IGL Spirits Limited lists with Rs 2,801 crore FY26 revenue

IGL Spirits Limited listed on BSE Limited and the National Stock Exchange of India Limited on November 4, 2026, following its demerger from India Glycols Limited, with its potable spirits and biofuels businesses reporting combined FY26 revenue of Rs 2,801 crore and EBITDA of Rs 492 crore.

When did IGL Spirits list on BSE and NSE?

IGL Spirits listed on both BSE and NSE on November 4, 2026. The company disclosed the listing through a November 4, 2026 announcement filed under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Its BSE scrip code is 545013 and its NSE symbol is IGLSPIRITS.

The listing creates a separately traded company for the potable spirits and biofuels business that was demerged from India Glycols Limited. IGL Spirits said it now has an independent balance sheet, while the announcement described the separation as providing sharper management focus and greater flexibility in capital allocation. The company also said this structure would enhance its ability to pursue strategic consolidation opportunities, without identifying a transaction, target or timetable.

What businesses and brands does IGL Spirits operate?

IGL Spirits operates potable spirits and biofuels businesses, with FY26 revenue split between Rs 1,331 crore from potable spirits and Rs 1,470 crore from biofuels. The two reported segments therefore accounted for the full Rs 2,801 crore combined revenue disclosed for FY26. Biofuels was the larger reported revenue contributor by Rs 139 crore in that year.

The spirits portfolio spans whisky, rum, vodka and branded non-Indian Made Foreign Liquor, or non-IMFL, categories across price segments. IGL Spirits said its potable spirits business sold 30 million cases in FY26. It also described itself as among India’s top five spirits companies by sales volume and as the leading company in the branded non-IMFL segment in Uttar Pradesh and Uttarakhand, though the announcement did not provide market-share percentages or competitor sales volumes.

IGL Spirits has manufacturing facilities at Kashipur in Uttarakhand and Gorakhpur in Uttar Pradesh. Across its manufacturing operations, annual ethyl alcohol capacity is 379 million litres and potable alcohol capacity is 136 million litres. The company also cited established distribution channels, supplies of approved spirits brands through Canteen Stores Department and paramilitary channels, a manufacturing relationship with Bacardi, and a partnership with Amrut to distribute select brands across North India.

How did IGL Spirits revenue and EBITDA change in FY26?

IGL Spirits reported combined revenue of Rs 2,801 crore in FY26, up Rs 582 crore from Rs 2,219 crore in FY25 and up Rs 1,342 crore from Rs 1,459 crore in FY24. FY26 revenue was about 26% higher than FY25 and about 92% above FY24, based on the figures in the listing announcement. The comparison covers the combined potable spirits and biofuels businesses.

EBITDA, or earnings before interest, tax, depreciation and amortisation, increased to Rs 492 crore in FY26 from Rs 350 crore in FY25 and Rs 224 crore in FY24. The Rs 142 crore year-on-year increase in FY26 exceeded the Rs 126 crore increase recorded in FY25 versus FY24. Reported EBITDA margin rose from 15.4% in FY24 to 17.6% in FY26, an improvement of 2.2 percentage points over two years.

What does the FY26 profit record show for IGL Spirits?

IGL Spirits reported profit after tax of Rs 244 crore in FY26, compared with Rs 151 crore in FY25 and Rs 88 crore in FY24. Profit after tax therefore rose by Rs 93 crore from FY25 to FY26 and by Rs 156 crore over the two-year period from FY24. The company’s reported profit after tax increased in each of the three financial years presented.

The FY26 profit after tax of Rs 244 crore was equivalent to about 8.7% of reported revenue of Rs 2,801 crore, calculated from the disclosed figures. That compares with about 6.8% in FY25, based on Rs 151 crore of profit after tax and Rs 2,219 crore of revenue, and about 6.0% in FY24, based on Rs 88 crore and Rs 1,459 crore. These calculations are not separately stated by IGL Spirits, but show how the reported bottom-line result changed alongside revenue.

The announcement provides combined financial data rather than separate EBITDA or profit after tax for potable spirits and biofuels. It does identify Rs 1,331 crore of FY26 net revenue for the potable spirits business and Rs 1,470 crore for biofuels. Readers can therefore compare the segments on FY26 revenue, but cannot determine from this announcement which business contributed more of the Rs 492 crore EBITDA or Rs 244 crore profit after tax.

Conclusion

IGL Spirits entered the stock market as an independent company on November 4, 2026, after its combined businesses recorded Rs 2,801 crore of FY26 revenue, Rs 492 crore of EBITDA and Rs 244 crore of profit after tax. Biofuels generated Rs 139 crore more revenue than potable spirits in FY26, while combined revenue, EBITDA and profit after tax all increased from FY25 and FY24.

The next point to watch is how IGL Spirits uses the capital-allocation flexibility linked to its independent balance sheet. Management cited the ability to pursue strategic consolidation opportunities, but the November 4, 2026 announcement disclosed no acquisition plan, financial target, expected investment amount or scheduled event.