India Glycols surged to a fresh 52-week high of Rs 1,134.60 today, after reporting a stronger-than-expected Q2 performance. The stock was last trading around Rs 1,115, up nearly 8% from the previous close, and now sits over 120% above its 52-week low of Rs 502.50, reflecting a sharp rerating over the past year.

The company posted a 20.3% YoY rise in consolidated revenue to Rs 2,504 crore, while EBITDA increased 28.3%, lifting margins to 25.9% from 24.3% a year ago. Net profit grew 30% YoY to Rs 66 crore, supported by healthier operating leverage and higher profit contribution from its joint venture. H1FY26 EPS improved to Rs 22.3 vs Rs 17.8 YoY.

Growth was led by the potable spirits and bio-fuel divisions, with potable-spirits revenue climbing to Rs 1,658 crore and ethanol/biofuel revenue rising sharply to Rs 423 crore, aided by blending demand. Specialty chemicals remained profitable but subdued versus last year. Overall segment EBIT rose to Rs 134 crore from Rs 104 crore YoY.

Half-year cash flows improved significantly, with operating cash flow rising to Rs 106 crore from Rs 19 crore in H1FY25, even as capex and working-capital pressures persisted. Debt ticked up modestly, but the balance sheet remains stable with equity at Rs 2,394 crore and adequate liquidity.

Operating across bio-based chemicals, potable alcohol and ethanol, the company benefits from steady spirits demand and supportive blending policies, though the sector remains sensitive to feedstock costs and regulatory shifts. With stronger margins, improved cash generation and momentum in its ethanol and spirits portfolios, India Glycols enters H2FY26 on firmer footing, though sustainability of margins will remain the key monitorable.