IGL Spirits lists on BSE and NSE: India Glycols' spirits and biofuels arm now trades at ≈₹6,175 Cr
The demerged potable spirits and biofuels business listed on November 4. FY26 combined revenue was ₹2,801 crore, EBITDA margin 17.6%, profit after tax ₹244 crore.
₹892.00
Nov 5, first close in our tracked series
≈₹6,175 Cr
shares outstanding × Nov 5 close
MID-CAP
by market cap ≈ ₹6,175 Cr
₹2,801 Cr
FY25: ₹2,219 Cr · FY24: ₹1,459 Cr
17.6%
up from 15.4% in FY24
₹244 Cr
FY25: ₹151 Cr · FY24: ₹88 Cr
IGL Spirits Limited — the demerged potable spirits and biofuels business of India Glycols Limited — listed on BSE and the National Stock Exchange on November 4, 2026. Former India Glycols shareholders now hold a separately traded company that, per the listing-day press release, ranks among India's top five spirits companies by sales volume and holds the leading position in the Branded non-IMFL segment in Uttar Pradesh and Uttarakhand. This brief lays out what the company filed on day one: what the new entity contains, three years of combined financials, and what to watch next.
A top-five spirits maker arrives on the exchanges by demerger
IGL Spirits lists on BSE and NSE as the demerged business of India Glycols
In a press release filed under Regulation 30 after market close on November 4, the company announced that IGL Spirits Limited, the demerged potable spirits and biofuels business of India Glycols Limited, listed on BSE and NSE the same day. The release describes a portfolio spanning whisky, rum, vodka and Branded non-IMFL categories across price segments, manufacturing facilities in Kashipur (Uttarakhand) and Gorakhpur (Uttar Pradesh), a longstanding manufacturing relationship with Bacardi, a partnership with Amrut covering distribution of select brands across North India, and supply of approved spirits brands through the Canteen Stores Department and paramilitary channels.
Read:The filing frames the rationale in capital-allocation terms: as a standalone listed entity with an independent balance sheet, IGL Spirits says it will benefit from sharper management focus and greater capital-allocation flexibility, enhancing its ability to pursue strategic consolidation opportunities. For former India Glycols shareholders, the spirits and biofuels earnings stream now carries its own ticker and its own valuation.
BSE filing — listing press release, Nov 4, 2026Two things the listing release does not disclose are worth flagging. It does not state the share-entitlement ratio under the demerger scheme, and it does not break out shares outstanding — so the mechanics of how many IGL Spirits shares an India Glycols holder received must come from the scheme documents, not this filing. The release also arrived after market close at 17:03 IST, alongside a trading-window closure notice filed four minutes later: the window is shut from November 4 until 48 hours after the company declares results for the quarter and half year ending September 30, 2026 — which tells shareholders the first results announcement as a listed entity is the next scheduled disclosure.
Three years of combined financials, as filed
The trajectory in the release is steep: combined revenue grew from ₹1,459 crore in FY24 to ₹2,219 crore in FY25 and ₹2,801 crore in FY26, with EBITDA more than doubling over the period — ₹224 crore to ₹492 crore — and the EBITDA margin improving from 15.4% to 17.6%. Profit after tax nearly tripled, from ₹88 crore in FY24 to ₹244 crore in FY26. Within FY26, the split is roughly even: the potable spirits business sold 30 million cases for net revenue of ₹1,331 crore, while biofuels contributed ₹1,470 crore. The release puts annual capacity at 379 million litres of ethyl alcohol and 136 million litres of potable alcohol across the manufacturing operations.
The press release states EBITDA margin only for FY24 (15.4%) and FY26 (17.6%); the FY25 margin is not disclosed in the filing.
On the first tracked close of ₹892 (November 5), the market values the company at roughly ₹6,175 crore — arithmetic that works out to about 2.2× FY26 combined revenue and roughly 25× FY26 combined profit, both derived from the filed numbers rather than stated by the company. The early tape has been wide: our adjusted series records a high of ₹967.3 and a low of ₹875.6, both marked on November 5, against the ₹892 close — a spread that suggests price discovery is still under way, as is common in the first sessions of a newly listed stock. With only one close on the books, there are no meaningful technicals yet; the first real valuation test comes when the company reports standalone results for the September quarter.
The next data points
Q2/H1 FY27 results
The trading window closed November 4 until 48 hours after results for the quarter and half year ending September 30, 2026 are declared. These will be the first financials IGL Spirits reports as a listed company — and the first chance to see whether the spirits/biofuels split and the 17.6% EBITDA margin hold up outside a press release.
Demerger mechanics
The entitlement ratio, shares outstanding and shareholding pattern are not in the listing release. The first shareholding-pattern disclosure will show promoter holding and the institutional register of the new entity.
Price discovery
The stock's entire tracked history is one session, with an intraday band of ₹875.6–967.3. Where the price settles once early demerger-related churn clears is the near-term signal to watch.
The listing itself was the expected final step of a pre-announced demerger, not a surprise — the substance of the November 4 filing is the disclosure package that came with it: a top-five spirits maker by sales volume with ₹2,801 crore of FY26 combined revenue, a margin that has widened three years running, and a balance sheet now independent of India Glycols.
What the filing cannot yet show is how the business performs under its own ticker. The September-quarter results, the first shareholding pattern, and a few weeks of trading will fill in what a listing-day press release cannot. Until then, the data supports a simple description: a mid-cap consumer-and-biofuels company at roughly 25 times last year's combined profit, with its first report card already scheduled.
Informational and educational content only. Not investment advice.