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Tue, 15 Sept 2026
12:34:21 pm
Tue, 15 Sept 2026
12:34:21 pm
Synopsis
India Glycols completes its demerger into three entities, separating its chemicals, spirits, bio pharma and bio polymers businesses.
India Glycols has completed its demerger into three separate entities, India Glycols Limited, IGL Spirits Limited and Ennature Bio Pharma Limited. The scheme became effective on September 1, 2026, after the certified NCLT order was filed with the Registrar of Companies.
The restructuring separates the company's businesses into focused entities. India Glycols will continue to house the chemicals and industrial gases businesses, while IGL Spirits will hold the spirits and bio fuel operations. Ennature Bio Pharma will focus on bio pharma and bio polymers.
India Glycols Limited will house the chemicals, glycols, bio glycols, new specialty products and industrial gases businesses. The company reported net revenue of ₹345 crore in the June 2026 quarter.
India Glycols remains listed on both the BSE and NSE. Its shares were trading at ₹253, up 4.99%, around 12:59 pm on September 3, 2026. The company had a market capitalisation of about ₹1,698 crore, while its stock traded between ₹168 and ₹259 over the period shown.
IGL Spirits Limited will house the spirits business, including IMFL and country liquor, along with the bio fuel business. The entity reported net revenue of ₹694 crore in the June 2026 quarter, making it the largest of the three businesses by revenue based on the figures provided.
Shareholders holding India Glycols shares on the September 2, 2026 record date will receive one IGL Spirits share for every one India Glycols share held. The management of IGL Spirits will apply to the BSE and NSE for listing of its shares.
Ennature Bio Pharma Limited will hold the bio pharma and bio polymers businesses. It reported net revenue of ₹90 crore in the June 2026 quarter.
Shareholders will receive one Ennature Bio Pharma share for every three India Glycols shares held on the record date. The company will also apply to the BSE and NSE for listing of its shares.
For example, a shareholder holding 300 India Glycols shares on September 2 will receive 300 IGL Spirits shares and 100 Ennature Bio Pharma shares. The shareholder will therefore hold 700 shares across the three entities, including the original 300 India Glycols shares.
The demerger creates three companies with separate business focuses and allows each entity to manage its capital, investments and resources based on its own requirements. The restructuring is also expected to give management greater oversight of the individual businesses.
| Period | Return |
|---|---|
| 1 Day | +5.00% |
| 5 Days | -79.17% |
| 1 Month | -78.39% |
| 6 Months | -72.35% |
| 1 Year | -69.94% |
| 5 Years | -30.51% |
| Metric | Value |
|---|---|
| Current Price | ₹253 |
| Market Cap | ₹1,698 Cr |
| High / Low | ₹259 / ₹168 |
| Stock P/E | 5.35 |
| Book Value | ₹438 |
| Dividend Yield | 2.96% |
| ROCE | 12.4% |
| ROE | 11.3% |
| Face Value | ₹5 |
The next focus for shareholders will be the listing process for IGL Spirits and Ennature Bio Pharma and how the three separately focused businesses are valued after the demerger.
The India Glycols demerger separates the business into India Glycols Limited, IGL Spirits Limited and Ennature Bio Pharma Limited, with each company focusing on a different business segment.
India Glycols separated its businesses to give each entity a clearer operating focus and allow capital and resources to be managed according to individual business needs.
India Glycols will focus on chemicals, glycols, bio glycols, specialty products and industrial gases after the demerger.
IGL Spirits will house India Glycols' spirits business, including IMFL and country liquor, along with its bio fuel operations.
Ennature Bio Pharma will house the bio pharma and bio polymers businesses that were previously part of India Glycols.
Yes. The India Glycols demerger became effective on September 1, 2026, after the NCLT order was filed with the Registrar of Companies.
The India Glycols record date was September 2, 2026. Shareholders on the record date were eligible for shares in IGL Spirits and Ennature Bio Pharma.
India Glycols shareholders will receive one IGL Spirits share for every one India Glycols share held on the record date.
India Glycols shareholders will receive one Ennature Bio Pharma share for every three India Glycols shares held on the record date.
A shareholder with 300 India Glycols shares will receive 300 IGL Spirits shares and 100 Ennature Bio Pharma shares, while retaining the 300 India Glycols shares.
IGL Spirits plans to apply for listing on both NSE and BSE. The listing remains subject to the required regulatory approvals.
Ennature Bio Pharma plans to apply for listing on NSE and BSE, subject to applicable regulatory approvals.
Yes. India Glycols remains listed on both NSE and BSE after the business separation.
The sharp apparent fall in India Glycols shares was largely related to the price adjustment following the demerger rather than a conventional collapse in the underlying business value.
The India Glycols demerger can give shareholders exposure to three separately focused businesses, but its overall benefit will depend on the future performance and valuations of India Glycols, IGL Spirits and Ennature Bio Pharma.
IGL Spirits has the largest June 2026 quarter revenue among the three entities at ₹694 crore, but its future performance will need to be assessed after it becomes separately listed.
Ennature Bio Pharma reported ₹90 crore of revenue in the June 2026 quarter and will focus on bio pharma and bio polymers. Its separate listing will give investors a clearer way to value this business.
Among India Glycols, IGL Spirits and Ennature Bio Pharma, IGL Spirits reported the highest June 2026 quarter revenue at ₹694 crore.
India Glycols reported net revenue of ₹345 crore in the June 2026 quarter for the businesses remaining with the company.
IGL Spirits reported net revenue of ₹694 crore in the June 2026 quarter from its spirits and bio fuel businesses.
Ennature Bio Pharma reported net revenue of ₹90 crore in the June 2026 quarter from its bio pharma and bio polymers businesses.
Shareholders will mainly watch the listing process for IGL Spirits and Ennature Bio Pharma, their market valuations and how the three companies perform independently.
The India Glycols demerger does not remove shareholders' ownership of India Glycols. Eligible shareholders also receive shares in IGL Spirits and Ennature Bio Pharma according to the announced entitlement ratios.
The simplest way is to view India Glycols as the chemicals and industrial gases company, IGL Spirits as the spirits and bio fuel company, and Ennature Bio Pharma as the bio pharma and bio polymers company.
The separation could make it easier for investors to assess the individual businesses because India Glycols, IGL Spirits and Ennature Bio Pharma will have more clearly defined operations. Actual valuation outcomes will depend on their financial performance and future market pricing.
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