I G Petrochemicals Ltd(IGPL)

NSE: IGPLBSE: 500199

₹ 509.5-5.68%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,569 crWebsite: www.igpetro.comUpdated: 24 Oct 2026

About

IG Petrochemicals Ltd is India's largest manufacturer of Phthalic Anhydride (PAN), holding approximately 50% domestic market share, with an installed capacity of 2,75,110 MTPA at its Taloja plant. The company also produces Maleic Anhydride, Benzoic Acid, and Diethyl Phthalate (DEP), and is commissioning a new 75,000-ton plasticizer plant. In FY26, the company reported revenue of ₹1,924.98 Cr.^[1][2][3]

Products

Core product is Phthalic Anhydride (PAN), used by downstream paint, plasticizer, and alkyd resin industries; IGPL holds ~50% share of the Indian PAN market.^[1]
By-products include Maleic Anhydride and Benzoic Acid, which are sold commercially and contribute to IGPL's spread advantage of ~$100/ton above the market PAN-OX spread.^[4][2]
DEP (Diethyl Phthalate) is produced at Taloja; capacity was debottlenecked to 12,000 tons in March 2026, up from 8,400 tons previously.^[4][5]
Plasticizer products (DOP, DINP, DIPP) are being added via the new 75,000-ton Taloja plant; commercial production expected by August - early September 2026.^[4][2]

Operations and capacity

Installed PAN capacity is 2,75,110 MTPA across five plants at Taloja, as of Q1 FY27.^[2]
PAN plant utilisation was 65 - 70% in Q1 FY27, with production/sales of 40,000 - 45,000 tons, 10 - 15% below Q4 FY26 levels due to demand moderation and logistics disruptions.^[2]
Q4 FY26 PAN production exceeded 50,000 tons and sales exceeded 52,000 tons, the strongest quarterly output of FY26.^[4]
DEP plant now runs at an annualised rate of ~10,000 tons following debottlenecking completed in Q4 FY26, up from 6,000 - 7,000 tons previously.^[2]
Subsidiary I G Biofuels Ltd is constructing a Compressed Biogas (CBG) plant at Raichur; production start expected in October - December 2026 (Q3 FY27).^[2][1]

Key operating numbers

PAN-OX market spread was $250 - 300/ton in Q1 FY27; IGPL earns ~$100/ton above this market spread from operational efficiency, maleic, and benzoic acid by-products.^[2][4]
Non-PAN revenue reached ₹49 Cr in Q1 FY27, driven by record DEP revenue of ₹28 - 29 Cr and Maleic Anhydride revenue of ₹17 - 18 Cr; full-year FY26 non-PAN revenue was ₹146 Cr.^[2][4]
Export mix was 7 - 10% of revenue in Q1 FY27, below the historical 15 - 30% range, due to freight and container disruptions; exports were ~11% for full-year FY26.^[2][4]

Customers and distribution

Domestic PAN demand is led by the paint and alkyd resin segment (20 - 25% of PAN volumes) and plasticizer manufacturers; paint/alkyd resin demand is expected to grow 8 - 10% annually.^[2]
Export markets absorb the balance of output; export share has ranged from 7% (H1 FY26) to ~15% (Q3 FY26) in recent periods, varying with logistics conditions.^[1][5][2]

Expansion and capex

Plasticizer plant at Taloja: 75,000 MTPA initial capacity (extendable to 1,00,000 tons), capex of ₹180 - 200 Cr funded from internal accruals, mechanical completion achieved March 2026, commercial start targeted August - September 2026.^[2][4][1]
Plasticizer FY27 H2 volume target is 15,000 - 20,000 tons (2,000 - 2,500 tons/month) generating ~₹200 - 250 Cr revenue; at full 75,000-ton utilisation, net revenue potential is ₹500 - 600 Cr.^[2]
CBG plant at Raichur (via I G Biofuels Ltd, investment up to ₹100 Cr): production start expected Q3 FY27 (October - December 2026); peak revenue potential ₹25 - 30 Cr.^[2][1]

Recent developments

Anti-dumping duty on PAN imports extended effective 1 August 2026: $40/ton on China and $140/ton on Korea, for five years, improving IGPL's domestic competitive position by ~10 - 15% on landed import cost.^[2]
New government CBG policy announced July 2026 raises capital subsidy for CBG projects by 40 - 50% and increases domestic CBG selling prices by 33%, improving economics of the Raichur plant.^[2]
Company pre-paid a portion of its Euro-denominated term loan and converted remaining Euro debt to Rupee in FY26 to reduce forex exposure amid geopolitical uncertainty.^[4]
Board approved acquisition of I G Biofuels Ltd as a wholly owned subsidiary in Q2 FY26, with investment of up to ₹100 Cr in biofuels and the CBG project.^[1]

Market Cap

₹1,569 Cr

High / Low

₹605 / 318

Stock P/E

19.2

Price / Book

1.2

Book Value

₹433

EPS

₹0.7

No. of Shares

3.08 Cr

ROCE

3.1%

ROE

0.2%

OPM

2.6%

Debt / Equity

0.27

Sales

₹1,925 Cr

Net Profit

₹2 Cr

Promoter holding

68.7%

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