IGL Spirits Limited began trading on the BSE and the National Stock Exchange of India on November 4, 2026, following its demerger from India Glycols Limited. The listing gives investors direct exposure to a standalone company combining a sizeable alcoholic beverages business with biofuels operations.
The company’s spirits division sells approximately 30 million cases annually, according to its disclosures, and has a portfolio spanning whisky, rum, vodka and branded non-Indian-made foreign liquor products across multiple price segments. Its manufacturing facilities are located in Kashipur, Uttarakhand, and Gorakhpur, Uttar Pradesh. The company also has manufacturing arrangements with Bacardi, a distribution partnership with Amrut for selected brands in North India, and supply relationships with the Canteen Stores Department and paramilitary channels.
The spirits business generated net revenue of ₹1,331 crore in FY2026, compared with ₹1,163 crore in FY2025, registering growth of approximately 14.4%. These figures relate specifically to the potable spirits division and exclude biofuels revenue.
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Combined EBITDA increased to ₹492 crore in FY2026 from ₹350 crore in FY2025, while profit after tax rose to ₹244 crore from ₹151 crore. The company’s EBITDA margin improved to 17.6% in FY2026 from 15.4% in FY2024.
IGL Spirits claims to rank among India’s five largest spirits companies by sales volume and holds a leading position in the branded non-IMFL segment in Uttar Pradesh and Uttarakhand. Its disclosed annual manufacturing capacities include 379 million litres of ethyl alcohol and 136 million litres of potable alcohol.
The stock market debut marks an important development for India’s alcoholic beverages industry, giving investors a separately listed business through which to track the company’s spirits and biofuels operations.
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