India Glycols Ltd
INDIAGLYCOIndia Glycols Ltd's earnings have outrun its stock. EPS grew +17.3% in a year against a −64.8% price move.
The sharpest disagreement: annual EPS moved +17.3% against a −64.8% price move — the market has not yet caught up with the delivery.
The price is in a confirmed uptrend (19 weeks in) while the P/E sits at the 91st percentile of its own 9-year range. Underneath, the last four quarters read improving — profit +32.9% year on year, and 225% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
India Glycols Ltd trades at ₹295, in a confirmed uptrend and 19 weeks into that stage. That is +35.4% against its own 200-day average. It sits at 8% of a 52-week range of ₹224 to ₹1,150. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (9 weeks and counting).
Today the stock is in a confirmed uptrend — week 19 of stage 2, confirmed. At ₹295 it trades +35.4% versus its 200-day average and sits at 8% of its 52-week range (₹224–₹1,150).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +666% while the NIFTY 500 moved +267% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (9 weeks and counting; last ahead the week of 2026-07-10) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
India Glycols Ltd's story is not scored yet against the markers our research file set on 19 July 2026. Where it sits in its own cycle: Not stated in the research file. Our fortnightly research layers last read it on 19 July 2026.
Our read, 19 July 2026. India Glycols has improved earnings mix through spirits, biofuels and specialty chemicals while reducing debt; a demanding valuation, policy-sensitive ethanol economics and delayed biopharma recovery limit the margin for error.
What is proven. India Glycols has improved earnings mix through spirits, biofuels and specialty chemicals while reducing debt; a demanding valuation, policy-sensitive ethanol economics and delayed biopharma recovery limit the margin for error.
What is not proven yet. Upgrade if specialty growth and spirits margins prove durable while debt falls without further dilution. Downgrade if policy clarity is weak, margins normalize, specialty delivery slips or biopharma remains pressured.
🚨 What would change our mind. Upgrade if specialty growth and spirits margins prove durable while debt falls without further dilution. Downgrade if policy clarity is weak, margins normalize, specialty delivery slips or biopharma remains pressured.
Layer 1 read, 19 July 2026 — KEEP. Real mix-led earnings recovery, but the multiple has already re-rated to the 90th percentile — a mid-cycle grower, not an early setup. Operating profit grew 24.6% against revenue of only 11.8%, a genuine mix shift into spirits and specialty chemicals, and a Rs 804 cr debt prepayment cuts future finance cost — so the re-rating is earnings-backed, not hollow. But the PE is already at the 90th percentile with the price up 4.3x and margins at the top of their band on policy-sensitive ethanol economics, and promoters have trimmed 139bps. The story is intact but the easy money is priced in, so it ranks mid, below any fresh inflection.
What would change Layer 1’s mind. Specialty-chemicals growth and spirits margins proving durable while debt falls WITHOUT further equity dilution would upgrade it; conversely weak biofuel policy clarity, margin normalization, or continued promoter selling would break the 'grow into the price' case and push it down.
Layer 2 read, 19 July 2026 — BENCH. Real EPS-backed premiumization recovery, but already re-rated to the 90th-percentile PE into a SUPPLY_FLOOD + live liquor-policy disruption — bench, don't advance. India Glycols' recovery is genuine and earnings-led (operating profit +24.6% vs revenue +11.8%, OCF +112%), so it is not a value trap. But the multiple is PEAK_PASSED at the 90th percentile with price up 4.3x and the Timeline itself says 'earnings must grow into the price' — no early-cycle entry. Externally the sector is CAPACITY_RISK (capex +95% SUPPLY_FLOOD, institutions ABSENT, promoter diluting) with live HIGH-severity MML/license-auction volume disruption, so a P2 with an elevated-PE critical signal benches.
What would change Layer 2’s mind. Volume confirmation that the MML/license-auction disruption is NOT hitting India Glycols' spirits/ethanol volumes AND the multiple compressing back toward its median (16.2) on continued EPS delivery without further dilution — that would flip BENCH toward ADVANCE. Conversely a specialty/spirits margin roll-over or fresh dilution would move it to DROP.
The test written in advance. Upgrade if specialty growth and spirits margins prove durable while debt falls without further dilution. Downgrade if policy clarity is weak, margins normalize, specialty delivery slips or biopharma remains pressured. — the thesis as written as stated by the next result.
What the company does. The financial record confirms mix-led operating improvement. Debt repayment is constructive but funded by both equity and internal cash, making dilution and capital return important. The price already assumes that current margins and forward specialty execution will endure.
🚨 What the surface reading misses. The surface reading is: Full-year earnings improved with a higher operating margin. The research reads it further: Operating profit rose faster than revenue, supporting mix-led quality improvement rather than pure volume recovery.
🚨 What the surface reading misses. The surface reading is: Profit grew faster than sales. The research reads it further: The spread supports portfolio improvement but also creates a durability question for current margins.
Sources: our stock research file (19 July 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
India Glycols Ltd reported ₹1,130 Cr of revenue in the Jun 26 quarter, +8.7% year on year. That is the 5th straight quarter of year-on-year growth. Over 10 years it has compounded at 6.1% a year. The last full year, FY26, came in at ₹4,211 Cr. The last four reported quarters add to ₹4,300 Cr.
FY26 revenue came in at ₹4,211 Cr (+11.8% on the year), capping 10 years at 6.1% compound. The latest quarter (Jun 26) printed ₹1,130 Cr, +8.7% year on year — the 5th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +12.1% growth against the decade's 6.1% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +12.0% over the last 4 quarters against +9.7%/yr over the last 8 — stabilising; TTM profit +29.9% vs +32.0%/yr — stabilising.
FY26-Q4. revenue ₹976 Cr and profit ₹87 Cr as reported.
FY27-Q1. revenue ₹1,130 Cr and profit ₹97 Cr as reported.
Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
India Glycols Ltd's operating margin is 15.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 4.8% to 15.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 15.0%, +1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 4.8%–15.0%, and FY26's 15.0% is the top of that band — a record year.
Why the margin moved: operating margin went +0.6 pp year on year while gross margin went +2.0 pp — the gain came mostly from the gross line: input costs and pricing.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
FY26-Q4. revenue ₹976 Cr and profit ₹87 Cr as reported.
FY27-Q1. revenue ₹1,130 Cr and profit ₹97 Cr as reported.
Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
India Glycols Ltd earned ₹97.0 Cr of net profit in the Jun 26 quarter, +32.9% year on year. It is the 10th consecutive quarter of growth. Full-year FY26 profit was ₹293 Cr. That is 8.6% of the quarter's revenue. The same quarter a year earlier earned ₹73.0 Cr.
Jun 26 profit was ₹97.0 Cr, +32.9% year on year — the 10th consecutive quarter of growth. On the full year, FY26 printed ₹293 Cr (+26.8%).
Why profit moved: revenue contributed +8.7% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +29.5% vs revenue +12.1%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
FY26-Q4. revenue ₹976 Cr and profit ₹87 Cr as reported.
FY27-Q1. revenue ₹1,130 Cr and profit ₹97 Cr as reported.
Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 225% of India Glycols Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹769 Cr of operating cash against ₹293 Cr of profit. After ₹819 Cr of capital spending, ₹−50.0 Cr was left as free cash.
FY26: operating cash of ₹769 Cr against reported profit of ₹293 Cr, leaving free cash of ₹−50.0 Cr after ₹819 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 225% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 225%: the cash cycle tightened 18 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 5.7× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
India Glycols Ltd's cash conversion cycle runs 47 days in FY26, down from 65 days in FY21. Capital spending ran ₹2,120 Cr over the last 3 years. At FY26 sales of ₹4,211 Cr each day of that cycle holds about ₹11.5 Cr, so roughly ₹542 Cr sits inside the business at any moment.
FY26: debtors at 30 days, inventory at 139 days — roughly 4.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 47 days, tighter than FY21's 65.
The full loop: cash goes out to suppliers and production on day 0; stock waits 139 days to sell; customers pay about 30 days after that; and suppliers themselves are paid at 123 days — netting out to the 47-day cycle.
In money terms: at FY26 sales of ₹4,211 Cr, each day of the cycle holds about ₹11.5 Cr — so the 47-day loop keeps roughly ₹542 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹2,120 Cr over the last 3 fiscal years against ₹371 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹37.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
India Glycols Ltd earns a ROCE of 12% in FY26. That is up from a trough of 3% in FY15. Return on invested capital clears the cost of that capital by −3.3 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 7.0% net margin on 0.65× asset turns.
FY26 ROCE is 12%, recovered from a FY15 trough of 3% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 7.0% net margin × 0.65× asset turns × 2.22× balance-sheet leverage ≈ 10.1% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 8.7% − 12.0% = a −3.3 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
India Glycols Ltd carries total debt of ₹1,691 Cr against shareholder equity of ₹2,933 Cr as of Mar 26, a debt-to-equity of 0.58. On the annual view that ratio went from 0.59 in FY22 to 0.58 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Why this happened. Repayment used both equity and internally generated cash. Lower finance cost is constructive, while the final debt-free objective depends on a future joint-venture transaction.
Mar 26: total debt of ₹1,691 Cr against shareholder equity of ₹2,933 Cr — a debt-to-equity of 0.58. On the annual view, debt-to-equity went from 0.59 (FY22) to 0.58 (FY26). Read the returns on this page with that leverage in mind.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 5.1 points of India Glycols Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 5.2% of the company. Promoters moved −1.4 points over the same window, to 59.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +5.1 points over 8 quarters to 5.2%; Promoters: −1.4 points over 8 quarters to 59.6%; Foreign institutions: +0.5 points over 8 quarters to 2.2%.
Why the register moved: domestic institutions drove it (+5.1 points), absorbed on the other side by promoters (−1.4 points) — steady accumulation by institutions reading the same numbers this page reads.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
India Glycols Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
India Glycols Ltd trades at 6.2× P/E, at the pricey end of its own range (91st percentile). Its long-run median P/E is 3.4×, measured across 9.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 6.2× is at the pricey end of its own range (91st percentile), against a long-run median of 3.4× measured over 9.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +17.3% against a −64.8% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the −3.2%/yr price move, ~+9.6%/yr came from earnings growth and ~−12.8 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 20 July 2026 price, India Glycols Ltd was paying for profit growth of about 17.2% a year. Today the market pays 6.2× P/E, the 91st percentile of its own 9-year range.
What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is the whole of what a buyer is backing.
How to hold this number: it is a reading of one day's price, taken on 20 July 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
India Glycols Ltd reads as mixed on its fundamental arc. Mixed — the growth curves are steadily positive, but ROCE at 13.0% is below the 15% bar this page requires to call it Consistent. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +11.8% | +16.7% | +12.7% | +6.1% |
| Profit | +26.8% | +27.6% | +17.3% | — |
| EPS | +17.3% | +29.4% | +15.5% | — |
| Share price | −64.8% | −7.6% | −3.2% | +18.5% |
4-Factor Sector Score
52.8/100 — rank 7 of 14 in Alcoholic Beverages · 100% evidence confidence
India Glycols Ltd scores 52.8 out of 100 against the 14 companies it is compared with in Alcoholic Beverages, ranking 7. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 21.2 + 13.3 + 13.3 + 5 = 52.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What India Glycols Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
Historical EBITDA Margin Recast Without Explanation · 14 August 2026. The May 2026 call reported FY22-FY26 EBITDA margins of 9.6%, 11.9%, 12.9%, 13.9%, and 15.5%. In Aug 2026, management presented a materially higher series of 11%, 13%, 14.2%, 14%, and 16.4%, including a 0.9 percentage-point increase to the already reported FY26 margin, without reconciling the calculation basis or explaining a restatement. This creates a material comparability issue for the stated margin-recovery trajectory and profitability assumptions.
Demerger Milestone Delayed and Effective Date Unresolved · 14 August 2026. In May 2026, management expected the NCLT order for the demerger in the first 10 days of June. The Aug 2026 call said the scheme was sanctioned only on 17 July 2026 and that the effective date still had to be communicated, representing a material delay and remaining execution uncertainty. Management nevertheless described the restructuring as on plan without explaining the timing change.
Bio-Fuel Blending Targets Revised · 18 May 2026. In the Nov 2025 call, management stated that the government was considering increasing the ethanol blending mandate to 27% after 2026. In the latest May 2026 call, the expansion target discussed by management has been materially reduced to a range of 21-22%.
Biopharma Margin Outlook Contradiction · 18 May 2026. Management consistently guided in the Nov 2025 and Feb 2026 calls that the Nature Biopharma segment would experience a significant margin recovery in Q4 FY26. However, in the latest May 2026 call reporting those results, management admitted that margins remained under pressure despite a volume comeback, contradicting the prior directional profitability guidance.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Radico Khaitan LtdRADICO | 78.1/100Favorable setup100% evidence | LEADER | 30.8/35 Revenue 19.3% · PAT 76.4% · OPM change 6 pp 100% evidence | 21.0/25 ROCE 24.2% · OPM 21% 100% evidence | 7.0/20 P/E 82.4× · PEG 1.91 100% evidence | 19.3/20 RS sector 37.9% · RS bench 31.2% · 1Y 56.7%12 of 12 weeks ahead 100% evidence |
| Exact sum: 30.8 + 21 + 7 + 19.3 = 78.1 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Piccadily Agro Industries LtdPICCADIL | 64.8/100Mixed-positive evidence87% evidence | BREAKING OUT | 24.8/35 Revenue 28.5% · PAT 30.6% · OPM change -1 pp 100% evidence | 15.4/25 ROCE 18% · OPM 17% 100% evidence | 12.2/20 P/E 42.2× · PEG 1.38 65% evidence | 12.4/20 RS sector 4.3% · RS bench -0.9% · 1Y 0.3%8 of 10 weeks ahead 70% evidence |
| Exact sum: 24.8 + 15.4 + 12.2 + 12.4 = 64.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3G M Breweries LtdGMBREW | 63.1/100Mixed-positive evidence80% evidence | TURNING | 28.4/35 Revenue 21.3% · PAT 30% · OPM change 4 pp 95% evidence | 15.9/25 ROCE 18% · OPM 23% 95% evidence | 11.0/20 P/E 15.1× · PEG — 15% evidence | 7.8/20 RS sector -0.3% · RS bench -5.7% · 1Y 31.7%0 of 12 weeks ahead 100% evidence |
| Exact sum: 28.4 + 15.9 + 11 + 7.8 = 63.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4United Spirits LtdUNITDSPR | 58.9/100Mixed-positive evidence100% evidence | BREAKING OUT | 15.3/35 Revenue 3.1% · PAT 24.4% · OPM change -5 pp 100% evidence | 19.4/25 ROCE 26.4% · OPM 16% 100% evidence | 7.9/20 P/E 54.8× · PEG 3.12 100% evidence | 16.3/20 RS sector 8.2% · RS bench 2.7% · 1Y 6.3%9 of 12 weeks ahead 100% evidence |
| Exact sum: 15.3 + 19.4 + 7.9 + 16.3 = 58.9 · Decision use: Price leads the evidence: RS versus the benchmark is 2.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 5IFB Agro Industries LtdIFBAGRO | 57.3/100Mixed-positive evidence74% evidence | ASLEEP | 27.6/35 Revenue 38.9% · PAT 90.3% · OPM change 1 pp 95% evidence | 11.7/25 ROCE 12.7% · OPM 8% 95% evidence | 11.3/20 P/E 13.9× · PEG — 15% evidence | 6.7/20 RS sector -7% · RS bench -15% · 1Y 12.4%4 of 10 weeks ahead 70% evidence |
| Exact sum: 27.6 + 11.7 + 11.3 + 6.7 = 57.3 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -7% and the one-year return is 12.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 6Globus Spirits LtdGLOBUSSPR | 55.0/100Mixed-positive evidence83% evidence | BASING | 27.4/35 Revenue 7.9% · PAT 100% · OPM change 2 pp 100% evidence | 8.9/25 ROCE 11.2% · OPM 10% 100% evidence | 10.5/20 P/E 26.3× · PEG — 15% evidence | 8.2/20 RS sector -6.5% · RS bench -11.7% · 1Y -22.8%0 of 12 weeks ahead 100% evidence |
| Exact sum: 27.4 + 8.9 + 10.5 + 8.2 = 55 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7India Glycols Ltdthis pageINDIAGLYCO | 52.8/100Mixed-positive evidence100% evidence | BASING | 21.2/35 Revenue 12% · PAT 29.9% · OPM change 1 pp 100% evidence | 13.3/25 ROCE 12.4% · OPM 15% 100% evidence | 13.3/20 P/E 6.2× · PEG 0.16 100% evidence | 5.0/20 RS sector -62.5% · RS bench 40.2% · 1Y -64.2%2 of 12 weeks ahead 100% evidence |
| Exact sum: 21.2 + 13.3 + 13.3 + 5 = 52.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Tilaknagar Industries LtdTI | 46.8/100Mixed-negative evidence85% evidence | BREAKING OUT | 9.0/35 Revenue 100% · PAT -80% · OPM change -7 pp 100% evidence | 11.4/25 ROCE 11.8% · OPM 16% 80% evidence | 7.3/20 P/E 57.2× · PEG — 50% evidence | 19.1/20 RS sector 20.5% · RS bench 14.3% · 1Y 13.5%5 of 12 weeks ahead 100% evidence |
| Exact sum: 9 + 11.4 + 7.3 + 19.1 = 46.8 · Decision use: Price leads the evidence: RS versus the benchmark is 14.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 9Allied Blenders & Distillers LtdABDL | 45.8/100Mixed-negative evidence93% evidence | ASLEEP | 14.3/35 Revenue 8% · PAT -12.5% · OPM change 0 pp 100% evidence | 14.7/25 ROCE 18.4% · OPM 12% 100% evidence | 4.0/20 P/E 79.3× · PEG 4.13 65% evidence | 12.8/20 RS sector 19.6% · RS bench 13.2% · 1Y 26.3%8 of 12 weeks ahead 100% evidence |
| Exact sum: 14.3 + 14.7 + 4 + 12.8 = 45.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Jagatjit Industries LtdJAGAJITIND | 42.7/100Mixed-negative evidence61% evidence | BREAKING OUT | 20.7/35 Revenue -29.9% · PAT 100% · OPM change 7.4 pp 71% evidence | 4.8/25 ROCE 10.5% · OPM 0.4% 76% evidence | 9.3/20 P/E 60.3× · PEG — 15% evidence | 7.9/20 RS sector -15.4% · RS bench 1% · 1Y -19.7%6 of 11 weeks ahead 70% evidence |
| Exact sum: 20.7 + 4.8 + 9.3 + 7.9 = 42.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Associated Alcohols & Breweries LtdASALCBR | 41.3/100Mixed-negative evidence81% evidence | BASING | 8.5/35 Revenue -5.3% · PAT -4.6% · OPM change -3 pp 95% evidence | 14.3/25 ROCE 18% · OPM 11% 95% evidence | 14.1/20 P/E 16.4× · PEG — 50% evidence | 4.4/20 RS sector -20.9% · RS bench -21% · 1Y -32.6%1 of 10 weeks ahead 70% evidence |
| Exact sum: 8.5 + 14.3 + 14.1 + 4.4 = 41.3 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 12Sula Vineyards LtdSULA | 31.9/100Adverse evidence81% evidence | ASLEEP | 7.8/35 Revenue -1.6% · PAT -56.9% · OPM change -2 pp 95% evidence | 10.6/25 ROCE 7.5% · OPM 14.7% 95% evidence | 10.1/20 P/E 44.4× · PEG — 50% evidence | 3.4/20 RS sector -29.5% · RS bench -26.5% · 1Y -45.8%0 of 10 weeks ahead 70% evidence |
| Exact sum: 7.8 + 10.6 + 10.1 + 3.4 = 31.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13United Breweries LtdUBL | 31.2/100Adverse evidence83% evidence | ASLEEP | 8.4/35 Revenue 1.5% · PAT -12.8% · OPM change -2 pp 100% evidence | 8.4/25 ROCE 10.7% · OPM 9% 100% evidence | 8.5/20 P/E 96.1× · PEG — 15% evidence | 5.9/20 RS sector -12.1% · RS bench -16.9% · 1Y -31.2%0 of 12 weeks ahead 100% evidence |
| Exact sum: 8.4 + 8.4 + 8.5 + 5.9 = 31.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Som Distilleries & Breweries LtdSDBL | 22.5/100Adverse evidence77% evidence | BASING | 3.1/35 Revenue -33.5% · PAT -80% · OPM change -7.7 pp 95% evidence | 3.3/25 ROCE 5.7% · OPM 5.6% 95% evidence | 10.0/20 P/E — · PEG — 0% evidence | 6.1/20 RS sector -17.7% · RS bench -22.8% · 1Y -48.5%0 of 12 weeks ahead 100% evidence |
| Exact sum: 3.1 + 3.3 + 10 + 6.1 = 22.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is India Glycols Ltd's share price today?
India Glycols Ltd trades at ₹295, −64.8% over the past year. The company is valued at ₹1,977 Cr. The stock sits at 8% of its 52-week range of ₹224–₹1,150, +35.4% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 19 weeks in. — as of 11 September 2026.
What were India Glycols Ltd's latest quarterly results?
India Glycols Ltd reported revenue of ₹1,130 Cr and net profit of ₹97.0 Cr for the Jun 26 quarter. Revenue rose 8.7% and profit rose 32.9% year on year. Earnings per share were ₹14.45. The operating margin was 15.0%, 1.0 pp higher than a year earlier. — as of 11 September 2026.
What is India Glycols Ltd's revenue?
India Glycols Ltd reported revenue of ₹1,130 Cr in the Jun 26 quarter, +8.7% year on year. For the full FY26 fiscal year, revenue was ₹4,211 Cr (+11.8%). Over the last 10 years revenue compounded at 6.1% a year. — as of 11 September 2026.
What is India Glycols Ltd's profit?
India Glycols Ltd earned ₹97.0 Cr of net profit in the Jun 26 quarter, +32.9% year on year — the 10th straight quarter of growth. Full-year FY26 profit was ₹293 Cr. The operating margin ran 15.0% in the latest quarter. — as of 11 September 2026.
What is India Glycols Ltd's market cap?
India Glycols Ltd's market capitalisation is ₹1,977 Cr at a share price of ₹295. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is India Glycols Ltd's P/E ratio?
India Glycols Ltd trades at a P/E of 6.2×, at the 91st percentile of its own 9-year range, against a long-run median of 3.4×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does India Glycols Ltd pay a dividend?
Yes — India Glycols Ltd's dividend payout was 17% of profit in FY26, and it recorded a payout in 10 of its last 13 reported fiscal years. One of those years shows a negative ratio because profit itself was negative. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is India Glycols Ltd overvalued?
On its own history, India Glycols Ltd looks expensive: its P/E of 6.2× sits at the 91st percentile of its 9-year range (long-run median 3.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 11 September 2026.
Is India Glycols Ltd growing?
Yes — India Glycols Ltd is growing: latest-quarter revenue +8.7% year on year, profit +32.9%, and the margin +1.0 pp at 15.0%. The earnings engine currently reads: improving — as of 11 September 2026.
How is India Glycols Ltd performing?
India Glycols Ltd is in a confirmed uptrend, 19 weeks in. Its latest quarter's revenue rose 8.7% and profit rose 32.9% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 9 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is India Glycols Ltd in?
Mixed — the growth curves are steadily positive, but ROCE at 13.0% is below the 15% bar this page requires to call it Consistent. The read comes from the last 12 quarters of growth (revenue growth +12.0% latest, profit growth +29.9% latest, eps growth +22.1% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is India Glycols Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 19 of stage 2), trading +35.4% versus its 200-day average and at 8% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is India Glycols Ltd beating the market?
Not lately — on a trailing-13-week view India Glycols Ltd is currently behind the NIFTY 500 (9 weeks and counting; last ahead the week of 2026-07-10), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +666% against the NIFTY 500's +267% — ahead of the index over the full window. — as of 11 September 2026.
Will India Glycols Ltd's share price go up?
This page publishes no price forecast for India Glycols Ltd. What it measures instead: the share price is ₹295, the price is in a confirmed uptrend 19 weeks in. Its P/E of 6.2× sits at the 91st percentile of its own 9-year range. — as of 11 September 2026.
Who owns India Glycols Ltd?
Promoters hold 59.6% of India Glycols Ltd, foreign institutions 2.2%, domestic institutions 5.2% and the public 32.9% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 5.1 points over 8 quarters. — as of 11 September 2026.
Does India Glycols Ltd have too much debt?
It is moderate — India Glycols Ltd's debt-to-equity is 0.58, and operating profit covers the interest bill 4×. FY26 borrowings were ₹1,691 Cr against equity of ₹2,933 Cr. Read the returns on this page with that leverage in mind — as of 11 September 2026.
What is India Glycols Ltd's capex?
India Glycols Ltd spent ₹2,120 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹819 Cr, with ₹37.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is India Glycols Ltd's cash flow?
India Glycols Ltd generated ₹769 Cr of operating cash flow in FY26 and ₹−50.0 Cr of free cash flow after ₹819 Cr of capital spending. Reported profit that year was ₹293 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is India Glycols Ltd's profit real cash?
Yes — over the last 3 fiscal years, 225% of India Glycols Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹769 Cr against reported profit of ₹293 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is India Glycols Ltd in its business cycle?
India Glycols Ltd's FY26 operating margin was 15.0%, against a 13-year band of 4.8%–15.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 15.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does India Glycols Ltd's price assume?
At its price on 20 July 2026, India Glycols Ltd was priced for profit growth of about 17.2% a year. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the India Glycols Ltd story?
The sharpest disagreement: annual EPS moved +17.3% against a −64.8% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is India Glycols Ltd a stock worth studying right now?
This is not investment advice. The machine read: India Glycols Ltd's earnings have outrun its stock. EPS grew +17.3% in a year against a −64.8% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!