India Glycols Limited (INDIAGLYCO) Q1 2027 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to India Glycalls Ltd. Q1 F527 Earnings Call hosted by Incred Equities. As a reminder, all participant lines will be in listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Mr. Nitin Avasti. Thank you and over to you, sir.

Thank you. I would like to thank the management for giving us this opportunity to host the conference call today. From India Glycos Management, we have Mr. Rupak Saraswat, Chief Financial Officer, Mr. Manoj Kumar Rai, Chief Executive Director and POO of IGL Spirits Limited, Mr. Akshay Bansal, Executive Director of N-Natured Biopharma Limited, Mr. Anand Sengal, Chief Financial Officer, Mr. S.K. Shukla, I would now like to invite Mr. Rupak to initiate the proceedings with his opening remarks, post which we shall open the floor for a Q&A session. Thank you and over to you, sir.

So, thank you very much, and thank you everybody for joining us, and hope all of you are enjoying your monsoons, and I'm sure a lot of you are in Mumbai are waiting to welcome Ganpati. So, best wishes to all of you. And now, what I intend to do is to start with two introductions. First is the gentleman, Mr. Gagan Quattra, who would be handling invest relations for us. He has joined us. I'm sure his presence will make us better prepared to deal with our investors and better answer your questions and be more responsive. He's had 15 years of work experience in a number of organizations handling investor relations and consulting, etc., which includes jubilant food works, healthy food, and prior to that, some consulting assignments that he did with KPMG. The other gentleman I would like to introduce is Mr. Manoj Kumar Rai, who has joined as the chief operating officer for the spirits and ethanol business. As you know, with the restructuring, his role becomes very important. So he's a stalwart in the liquor business, and he'll help us answer all the difficult questions that you have for this business. He's got 27 years of experience across engineering, consumer goods, entertainment, and beverages. He's a B. Tech from IIT Delhi and a Postgraduate in Business Management from IAM Lucknow. He joined from Allied Blenders and Digiters, where he was the Chief Revenue Officer, led seven consecutive quarters of profitable growth. And he spent 19 years with Kaurna Rikar India in multiple roles, and earlier he's also worked with Mariko, Saregama India, Solzer, etc. So, let's try taking the opportunity to Introduce them. I'm sure you'll have an opportunity to interact with them today and more so going forward. With that, let me get started on a quick update on the business, and then we can talk a little bit about restructuring, a little bit about the segments and so on. So, all in all, we've had a very strong quarter. So, Ideas delivered a very strong start for 27 with a double-digit growth in gross revenue, EBITDA and FAT, which was supported by a balanced portfolio and improved profitability. So, we've had revenues of 1129 crores up 8.5% and a recorded vista of 170 crores. So, our gross revenue is up. 19%, net revenue of 19%, EBITDA of 13%, and PAT of 32%. On the business restructuring front, we've got the NCLT approval, effective date is to be communicated, and we are progressing the actions as per the plan. The business portfolio overall remains well-diversified, and you can see that we've been improving our business, making it a better quality business across businesses, and you can see premiumization and margin recovery all across. The Spirit business recorded a revenue of 361 crores, up 5.3%, EBITDA growth of 14.2%, And the company retained a dominant share in U.P. and Uttrakhal while benefiting from premium product offerings in these areas. In chemicals, our revenues increased by 20.6% to 352 crores, driven by growth in multiple areas, which include bioglycos, green solvents, as well as performance chemicals. Biofuels reported a revenue of 323 crores, with EBIT increasing 19% year on year. 227 crores and EBIT margin at 8.4%. Ennature Biopharma reported its best ever quarter with revenue rising 65% year-on-year and EBITDA increasing 188%. So this growth has been supported by new acquisitions of customers, several nutraceutical launches, expansion of the nicotine business and, in general, improved efficiency. The finance costs for the company declined by 25 crores in Q1 FY27, from 45 crores in Q1 FY26, and this is on account of debt reduction, which has been supporting the profitable growth as well. Debt levels have reduced during the quarter, where debt to equity ratio has also improved. And the proposed restructuring that we received TNCLT approval is something that we are going to talk about a little more. So all in all, strong revenue and EBITDA growth, strong margin performance, business restructuring on plan. As far as Portable Spirits is concerned, the broader theme of premiumization and market leadership continues. On the chemical front, We've had a good growth across areas, and we've talked about the factors subsequently. We recognize that our growth will come from new performance chemicals, which right now is small, but I think the pipeline is strong, and we expect it to continue to drive growth year on year. As I mentioned, a very strong quarter for NNATURE Biopharma and good progress with customers, etc. Just to give you a general thing that people generally ask us about is also the impact of the war. Now, the war has impacted us in multiple ways, some good, some not so good. So then it is both a combination of headwinds and tailwinds for us. As you know, crude spiked to a four-year high, which also meant that crude prices went up, which also meant that some of the chemicals that come into India, from the Middle East, for example, glycols and some other petrochemical derivatives were affected, not only in terms of supply, but also prices. The rupee heater record low. But another factor which impacted business is the fact that freight really became even more determining than the prices itself. So, freight, which are for westbound cargos, have been very, very volatile, going up anywhere between 5 to 20 times, which has been, which impacted some of the businesses. So, the impact has been that as far as crude is concerned. It had a positive impact on our oxygen oxide business because, you see, we talked about over the last few or four years that we had a disadvantage in terms of our bio-based EU being slightly more expensive than Reliance's EU. Now, this is something which was not the case 15 years prior to 2021. However, this changed in the recent past, and for the few months, I am talking about, we were either similar to Reliance's prices or slightly lower, which meant that we had greater off-state for specialty chemicals and greater penetration for some of the glycols which we sell into India and so on. And the impact on chemicals on the other side, which was that several of our raw materials, propylene oxide, for example, were either completely not available or were prohibitively expensive. So this adversely impacted our businesses in the oil and gas sector, where we were supplying specialty chemicals within India. And we also supply oil and gas materials to the Middle East, which essentially completely collapsed because there was no sale happening to that area. And also, you know, shipments to U.S. etc. became very difficult. So that was a negative impact, mainly impacting the chemical business. So, all in all, high profitability, broad-based revenue growth, breakout quarter for In Nature by Aparna, and we've maintained the momentum in chemicals. Another thing that we've been talking about is the fact that if you look at FY22, we had an EBITDA margin of 11%. In 23, we became 13%. In 24, we became 14.2%. 25, 14%. FY26, 16.4%. So the margin recovery story has been, I would like to say, based on a strategic plan that we spoke to you about for the last few years, managing our costs better, managing our feedstocks better, improving the quality of our business, and getting into new areas which show both growth and profitability. So, which is very heartening for us to note that, first of all, it has been consistent and stable, so there is sustained improvement in quality of the business as seen in these years. So, that's a broader point I'd like to make. Now, coming to another important thing, as we've got the approval from NCLT for the merger, as you know, NCLT has now sanctioned the scheme of an amendment on 17th of July, 2026. And upon effectiveness, the spirits, biofuel and biopharma undertaking transfer to dedicated resulting companies. So we start with India Glycols Limited as we have it now, and that is how we've been presenting ourselves. And this segregates into three different entities. One entity remains as such, which is India Glycols Limited, as such in the sense of name. Which will continue to have bio-based chemicals, specialty glycols, new performance chemicals, gases, and any other new areas in the chemical space we may get into. The other big one is Ideal Spirit Semitic, which will have the portable spirits business, both IMFL as well as Indian made Indian liquor. But it also will have the biofuels business looking at The synergies of the business, which is ethanol, and the fact that a significant amount of ethanol that is produced is actually also required by the portable spirit business. The NHL biopharma business will continue to have what it has in terms of nutraceuticals and APIs, but the biopolymers business from within the chemical business will now be part of this entity. In order to make sure that our costs are managed well and the expertise to run these businesses, Thank you, sir.

So, the net revenue in IGL spread for Q1 financial at 27 is 694 crores with the EBITDA of 120 crores. The margin is 17.3% versus 14.7% in Q1 financial at 26. So, this is 14.7% growth in the EBITDA in IGL spreads. India Glyphos, the net revenue is 345 crores, up by 24% year-on-year. EBITDA is 40 crores, which is 12% up year-on-year basis, and EBITDA margin is 11.6%. The NHL Biopharma, net revenue is 90 crores, which is up by 53%. EBITDA is 10 crores, which is almost about 100% year-on-year growth, and EBITDA margin is 11.1%. So, overall, if we compare the net revenue for the company as India Glycos on consolidated basis is 1130 crore, which is up by 9%, EBITDA is 170 crore, which is up by 13%, and EBITDA margin is 15% versus 14.3% in the Q1 last year. So, overall, the tremendous growth and looks very good.

Thank you, Anandji. Now, considering that it is Friday evening, and we are supposed to talk about segments, we will start with high spirits. So, I will request my colleague, new colleague, Mr. Manoj Rai, to give us an update on spirits, which is obviously doing very well. Well, that comment was going to like to know.

Thank you, and good evening to all of you. Well, when we look at the numbers first for ideal spirits, an extremely healthy quarter. We bifurcated the IBM Spirits business into two parts. One is the main Spirits business and the other is the BIO fuel business. Spirits business had a net revenue of 371 crores with an EBITDA margin of about 22.9%, which is an improvement of 278 crores. When I cover bifurcate this into IMFL and non-IMFL business, it's the IMFL business which shows promise. We have grown 26% year-on-year in terms of net revenue, doing 1.4 million cases, which is a 55% growth over last year. In the non-IMFL business, our revenues have more or less remained stagnant. We are at 279% with a volume of 7.5 million, which is a 6% growth year-on-year. When I look at the BIO fuel business, it's a 7% growth in net revenue at 323 crores, with an EBITDA margin of 10.8%, which is an improvement of 250 pips. Now, that's what's one performance, and if we have to look at how the business outlook for ideal spirit stands out for the rest period, I think there are six or seven main pivots. On which the outlook for ideal spirits looks entirely. The first is, when we looked at the iron metal growth, you saw a 26% growth. Particularly in geographies where we are operating, the industry or the segment where we operate has either declined or remained stagnant. So considering the kind of movement in the industry and our growth, we see a lot of progress. This is further going to get accelerated because there are quite a few launchers planned. There are launchers planned in the Healus Whiskey segment. There are launchers planned in the semi-premium vodka segment, which will improve our market further. We would want to focus more on the wild spirits business. If we look at the IMFL category, it's the wild spirit business which is growing at the prospectus carrier. And we are strategically placed with our portfolio in this particular segment. We expect to gain a higher share than the segment. You know, there are many times when people build brands in the premium and the semi-premium segment. Rather than building, we have entered into a strategic partnership with Amul, where we have acquired brands from them and we do the distribution and marketing for them in these selected states. Thank you. You would be pleased to know that the kind of aspirations that we have in the premium whiskey segment as well as the single malt segment offers them. We are looking at doubling our volumes in the Amrut whiskey segments, the three whiskeys that we make with them, and we are looking at a healthy 10,000 plus kind of a volume as far as their single mols is concerned in the states where we operate. The other big pivot through which growth would be driven for ideal spirits Would be through geographical and channel expansion. Our bulk of the business currently is focused in three states, which is UP, Uttarak, and Andelie. We've just touched the tip of the iceberg in these states. These are big states in terms of the industry size, and we will look at deepening our penetration, not only through our existing portfolio, but also through other offerings that we have. Apart from this, there would be inorganic gains coming in from introduction of new brands and introduction into new states. We are looking at defense giving us an all-India footprint with the introduction of three to four new brands. While we speak, there are already three brands that are approved and there is one on the end there. Thank you. Exclusive facility for them in terms of spirit maturation. This reinforces our position of being a trusted partner as well as the fact that we can comply with world-class manufacturing practices. The fact that we have captive high-quality ENA and we have enough and more capacity available ensures that this gives us the cost advantage in the states that we operate and protects our margin. We manufacture one of the best qualities of ENA and we are one of the largest manufacturers, thus giving us consistent quality and sustainable cost leadership. What is heartening to also know that in the states where we operate in the non-IOMETAL segment, despite a declining market where most of the big players in the markets have declined, we continue to maintain our strong position in both UP as well as Uttarathan, primarily led by the fact that we have built brands in this non-IOMETAL segment, something which was unheard of in the past. One of our friends, Bhanti Babaji, you would have heard, has received various accolades, including being appreciated by Linka Book of Records as well as Asia Book of Records. The fact that despite the increase in the number of players in the non-IMFL segment, we continue to hold a dominant position as far as our shares in the market is concerned, speaks volumes about the kind of quality and the kinds of brands that we have used, and the strong marketing effort that goes behind these. On this. Naturally, it gives us a very encouraging outlook for FY27, and we expect to deliver an EBITDA in excess of 500 crores. Immemization, which I spoke to you about, and continued growth in not only the operating states, but also the inorganic growth in the new states that we enter, would eventually lead us to becoming a debt-free company. from 28 onwards and we are targeting an EBITDA in excess of 100 crores in the next 400 IGRs. If we do this, we would probably be one of the top 5 Alkodef companies in this country.

Thank you, Manoj, for a very informative update on the liquor business, or rather the business, including bioflu. I will talk a little bit about the India Glycos bit as per the new structure, which is essentially broadly known as the chemical business. So, for the chemicals business, the net revenue at 300 and such 2 crores was up 25% year-on-year, with an EBITDA margin of 11.4%. And for the small gases business, it was 13 crores with an EBITDA margin of 23.1%. Overall, this business had quite a good quarter, both in terms of volume and value terms. If you look at some of the core business skills, For example, green solvents of glycols and glycol ethers, the volumes were up 6%, the value was up 13%, and gross margins flowed to 50%. For the glycol business, value up 83%, and similarly, very strong growth in gross margins. The performance chemical business grew by 40%, which was lower than what we had targeted, essentially for some of the reasons that I articulated. We saw some growth in terms of EO sales that we sell to the joint venture as well. Now, talking about going forward, it is a business that is very resilient and we have a strategy on how we will build it. So, in terms of looking at this business, We would be leveraging the fact that we are the largest supplier of biobase speciality chemicals in the world, combined with our joint venture, and we are the pioneer in manufacture of biobase CO, glycol, glycolithers, and perhaps the only two-scale supplier of these products in the world. I am aware of one or two more people who ventured in that space, but none of them make, first of all, to this scale and all these products. So we see, in terms of our drivers, one is our strength in process chemistry, product development, applications, and partnerships. So a lot of our new value-added chemicals are being driven by innovation and applications. We are potentially moving from product to good product, to differentiated product, to understanding applications, to solving problems. Through collaborative projects, through strategic projects, and you can see that all across in terms of what we are doing. So we've entered several new spaces. For example, we became the first ever company to manufacture bio-based amines. We started supplying small quantities, and I'm sure over a period of time, it will be a good opportunity to grow. Similarly, we also became the first company in the world to supply carbon smart ethoxidates and glycols, though small right now, but these are technologies for the future, and that is something we look at. We are building on supplying a green solvent business into various hand applications like crop protection, food, pharma, personal care, etc. As a part of a new strategy, a lot of our growth would be hinged on innovation that we do with good partners and also grow with them. For example, we will not necessarily become the supplier to every end consumer throughout the world, but we will definitely be partners of choice. And some of the names that I can, with their permission, say we've got strong collaborative partnerships, not merely supply partnerships, like BFF, Dow, L'Oreal, Unilever, Nibel, and many others. So that continues. The other thing, you know, I have some kind of aspirations to share with you, and the aspirations that we are looking at... is to deliver an EBITDA of about 400 crores and a business which is approximately 2500 crores in the next four to five years. That's an aspiration. I mean, I would like to underline it again that that's not a projection. Now, having said that, this is a plan that we've made product by product, customizer by customer, and I'm quite confident that we should be getting there. And in addition to this, we are working on new technologies which are not built in because we are not in a position to develop numbers there. These new technologies are, for example, looking at utilizing carbon, producing viable, low-carbon footprint products, and some of them can be transformational. Considering that, you know, they have not matured right now, I am constrained to neither reveal what we are doing nor am I in a position to give numbers. But the reason I am highlighting this is, That we are building this business on the back of innovation, on the back of sustainability, on the back of strong partnerships, of course, some things succeed, some things take time, but given the fundamentals of what we are doing and given what's happening in the macroeconomic environment and the trust of sustainability, I'm sure this business is positioned to build on very well from here. So all in all, renewable materials is a strategic advantage, not just a credential, a point that I would like to emphasize. There is a structural shift towards a specialty-led portfolio, and this will keep on showing more in numbers. Performance chemicals or value-added chemicals is moving well, and we've got a strong pipeline, and I expect it to continue to become an important part of the chemicals business. And I already spoke about, you know, innovation being something that we are genuinely doing very well, and our collaboration with the people, which will help us drive growth. Now, coming to another interesting segment of ours, which is Ennature Biopharma. So Ennature Biopharma, as I mentioned, achieved its best-ever quarterly performance at 83 growth growth of over 30% in the prior quarter. Thio-coxicocytes sales registered a robust growth of 26% over the previous quarter, supported by a strong order pipeline, improved price realization. However, the raw material availability and pricing continues to be volatile and a challenge in Q2 as well. In nicotine, there has been growth and there has been capacity expansion. Nicotine sales grew two times quarter over quarter driven by customer conversions in Europe. Nicotine tooth processing operations, we also started in our plant, adding significant capacity, and we continue to focus on strengthening our brand-in nutraceuticals portfolio to various strategic initiatives. So, in short, when we come to NNATURE BioPharma, The story is there is sustained growth momentum. We've expanded in an important area, which is nicotine, both in terms of sales as a capacity. We continue to focus on strengthening the branded portfolio. We are taking several actions, for example, new certificates approvals, etc., for global market penetration, driving customer and product expansion, and the long-term value creation will continue to happen through this discipline allocation of capital. In terms of an aspiration for EBITDA, I think over the next four or five years, we are aspiring to do 130 to 150 crore EBITDA. Now, I underline this again. This is a call that we are having before. The classification of the businesses and, you know, we are sharing our aspirations with you and we are conscious of the fact that when we put up a number here, it is something that you will hold on to us. But again, this is an aspiration. This is not something that we are giving as a projection. Of course, it is not out of the blue. This is based on an exercise given by people. The world is so dynamic. There are so many things happening. But we did think that you wanted to ask us about what your aspirations are. So I will not qualify this as a plan or a projection. But yes, we are happy to share these observations. This is from my side. For some more on financial, Anandji, would you like to say something?

Otherwise, we will go on to taking questions. It is already 4.30. I will request.

Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Ragini Ramkumar from Nugent Capital. Please go ahead.

Hello, hi, good evening. Am I out of the bell?

Yes. Yes, ma'am. Please go ahead.

So I had one question. One question. It was regarding the portable...

Sorry to interrupt, ma'am. Your voice is not audible. May I request you to please use a handset?

Hello. Is this audible now?

Yes, please. Go ahead.

Yeah. So my question was regarding the guidance for portable spirits for the rest of this year and the next financial year.

Yes, so what's the question, ma'am?

Hello. Hello.

Yes.

Hello.

We can hear you, ma'am. We can hear you. Please proceed with your question.

Also, my question is regarding the guidance for portable spirits for this financial year and the next financial year.

You want the number or you want the performance?

Performance and numbers good.

So, when I look at the EBITDA numbers, we have already shared that with you, we are looking at an EBITDA in excess of 500 crores, of which 120 crores is something we have already delivered in P1. 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, I told you, deeper penetration in these four states where we operate, with a larger operating of... Brands, particularly in the deluxe whiskey segment, the 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 three years, has been showing a stagger of 4-5%. The outlook for next year, we expect to continue to grow in healthy double digits. Does that answer your question?

Yes, thank you.

Thank you. The next question comes from the line of Sakeet Kapoor from Kapoor Company. Please go ahead.

Namaskar team. I hope I'm audible. Yes. Yes, sir, thank you firstly for the opportunity, and congratulations firstly to the team for a 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 since the last presentation. So, kudos to the team for doing a commendable job.

Yeah, we can listen to the team, please.

Yeah, yeah, thank you. Sir, only on the NSU part, Rupu, sir, if you could just explain to us what is in the annual 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 be aspired for this NSU? What are the fillers? Some more color on the face.

So, you know, since you asked me to talk about aspiration, I will talk about aspiration.

Just one second.

Hmm. So, 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, you know, 5, 10, maybe 15, 20 crores based on the plans that we have right now. Now, if we, if the... 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 only a 400-500 crore plant to be put up. Not right now, unless we are looking at some breakthrough technologies to be invested, but that I don't see happening for the next two years, maybe after that. And as far as the aspiration is concerned, you know, this is dynamic as we work on these, you know, projects. We aspire to be 150 crore plus in this year, and we aspire that in four or five years, we see this business to be possibly a, you know, 700, 600 to 700 crore business. But what is important is, from a profitability perspective. So, we expect that a business which is, let me just check what the margins are, which is close to maybe 16, 17 cents right now, we expect that by 2030, 2050, we will do significant actions to improve the quality of the mix as well as pricing for the innovative product. And we expect Newer peak stocks, which will be more viable. So I expect that by, you know, in hydro six years, when I'm talking to you about a turnover of about this kind, our gross margins will be closer to about 30%. Okay. Again, guidance is underlining aspiration. Correct, sir. You know, people are asking guidance, I am giving aspiration.

Yes, sir. Everything is taken with a pinch of fault. I can understand.

Sitting here in an investment call is important for me to make sure that I... 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?

Peace.

See, there are, in terms of the core plant expansions that we've done, we've not invested too much. We've used some of our existing assets, and as far as new plant additions is concerned, we are probably talking about 50-60 crores.

Okay.

I think in your presentation, 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.

Yeah, 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 ethinoxide 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 Clarion that they sell in India. And what we also see is there is a greater trust on exporting products made out of India into other Clarion customers worldwide. Anyway, 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 three or four years, for reasons that you well understand, The JV performance, by and large, has been on track. You know, we all were very concerned when our if-no 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've seen. Thank you, everyone, and welcome to the call.

Thank you.

Yes, hello. Yes.

Yes, sir. So, for this quarter on the JV front, I think, so, we have posted 21 crore property on the profitability front. So, sir, are these numbers sustainable going ahead? I think, so, this is a significant jump. If you take the last year, annualized number was for 46, 47 crore. 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?

Sakeh, 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 Anandji can correct me, the PAT number was closer to 19 crores for the same quarter last year anyway. So, 21 crores this year is not something which is completely out of the blue or completely unexpected. Yes, there are, you know, just the fact that it has been a good quarter and there have been some tailwinds, which is fine. But I think there is, there are reasons to, and I deliberately... I delved into saying that I'm not only talking about the JV performance for the quarter, but broadly, if you take an overall picture for the last four years, it's by and large been as a plan or perhaps better, despite the, you know, significant advance that we face. So, which I, you know, I do take some consolation from.

Right, sir. Thank you once again for a very revamped investor presentation. There are a lot of inputs for us to ponder upon. And thank you for simplifying the scale. Very well articulated. And all the best.

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

Yes, sir. It's a commendable one. I must use the right word here, sir. I have added a lot of questions. I have given a lot of questions and made a lot of questions. It answers many of the questions. So, whatever I have asked, that is the presentation.

I am being on the lighter note, but that is me.

The next question comes from the line of Wignesh Aiyya from Sequent Investment. Please go ahead.

Sir, thank you for the opportunity. So my question is on the IGF spirit segment. Two questions from my side. So firstly, can you share the number for prestige and above segment, you know, 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 IMSL segment, we gave you a number of 1.4 million. Prestige and above is roughly half a million. And this is almost double of what it was last year.

Sorry, I made the last part, sorry.

This is almost double of what it was last year in the same period. Half a million is TNA and above.

Okay, Presti Siang, above is half of the total cases, and which is double of what you did last year, is what you said, right?

Yes, yes.

Okay, and so can I get, you know, this data you 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 have that number, I mean, you can share it.

For IMFL, the total number of cases was 3.4 million for the full year.

Okay, and what was the total revenue from IMSL?

Revenue, I will have to get back to you. I don't have it off the hook.

Yes, if you say some questions, I think directly to IMD or Gagan, we will get back to you with more detail. Yes.

Perfect, perfect. Yes, that's all from my side. Thank you.

Thank you.

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

Good evening, sir. Sir, I have a very small two questions. Sir, in the PPT, you know, in the first IGS period segment, you say that the revenue is 371 crore, including other operating income. I assume that majority job work is included in that. That was around 10 crores, is that correct?

That is one of the components, yes.

Okay. What are the, what are the components, sir?

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

Okay, all combined 10 groups.

Yes.

Okay. So, my other question is,

so I was just going through this slide on some groups.

So, the five...

Raji, your voice is not clear.

Is it better now, sir?

Yes.

So I was just going through the five Amruth products that you have given, Macintosh Whiskey, Macintosh Rice, Pistis, Green, Fusion, Tingle Malt, and American. I assume the nature of partnership with Amruth is same across four, where you will be responsible for distribution and marketing of all five in select North Indian markets?

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

Okay, okay. And would you be able to tell us how much is the royalty that will go to Amrush?

That is something which we cannot divert.

Thank you so much, sir.

Thank you, Akash.

Thank you. Participants who wish to ask a question may press star and run. We have the next question from the line of Aman, an individual investor. Please go ahead.

Aman, please unmute your line and proceed with your question.

Hello? Yes, please go ahead.

Yes, sir. I have a question that... ...we have a question in the QBQ. ...a-one search for TFO. Hello?

The voice is not clear. I am not able to hear your question properly.

Sir, I want to know that the EBITDA is in the quarter-by-quarter basis in the quarter, the impact of the loss is in the quarter. In the percentage qualms, December 25th, 10.26%, then your mark is negative, 1.16, and 1.69, June 26th, June 26th. Hello?

Negative. You are comparing quarter by quarter the EBITDA.

Yes, sir. I'm quoting comparing that. And a quote in this is that the interest and depth is reduced in two quarters. So, because your EBITDA is negative, it's a very marginal increase, 1.5 million.

Last quarter means 31st March 26th. There was an income out of the dividend. Okay, from the clarion, which was about 39 crores. So that's why in the last quarter, the EBITDA was about 203 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 the EBITDA of 170 crores.

Sir, I will talk about the EBITDA growth of 10% of the negative 5.16, then 1.691.

The revenue that will give me a positive growth, that's what you want to say.

But, Sir, it will be negative in March 25th, quarter by quarter of the basis.

I will ask and request you, you send us the mail, we will give you the reply.

But your revenue growth is 15.71% and your cost of material costs, food and other costs.

I will give you the reply. Okay.

I want to know that.

So, look, the strategy for the de-merger broadly is multiple fold. First of all, the portable spirit business has gathered some scale, both in terms of volume as well as profitability, and it is a consumer business. So, the dynamics of a 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-up. So, some people have an appetite to invest in consumer businesses, some people have an appetite to invest in B2B technology businesses. So, that is...

Hello. Hello. Sorry to interrupt, Mr. Aman. I request you to please rejoin the queue for any follow-up questions. The last question comes from the line of Pragyam Ladha from Omni Management, LLP. Please go ahead.

Sir, I joined the call late, but sorry if my question has been already answered.

Sir, just one question.

The number of cases grew this year, but revenue didn't do proportionately. So, what was the reason? At one end, we are saying that we are moving towards minimization, and at this other end, we see that volumes are growing much faster than rhythm.

Can you explain it?

Yes. Good question. And, you know, there are two answers and two reasons. One is the grand mix, and the other is the 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, the higher growth that we get in Delhi does not augur so well for us. That is question answered 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 dealer's risky 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 spirit 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.

We will take one more question from the line of Amit Mishra from Daksham Capital. Please go ahead.

Hi, sir. Thank you for the opportunity.

Sir, my first question is, for FF27, what percentage or revenue for Portelville Spirit will be coming from IMF?

So, the percentage of revenue coming in from IMSN would be in excess of 30%.

Okay. And, sir, what will be the EBITDA margin for IMSN and country liquor for this year?

So, if I were to answer that question for you, you know, contrary to how most of the other investors feel, ये जब आप लोग TNA की बात करते हैं, TNA में जब तक आप दीलत या semi-premium whiskey की बात करते हैं या offering की बात करते हैं, उसमें मेरा से पेकी statement रहेगा alcohol is alcohol. चाहे मैं IML की बात करूं या चाहे मैं spirit semi-premium whiskey offering की बात करूं, your gross margins you will be surprised are almost the same.

Okay.

Thank you. We'll 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 Glide Falls and your good wishes. Hopefully, we've 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, etc. 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 Enkred Equities, that concludes this conference. Thank you for joining us, and you may now disconnect your line.