IG Petrochemicals financials and balance sheet

NSE: IGPLBSE: 500199Chemicals & PetrochemicalsSmall Cap

₹507.35₹33.65 (6.22%)BSE ₹507.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹541.00.

52-week range of traded prices to 23 Oct 2026

₹315.00Low, 9 Mar 2026₹609.90High, 28 Sep 2026

Market cap: ₹1,562 Cr1,383rd largest listed
P/E: 19.1
P/B: 1.2
Dividend yield: 0.99%
ROE: 6.1%
ROCE: 8.1%
Debt to equity: 0.27
Volume, NSE: 58,75360.8% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.IG Petrochemicals annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹2,352 Cr, year to Mar 2023

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,925
Materials and goods−1,502
Employee costs−97
Other expenses−231
Operating profit95
Depreciation−69
Other income+26
One-off items0.0
Finance costs−41
Profit before tax10
Tax−8.2
Net profit2.2

What the company owns

Plant, investments and other assets₹1,485 Cr
Receivables₹350 Cr
Inventory₹207 Cr
Cash and bank₹186 Cr
Current investments₹72 Cr

What pays for it: net worth and liabilities

Net worth₹1,333 Cr
Owed to suppliers₹387 Cr
Borrowings₹356 Cr
Other liabilities₹225 Cr

Profit and loss

Consolidated, ₹ crore, years to March.IG Petrochemicals quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 27 May	Mar 2020Filed 25 Jun	Mar 2021Filed 25 May	Mar 2022Filed 24 May	Mar 2023Filed 6 Jun	Mar 2024Filed 13 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
Revenue from operations	1,037	1,171	1,304	1,059	1,124	1,883	2,352	2,099	2,206	1,925
	–	904	1,078	987	825	1,476	2,035	1,994	1,987	1,830
Materials and goods bought	751	728	913	817	651	1,240	1,782	1,734	1,687	1,502
Employee costs	–	–	62	60	71	75	82	81	96	97
Other expenses	–	–	103	109	103	161	171	179	204	231
Operating profit before depreciation	–	267	226	72	299	407	318	105	219	95
Operating margin	–	22.8%	17.3%	6.8%	26.6%	21.6%	13.5%	5.0%	9.9%	4.9%
Materials, % of revenue	–	–	70.0%	77.2%	58.0%	65.8%	75.7%	82.6%	76.5%	78.0%
Employee costs, % of revenue	–	–	4.7%	5.7%	6.3%	4.0%	3.5%	3.9%	4.3%	5.0%
Other expenses, % of revenue	–	–	7.9%	10.3%	9.2%	8.6%	7.3%	8.5%	9.2%	12.0%
Depreciation and amortisation	17	26	26	30	34	44	47	52	65	69
Operating profit after depreciation	–	242	199	42	264	362	270	53	154	26
Other income	3	4	8	6	3	7	22	31	26	26
Finance costs	–	15	12	16	15	13	24	30	39	41
Profit before one-off items and tax	131	230	195	32	253	356	268	53	141	10
One-off items	0	0	−8	0	−1	0	0	0	0	0
Profit before tax	131	230	187	32	253	356	268	53	141	10
	30	84	70	11	65	92	68	14	32	8
Current tax	–	76	63	4	58	84	61	4	28	2
Deferred tax	–	9	6	7	7	8	7	10	4	6
Share of profit of joint ventures and associates	–	0	0	–	–	–	–	–	–	–
Net profit	101	146	117	21	188	265	200	40	109	2
Other comprehensive income	–	–	−1	0	1	−1	0	0	−1	23
Total comprehensive income	–	–	116	20	189	264	200	39	107	25
Net margin	9.8%	12.5%	9.0%	2.0%	16.7%	14.0%	8.5%	1.9%	4.9%	0.1%
Net margin without joint ventures and associates	–	12.5%	9.0%	–	–	–	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its finance costs, which operating profit is worked out from, so operating profit is not given.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 27 May	Mar 2020Filed 25 Jun	Mar 2021Filed 25 May	Mar 2022Filed 24 May	Mar 2023Filed 6 Jun	Mar 2024Filed 13 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
	629	633	822	1,062	1,235	1,247	1,339	1,333
Share capital	31	31	31	31	31	31	31	31
Reserves	598	602	791	1,031	1,204	1,216	1,308	1,302
	176	187	126	157	249	365	267	356
Repayable after a year	110	147	90	114	169	226	162	147
Repayable within a year	66	39	36	42	79	138	106	208
	334	294	329	392	494	559	601	647
Trade payables	232	200	240	295	371	377	453	387
Other financial liabilities	29	50	42	36	28	36	32	35
Other liabilities	5	3	10	17	15	7	9	15
Provisions	2	2	1	2	1	1	1	1
	192	234	173	197	263	329	271	321
Other financial liabilities	24	20	10	0	4	2	2	5
Provisions	3	4	4	4	5	5	9	8
Deferred tax	56	63	70	78	85	95	99	105
Trade payables	0	0	0	–	–	–	0	55
Total assets	1,155	1,161	1,324	1,651	1,992	2,135	2,211	2,300
	701	836	887	939	1,181	1,291	1,336	1,412
Plant in use, after depreciation	387	467	698	733	710	984	972	911
Plant being built	283	339	132	118	349	158	234	173
Intangible assets	1	1	0	0	5	43	42	45
Goodwill	2	2	2	2	2	2	2	2
Property held to earn rent	0	2	1	0	0	0	0	223
Investments	0	0	6	9	75	56	51	15
Stakes in joint ventures and associates	0	0	0	–	–	–	0	–
Loans given	0	0	0	0	1	2	2	2
Other financial assets	4	4	23	40	3	2	3	40
Deferred tax	6	11	16	–	–	–	0	–
Other assets	18	10	8	36	36	43	30	–
	454	326	437	712	811	844	875	889
Inventories	129	95	144	152	165	200	294	207
Trade receivables	183	143	199	347	325	337	285	350
Cash and cash equivalents	20	8	35	26	24	10	18	27
Other bank balances	17	41	39	101	167	174	166	159
Current investments	70	12	10	73	107	89	83	72
Loans given	1	1	1	1	1	1	2	2
Other financial assets	14	14	0	2	6	7	5	34
Tax paid in advance	0	0	0	–	–	28	0	–
Other assets	21	12	10	10	17	0	23	37
Net debt	70	126	42	−43	−49	92	0	97

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 25 May	Mar 2022Filed 24 May	Mar 2023Filed 6 Jun	Mar 2024Filed 13 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
	183	157	233	37	261	102
	246	236	294	46	276	108
	−46	−163	−28	−62	49	−30
Receivables	−53	−146	23	−11	49	−63
Inventories	−49	−8	−13	−35	−94	87
Payables	46	86	67	−5	90	−35
Other working capital	9	−95	−105	−11	5	−20
Tax paid	−63	−79	−61	−8	−15	−6
Capital spending	71	99	240	174	137	163
Free cash flow	113	58	−7	−137	124	−61
	−72	−158	−255	−115	−92	−89
Plant and property sold	0	0	0	1	1	1
Companies bought	0	0	0	0	0	0
Interest received	2	3	13	20	20	18
Dividends received	0	0	0	0	1	1
	−80	−14	21	48	−138	−53
Borrowings raised	0	17	75	123	0	108
Borrowings repaid	−64	0	0	−25	−80	−92
Interest paid	−11	−8	−24	−19	−35	−38
Dividends paid	6	23	30	31	23	31
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	30	−15	−2	−29	31	−39

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.IG Petrochemicals dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 27 May	Mar 2020Filed 25 Jun	Mar 2021Filed 25 May	Mar 2022Filed 24 May	Mar 2023Filed 6 Jun	Mar 2024Filed 13 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
Earnings per share	₹32.86	₹47.42	₹37.94	₹6.78	₹61.08	₹85.88	₹64.94	₹12.83	₹35.29	₹0.72
Diluted earnings per share	₹32.86	₹47.42	₹37.94	₹6.78	₹61.08	₹85.88	₹64.94	₹12.83	₹35.29	₹0.72
Dividend per share	₹3.00	₹4.00	₹4.00	₹2.00	₹7.50	₹10.00	₹10.00	₹7.50	₹10.00	₹5.00
Book value per share	–	–	₹204.26	₹205.44	₹266.90	₹344.86	₹400.96	₹404.87	₹434.70	₹432.78
Dividend payout	9.1%	8.4%	10.5%	29.5%	12.3%	11.6%	15.4%	58.5%	28.3%	693.9%
Shareholder yield	–	–	–	–	0.5%	1.0%	2.4%	2.3%	1.8%	3.0%
Market cap at the year end (₹ crore)	1,162	1,972	911	293	1,273	2,159	1,271	1,326	1,309	1,020

Ratios

Consolidated, years to March.IG Petrochemicals PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 27 May	Mar 2020Filed 25 Jun	Mar 2021Filed 25 May	Mar 2022Filed 24 May	Mar 2023Filed 6 Jun	Mar 2024Filed 13 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
Revenue growth	8.9%	12.9%	11.3%	−18.8%	6.1%	67.6%	24.9%	−10.8%	5.1%	−12.7%
Operating profit growth	–	–	−15.5%	−68.2%	315.7%	36.2%	−21.9%	−66.8%	107.8%	−56.8%
Net profit growth	68.1%	44.3%	−20.0%	−82.1%	801.0%	40.6%	−24.4%	−80.2%	175.1%	−98.0%
Earnings per share growth	–	44.3%	−20.0%	−82.1%	800.9%	40.6%	−24.4%	−80.2%	175.1%	−98.0%
	–	–	18.6%	3.3%	25.9%	28.1%	17.4%	3.2%	8.4%	0.2%
	–	–	–	−15.3 pts	22.6 pts	2.2 pts	−10.7 pts	−14.2 pts	5.2 pts	−8.2 pts
From the net margin	–	–	–	−14.5 pts	24.8 pts	−4.2 pts	−11.1 pts	−13.6 pts	5.1 pts	−8.2 pts
From asset turnover	–	–	–	−0.8 pts	−0.3 pts	8.7 pts	0.3 pts	−0.8 pts	0.0 pts	0.0 pts
From borrowing	–	–	–	0.0 pts	−1.9 pts	−2.3 pts	0.1 pts	0.1 pts	0.1 pts	0.0 pts
Return on capital employed	–	–	24.8%	5.1%	27.9%	29.7%	18.2%	3.3%	9.6%	1.5%
Cash conversion	–	–	–	–	97.4%	59.3%	116.2%	94.1%	240.1%	4,604.9%
Interest cover	–	16.2	16.4	2.6	18.2	28.1	11.3	1.8	4.0	0.6
Debt to equity	–	–	0.28	0.30	0.15	0.15	0.20	0.29	0.20	0.27
Receivable days	–	–	51	49	65	67	50	59	47	66
Inventory days	–	–	52	42	81	45	34	42	64	50
Payable days	–	–	93	89	134	87	76	79	98	94
Cash conversion cycle, days	–	–	10	3	11	25	8	21	13	23
Working capital days	–	–	23	3	20	31	15	26	19	36
Asset turnover	–	–	1.13	0.91	0.90	1.27	1.29	1.02	1.02	0.85
Assets per rupee of net worth	–	–	1.84	1.84	1.71	1.58	1.59	1.66	1.68	1.69
Sales per rupee of plant	–	–	3.37	2.27	1.61	2.57	3.31	2.13	2.27	2.11
Capital spending to depreciation	–	–	–	–	2.07	2.24	5.06	3.34	2.11	2.36
Plant being built, % of plant in use	–	–	73.1%	72.7%	18.9%	16.1%	49.1%	16.0%	24.1%	19.0%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 0.1%
Cash from operations against operating profit: 108.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	7.3%	11.4%	−6.5%
Profit growth, yearly rate	−28.1%	−58.9%	−77.7%
Return on equity, average	–	11.5%	3.9%
Return on capital employed, average	–	12.5%	4.8%
Operating margin, average	14.3%	11.0%	6.6%
Net margin, average	7.9%	5.9%	2.3%
Asset turnover, average	–	1.09	0.96
Cash conversion cycle, days, average	–	18	19
Interest cover, average	11.0	9.2	2.1
Debt to equity, average	–	0.22	0.25

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	790	400	102
Cash from investing	−709	−296	−89
Cash from financing	−135	−142	−53
Capital spending	814	475	163
Dividends paid	138	85	31
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	323	232	108
Borrowings repaid	197	197	92

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	6	5	3	7	5
Altman Z-scorePublished threshold 1.81	–	–	3.59	2.14	3.97	5.18	3.71	2.97	3.14	2.46
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.50	−1.44	−2.11	−2.43	−3.00	−2.28
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	6.22	17.89	12.24	5.67	−2.77	−0.49
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.88	0.85	1.52	2.66
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−2.79	32.51	6.91	−31.35	14.50	−20.36	35.54
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−16.07	71.56	−84.56	−35.27	23.72	49.86	−18.63
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.88	−1.40	0.10	0.44	0.59	−0.34	2.28
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	3.08	0.50	1.49	14.64	0.48	4.41	21.34
Effective tax ratePublished threshold 17.16 per cent	22.92	36.60	37.40	34.57	25.54	25.76	25.45	26.02	22.67	78.71
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	3.66	2.62	10.28	11.84	19.22

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
14 Oct 2025	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA-; IND A1+New, New	Stable	183

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.