IGPL has strategically expanded its product portfolio to include chemicals like Maleic Anhydride, Benzoic Acid, and Di-ethyl Phthalate, while its investments in plasticizers, compressed biogas (CBG), and pyrolysis oil reflect a shift towards building a sustainable and future-ready portfolio. The company commands an approximate 50% market share in the Indian market. The company is part of the Dhanuka Group.
Cyborg Score Rationale
Q2 EBITDA fell to ₹211M from ₹643M year-over-year, with EBITDA margin dropping to 4.5% vs 11% year-over-year. While the company has strong market positioning and is investing in capacity expansion and new ventures like IG Biofuels, profitability has deteriorated significantly, creating near-term headwinds despite long-term growth potential.
Top Insights
The company acquired I G Biofuels Ltd. as a wholly owned subsidiary, effective December 9, 2025.
Plasticizer plant project completion delayed to March 2026.
The company targets Rs 3,000-3,300 crore revenue by FY27.
India Ratings affirmed IGPL's bank loans at IND AA/Stable with a stable credit profile.
Named Competitors
Specialty Chemicals & Fine Chemicals — Diversified chemical manufacturer