IGPL

IG Petrochemicals share price & financials

Price
₹446.8
Market cap
₹1.5k Cr
Sector
Chemicals
Calls analysed
2
Latest concall · Q1 FY27 · call held 07 Aug 2026

IG Petrochemicals Limited Q1 FY27

Revenue ₹625 cr +30%EBITDA ₹120 cr +823%EBITDA Margin 19.2% +611%PAT ₹71 cr

What went well

  • Revenue increased by 30% to ₹625 crores, driven by improved realization across all product segments.
  • EBITDA surged to ₹120 crores from ₹13 crores in Q1 FY26, with EBITDA margin expanding to 19.2% from 2.7%.
  • Profit After Tax (PAT) stood at ₹71 crores, marking a significant improvement over the corresponding quarter.

What to watch

  • Sales volume for the quarter was 10-15% lower compared to Q4 FY26, partly due to logistic congestion and geopolitical issues impacting exports.
  • Near-term volatility in raw material prices, particularly ortho-xylene, and spreads due to ongoing geopolitical tensions in the Middle East.
Read the full call →

What IG Petrochemicals Limited does

IG Petrochemicals manufactures Phthalic Anhydride (PAN) and its downstream/by-product chemicals — Maleic Anhydride (MAN), Benzoic Acid and Di-Ethyl Phthalate (DEP) — at a single integrated manufacturing complex in Taloja, Maharashtra, using Ortho-Xylene as feedstock. PAN is sold as an intermediate to makers of plasticizers, unsaturated polyester resins, alkyd resins, paints and CPC pigments, while MAN, Benzoic Acid and DEP are recovered from the same production stream and sold into pharmaceuticals, fragrances and personal-care applications. The company has forward-integrated into a new Plasticizer plant at the same site to capture PAN's largest downstream end-market, and is separately building a Compressed Biogas (CBG) plant as a green-chemistry/circular-economy initiative. Long-standing annual supply contracts with domestic chemical manufacturers, most located close to the plant, anchor its customer relationships.

Segments

  • Phthalic Anhydride (PAN) & co-products
  • Non-PAN / new businesses
Installed PAN capacity
270,000 MTPA across 5 plants at the Taloja complex
Market position
~50% share of India's PAN market; India's largest single-site PAN manufacturer and, per management, the world's second-largest PAN producer
Maleic Anhydride production
India's sole domestic MAN producer, with 4 dedicated MAN plants paired to the PAN plants
Manufacturing site
Single integrated complex in MIDC Taloja, Raigad, Maharashtra, near major ports
DEP capacity
12,000 tonnes/annum, after debottlenecking
Plasticizer plant capacity
Up to 100,000 tonnes/annum (DOP/DINP/DIPP); mechanical completion achieved March 2026
Founded 1988Headquarters Registered office: Panaji, Goa; Corporate office: Nariman Point, Mumbai; manufacturing complex at Taloja, Raigad, MaharashtraEmployees 500 (2025-03-31) Company website

Guidance record · Q1 FY27

what the last two calls moved 12 tracked 0 delivered 2 missed 10 open
  • DEP Capacity missed said Q4 FY26 Promised: 12,000 tons Q1 FY27: Previously marked as 'achieved' based on Q4 FY26 statement of 12,000 tons capacity. However, Q1 FY27 report states the debottlenecked capacity is 10,000 TPA, which misses the original promise. This represents a contradiction or walk-back of the previous claim.
  • Plasticizer Plant Production (FY27) delayed said Q4 FY26 Promised: 24,000 to 25,000 tons Q1 FY27: Commercial production is now expected to start before September 2026 (Q2/Q3), a delay from the start of the fiscal year. The new guidance for the remaining ~6-7 months of FY27 implies a total volume lower than the original 9-month target.
  • Spread over market margin on track said Q4 FY26 Promised: $100 to $120 Q1 FY27: Management confirmed they benefit from an additional $100-$150 spread over market due to operating efficiency and byproduct sales, which is in line with or better than the promised $100-$120.

All 12 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 31.5%, net profit up 607.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue583 558 480 470 465 −20%465 −17%524 +9%618 +31%
EBITDA63 47 47 -1 20 −68%8 −83%67 +43%112 +11300%
Net profit26 29 19 -13 -2 −108%-11 −138%28 +47%66 +608%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +24.1% 1Y

₹400₹500₹600Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q4 FY26 — 21 May 2026Q1 FY27 — 7 Aug 2026

1Y: ₹440.9 on 10 Sept 2025 → ₹547.05. High ₹584.55 (8 Sept 2026), low ₹329 (4 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−2.0%
7 Aug
Q4 FY26
−1.2%
21 May

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 6.5% a year over 3 years, FY23 to FY26. Operating margin narrowed to 4.9%.

Year endingFY23FY24FY25FY26
Revenue₹2.4k Cr₹2.1k Cr₹2.2k Cr₹1.9k Cr
Operating profit₹318 Cr₹105 Cr₹219 Cr₹94 Cr
Operating margin13.5%5.0%9.9%4.9%
Interest₹25 Cr₹30 Cr₹39 Cr₹41 Cr
Depreciation₹48 Cr₹52 Cr₹64 Cr₹68 Cr
Net profit₹199 Cr₹40 Cr₹109 Cr₹2 Cr
Net margin8.5%1.9%4.9%0.1%
Cash from operations₹233 Cr₹37 Cr₹261 Cr₹102 Cr
Free cash flow₹-7 Cr₹-136 Cr₹125 Cr₹-60 Cr
ROCE21.0%5.0%11.0%3.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹31 Cr₹31 Cr₹31 Cr₹31 Cr₹31 Cr₹31 Cr
Reserves₹791 Cr₹1.0k Cr₹1.2k Cr₹1.2k Cr₹1.3k Cr₹1.3k Cr
Borrowings₹165 Cr₹173 Cr₹254 Cr₹368 Cr₹402 Cr₹362 Cr
Other liabilities₹337 Cr₹416 Cr₹503 Cr₹520 Cr₹551 Cr₹606 Cr
Total liabilities₹1.3k Cr₹1.7k Cr₹2.0k Cr₹2.1k Cr₹2.3k Cr₹2.3k Cr
Fixed assets₹702 Cr₹736 Cr₹717 Cr₹1.0k Cr₹1.2k Cr₹1.2k Cr
Capital work in progress₹132 Cr₹118 Cr₹349 Cr₹158 Cr₹117 Cr₹173 Cr
Investments₹16 Cr₹81 Cr₹182 Cr₹144 Cr₹87 Cr₹88 Cr
Other assets₹475 Cr₹716 Cr₹745 Cr₹803 Cr₹880 Cr₹858 Cr
Total assets₹1.3k Cr₹1.7k Cr₹2.0k Cr₹2.1k Cr₹2.3k Cr₹2.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +0.65 pp while FIIs trimmed −0.45 pp. The shareholder count shrank 4% to 33,319.

Promoters
68.7%
FIIs
2.7%
DIIs
1.6%
Public
27.0%

Since Jun 2025

  • DIIs +0.65 pp
  • FIIs −0.45 pp
  • Public −0.20 pp

How it drifted, 12 quarters

Over this window the public went from 25.7% to 27.0% — +1.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 68.7%, FIIs 3.7%, DIIs 1.8%, Public 25.7%.Dec '23: Promoters 68.7%, FIIs 3.4%, DIIs 1.8%, Public 26.1%.Mar '24: Promoters 68.7%, FIIs 3.0%, DIIs 1.8%, Public 26.5%.Jun '24: Promoters 68.7%, FIIs 2.5%, DIIs 2.2%, Public 26.6%.Sep '24: Promoters 68.7%, FIIs 2.7%, DIIs 2.7%, Public 25.8%.Dec '24: Promoters 68.7%, FIIs 2.8%, DIIs 2.6%, Public 25.8%.Mar '25: Promoters 68.7%, FIIs 3.1%, DIIs 1.4%, Public 26.7%.Jun '25: Promoters 68.7%, FIIs 3.1%, DIIs 1.0%, Public 27.2%.Sep '25: Promoters 68.7%, FIIs 3.0%, DIIs 1.0%, Public 27.4%.Dec '25: Promoters 68.7%, FIIs 2.9%, DIIs 1.2%, Public 27.2%.Mar '26: Promoters 68.7%, FIIs 2.9%, DIIs 1.4%, Public 26.9%.Jun '26: Promoters 68.7%, FIIs 2.7%, DIIs 1.6%, Public 27.0%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of IG Petrochemicals Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Vincent India Limited 15.40%unchanged
Mysore Petro Chemicals Limited 13.23%unchanged
Shekhavati Investment Corporation Limited 11.61%unchanged
Kamrup Enterprises Limited 9.57%unchanged
Gembel Trade Enterprises Private Limited 7.57%unchanged
Savita Investment Company Ltd 6.60%unchanged
Investor Education And Protection Fund Authority Ministry Of Corporate Affairs - 2 3.60%unchanged
Bihariji Constructions (India) Limited 1.79%unchanged
Mayank Dhanuka 1.61%unchanged
Shogun Vinimay (P) Ltd 1.20%unchanged
First Water Fund Class C AIF1.16%newly disclosed
Bina Devi Dhanuka 0.07%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (2)

Read the Q1 FY27 call →

Learn to analyse IG Petrochemicals Limited

Guides on how to read this kind of business and the numbers that matter.