Thank you very much. We will now begin with the question-and-answer session. The first question comes from the line of Ragini Ramkumar from Negen Capital. Please go ahead.

You want the numbers or you want the performance?

Performance and numbers both.

So when I look at the EBITDA numbers, we have already shared that with you we are looking at an EBITDA in excess of INR500 crores for FY27, of which INR120 crores is something which we have already delivered in Q1. When I look at the volume, we are looking at doubling our volume from what we delivered last year. The basis for this doubling of volume is deeper penetration in the core states where we operate with a larger offering of brands, particularly in the Deluxe Whiskey segment, Rum segment and the Semi-Premium Vodka segment, which have healthy margins. This is at a time when the industry last year or for the last two year has been showing a CAGR of 4% to 5%. The outlook for next year, we expect to continue to grow in healthy double digits. Does that answer your question?

Yes, sir. Thank you.

The next question comes from the line of Saket Kapoor from Kapoor Company.

Thank you first of all for the opportunity. Congratulations to the team for very strong set of numbers and also deliberating on the fact on revamping the entire investor presentation and making it concise and also relevant for us by giving us segment-wise numbers, our aspirations, which were all not present till the last presentation. So kudos to the team for doing a commendable job. Sir only on the NSU part, if you could just explain to us what is in the anvil going ahead in terms of the capex that we have planned for the current year, and you have mentioned about the contribution for the first quarter. How is this going to scale up with the introduction of new products and the customer engagement which you just outlined? And what should we aspire for this NSU. What are the pillars? Some more color on the same?

Since you asked me to talk about aspiration, I will talk about aspiration. So the as far as capex is concerned, I do not expect a huge amount of capex happening this year. So, there may be incremental capex, but we are talking about perhaps INR5 - 10 crores, maybe INR15 crores, INR20 crores based on the plans that we have right now. So, it is not a very capex intensive model as of now. But as our businesses grow, we will continue to have modular expansion. This is not a business where we expect suddenly a INR400 crores to INR500 crores plant to be put up, not right now, unless we are looking at some new technologies to be invested, but that I do not see happening for the next 2 years, maybe after that. And as far as the aspiration is concerned, this is dynamic as we work on these projects. We aspire to be INR150 crores plus in this year. And we aspire that in 4 or 5 years, we see this business to be possibly INR600 crores to INR700 crores business. But what is important is from a profitability perspective, we expect that a business which is close to maybe 16% to 17% right now, we expect that by 2030, we will do

significant actions to improve the quality of the mix as well as pricing for the innovative products. And we expect newer feedstocks, which will be more viable. So I expect that in 5 or 6 years when I am talking to you about the turnover about this time, our gross margins will be closer to about 30%.

Okay.

Again I am giving underlining aspiration.

Correct sir.

People are asking guidance and giving aspiration.

Yes, sir. Everything taken with pinch of salt. I can understand. Yes.

Sitting here in the investor call, it's important for me to make sure that I clarify.

Correct, sir. So sir, as on date, can you give, you have the ballpark number of how much we have invested in our NSU segment from the date of inception?

In terms of the core plant expansion that we have done, we have not invested too much. We used some of our existing assets. And as far as new plant addition is concerned, we are probably talking about INR50 - 60 crores.

Okay. And sir, I think sir in your presentation, we have, I missed your point on the JV performance. So how have been the performance? I think the numbers are good there also. So how is the JV going to perform going ahead? And I think some milestones will also be achieved this year in terms of we receiving some more payments. So some color on the same?

Yes, the joint venture for the reasons that I mentioned to you has been doing well. So what has driven growth in the joint venture is the fact that the disadvantage on ethylene oxide pricing has been reduced because of the current scenario. So that has driven good growth. So compared to Q4, for example, the net revenue of the JV went up by 21%, which is very good. EBITDA also went up quite significantly in high double digits. And compared to the last quarter, the growth is not as high in numbers, but the JV is doing well, both from Kashipur as well as from products from Clariant that they sell in India. And what we also see is there is a greater thrust on exporting products made out of India into other Clariant customers worldwide. So in short, I think it is heartening for us to note that despite some of the toughest years that IGL had over the last 3 or 4 years for reasons that you well understand, the JV performance, by and large, has been on track. We all were very concerned when our ethanol prices went up, our EO costs started to become less competitive to us. But I think actions in terms of improving the product mix, working closely with our customers, importing wherever required, trading in some

areas and with a bit of good luck right now, I think the JV is doing quite well, not only for the quarter, but for the time that we have seen.

So for this quarter on the JV front I think so we have posted INR21 crores on the profitability front. So sir are these numbers sustainable going ahead, I think this is a significant jump if you take the last year annual number was INR46 - INR47 crores and Q-on-Q also, we have seen a good jump. Last year-on-year comparison is flat, but only wanted to understand the color and the nature, as you mentioned just now that we can expect the trend to continue. So that understanding is correct?

Saket, look, maybe I will not split too many hairs. But by and large, it is a fair assumption. See, if I get my numbers correct and Anand ji can correct me, the PAT number was closer to INR19 crores for the same quarter last year anyway. So INR21 crores this year is not something which is completely out of the blue or completely unexpected. Just the fact that it has been a good quarter and there have been some tailwinds, which is fine. But I think there are reasons, and I deliberately delved into saying that I am not only talking about the JV performance for the quarter, but broadly, if you take an overall picture for the last 4 years, it's by and large been as per plan or perhaps better despite the significant headwinds that we faced, so which I do take some consolation from.

Right, sir. Thank you once for a very revamped investor presentation. There are lot of input for us to ponder upon. And thank you for simplifying the same very well-articulated and all the best.

So which means that Gagan is doing a good job right from beginning.

Yes, sir. It's a commendable one. I must use the right words here. Sir, I heartily congratulate them as they have provided very detailed information and it's prepared in a very proper pattern. It answers many of the questions whatever I have asked is also in this presentation. And Bio Pharma's performance has also improved a lot, this has been the best quarter, and you have already mentioned about the future so nothing more to add to it. I join the queue sir, thank you once again to all of you.

Thank you Saket. Thank you.

The next question comes from the line of Vignesh Iyer from Sequent Investments. Please go ahead.

Sir, my question is on the IGL Spirits segment. Two questions from my side, sir, firstly sir can you share numbers for Prestige & Above segment specifically if you could in terms of what is the number of cases and what was the growth in that category specifically?

When I look at the IMFL segment I gave you a number of 1.4 million, Prestige & Above it's roughly 0.5 million, and this is almost double of what it was last year.

Yes.

Okay. And sir can I get this data you have shared for the first time as part of the presentation. I wanted to just understand for FY26 what was the IMFL revenue and what was the total number of cases. If you could if you have that number and you can share it?

See for IMFL the total number of cases was 3.4 million for the full year in FY26.

Okay. And what was the total revenue from IMFL?

Revenue, I will have to get back to you. I do not have it off the book.

Okay.

I think direct it to Anand ji or Gagan, we will get back to you with more details.

Yes.

Perfect. That’s all from my side.

The next question comes from the line of Aakash Gupta, an individual investor. Please go ahead.

Good evening sir. I have a very small two questions. Sir in your PPT in the first IGL Spirits segment you said that the revenues INR371 crores, including other operating income. I assume that Bacardi job work is included in that and that was around INR10 crores. Is that correct?

That is one of the components. Yes.

Okay. What is the other component sir?

There are other sales, there are ENA sales and there is power sales from Gorakhpur.

Okay. All combined INR10 crores?

Yes.

I was just going through the 5 Amrut products that you have given MaQintosh Whisky, MaQintosh White, Prestige Green, Fusion Single Malt and Amalgam. I assume the nature of partnership with Amrut is same across where you will be responsible for distribution and marketing of all 5 in select North Indian markets?

In select North Indian markets for the time being, and we wish to extend it to some of the other markets, particularly in the East when we venture in those markets. If you look at Amrut at present, they are predominantly concentrated in the West and South. They have very insignificant presence in the North directly and the East.

That is something which we cannot disclose.

Thank you so much sir.

We have the next question from the line of Aman, an individual investor. Please proceed.

Sir I want to know that the EBITDA on a quarter-by-quarter basis in the last two quarters, the impact that is coming is in losses in the percentage form. In December '25, it was 10.26%, then in March it was negative 5.16% and 1.69% in the June quarter, June '26.

You are comparing quarter-by-quarter EBITDA?

Yes sir, I am comparing that. And the coincidence is that your interest and debt has also reduced in two quarters. So your EBITDA, on one hand, it's negative and then it increased by a very small margin, 1.69%.

Last quarter ended 31st March '26 there was an income out of dividend from Clariant, which was about INR39 crores. So that's why in the last quarter the EBITDA was about INR203 crores. In the current quarter since there is no dividend income because all dividend income comes in the last quarter. So that's why this quarter we have this EBITDA of INR170 crores.

Sir, I am talking about EBITDA growth. EBITDA growth was 10%, then it was negative 5.16%, then it was 1.69%. Our financial revenue was a positive growth.

I request you; you send us a mail and we will give you the reply.

I wanted to ask another question, what will be the benefit from the de-merger? Operational efficiency, I want to know that.

So look the strategy for the demerger broadly is multi-fold. First of all, the Potable Spirits business has gathered some scale both in terms of volume as well as profitability and it is a consumer business. So the dynamics of consumer business, as you would understand, are significantly different from a B2B business. And we thought that, that will bring us much more focus in that business, one. Second thing is both in terms of partners as well as investors, many people want much better clarity on what they are investing in rather than a mix. So some people have an appetite to invest in consumer businesses. Some people have an appetite to invest in B2B technology businesses.

Sorry to interrupt Mr. Aman. I will request you to please rejoin the queue for follow-up questions. The last question comes from the line of Pragyam Laddha from Omnee Management LLP. Please go ahead.

I joined the call late, sorry if my question has been already answered. Sir just one question, the number of cases grew this year, but revenue did not grew proportionately. So what was the reason? At one end, we are saying we are moving towards premiumization and at other end we see that volumes growing much faster than revenue. Can you explain me?

Good question. And, you know, there are only two answers to this and two reasons. One is the brand mix and the other is state mix. When you look at our mix, I told you we operate in three states, the more growth that we get from Uttarakhand augurs well for us. A higher growth that we get in Delhi does not augur so well for us. That is the answer to one part of the question. The other is in terms of brand mix, in the IMFL category, our mass premium segment grew faster. That's because we had new offerings in those segments. Going forward in the outlook that I presented to you, I spoke to you about a couple of offerings in the Deluxe Whisky segment. I spoke to you about an offering in the Semi-premium Vodka segment, and I spoke to you about renewed focus on the White Spirits business. These are high margins, and that is how we will try and improve our margins going forward and as well as revenue. You will find our revenue growth exceeding the volume growth in due course of time because of the premium mix.

Thank you so much for taking my question. Thank you.

Thank you. We will take one more question from the line of Amit Mishra from Daksham Capital. Please proceed.

Thank you for the opportunity. Sir my first question is for FY27, what percentage of revenue for Potable Spirit will be coming from IMFL?

Percentage of revenue coming in from IMFL would be in excess of 30%.

Okay. And sir, what will be the EBITDA margin for IMFL and Country Liquor for this year?

So if I were to answer that question for you, contrary to how most of the other investors see. When you talk about P&A, in P&A, as long as you talk about deluxe or semi-premium whiskey, your gross margins, you will be surprised, are almost the same.

We will take that as the last question. And I would now like to hand the conference over to the management for closing comments. Thank you, and over to you.

Thank you very much all for your interest in our organization in India Glycols and your good wishes. Hopefully, we have given you a good picture for where we stand right now and the direction that we are taking way forward. And I also thank some of you who appreciated the positive improvements in our investor presentation. Thank you for your feedback on this. We will continue to take your feedback and become better. Thank you. Have a good day, and have a good weekend, everybody.

Thank you very much.

On behalf of InCred Equities, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

____________________________________________________________________________________________________ (This document has been edited for readability purposes.) India Glycols Limited Head Office 2B, Sector 126, Noida Gautam Budh Nagar, Uttar Pradesh, 201304 Tel: +91-120-6860000, 3090100, 3090200 Fax: +91-120-3090111 Registered Office A-1, Industrial Area, Bazpur Road, Kashipur – 244713 District Udham Singh Nagar (Uttarakhand), Tel: +91-5947-269000, 269500 Fax: +91-5947-275315, 269535 Email: investor.relations@indiaglycols.com CIN L24111UR1983PLC009097