new product · Commenced commercial production
Plasticizer Plant
- Expected benefit
- Forward integration into PAN's largest end-market, reducing single-product dependence and broadening earnings base
- Timeline
- Commenced production on 30th September 2026
Q2 FY27 · NSE: IGPL
IG Petrochemicals
Results filed 5 November 2026 · Market cap ₹1,735 crore · PE 10.3
- Revenue
- +63.1%
- on a year ago
- EBITDA
- +555.0%
- on a year ago
- Profit to shareholders
- Back to profit
- from a loss a year ago
- EBITDA margin
- 17.4%
- −0.7 pts on last quarter
I G Petrochemicals delivered strong standalone revenue growth of 63.2% YoY to Rs. 769.7 crore in Q2 FY27, driven by higher realizations across its product portfolio. Standalone EBITDA expanded more than fivefold to Rs. 144.4 crore with margins improving to 18.8%, yielding a standalone PAT of Rs. 90.4 crore. The company commenced commercial operations at its downstream plasticizer plant on September 30, 2026, and expects to commission its compressed biogas unit in December 2026.
| Q2 FY27 | Q1 FY27 | vs previous quarter | Q2 FY26 | vs a year ago | |
|---|---|---|---|---|---|
| Revenue | 759 | 618 | +22.8% | 465 | +63.1% |
| Operating profit (EBIT) | 115 | 94.52 | +21.4% | 4.19 | +2638.7% |
| Operating margin | 15.1% | 15.3% | −18 bps | 0.9% | +1422 bps |
| Other income | 10.04 | 6.61 | +51.9% | 5.57 | +80.3% |
| Exceptional items | 0 | 0 | – | 0 | – |
| Profit before exceptional items and tax | 116 | 90.39 | +27.8% | −1.42 | n.m. |
| Profit to shareholders | 85.01 | 66.44 | +28.0% | −2 | n.m. |
| Earnings per share (₹) | 27.60 | 21.57 | +28.0% | -0.65 | n.m. |
Source: IG Petrochemicals Limited’s filing to NSE, 5 November 2026. Operating profit is revenue less every expense except interest, so it leaves out other income and exceptional items. n.m.: not meaningful, because the earlier figure was zero or negative, or the latest one is a loss.
These notes are from the presentation and press release. The concall transcript isn’t filed yet; the notes are rewritten when it is.
What stood out
- Sharp operational turnaround with standalone EBITDA jumping 428% YoY on a low base, driven by realizations
Source
Total revenue for Q2FY27 grew 63.2% YoY to Rs. 769.7 Crs and EBITDA grew to Rs. 144.4 Crs (margin of 18.8% vs 5.8% in Q2FY26) 'led by improved realizations across all products' (Presentation, pages 5-6). - Commercialization of the downstream Plasticizer plant and major CWIP capitalization
Source
Plasticizer plant commenced production on 30th September 2026; Property, Plant and Equipment rose to Rs. 1,114.2 Crs while CWIP reduced to Rs. 34.7 Crs from Rs. 173.1 Crs in March 2026 (Presentation, pages 5, 7, 14). - Significant operating cash flow generation in H1 FY27
Source
Net Cash from Operating Activities reached Rs. 174.2 Crs in H1 FY27 compared to negative cash flow of Rs. -38.9 Crs in H1 FY26 (Presentation, page 8).
Guidance
No guidance given.
Tailwinds
- Improved realizations across product segments
Source
Revenue growth was 'led by improved realizations across all products' (Presentation, page 5). - Expansion of Non-Phthalic portfolio
Source
Revenue from the Non-Phthalic business increased to Rs. 68 Crs for Q2FY27 and Rs. 117 Crs for H1FY27 (Presentation, page 5). - Operating leverage and margin expansion
Source
EBITDA margin widened by 1,300 bps YoY to 18.8% in Q2 FY27 from 5.8% in Q2 FY26 (Presentation, page 6).
Headwinds
- Low export contribution leaving heavy reliance on domestic demand
Source
Revenue from the Export market contributed only ~4% for Q2FY27 (Presentation, page 5). - Working capital absorption
Source
Working capital changes absorbed Rs. 47.7 Crs in H1 FY27 (Presentation, page 8).
New businesses and products
new business · Under implementation
Compressed Biogas (CBG) Plant
- Expected benefit
- Organic waste-to-biogas plant contributing to diversification and sustainability
- Timeline
- Production expected to commence in December 2026
Source
Presentation, page 14capacity expansion · Completed / operational
Di-Ethyl Phthalate (DEP) Debottlenecking
- Expected benefit
- Increased DEP capacity to extend value chain and support long-term growth
Source
Presentation, pages 11, 16Things to check
- Revenue up over 60%: check for an acquisition or a weak year-ago quarter
How the call went
Not yet: there’s no transcript.
Numbers against the story
The 63.2% YoY standalone revenue surge and 1,300 bps EBITDA margin expansion validate management's narrative of strong product realizations and recovery from the depressed baseline of Q2 FY26. However, the presentation lacks physical volume disclosure, making it impossible to disaggregate volume growth from price realization effects.
Sources
- Investor presentation · filed 06-Nov-2026
- Figures: the company’s results filing with NSE, linked under the table.
Notes written by gemini-3.8-flash from the documents above on 14 November 2026. They summarise what the company said and can contain mistakes: check the source passage before relying on a point. Not investment advice.