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I G Petrochemicals (IGPL) faced a challenging Q2 & H1 FY26, with revenue declining due to soft domestic Phthalic Anhydride (PAN) demand, impacted by low utilization in downstream industries. Total revenue for Q2 stood at Rs 471.6 Crs (down from Rs 587.5 Crs YoY), and H1 revenue was Rs 952.5 Crs (down from Rs 1,182.2 Crs YoY). The company reported a Q2 Profit After Tax (PAT) of Rs 1.4 Crs (vs Rs 28.3 Crs YoY) and an H1 loss of Rs 6.8 Crs (vs Rs 63.7 Crs YoY profit), with Q2 EPS at Rs 0.46 and H1 EPS at -Rs 2.21.
Strategically, IGPL is prioritizing revenue diversification away from PAN, with non-PAN business contributing ~8% (Rs 74 Crs) to H1 revenue. The company's board approved acquiring I G Biofuels Ltd. and investing up to Rs 100 Crs in biofuels and compressed biogas projects. A significant growth driver is the upcoming Advanced Plasticizer plant, expected to commence by March 2026. IGPL also proactively prepaid a Rs 40 Crs term loan. Management outlook focuses on continued diversification into downstream and renewable chemistries.