India Glycols Limited announces an acquisition

FY26 contribution

The relevant completed fiscal year is FY26. Ennature Bio Pharma contributed ₹246 Cr of net revenue and ₹29 Cr of EBITDA to India Glycols’ FY26 segment financials ^[1].

The contribution is 2.5% of FY26 gross revenue of ₹9,826.6 Cr if that denominator is used ^[4]. However, the segment presentation reports the businesses on a net-revenue basis, so 5.8% is the more relevant segment-mix comparison.

Margin-profile impact of the scheme

The FY26 segment mix was:

Analytical implication: Ennature was a relatively lower-margin business. Removing it, viewed in isolation, would modestly improve the margin mix because its 11.8% margin was below the aggregate segment pool. But the NCLT-approved composite scheme also separated the Spirits and Bio-Fuel businesses into IGL Spirits; therefore, India Glycols is not simply losing Ennature—it is becoming a chemicals, glycols, specialty-products and industrial-gases company ^{[5] [6] [7]}.

Accordingly, the retained India Glycols business has a FY26 segment EBITDA margin of approximately 14.5%, while the pre-demerger consolidated company reported 15.5%. The retained company therefore becomes less diversified and more chemicals-focused, but its reported margin profile should not automatically be expected to rise: the demerger also removes the higher-margin IGL Spirits business, which had a 17.6% FY26 segment margin.

One comparability caveat matters: FY26 segment EBITDA totals ₹690 Cr in the presentation ^[1], versus reported consolidated EBITDA of ₹654.18 Cr ^[3]. The difference is not itemised in the cited extract, so segment margins should be treated as a business-mix view rather than a direct reconciliation to consolidated EBITDA.

The exact entitlement ratio and the confirmed demat-credit date cannot be established from the cited disclosures.

• The exchange notice confirms that Ennature Bio Pharma Limited would issue shares to India Glycols shareholders under the Scheme, but the reproduced notice stops immediately before stating the actual proportion; therefore, the numerator and denominator of the ratio cannot be verified from the available text. A ratio such as 2:3 should not be assumed. ^[5]
• Ennature Bio Pharma received listing and trading approval on 2 November 2026 for 2,23,42,255 equity shares of ₹5 face value. ^[8]
• Trading of those shares was scheduled to commence on 4 November 2026. ^[8]

Important distinction: 4 November 2026 is the confirmed trading commencement date, not a confirmed date for credit of shares into shareholders’ demat accounts. The cited approval notice does not specify the demat-credit timeline; that date therefore could not be confirmed from the material available here.

The scheme separates the Bio Pharma undertaking into Ennature Bio Pharma Limited, but the cited scheme disclosure does not report the rupee value of debt or the net-worth/assets transferred. The exact quantum for FY26–FY27 therefore could not be confirmed. The scheme notice confirms the transfer of the Bio Pharma undertaking from India Glycols to Ennature Bio Pharma, but not a debt or net-assets schedule. ^[5]

What is measurable

India Glycols’ latest reported consolidated balance-sheet leverage was:

• Total debt: ₹1,578.5 Cr ^[9]
• Total equity: ₹2,932.8 Cr ^[10]
• Debt-to-equity: 0.54x ^[11]
• Debt-to-assets: 0.24x ^[12]
• Net debt-to-equity: 0.53x ^[13]
• Net debt-to-EBITDA: 9.10x for Q1 FY27 ^[14]

These are consolidated Q1 FY27 figures and should not be treated as a scheme-adjusted standalone parent-company bridge.

Leverage implication

The demerger should reduce India Glycols’ reported debt only to the extent that external borrowings are legally transferred to Ennature. However, the parent would also lose the transferred undertaking’s assets and corresponding net worth. The effect on ratios is therefore not automatically deleveraging:

• Debt-to-equity improves if the proportion of debt transferred is greater than the proportion of net worth transferred.
• Debt-to-assets improves if the proportion of debt transferred exceeds the proportion of assets transferred.
• Net debt-to-EBITDA improves only if debt/cash transfer is favourable relative to the EBITDA lost with the Bio Pharma business.

Using `D` for parent debt, `E` for equity, `d` for debt transferred and `n` for net worth transferred, the post-demerger ratio would be approximately:

`Debt-to-equity = (D − d) / (E − n)`

Accordingly, without the scheme’s debt and net-worth schedule, the direction and magnitude of the change in India Glycols’ leverage ratios cannot be calculated reliably. The structural change is potentially positive for parent deleveraging, but that conclusion remains conditional rather than demonstrated by the disclosed numbers.