IGPL standalone profit rises to Rs 90.3949 crore in September

I G Petrochemicals Limited reported standalone profit after tax of Rs 90.3949 crore for the quarter ended September 30, 2026, up from Rs 1.42 crore a year earlier, as revenue from operations rose to Rs 758.9634 crore from Rs 465.3425 crore. Profit before tax increased to Rs 120.8872 crore from Rs 2.0078 crore.

What drove IGPL’s September-quarter profit turnaround?

IGPL’s September-quarter profit turnaround reflected a Rs 120.8872 crore profit before tax, compared with Rs 2.0078 crore in the quarter ended September 30, 2025. After tax expense of Rs 30.4923 crore, profit after tax reached Rs 90.3949 crore, against Rs 1.42 crore a year earlier. Standalone earnings per share, or EPS, rose to Rs 29.35 from Rs 0.46.

The improvement also continued from the quarter ended June 30, 2026, when IGPL reported profit before tax of Rs 94.9179 crore and profit after tax of Rs 70.9702 crore. September-quarter profit after tax was Rs 19.4247 crore higher sequentially, while total income increased by Rs 144.5977 crore to Rs 769.6689 crore. The filing does not identify a specific operational cause for the change.

Profit before tax represented 15.71% of total income in the September 2026 quarter, calculated from Rs 120.8872 crore of profit before tax and Rs 769.6689 crore of total income. That compared with 0.43% in the September 2025 quarter, when profit before tax was Rs 2.0078 crore on total income of Rs 471.6082 crore. Total expenses increased by Rs 179.1813 crore year on year, less than the Rs 298.0607 crore rise in total income.

How did IGPL’s revenue and costs change year on year?

IGPL’s revenue from operations increased to Rs 758.9634 crore in the September 2026 quarter from Rs 465.3425 crore in the year-earlier quarter, a rise of about 63%. Other income increased to Rs 10.7055 crore from Rs 6.2657 crore, taking total income to Rs 769.6689 crore. Revenue from operations was also higher than Rs 617.7996 crore in the June 2026 quarter.

Cost of materials consumed rose by Rs 52.3441 crore year on year to Rs 459.3637 crore, but declined from Rs 482.7296 crore in the immediately preceding quarter. Employee benefits expense increased to Rs 27.8015 crore from Rs 23.9688 crore a year earlier, while finance cost declined to Rs 8.0683 crore from Rs 10.1845 crore. Depreciation and amortisation was Rs 15.4572 crore, against Rs 15.151 crore in the September 2025 quarter.

Inventory movement differed across the three reported quarters. IGPL recorded an expense of Rs 77.9129 crore under changes in inventories of finished goods and work-in-progress in the September 2026 quarter, compared with credits of Rs 49.616 crore a year earlier and Rs 65.1426 crore in the June 2026 quarter. Other expenses declined to Rs 60.1781 crore from Rs 62.8925 crore year on year, while total expenses increased to Rs 648.7817 crore from Rs 469.6004 crore.

IGPL reported one reportable segment, manufacture and sale of organic chemicals, rather than separate operating segments. The filing therefore provides no segment-level revenue, volume, pricing or profitability figures to explain the Rs 293.6209 crore year-on-year increase in revenue from operations. The standalone results were prepared under Indian Accounting Standard 34, or Ind AS 34, for interim financial reporting.

What do IGPL’s half-year cash flow and balance sheet show?

IGPL generated net operating cash flow of Rs 174.1927 crore in the half year ended September 30, 2026, compared with an outflow of Rs 38.8741 crore in the corresponding half year of 2025. Cash generated from operations was Rs 207.7831 crore before direct taxes, versus negative Rs 34.8674 crore a year earlier. Half-year profit before tax was Rs 215.8051 crore, compared with a loss before tax of Rs 8.8047 crore.

Working-capital movements reduced operating cash flow by Rs 47.7393 crore in the 2026 half year. Trade receivables increased by Rs 36.0197 crore, while trade payables, other liabilities and provisions decreased by Rs 47.6999 crore; these movements were partly offset by a Rs 21.9941 crore reduction in inventories. Direct taxes paid were Rs 33.5904 crore, compared with Rs 4.0067 crore in the prior-year half year.

Investing cash outflow was Rs 89.716 crore during the six months, including Rs 84.662 crore spent on property, plant and equipment, intangible assets and capital work-in-progress. Financing cash outflow was Rs 48.595 crore, including Rs 52.1401 crore of non-current borrowing repayments and Rs 32.8438 crore of new non-current borrowings. The resulting net increase in cash and cash equivalents was Rs 35.8817 crore, against a Rs 79.6309 crore decrease in the prior-year period.

At September 30, 2026, property, plant and equipment stood at Rs 1,114.2337 crore, up from Rs 911.2797 crore at March 31, 2026, while capital work-in-progress fell to Rs 34.7367 crore from Rs 173.0932 crore. Non-current borrowings declined to Rs 128.1318 crore from Rs 147.2262 crore, and inventories fell to Rs 184.8645 crore from Rs 206.8587 crore. Trade receivables rose to Rs 386.2942 crore from Rs 350.3104 crore over the same six months.

What dividend did IGPL declare for 2026-27?

IGPL declared an interim dividend of Rs 10 per equity share for financial year 2026-27, equal to 100% of the Rs 10 face value of each share. The board approved the standalone and consolidated unaudited results and the interim dividend at its November 5, 2026 meeting. The record date for payment is Friday, November 13, 2026.

Paid-up equity share capital was Rs 30.7981 crore at September 30, 2026, unchanged from September 30, 2025 and March 31, 2026. Standalone other equity was Rs 1,436.0242 crore at September 30, 2026, compared with Rs 1,289.7046 crore at March 31, 2026. Total equity increased to Rs 1,466.8223 crore from Rs 1,320.5027 crore during that period.

The September-quarter standalone results were unaudited and subject to a limited review by the statutory auditors, who issued an unqualified review report. The auditors stated that the review was conducted under Standard on Review Engagements 2410 and was substantially less extensive than an audit. IGPL’s board meeting began at 4:00 p.m. and concluded at 5:00 p.m. on November 5, 2026.

Conclusion

IGPL’s standalone September 2026 results show a marked year-on-year change in profitability: profit after tax rose to Rs 90.3949 crore from Rs 1.42 crore as revenue from operations reached Rs 758.9634 crore. The half-year comparison also shifted from a Rs 6.7941 crore loss after tax in the prior year to a Rs 161.3651 crore profit after tax, alongside Rs 174.1927 crore of operating cash generation.

The next disclosed event for shareholders is the November 13, 2026 record date for the Rs 10-per-share interim dividend. Later results will indicate whether September-quarter revenue of Rs 758.9634 crore and profit before tax of Rs 120.8872 crore continue, and how the half-year rise in trade receivables to Rs 386.2942 crore develops.