability and pricing continues to be volatile and a challenge in Q2 as well. In nicotine, there has been growth and there has been capacity expansion.

Speaker #1: And I already spoke about innovation being something that we are genuinely doing very well, and our collaboration with reputable people, which will help us drive growth.

Speaker #1: Now, coming to another interesting segment of ours, which is NHF Biopharma. As I mentioned, NHF Biopharma achieved its best-ever quarterly performance at ₹83 crores, a growth of over 30% from the prior quarter.

Speaker #1: Tiocochicocide sales registered a robust growth of 26% over the previous quarter, supported by a strong order pipeline and improved price realization. However, raw material availability and pricing continue to be volatile and a challenge in Q2 as well.

Speaker #1: In nicotine, there has been growth and there has been capacity expansion. Nicotine sales grew two times quarter-over-quarter, driven by customer conversions in Europe.

Rupark Sarswat: Nicotine sales grew 2 times quarter-over-quarter, driven by customer conversions in Europe. Ennature Biopharma's food processing operations, we also started in our Kakinada plant, adding significant capacity. We continue to focus on strengthening our branded nutraceuticals portfolio through various strategic initiatives. In short, when we come to Ennature Biopharma, the story is there is sustained growth momentum. We have expanded in an important area, which is nicotine, both in terms of sales and capacity. We continue to focus on strengthening the branded portfolio. We are taking several actions, for example, new certificate approvals, et cetera, for global market penetration, driving customer and product expansion, and the long-term value creation will continue to happen through disciplined allocation of capital. In terms of our aspiration for EBITDA, I think over the next 4 or 5 years, we are aspiring to do INR 130 crore to INR 160 crore EBITDA.

Speaker #1: Nicotine crude processing operations—we also started in our Kasiput plant, adding significant capacity. And we continue to focus on strengthening our branded nutraceuticals portfolio through various strategic initiatives.

Speaker #1: So, in short, when we come to NHF Biopharma, the story is that there is sustained growth momentum. We've expanded in an important area, which is nicotine, both in terms of sales as well as capacity.

Speaker #1: We continue to focus on strengthening the branded portfolio. We are taking several actions—for example, new certificate approvals, etc.—for global market penetration.

Speaker #1: Driving customer and product expansion, and the long-term value creation will continue to happen through this disciplined allocation of capital. In terms of our aspiration for EBITDA, I think over the next four or five years, we are aspiring to do ₹130 to ₹150 crore EBITDA.

Speaker #1: Now, I underline this again: this is a call that we are having before the tripling of the businesses, and, you know, we are sharing our aspirations with you.

Rupark Sarswat: Now, I underline this again, this is a call that we are having before the trifurcation of the businesses and we are sharing our aspirations with you. We are conscious of the fact that when we put up a number here, it is something that we will hold on to us. Again, this is an aspiration. This is not something that we are giving as a projection. Of course, it is not out of the blue. This is based on an exercise given by people. The world is so dynamic. There are so many things happening. We did think that you wanted to ask us about what our aspirations are. I will not qualify this as a plan or a projection. Yes, we are happy to share these aspirations.

Speaker #1: And we are conscious of the fact that when we put up a number here, it is something that you will hold us to.

Speaker #1: But again, this is an aspiration. This is not something that we are giving as a projection. Of course, it is not out of the blue.

Speaker #1: This is based on an exercise given by people. The world is so dynamic; there are so many things happening. But we did think that we wanted to ask you about what your aspirations are.

Speaker #1: So, I will not qualify this as a plan or a projection, but yes, we are happy to share these aspirations. This is from my side. For some more on financial analogy, would you like to say something?

Rupark Sarswat: This is from my side. For some more on financial, Anuj, would you like to say something? Otherwise, we will go on to taking questions. It is already 4:30. I request for the Q&A session.

Speaker #1: Otherwise, we will move on to taking questions.

Speaker #2: It is already 4:30. I'll request the Q&A session.

Speaker #3: Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may please start. And one on their touch-tone telephone.

Operator: Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Ragini Ramkumar from Muson Capital. Please go ahead.

Speaker #3: If you wish to remove yourself from the question queue, please go ahead and do so. Participants are requested to use a handset. I will now ask a question.

Speaker #3: Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question comes from the line of Ragini Ramkumar from Newzen Capital.

Speaker #3: Please go ahead.

Speaker #4: Hello. audible?

Ragini Ramkumar: Hello. Hi, good evening. Am I audible?

Speaker #2: Yes. Yes, ma'am. Please go ahead.

Manoj Kumar Rai: Yes. Yes, ma'am. Please go ahead.

Speaker #4: Yeah. So, I had one question—one question. It was regarding the portable.

Ragini Ramkumar: I had one question. It was regarding the portable.

Speaker #2: Sorry, you are not.

Manoj Kumar Rai: Sorry, you are not-

Manoj Kumar Rai: Sorry to interrupt. Ma'am, your voice is not audible. May I request you to please use a handset?

Operator: Sorry to interrupt. Ma'am, your voice is not audible. May I request you to please use a handset?

Speaker #3: Sorry to interrupt, ma'am. Your voice is not audible. May I request you to please use a handset?

Speaker #4: Hello. Is this audible now?

Ragini Ramkumar: Hello. Is this audible now?

Speaker #3: Yes, please go ahead.

Operator: Yes. Please go ahead.

Speaker #4: Yeah, so my question was regarding the guidance for portable spirits for the rest of this year and the next financial year.

Ragini Ramkumar: Yeah. My question was regarding the guidance for portable spirits for the rest of this year and the next financial year.

Speaker #2: Yeah. So, what's the question, ma'am?

Manoj Kumar Rai: Yeah. So what is the question, ma'am?

Speaker #4: Hello. Hello.

Ragini Ramkumar: Hello. Hello.

Speaker #2: Yes, we can hear you, ma'am.

Manoj Kumar Rai: Yes.

Ragini Ramkumar: Hello.

Speaker #3: We can hear you. Please proceed with your question.

Operator: We can hear you, ma'am. We can hear you. Please proceed with your question.

Speaker #4: Also, my question is regarding the guidance for portable spirits for this financial year and the next financial year.

Ragini Ramkumar: My question is regarding the guidance for portable spirits for this financial year and the next financial year.

Speaker #2: Do you want the number, or do you want the performance?

Manoj Kumar Rai: You want the numbers or you want the performance?

Speaker #4: Performance and numbers both.

Ragini Ramkumar: Performance and numbers both.

Speaker #2: So, when I look at the EBITDA numbers—we've already shared that with you—we are looking at an EBITDA in excess of ₹500 crore.

Manoj Kumar Rai: When I look at the EBITDA numbers, we have already shared that with you. We are looking at an EBITDA in excess of INR 500 crores, of which INR 120 crores is something which we have already delivered in Q1. When I look at the volume, we are looking at doubling our volume from what we delivered last year. The basis for this doubling of volume is, I told you, deeper penetration in the four states where we operate from, with a larger offering of brands, particularly in the deluxe whiskey segment, the rum segment, and the semi-premium vodka segment, which have healthy margins. This is at a time when the industry last year, or for the last three years, has been showing a CAGR of 4% to 5%. The outlook for next year, we expect to continue to grow in healthy double digits. Does that answer your question?

Speaker #2: Of which ₹120 crore is something that we have already delivered in Q1. When I look at the volume, we are looking at doubling our volume from what we delivered last year.

Speaker #2: The basis for this doubling of volume is, I told you, deeper penetration in the state's core, states where we operate, with a larger offering of brands, particularly in the deluxe whiskey segment.

Speaker #2: The rum segment and the semi-premium vodka segment, which have healthy margins. This is at a time when the industry last year, or for the last three years, has been showing a CAGR of four to five percent.

Speaker #2: The outlook for next year: we expect to continue to grow in healthy double digits. Does that answer your question?

Speaker #4: Yes. Thank you.

Ragini Ramkumar: Yes. Thank you.

Speaker #3: Thank you. The next question comes from the line of Saqeeb Kapoor from Kapoor Company. Please go ahead.

Operator: Thank you. The next question comes from the line of Shakti Kapoor from Kapur Company. Please go ahead.

Shakti Kapoor: Yeah. Namaskar team. Hope I am audible.

[Analyst]: Yeah. Namaskar team. Hope I am audible.

Speaker #2: Yeah. Namaskar team. I hope I'm audible. Yes. Yes. The sir, thank you firstly for the opportunity and congratulations firstly to the team for very strong set of numbers and also deliberating on the fact on revamping the entire investor presentation and making it concise and also relevant for us.

Rupark Sarswat: Yes.

Shakti Kapoor: Yes. Sir, thank you firstly for the opportunity and congratulations also to the team for very strong set of numbers and also deliberating on the fact on revamping the entire investor presentation and making it concise and also relevant for us by giving us segment-wise numbers, our aspirations, which were all not present till the last presentation. So kudos to the team for doing a commendable job.

[Analyst]: Yes. Sir, thank you firstly for the opportunity and congratulations also to the team for very strong set of numbers and also deliberating on the fact on revamping the entire investor presentation and making it concise and also relevant for us by giving us segment-wise numbers, our aspirations, which were all not present till the last presentation. So kudos to the team for doing a commendable job.

Speaker #2: By giving us segment-wise numbers, our aspirations—which were all not present till the last presentation—so kudos to the team for doing a commendable job.

Speaker #2: Avoid, are you? Hello? Yeah. Can we listen to Saqeeb, please? Yeah, yeah. Thank you. Sir, only on the NSU part, Rupak sir, if you could just explain to us what is in the annual, going ahead, in terms of the capex that we have planned for the current year.

Rupark Sarswat: Yes. Good.

Rupark Sarswat: Awaaz aa rahi hai? Hello.

[Analyst]: Awaaz aa rahi hai? Hello.

Rupark Sarswat: Yeah. We can listen to you.

Shakti Kapoor: Yeah. Thank you. Sir, only on the NSU part, if you could just explain to us what is in the annual going ahead in terms of the CapEx that we have planned for the current year. You have mentioned about the contribution for the first quarter. How is this going to scale up with the introduction of new products and the customer engagement which you just outlined? What should we aspire for this NSU? What are the pillars? Some more color on the same.

[Analyst]: Yeah. Thank you. Sir, only on the NSU part, if you could just explain to us what is in the annual going ahead in terms of the CapEx that we have planned for the current year. You have mentioned about the contribution for the first quarter. How is this going to scale up with the introduction of new products and the customer engagement which you just outlined? What should we aspire for this NSU? What are the pillars? Some more color on the same.

Speaker #2: And you have mentioned about the contribution for the first quarter. How is this going to scale up with the introduction of new products and the customer engagement which you just outlined?

Speaker #2: And what should we aspire for in this NSU? What are the fillers? Some more color on the face. So, you know, since you asked me to talk about aspiration, I will talk about aspiration.

Manoj Kumar Rai: Since you asked me to talk about aspiration, I will talk about aspiration. Just one second. I will see. As far as CapEx is concerned, I do not expect a huge amount of CapEx happening this year. There may be incremental CapEx, but we are talking about perhaps 5, 10, maybe INR 15, 20 crores based on the plans that we have right now. If the-

Rupark Sarswat: Since you asked me to talk about aspiration, I will talk about aspiration. Just one second. I will see. As far as CapEx is concerned, I do not expect a huge amount of CapEx happening this year. There may be incremental CapEx, but we are talking about perhaps 5, 10, maybe INR 15, 20 crores based on the plans that we have right now. If the-

Speaker #2: Just one second. So, as far as capex is concerned, I do not expect a huge amount of capex happening this year. There may be incremental capex, but we are talking about perhaps 5, 10, maybe 15–20 crores based on the plans that we have right now.

Speaker #2: Now, if we—hello? So, it is not a very capex-intensive model as of now, but as our businesses grow, we will continue to have modular expansion.

Shakti Kapoor: Hello

[Analyst]: Hello

Rupark Sarswat: So-

Shakti Kapoor: And your voice is breaking.

[Analyst]: And your voice is breaking.

Rupark Sarswat: initiative you said.

Shakti Kapoor: Okay.

[Analyst]: Okay.

Rupark Sarswat: It is not a very CapEx-intensive model as of now, but as our businesses grow, we will continue to have modular expansion. This is not a business where we expect suddenly a INR 400, 500 crore plant to be put up. Not right now, unless we are looking at some breakthrough technologies to be invested, but that I don't see happening for the next 2 years, maybe after that. As far as the aspiration is concerned, this is dynamic as we work on these projects. We aspire to be INR 150 crore plus in this year, and we aspire that in 4 or 5 years, we see this business to be possibly a INR 600 to 700 crore business.

Speaker #2: This is not a business where we expect, suddenly, a 400-500 crore plant to be put up—not right now, unless we are looking at some risk to technologies to be invested.

Speaker #2: But that, I don't see happening for the next two years—maybe after that. And as far as the aspiration is concerned, you know, this is dynamic as we work on these projects.

Speaker #2: We aspire to be at Rs. 150 crore plus this year, and we hope that in four or five years, we can grow this business to possibly Rs. 600 to 700 crore.

Speaker #2: But what is important is that, from a profitability perspective, we expect that a business which is—let me just check what the margins are—which is close to maybe 16–17 percent right now, we expect that by 2030–50, we will do significant actions to improve the quality of the mix as well as pricing for the innovative products.

Rupark Sarswat: What is important is, from a profitability perspective, we expect that a business which is, let me just check what the margins are, which is close to maybe 16%, 17% right now. We expect that by 2030, 50, we will do significant actions to improve the quality of the mix as well as pricing for the innovative products. We expect newer feedstock which will be more viable. So I expect that in 5 or 6 years when I'm talking to you about the turnover of about this time, our gross margins will be closer to about 30%.

Speaker #2: And we expect newer feedstocks, which will be more viable. So, I expect that in five or six years, when I'm talking to you about a turnover of about this kind, our gross margins will be closer to about 30%.

Shakti Kapoor: Okay.

[Analyst]: Okay.

Speaker #2: Okay. And again, Saqeeb is underlining aspiration. And the difference, you know, people are asking for guidance; I'm giving aspiration.

Rupark Sarswat: Again, guidance underlying aspiration.

Shakti Kapoor: Correct, sir.

[Analyst]: Correct, sir.

Rupark Sarswat: Because people are asking guidance, I am giving aspiration.

Speaker #3: Yes, sir. Everything taken with a pinch of salt, sir. I can understand. Yeah.

Shakti Kapoor: Yes, sir. Everything taken with a pinch of salt. I can understand. Yes.

[Analyst]: Yes, sir. Everything taken with a pinch of salt. I can understand. Yes.

Speaker #2: No. Sitting here in an investment call, it's important for me to make sure that I...

Rupark Sarswat: Sitting here in an investment call, it is important for me to make sure that I

Speaker #3: Correct, sir. Correct, sir. So, sir, as of date, can you give a ballpark number of how much we have invested in our NSU segment from the date of inception?

Shakti Kapoor: Correct, sir. So, sir, as on date, you have the ballpark number of how much we have invested in our NSU segment from the date of inception?

[Analyst]: Correct, sir. So, sir, as on date, you have the ballpark number of how much we have invested in our NSU segment from the date of inception?

Speaker #2: See, in terms of the core plant expansions that we've done, we've not invested too much. We've used some of our existing assets and, as far as new plant additions are concerned, we are probably talking about ₹50–60 crore.

Rupark Sarswat: In terms of the core plant expansions that we have done, we have not invested too much. We have used some of our existing assets, and as far as new plant additions is concerned, we are probably talking about INR 50, 60 crores.

Speaker #3: Okay. And sir, I think in your presentation I may have missed your point on the JV performance. So, how has the performance been?

Shakti Kapoor: Okay. And, sir, I think in your presentation, I missed your point on the JV performance. So how has been the performance? I think the numbers are good there also. So how is the JV going to perform going ahead? And I think some milestones will also be achieved this year in terms of we receiving some more payments. So if you can add some color on the same.

[Analyst]: Okay. And, sir, I think in your presentation, I missed your point on the JV performance. So how has been the performance? I think the numbers are good there also. So how is the JV going to perform going ahead? And I think some milestones will also be achieved this year in terms of we receiving some more payments. So if you can add some color on the same.

Speaker #3: I think so, the numbers are good there also. So, how is the JV going to perform going ahead? And I think some milestones will also be achieved this year, in terms of us receiving some more payments or some color on the same.

Speaker #2: Yeah. The joint venture, for the reasons that I mentioned to you, has been doing well. So, what has driven growth in the joint venture is the fact that the disadvantage on ethylene oxide pricing has been reduced because of the current scenario.

Rupark Sarswat: Yeah. The joint venture, for the reasons that I mentioned to you, has been doing well. So what has driven growth in the joint venture is the fact that the disadvantage on ethylene oxide pricing has been reduced because of the current scenario. That has driven good growth. Compared to Q4, for example, the net revenue of the JV went up by 21%, which is very good. EBITDA also went up quite significantly in high double digits. Compared to the last quarter, the growth is not as high in numbers, but the JV is doing well, both from Kashipur as well as from product from Clariant that they sell in India. What we also see is there is a greater trust on exporting products made out of India into other Clariant customers worldwide.

Speaker #2: So, that has driven good growth. Compared to Q4, for example, the net revenue of the JV went up by 21%, which is very good.

Speaker #2: EBITDA also went up quite significantly, in high double digits. Compared to the last quarter, the growth is not as high in numbers, but the JV is doing well.

Speaker #2: Both from Kashipur, as well as from products from Clariant, they're just selling in India. And what we also see is there is a greater thrust on exporting products made out of India to other Clariant customers worldwide.

Speaker #2: So, in short, I think it is heartening for us to note that, despite some of the toughest years that IVL had over the last three or four years, for reasons that you well understand, the JV performance, by and large, has been on track.

Rupark Sarswat: In short, I think it is heartening for us to note that despite some of the toughest years that IGL had over the last 3 or 4 years, for reasons that you well understand, the JV performance by and large has been on track. We all were very concerned when our ethanol prices went up. Our EO costs started to become less competitive to us. But I think actions in terms of improving the product mix, working closely with our customers, importing wherever required, trading in some areas, and with a bit of good luck right now, I think the JV is doing quite well, not only for the quarter, but for the time that we've seen. Anand, would you like to add something?

Speaker #2: You know, we were all very concerned when our ethanol prices went up, and our EO costs started to become less competitive for us. But I think actions in terms of improving the product mix, working closely with our customers, importing wherever required, trading in some areas, and with a bit of good luck, right now I think the JV is doing quite well—not only for the quarter, but for the time that we've seen.

Speaker #2: Ananjit, would you like to add something?

Speaker #3: Yes. Hello?

Shakti Kapoor: Yes. Hello.

[Analyst]: Yes. Hello.

Speaker #2: Yes.

Rupark Sarswat: Yes.

Speaker #3: Yes, sir. So, for this quarter on the JV front, I think we have posted a profit of ₹21 crore on the profitability front. So, sir, are these numbers sustainable going ahead?

Shakti Kapoor: Yes, sir. For this quarter on the JV front, I think we have posted INR 21 crores profit on the profitability front. Sir, are these numbers sustainable going ahead? I think this is a significant jump. If you take the last year annualized number was INR 46, INR 47 crore. QOQ also, we have seen a good jump. Last year-on-year comparison is flat, but only wanted to understand the color and the nature as you mentioned just now, that we can expect the trend to continue. So that understanding is correct?

[Analyst]: Yes, sir. For this quarter on the JV front, I think we have posted INR 21 crores profit on the profitability front. Sir, are these numbers sustainable going ahead? I think this is a significant jump. If you take the last year annualized number was INR 46, INR 47 crore. QOQ also, we have seen a good jump. Last year-on-year comparison is flat, but only wanted to understand the color and the nature as you mentioned just now, that we can expect the trend to continue. So that understanding is correct?

Speaker #3: I think so. This is a significant jump if you take the last year's annualized number, which was ₹46–47 crores. In Q1 and Q2 also, we have seen a good jump.

Speaker #3: The last year-on-year comparison is flat, but I only wanted to understand the color and the nature. As you mentioned just now, we can expect the trend to continue.

Speaker #3: So, that understanding is correct?

Speaker #2: Saqeeb, look, maybe I will not split too many hairs, but by and large, it is a fair assumption. See, if I get my numbers correct—and Ananjit can correct me—the PAT number was closer to ₹19 crore for the same quarter last year anyway.

Rupark Sarswat: Satish, look, maybe I will not split too many hairs, but by and large, it is a fair assumption. See, if I get my numbers correct, and Anand, you can correct me, the PAT number was closer to INR 19 crores for the same quarter last year anyway. So INR 21 crores this year is not something which is completely out of the blue or completely unexpected. Yes, there are just the fact that it has been a good quarter and there have been some tailwinds, which is fine. But I think there are reasons to

Speaker #2: So, ₹21 crore this year is not something which is completely out of the blue or completely unexpected. Yes, it's just the fact that it has been a good quarter, and there have been some tailwinds, which is fine.

Speaker #2: But I think there are reasons to, and I deliberately delved into saying that I’m not only talking about the JV performance for the quarter, but broadly, if you take an overall picture for the last four years, it’s by and large been as per plan or perhaps better.

Rupark Sarswat: Delved into saying that I am not only talking about the JV's performance for the quarter, but broadly, if you take an overall picture for the last four years, it is by and large been as per plan or perhaps better, despite the significant headwinds that we faced. So which I do take some consolation from.

Speaker #2: Despite the significant headwinds that we faced, which I do take some consolation from.

Speaker #3: Right, sir. Thank you once again for a very well revamped investor presentation. There are a lot of inputs for us to ponder upon. And thank you for simplifying the same; very well articulated, sir.

Shakti Kapoor: Right, sir. Thank you once again for a very revamped investor presentation. There are a lot of inputs for us to ponder upon. And thank you for simplifying the same, very well articulated, sir. And all the best.

[Analyst]: Right, sir. Thank you once again for a very revamped investor presentation. There are a lot of inputs for us to ponder upon. And thank you for simplifying the same, very well articulated, sir. And all the best.

Speaker #3: And all the best.

Speaker #2: So, which means that Gagan is doing a good job right from the beginning.

Rupark Sarswat: Which means that Gagan is doing a good job right from the beginning.

Speaker #3: Yes, sir. It's a commendable one. I must use the right word here, sir. Hardik has provided it in a proper pattern, so it answers many of the questions.

Shakti Kapoor: Yes, sir. It is a commendable one. I must use the right word here, sir. I heartily congratulate him. He has given very detailed information and has given it in a very proper pattern. It answers many of the questions. Whatever I asked was also in the presentation.

[Analyst]: Yes, sir. It is a commendable one. I must use the right word here, sir. I heartily congratulate him. He has given very detailed information and has given it in a very proper pattern. It answers many of the questions. Whatever I asked was also in the presentation.

Speaker #3: So, जो भी मैंने पूछा, वह भी presentation में है.

Rupark Sarswat: We were doing some useless work before.

Speaker #2: बिल्कुल बेकार काम कर रहे थे पहले। मतलब, कभी-कभी लोग—I'm being on a lighter note—but that is mean.

Shakti Kapoor: Sir-

[Analyst]: Sir-

Rupark Sarswat: I am being on the lighter note, but that is me.

Shakti Kapoor: Okay, sir. BioPharma's performance has also improved a lot, it has been the best quarter. You have also mentioned for the future, so nothing more to add to it. I join with you, sir. Thank you very much, sir.

[Analyst]: Okay, sir. BioPharma's performance has also improved a lot, it has been the best quarter. You have also mentioned for the future, so nothing more to add to it. I join with you, sir. Thank you very much, sir.

Speaker #3: ठीक है, साहब. And sir, BioPharma का performance भी काफी improve किया है. Best quarter रहा है. और आपने आगे के लिए भी उल्लेख कर दिया है.

Speaker #3: So, nothing more to add to it. I'll join the queue, sir. बहुत धन्यवाद, सर, आप सभी को.

Speaker #2: इसके बारे में क्यों जॉइन करेंगे? Thank you, Saqeeb. Thank you.

Rupark Sarswat: Thank you, Gagan.

Operator: Thank you. The next question comes from the line of Vignesh Iyer from Sequent Investments. Please go ahead.

Speaker #1: Thank you. The next question comes from the line of Vignesh Iyer from Cequence Investments. Please go ahead.

Vignesh Iyer: Sir, thank you for the opportunity. My question is on the IGL Spirits segment. Two questions from my side, sir. Firstly, sir, can you share the number for prestige and above segment, specifically if you could in terms of what is the number of cases and what was the growth in that category specifically?

Speaker #3: Sir, thank you for the opportunity. So, my question is on the IVL spirit segment. Two questions from my side. So, firstly, sir, can you share the number for Prestige and Abow has been specifically if you could in terms of what is the number of cases and what was the growth in that category specifically?

Speaker #2: When I look at the IMSO segment, we gave you a number of 1.4 million. Prestige and Abow is roughly half a million, and this is almost double what it was last year.

Manoj Kumar Rai: When I look at the IMFL segment, we gave you a number of 1.4 million. Prestige and above is roughly half a million. This is almost double of what it was last year.

Speaker #3: Sorry, I missed the last part. Sorry.

Vignesh Iyer: Sorry, I missed the last part. Sorry.

Speaker #2: This is almost double what it was last year in the same period. Half a million is PNA and Abow.

Manoj Kumar Rai: This is almost double of what it was last year in the same period. Half a million is TNA and above.

Speaker #3: Okay, Prestige and Abow is half of the total cases, and which is double of what you did last year—is what you said, right?

Vignesh Iyer: Okay, prestige and above is half of the total cases, which is double of what you did last year, what you said, right?

Speaker #2: Yes. Yes.

Manoj Kumar Rai: Yes.

Speaker #3: Okay. And sir, can I just— you know, this data you shared for the first time as part of the presentation, I wanted to just understand, for FY26, what was the IMSO revenue and what was the total number of cases, if you could— if you have that number and you can share it.

Vignesh Iyer: Okay. Sir, this data you have shared for the first time as part of the presentation. I wanted to just understand for FY23, what was the IMFL revenue and what was the total number of cases. If you have that number, you can share it.

Manoj Kumar Rai: For IMFL, the total number of cases was 3.4 million for the full year.

Speaker #2: See, for IMSO, the total number of cases was 3.4 million for the full year.

Speaker #3: Okay. And what was the total revenue from IMSO?

Vignesh Iyer: What was the total revenue from IMFL?

Speaker #2: Revenue, I will have to get back to you. I don't have it off the hook. Some questions I think should be directed to Ananjit or Gagan.

Manoj Kumar Rai: Revenue, I will have to get back to you. I don't have it off the hook.

Rupark Sarswat: If there are some questions, I think directly to Anand or Gagan, we will get back to you with more details.

Speaker #2: We will get back to you with more details. Yes.

Vignesh Iyer: Yes. Perfect, sir. That's all from my side. Thank you.

Speaker #3: Perfect, sir. Perfect. Yeah, that's all from me, sir. Thank you.

Speaker #1: Thank you. The next question comes from the line of Akash Gupta, an individual investor. Please go ahead.

Operator: Thank you. The next question comes from the line of Akash Gupta, an individual investor. Please go ahead.

Speaker #3: Good evening, sir. Sir, I have two very small questions. In your PPT, in the first IVL spirit segment, you say that the revenue is ₹371 crore.

Akash Gupta: Good evening, sir. I have two very small questions. In your PPT, in the first IGL Spirits segment, you say that the revenue is INR 3.1 crore, including other operating income. I assume that Bacardi job work is included in that, and that was around INR 10 crores. Is that correct?

[Shareholder 1]: Good evening, sir. I have two very small questions. In your PPT, in the first IGL Spirits segment, you say that the revenue is INR 3.1 crore, including other operating income. I assume that Bacardi job work is included in that, and that was around INR 10 crores. Is that correct?

Speaker #3: Including other operating income, I assume that job work is included in that, and that was around ₹10 crore. Is that correct?

Speaker #2: That is one of the components, yes.

Manoj Kumar Rai: That is one of the components, yes.

Speaker #3: Okay. What is the other component, sir?

Akash Gupta: Okay. What are the other components, sir?

[Shareholder 1]: Okay. What are the other components, sir?

Manoj Kumar Rai: There are other sales, there are ENA sales, and there is power sales from Gorakhpur.

Speaker #2: There are other themes. There are EMA themes. And there is power sales from Gorakhpur.

Speaker #3: Okay. All combined 10 crores.

Akash Gupta: Okay. So all combined, INR 10 crore.

[Shareholder 1]: Okay. So all combined, INR 10 crore.

Speaker #2: Yes.

Manoj Kumar Rai: Yes.

Speaker #3: Okay. Sir, my other question is—so I was just going through this new slide on PAMRUP. So, the five SKUs that—

Akash Gupta: Okay. Sir, my other question is, I was just going through this new slide on Amrut. So the five SKUs that you-

[Shareholder 1]: Okay. Sir, my other question is, I was just going through this new slide on Amrut. So the five SKUs that you-

Speaker #2: Akaji or Boyce is not clear.

Manoj Kumar Rai: Akash ji, your voice is not clear.

Rupark Sarswat: Akash ji, your voice is not clear.

Speaker #3: Is it better now, sir?

Akash Gupta: Is it better now, sir?

[Shareholder 1]: Is it better now, sir?

Speaker #2: Yes.

Manoj Kumar Rai: Yes.

Speaker #3: So, I was just going through the five PAMRUP products that you have given: Macintosh Whiskey, Macintosh White, Prestige Green Fusion, Single Malt, and Amalgam.

Akash Gupta: Sir, I was just going through the five Amrut products that you have given, MaQintosh Whisky, MaQintosh White Label Whisky, Prestige, Grain Season, Single Malt, and Namah. I assume the nature of partnership with Amrut is same across all four, where you will be responsible for distribution and marketing of all five in select North Indian markets?

[Shareholder 1]: Sir, I was just going through the five Amrut products that you have given, MaQintosh Whisky, MaQintosh White Label Whisky, Prestige, Grain Season, Single Malt, and Namah. I assume the nature of partnership with Amrut is same across all four, where you will be responsible for distribution and marketing of all five in select North Indian markets?

Speaker #3: I assume the nature of the partnership with PAMRUP is the same across all four, wherein you will be responsible for the distribution and marketing of all five in select North Indian markets.

Speaker #2: In select North Indian markets, for the time being, and we wish to extend this to some of the other markets, particularly in the East, when we venture into those markets.

Manoj Kumar Rai: In select North Indian markets for the time being, and we wish to extend this to some of the other markets, particularly in the East, when we venture in those markets. If you look at Amrut's presence, they are predominantly concentrated in the West and South. They have very insignificant presence in the North directly and the East.

Speaker #2: If you look at PAMRUP's presence, they are predominantly concentrated in the West and South. They have very insignificant presence in the North directly and the East.

Speaker #3: Okay. Okay. And would you be able to tell us how much is the royalty that will go to Pamrup?

Akash Gupta: Okay. Would you be able to tell us how much is the royalty that will go to Amrut?

[Shareholder 1]: Okay. Would you be able to tell us how much is the royalty that will go to Amrut?

Speaker #2: That is something we cannot guess.

Manoj Kumar Rai: That is something which we cannot disclose.

Speaker #3: Okay. Okay, right. Thank you so much, sir.

Akash Gupta: Okay. Right. Thank you so much, sir.

[Shareholder 1]: Okay. Right. Thank you so much, sir.

Speaker #2: Thank you, Akash.

Manoj Kumar Rai: Thank you, Akash.

Speaker #1: Thank you.

Operator: Thank you. Participants who wish to ask a question may press star and one. We have the next question from the line of Aman, an individual investor. Please go ahead. Aman, please unmute your line and proceed with your question.

Speaker #2: Thank you.

Speaker #1: Participants who wish to ask a question may press star and one. We have the next question from the line of Aman, an individual investor.

Speaker #1: Please go ahead. Aman, please unmute your line and proceed with your question.

Speaker #2: Hello. Hello.

[Company Representative]: Hello? Hello.

[Shareholder 2]: Hello? Hello.

Speaker #1: Yes, please go ahead.

Operator: Yes, please go ahead.

Speaker #2: हाँ जी। सर, मुझे ये पूछना था कि जो डेटा है, पिछले दो क्वार्टर, क्वार्टर बाय क्वार्टर, देखिए। मैं question करते हैं, आनंद से PF को।

[Company Representative]: Yes. Sir, I wanted to ask that the EBITDA, last few quarter by quarter basis, we see. Hello.

[Shareholder 2]: Yes. Sir, I wanted to ask that the EBITDA, last few quarter by quarter basis, we see. Hello.

Speaker #2: Hello. The voice is not clear. I am not able to hear your question properly.

Rupark Sarswat: Voice is not clear. I am not able to hear your question properly.

Speaker #3: So, I want to know the data on a quarter-by-quarter basis. In the last two quarters, the impact that is coming is showing up in the losses.

[Company Representative]: I want to know that the EBITDA, quarter by quarter basis, in last few quarters, its impact is coming in the losses, in the percentage form. If we look at it in December 2025, 10.26%, then your margin is -5.16% and 1.69% in June quarter. Hello.

[Shareholder 2]: I want to know that the EBITDA, quarter by quarter basis, in last few quarters, its impact is coming in the losses, in the percentage form. If we look at it in December 2025, 10.26%, then your margin is -5.16% and 1.69% in June quarter. Hello.

Speaker #3: In the percentage form, December—if you look at December '25, it's 10.26%. Then, in March, it's negative 5.16%, and for the June quarter, it's 1.69%.

Speaker #3: June 26 में. Hello.

Speaker #2: हाँ, negative है. मतलब you are comparing quarter by quarter भी है, बेटा.

Rupark Sarswat: Negative. You are comparing quarter wise EBITDA.

Speaker #3: Yes, sir. I am recording, comparing that, and quoting them PMA keys. So, interest and depth है आपका, वो भी reduce हुआ है दो quarters में.

[Company Representative]: Yes, sir, I am comparing that and coincidingly, one thing is that your interest and debt has also reduced in two quarters.

[Shareholder 2]: Yes, sir, I am comparing that and coincidingly, one thing is that your interest and debt has also reduced in two quarters. Its EBITDA, even if it is negative, it is very marginal, 1.69. Yes, sir. Tell me.

Speaker #3: तो उनका जो आपका जो EBITDA है, ये जो negative है, फिर margin में भी increase हुआ है 1.69.

[Company Representative]: Its EBITDA, even if it is negative, it is very marginal, 1.69. Yes, sir. Tell me.

Speaker #2: देखो.

Speaker #3: कि आपका हाँ जी, बोलिए.

Speaker #2: Last quarter means 31st March '26, there was an income out of the dividend, okay, from Clarion, which was about ₹39 crore. So that's why in the last quarter the EBITDA was about ₹203 crore.

Anand Singhal: Last quarter, 31 March 2026, there was an income out of the dividend from Clariant, which was about 39 crores. In the current quarter, since there is no dividend income, because all dividend income comes from the last quarter. This quarter, we have this EBITDA of 170 crores.

Speaker #2: In the current quarter, since there is no dividend income because all dividend income comes in the last quarter, that's why this quarter we have an EBITDA of ₹170 crore.

Speaker #3: सर, मैं EBITDA growth की बात कर रहा हूँ कि EBITDA growth 10% का था, फिर negative 5.16% हुआ, फिर 1.69% हुआ है. जो हमारी revenue है, वो...

[Company Representative]: Sir, I am talking about EBITDA growth. EBITDA growth was 10%, then it became -5.16%, then 1.69. Our revenue-

[Shareholder 2]: Sir, I am talking about EBITDA growth. EBITDA growth was 10%, then it became -5.16%, then 1.69. Our revenue-

Anand Singhal: It is a positive growth. That is what you want to say.

Speaker #2: A positive growth. That's what you want to say.

Speaker #3: Sir, but sir, so negative भी आया न, फिर March 2026 में, quarter by quarter के basis पर check करेंगे हम। और देखेंगे, अगर 10.26 था December में, फिर negative, फिर March। हाँ जी.

[Company Representative]: But sir, it has also been negative in March 2026. We are checking quarter by quarter basis. And if we see, it was 10.26 in December, then negative in March. Yes, sir.

[Shareholder 2]: But sir, it has also been negative in March 2026. We are checking quarter by quarter basis. And if we see, it was 10.26 in December, then negative in March. Yes, sir.

Anand Singhal: I will check and request you send us the mail, we will give you the reply.

Speaker #2: And with depth and request, if you send us the mail, we will give you the data.

Speaker #3: But आपकी जो revenue growth है, वो तो 15.78% है, और जो आपके material cost, fees और other costs हैं, for...

[Company Representative]: But your revenue growth is 15.78%, and your material costs, freight and other costs are-

[Shareholder 2]: But your revenue growth is 15.78%, and your material costs, freight and other costs are-

Anand Singhal: I will give you the answer. You send me a mail. I will give you the reply. Okay?

Speaker #2: जवाब हम आपको देंगे। आप हमें mail भेज दीजिएगा। I will give you the reply. Okay.

Speaker #3: Sir, ek question puchhna tha, jo DMAJA se benefit kya hoga? Operation efficiency kya hogi, matlab? I want to know that.

[Company Representative]: Sir, I just want to ask, what will be the benefit of demerger? What will be the operational efficiency? I want to know that.

[Shareholder 2]: Sir, I just want to ask, what will be the benefit of demerger? What will be the operational efficiency? I want to know that.

Speaker #2: हाँ, बताओ.

Rupark Sarswat: Abhay.

Anand Singhal: Abhay.

Speaker #3: So, look, the strategy for the DMAJA, broadly, is multifold. First of all, the portable spirit business has gathered some scale, both in terms of volume as well as profitability, and it is a consumer business.

Rupark Sarswat: So look, the strategy for the demerger broadly is multiple fold. First of all, the portable spirits business has gathered some scale, both in terms of volume as well as profitability, and it is a consumer business. The dynamics of a consumer business, as you would understand, are significantly different from a B2B business. We thought that will bring us much more focus in that business, one. Second thing is, both in terms of partners as well as investors, many people want much better clarity on what they are investing in, rather than a mix up. Some people have an appetite to invest in consumer businesses, some people have an appetite to invest in B2B technology businesses. So that is-

Speaker #3: So, the dynamics of a consumer business, as you would understand, are significantly different from a B2B business. And we thought that would bring us much more focus in that business, one.

Speaker #3: Second thing is, both in terms of partners as well as investors, many people want much better clarity on what they're investing in, rather than a mix-up.

Speaker #3: So, some people have an appetite to invest in consumer businesses, some people have an appetite to invest in B2B technology businesses. So, that is—hello.

[Company Representative]: Hello? Hello?

[Shareholder 2]: Hello? Hello?

Speaker #3: Hello.

Speaker #1: Sorry to interrupt, Mr. Aman. I request you to please rejoin the queue for any follow-up questions. The last question comes from the line of Pragya Latha from Omni Management LLP.

Operator: Sorry to interrupt, Mr. Aman. I request you to please rejoin the queue for any follow-up questions. The last question comes from the line of Pragyan Laddha from Omni Management Group. Please go ahead.

Speaker #1: Please go ahead.

Pragyan Laddha: Sir, I joined the call late, but sorry if my question has been already answered. Just one question. The number of cases grew this year, but revenue didn't grow proportionately. What was the reason? One end, we are saying that we are moving towards premiumization, and at this other end, we see that volumes are growing much faster than revenue.

[Analyst] (Omni Management): Sir, I joined the call late, but sorry if my question has been already answered. Just one question. The number of cases grew this year, but revenue didn't grow proportionately. What was the reason? One end, we are saying that we are moving towards premiumization, and at this other end, we see that volumes are growing much faster than revenue.

Speaker #3: So, I joined the call late. Sorry if my question has already been answered. Just one question: the number of cases grew this year, but revenue didn't grow proportionately.

Speaker #3: So, what was the reason that when we are saying that we are moving towards dehumanization, on the other end, we see that volumes are growing much faster than revenue?

Speaker #3: Can you explain?

Speaker #2: Yes, a good question, and you know, इसके दो ही answers हैं, and दो reasons हैं. One is the brand mix, and the other is the state mix.

Manoj Kumar Rai: A good question, and there are only two answers to this, and two reasons. One is the brand mix and the other is the state mix. When you look at our mix, I told you we operate in three states. The more growth that we get from Uttarakhand augurs well for us, lesser growth, the higher growth that we get in Delhi does not augur so well for us. That answers one part of the question. The other is in terms of brand mix. In the IMFL category, our mass premium segment grew faster. That's because we had new offerings in those segments.

Speaker #2: When you look at our mix, I told you we operate in three states. The more growth that we get from Uttarakhand augurs well for us; lesser growth, higher growth that we get in Delhi does not augur so well for us.

Speaker #2: That is the answer to one part of the question. The other is, in terms of brand mix, in the IMFL category, our mass premium segment grew faster.

Speaker #2: That's because we had new offerings in those segments. Going forward, in the outlook that I presented to you, I spoke to you about a couple of offerings in the Dealer 50 segment.

Manoj Kumar Rai: Going forward, in the outlook that I presented to you, I spoke to you about a couple of offerings in the dealer-sticky segment, I spoke to you about an offering in the semi-premium vodka segment, and I spoke to you about renewed focus on the white spirit business. These are high margin and that is how we will try and improve our margin going forward. As well as revenue. You'll find our revenue growth exceeding the volume growth in due course of time because of the premium mix.

Speaker #2: I spoke to you about an offering in the semi-premium vodka segment, and I spoke to you about renewed focus. On the white spirits business, these are high margins, and that is how we will try and improve our margins going forward.

Speaker #2: And as well as revenue, you'll find our revenue growth exceeding the volume growth in due course of time because of the premium mix.

Speaker #3: Okay, sir. Thank you so much for taking my question. Thank you.

Pragyan Laddha: Okay, sir. Thank you so much for taking my question. Thank you.

[Analyst] (Omni Management): Okay, sir. Thank you so much for taking my question. Thank you.

Speaker #1: Thank you. We'll take one more question from the line of Amit Mishra from Daksham Capital. Please go ahead.

Operator: Thank you. We'll take one more question from the line of Amit Mishra from Daksham Capital. Please go ahead.

Amit Mishra: Hi, sir. Thank you for the opportunity. Sir, my first question is for FY27, what percentage of revenue for total big spirits will be coming from IMFL?

Speaker #3: Hi, sir. Thank you for the opportunity. Sir, my first question is, as I told you earlier, what percentage of revenue for portable spirit will be coming from IMFL?

Anand Singhal: Percentage for IMFL.

Speaker #2: Percentage for IMFL.

Speaker #3: The percentage of revenue coming in from IMFL would be in excess of 30%.

Manoj Kumar Rai: Percentage of revenue coming in from IMFL would be in excess of 30%.

Speaker #2: 30%.

Amit Mishra: Okay. And sir, what will be the EBITDA margin for IMFL and Country Liquor for this year?

Speaker #3: Okay. And sir, what will be the better margin for IMFL and country liquor for this year?

Speaker #2: So, if I were to answer that question for you—contrary to how most of the other investors feel—कि जब आप लोग पीएमए की बात करते हैं, पीएमए में जब तक आप डीलर्स या सेमी प्रीमियम व्हिस्की की बात करते हैं या ऑफरिंग की बात करते हैं, उसमें मेरा सिर्फ एक ही स्टेटमेंट रहेगा: Alcohol is alcohol.

Manoj Kumar Rai: If I were to answer that question for you, contrary to how most of the other investors feel, when you talk about PNA, in PNA, as long as you talk about deluxe or semi-premium whiskey offering, I have only one statement in that, alcohol is alcohol. Whether I talk about IMFL or I talk about spirit or semi-premium whiskey offering, your gross margins, you will be surprised, are almost the same.

Speaker #2: चाहे मैं IML की बात करूं, या चाहे मैं स्पिरिट, सेमी प्रीमियम व्हिस्की ऑफरिंग की बात करूं, your gross margins, you will be surprised, are almost the same.

Speaker #3: Okay.

Amit Mishra: Okay.

Speaker #1: Thank you. We'll take that as the last question. I would now like to hand the conference over to the management for closing comments.

Operator: Thank you. We will take that as the last question, and I would now like to hand the conference over to the management for closing comments. Thank you, and over to you.

Speaker #1: Thank you, and over to you.

Speaker #2: Thank you very much, all, for your interest in our organization, India Glycols, and your good wishes. Hopefully, we’ve given you a good picture of where we stand right now and the direction that we are taking going forward. I also thank those of you who appreciated the positive improvements in our investor presentation, et cetera.

Rupark Sarswat: Thank you very much all for your interest in our organization, in India Glycols, and your good wishes. Hopefully, we have given you a good picture for where we stand right now and the direction that we are taking way forward. I also thank some of you who appreciated the positive improvements in our investor presentation, et cetera. Thank you for your feedback on this. We will continue to take your feedback and become better. Thank you. Have a good day and have a good weekend, everybody.

Speaker #2: Thank you for your feedback on this. We'll continue to take your feedback and become better. Thank you. Have a good day, and have a good weekend, everybody.

Speaker #3: Thank you very much.

Anand Singhal: Thank you very much.

Operator: On behalf of InCred Equities, that concludes this conference. Thank you for joining us, and you may now disconnect your line.

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Q1 2027 India Glycols Ltd Earnings Call

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