Q1 26/27

Aug 14, 2026

Summary

Q1 FY27 delivered 9% consolidated net revenue growth, 13% EBITDA growth and a 15% EBITDA margin. Spirits, chemicals and biopharma advanced, while restructuring progressed; input and freight volatility remained key headwinds.

Ladies and gentlemen, good day and welcome to India Glycols Limited Q1 FY 2027 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. Thank you, and over to you, sir. 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, Chief 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, after which we shall open the floor for a Q&A session. Thank you, and over to you, sir. 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. So best wishes to all of you. Now what I intend to do is to start with two introductions. First is the 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 had 15 years of work experience in a number of organizations handling investor relations and consulting, et cetera, which includes Jubilant FoodWorks, L.C. Foods Limited, and prior to that, some consulting assignments that he did with KPMG. 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. So 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 BTech from IIT Delhi and a postgraduate in business management from IIM Lucknow. He joins from Allied Blenders and Distillers, where he was the Chief Revenue Officer, led seven consecutive quarters of profitable growth. He spent 19 years with Pernod Ricard India in multiple roles. Earlier, he has also worked with Marico, Saregama India, Soldier, et cetera. So I have taken the opportunity to introduce them. I'm sure you'll 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. IGL delivered a very strong start for 2027 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. 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 potable spirits business recorded a revenue of INR 361 crores, up 5.3%, EBITDA growth of 14.2%, and the company retains a dominant share in U.P. and Uttarakhand while benefiting from premium product offerings in these areas. In chemicals, our revenues increased by 20.6% to INR 362 crores, driven by growth in multiple areas, which include Bio-Glycols, Green Solvents, as well as Performance Chemicals. Biofuels 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%. 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 FY 2027 from INR 45 crores in Q1 FY 2026. 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-EBITDA 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 far as potable spirits is concerned, the broader theme of premiumization and market leadership continues. On the chemicals front, we've had a good growth across areas, and we'll talk about the factors 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. 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. 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 itself. Freights, which are for westbound cargoes, 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 ethanol side business because usually we talked about over the last 3 or 4 years that we had a disadvantage in terms of our bio-based yield being slightly more expensive than Reliance's yield. Now, this is something which was not the case 15 years prior to 2021. However, this changed in the recent past. And for the few months that I'm talking about, we were either similar to Reliance's prices or slightly lower, which meant that we had greater off-take for specialty chemicals and greater penetration for some of the glycols which we sell into India and so on. And the impact on chemicals on the other side, which was that several of our raw materials, propionitrile, 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. And we also supply oil and gas materials to the Middle East, which essentially completely collapsed because there was no sale happening to that area. And also, shipments to U.S., et cetera, became very difficult. That was a negative impact, mainly impacting the chemicals business. All in all, high profitability, broad-based revenue growth, a breakout quarter for Ennature Biopharma, and we've maintained the momentum in chemicals. Another thing that we've been talking about is the fact that if you look at FY 2022, we had an EBITDA margin of 11%. In 2023, we became 13%. In 2024, we became 14.2%. 2025, 14%. FY 2026, 15.4%. The margin recovery story has been, I would like to say, based on a strategic plan that we spoke to you about over 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 note that first of all, it has been consistent and stable. There is the same improvement in quality of the business as seen in these years. 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 merger. As you know, NCLT has now sanctioned the scheme of arrangement on 17th of July 2026, and upon effectiveness, the spirits, biofuel, and biopharma undertaking transfer to dedicated developing companies. We start with India Glycols Limited as we have it now, and that is how we've been presenting ourselves. And 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, specialty glycols, new performance chemicals, gases, and any other new areas in the chemicals space we may get into. The other big one is IGL Spirits Private, which will have the potable 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 potable 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 chemical business will now be part of this entity. 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. Let me take a pause and request Anandji to quickly give you a very high-level financial performance update. Thank you, sir. The net revenue in IGL Spirits for Q1 FY 2024 at INR 276.94 crores, with the EBITDA of INR 120 crores. The margin is 17.3% versus 14.7% in Q1 FY 2026. 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%. So 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%. EBITDA is INR 170 crores, which are up by 13%, and EBITDA margin is 15% versus 14.3% in the Q1 last year. So overall, a tremendous growth and very good performance. Thank you, Anandji. Now, considering that it is Friday evening, we are supposed to talk about segments. We will start with IGL Spirits. I would request my new colleague, Mr. Manoj Kumar Rai, to give us an update on Spirits, which is obviously doing very well. Well, that comment is for one who likes it more. Thank you, and good evening to all of you. Well, when we look at the numbers first for IGL Spirits, it is 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 4 and 7 basis points. When I further bifurcate this into IMFL and non-IMFL business, it is 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. When I look at the Biofuels business, it is a 7% growth in net revenue at INR 323 crores with an EBITDA margin of 10.8%, which is an improvement of 2 to 3 basis. Now, that is 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 enticing. The first is when we looked at the IMFL growth, you 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. 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 is 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 Amrut, where we have acquired brands from them and we do the distribution and marketing for them in the selected states. 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 well placed. We are looking at doubling our volumes in the Amrut Whisky 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 their single malt is concerned in the states where we operate. The other big pivot 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 U.P., Uttarakhand, and Delhi. We have just touched the tip of the iceberg in these states. 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. Apart from this, there would be inorganic gains coming in from the introduction of new brands and introduction into new states. We are looking at six brands giving us an all-India footprint with the introduction of three to four new brands. Why do we say there are already three brands that are approved and there is one on the anvil? We have had a longstanding relationship with Bacardi close to about 15 years, and 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. 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, it is quite a declining market where most of the big players in the markets are declining. We continue to maintain our strong position in both U.P. 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. One of our brands, Bunty Bubbly, you would have heard, has received various accolades, including being appreciated by Finka Utpal Awards as the Issue of Utpal Awards. 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 shares in the market is concerned speak volumes about the kind of quality and the kind of brands that we have here, and the strong marketing efforts that goes behind this. All this naturally gives us a very encouraging outlook for FY 2027, and we expect to deliver an EBITDA in excess of INR 500 crores. Premiumization, 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 enter, 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. Supraj, I hand over to you. Thank you, Manoj, for a very comprehensive update on the liquor business, or rather the spirits business, including biofuels. 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 terms. 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 margins grew to 50%. For the glycols business, value up 83%, and similarly, 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. Exports suffered to Middle East as well as other countries, and some raw materials became prohibitively expensive and supply chain disruptions. This had flat-ish contribution. We saw some growth in terms of few 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, glycols, glycol ethers, and perhaps the only true scale supplier of these products in the world. I am aware of one or two more people who ventured in that space, 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 number 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 our tables. We ventured several new spaces. For example, we became the first-ever company to manufacture bio-based amines. We started supplying small quantities, and I am sure over a period of time, it will be a good opportunity to grow. Similarly, we also became the first company in the world to supply carbon-smart ethoxylates and glycols. Though small right now, these are technologies for the future, and that is something we look at. Yes, 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, Nibel, and many others. That continues. 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. Considering that they have 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, something succeeds, something takes time. But given the fundamentals of what we are doing and given what is happening in the macroeconomic environment and the thrust of 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 a sustainability-led portfolio, and this will keep on showing more in numbers. Performance Chemicals or value-added chemicals is moving well, and we have got a strong pipeline, and 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. Now, coming to another interesting segment of ours, which is Ennature Biopharma. Ennature Biopharma, as I mentioned, achieved its best-ever quarterly performance at 83% growth of over 30% in the prior quarter. Hyaluronidase sales registered a robust growth of 26% over the previous quarter, supported by a strong order pipeline, improved 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. Nicotine sales grew 2 times quarter-over-quarter, driven by customer conversions in Europe. Nicotine 2 processing operations, we also started in our Fatikul 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 as well as capacity. We continue to focus on strengthening the branded portfolio. We are taking several actions, for example, new certificates 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 four or five years, we are striving to do INR 130 crore to INR 150 crore EBITDA. Now, I underline this again, this is a call that we are having before the classification of the businesses and we are sharing our aspirations with you, and we are conscious of the fact that when we put up a number here, it is something that we will hold on to us. 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. 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 you wanted to ask us about what our aspirations are. 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, Anandji, would you like to say something? Otherwise, we will go on with the questions. It is already 4:30 P.M. I will request for the Q&A session. 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 one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. 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 NewGen Capital. Please, go ahead. Hello. Hi, good evening. Am I audible? Yes. Yes, ma'am. Please go ahead. Yeah. So I had one question. It was regarding the potable Sorry, you are not Sorry to interrupt, ma'am. Your voice is not audible. May I request you to please use a handset? Hello. Is this audible now? Yes. Please go ahead. Yeah. My question was regarding the guidance for potable spirits for the rest of this year and the next financial year. Yeah. So what is your question, ma'am? Hello? Hello? Yes. We can hear you. Hello. We can hear you. Please proceed with your question. My question is regarding the guidance for potable spirits for this financial year and the next financial year. You want the number or you want the performance? Performance and numbers both. When I look at the EBITDA numbers, we have already shared that 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 the year. 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 these four states where we operate, with a larger offering of brands, particularly in the deluxe whiskey segment, the rum segment, and the semi-premium vodka segment, which has 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? Yes. Thank you. Thank you. The next question comes from the line of Saket Kapoor from Kapoor Company. Please go ahead. Namaskar team. Hope I am audible. Yes. Yes. 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 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. Awaaz aa rahi hai, hello? Yeah. We can listen to the question, please. Yeah. Thank you. Sir, on the NSU part, Rakesh 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. 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 sales. So, since you asked me to talk about aspiration, I will talk about aspiration. Just one second. I need to. So as far as CapEx is concerned, I do not expect a huge amount of CapEx happening this year. So there may be incremental CapEx, but we are talking about perhaps 5, 10, maybe INR 15 crores-INR 20 crores based on the plans that we have right now. If the- Hello. So I only want to- Your voice is Please start over. Okay. 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 crore, INR 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 two 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 four or five years, we see this business to be possibly a INR 600 crore to INR 700 crore business. 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 feedstocks which will be more viable. So I expect that in five or six years when I am talking to you about the turnover about this time, our gross margins will be closer to about 30%. Okay. I did not start it. I am aligning aspiration. Correct. You know, people are asking guidance, I am giving aspiration. Yes, sir. Everything taken with pinch of salt. I can understand. Yes. No, sitting here in an investment call, it is important for me to make sure that I- 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? 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 crore-INR 60 crore. 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 some color on the same. Yeah. The joint venture, for the reasons that I mentioned to you, has been doing well. 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 numbers, but the JV is doing well, both from Katlicoat as well as from products from Clariant that is selling in India. What we also see is there is a greater thrust on exporting product made out of India into other Clariant customers worldwide. In short, I think it is heartening for us to note that despite some of the toughest years that IGL had over the last three or four 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? Permission? Yes. Hello. Yes. Yes, sir. For this quarter on the daily front, I think so we have posted INR 21 crores profit on the profitability front. So, 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 crore, INR 47 crore, and 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? Saket, look, maybe I will not split too many here, but by and large, it is a fair assumption. If I get my numbers correct, and Anand 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. Correct. There are facts that indicate it has been a good quarter and there have been some tailwinds, which is fine, but I think there are reasons. I deliberately 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 the plan or perhaps better, despite the significant headwinds that we faced. Which I do take some consolation from. Right, sir. Thank you once again for a very revamped investor presentation. There are a lot of inputs for us to ponder upon. Thank you for simplifying the same. Very well articulated, sir. All the best. Which means that Gagan is doing a good job right from the beginning. Yes, sir. It is a commendable one. I must use the right word here, sir. It answers many of the questions. I am being on the lighter note, but that is me. ठीक है, साहब। Biopharma का performance भी काफी improve किया है। Best quarter रहा है और आपने आगे के लिए भी उल्लेख कर दिया है। I join the queue, sir. बहुत-बहुत धन्यवाद sir आप सभी का। Thank you, Saket. Thank you. Thank you. The next question comes from the line of Vignesh Iyer from Sequent Investments. Please go ahead. 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? 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. Sorry, I missed the last part. Sorry. This is almost double of what it was last year in the same period. Half a million and above. Okay, Prestige and above is half of the total cases, which is double of what you did last year, is what you said, right? Yes. Okay. Sir, this data you have shared for the first time as part of the presentation. I wanted to just understand for FY 2026, what was the IMFL revenue, and what was the total number of cases? If you have that number, you can share it. For IMFL, the total number of cases was 3.4 million for the full year. Okay. What was the total revenue from IMFL? Revenue, I will have to get back to you. I do not have it off the hook. I think direct it to Anant or Sachin. We will get back to you with more details. Yes. Perfect, sir. That is all from my side. Thank you. Thank you. The next question comes from the line of Aakash Gupta, an individual investor. Please go ahead. Good evening, sir. Sir, a very small, very qualitative question. In your PPT, in the first IGL Spirits segment, you say that the revenue is INR 321 crore, including other operating income. I assume that Masani Job Work is included in that, and that was around INR 10 crore. Is that correct? That is one of the components, yes. Okay. What is the other component, sir? There are other sales, there are ENA sales, and there is power sales from Gorakhpur. All combined, INR 10 crores. Yes. Sir, my other question is, I was just going through this new slide on Amrut. The five SKUs that- Akash Gupta, your voice is not clear. Is it better now, sir? Yes. I was just going through the five Amrut products that you have given, MaQintosh Whisky, MaQintosh Rye, Prestige, Amrut Fusion, single malt, and Namah Cham. I assume the nature of partnership with Amrut is same across for whole wherein you will be responsible for distribution and marketing of all five in select North Indian markets? In select North Indian markets for the time being, and we wish to extend it 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, U.P., and the East. Okay. Would you be able to tell us how much is the royalty that you give to Amrut? That is something which we cannot disclose. Okay. Right. Thank you so much, sir. Thank you, Akash. 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. Hello? Hello? Yes, please go ahead. [Foreign language] last two quarter by quarter data [Foreign language] question [Foreign language], Anandji [Foreign language] PS [Foreign language]. Hello? Voice is not clear. I am not able to hear your question properly. Sir, I want to know [Foreign language] quarter by quarter basis, last two quarter [Foreign language], [Foreign language] impact [Foreign language], [Foreign language] negative [Foreign language] in the percentage form. December 2025 [Foreign language] 10.26%, [Foreign language] margin [Foreign language] negative 1.16% and 1.69% [Foreign language] June quarter [Foreign language], June 2026 [Foreign language]. Hello? Negative. You are comparing quarter wise, quarter to EBITDA. Yes, sir, I am comparing that. According to this CS18, your interest and debt has also reduced in two quarters. The effect you have of this, if it is negative, then it is very marginal, 1.69. Sir, your- Yes, sir. Go ahead. Last quarter, means 31st March 2023, there was an income out of the dividend. Okay? From the Clariant, which was about INR 39 crores. That is why in the last quarter, the EBITDA was about INR 203 crores. In the current quarter, since there is no dividend income, because all dividend income comes in the last quarter. That is why this quarter we have this EBITDA of INR 170 crores. Sir, I am talking about EBITDA growth. EBITDA growth was 10% of negative INR 5.16, then INR 1.691. Our final revenue has a positive growth. That is why they will not say. But sir, it is negative in March 2026. We are checking quarter by quarter basis. We are seeing 10.26 in December, again negative in March. I request you send us the mail, we will give you the reply. But your revenue growth is 15.78%. And your cost of materials, cost of seed, and other costs- Sir, we will give you the answer. You send us the mail. I will give you the reply. Okay? Sir, one more question. What will be the benefit of demerger? Operational efficiency, I want to know that. So look, the strategy for the demerger broadly is multiple fold. First of all, the potable 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. And 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're investing in, rather than a mixture. 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, hello. 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 Pragyam Laddha from Omni Management LLP. Please go ahead. Sir, I joined the call late, but sorry if my question has been already answered. Just one question. Number of cases grew this year, but revenue didn't grow proportionately. So what was the reason that one end we are saying that we are moving towards premiumization, and at this other end, we see that volumes growing much faster than revenue in your scheme. A good question. There are only two answers 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. 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 segments grow faster. 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 deluxe whiskey 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 spirits business. These are high margin, and that is how we will try and improve our margin going forward, as well as revenue. You will find our revenue growth exceeding the volume growth in due course of time because of the premium mix. Okay, sir. Thank you so much for taking my question. Thank you. Thank you. We will take one more question from the line of Amit Mishra from Daksham Capital. Please go ahead. Hi, sir. Thank you for the opportunity. Sir, my first question is for FY 2027, what percentage of revenue for potable spirits will be coming from IMFL? Percentage for IMFL. Percentage of revenue coming in from IMFL would be in excess of 30%. What will be the EBITDA margin for IMFL and Country Liquor for this year? If I were to answer that question for you, contrary to how most of the other investors feel, when you talk about ENA. As long as you talk about deluxe or semi-premium whiskey in ENA, or talk about offerings, my only statement will be, 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. Okay. 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. 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. Thank you very much. On behalf of InCred Equities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.