Your Directors are pleased to present the 42^nd Annual Report on the business and operations of the Company, together with the Audited Financial Statements of your Company for the financial year ended 31^st March, 2026.

Financial Results

(' in crore) (except earnings per share)

Dividend

During the year under review, your Board of Directors in its meeting held on 17^th March, 2026 had declared interim dividend of ' 7.50/- (Rupees Seven and Fifty paisa only) per equity share of face value of ' 5/- each (@ 150%) for the Financial Year 2025-26 to all those who were shareholders as on 23^rd March, 2026, being the record date fixed for this purpose.

The total outgo on account of dividend was ' 50.27 crore. The Board has not recommended any final dividend and accordingly, the interim dividend of ' 7.50/- (Rupees Seven and Fifty paisa only) per equity share declared on 17^th March, 2026 shall be considered as the final dividend pay-out for the Financial Year 2025-26. Hence, the total dividend for the Financial Year 2025-26 remains ' 7.50/- (Rupees Seven and Fifty paisa only) per equity share of ' 5/- each.

In view of the changes made under the Income-tax Act, 1961 by the Finance Act, 2020, dividend paid or distributed by the Company is taxable in the hands of the Shareholders. The Company had, accordingly, made the payment of the Interim dividend after deduction of tax at source.

The dividend declared was in accordance with the Company’s Dividend Distribution Policy (“the Policy”) adopted in pursuance to the provisions of Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations”). The Policy contains broad parameters and factors while recommending/declaring dividend(s) by the Board of Directors. The Policy is available on the Company’s website at https://www.indiaglvcols.com/wp-content/uploads/2023/08/Dividend-distribution-policv.pdf.

Performance Review

FY26 marked another year of strong performance, extending the Company’s consistent growth trajectory over the past three years. All key business segments spanning Bio-Chemicals, Spirits, Bio-Fuels and Ennature Bio Pharma continued to deliver resilient earnings, driven by strategic focus on premiumization, sustainability and operational excellence. The highlight of the year was successful completion of capital raising of ' 466.99 crore through preferential issue of equity shares which has further strengthened the Company’s net worth and liquidity position.

The planned capex on the distillery, New Value-Added Chemical Products and Bio-Fuel Ethanol Plant has been completed, and your Company is now leveraging its expanded scale and capacities for growth. Strategic investments in ethanol and green energy solutions have strengthened the Company’s position in the renewable energy space and supported long-term sustainability goals. The Company is largely self-sufficient for its Alcohol requirements.

During the FY 2025-26, on a standalone basis, your Company registered gross revenue of ' 9,870 crore as compared to ' 9,052 crore in FY 2024-25, an increase of over 9% indicating consistent growth while the net revenue increased from ' 3,782 crore to ' 4,254 crore showing a growth of over 12%. The profit after depreciation and tax for the FY 2025-26 was ' 282 crore in comparison of ' 180 crore in the FY 2024-25, a robust increase of over 56%. Amid a challenging geo-political landscape and a dynamic global pricing environment, the Biobased Specialties and Performance Chemicals (“BSPC”) segment reported a decline of about 10% in revenue over the previous year, whereas the margins were improved. Your Company’s emphasis on specialty and value-added products helped maintain margins and improve resilience. The Potable Spirit segment remained the key growth engine, delivering consistent revenue growth of over 7% and 14% on gross and net revenue respectively, led by premium and value-added offerings, improved brand positioning, expansion into new domestic markets and channelising the Canteen Stores Department (“CSD”) business. The focus on premiumisation continued to enhance realisations and margins. The Bio-fuels segment sustained its high-growth momentum with strong revenue growth of over 40%, benefiting from favorable regulatory policies promoting renewable energy and ethanol blending and increased capacity utilization. Ennature BioPharma division delivered a resilient revenue, supported by rising consumer preference for natural and wellness-oriented products and continued expansion in nutraceutical and plant-based offerings. Although revenue declined by 5% compared with the previous year, the division continued to navigate a challenging operating environment, with margins remaining under pressure.

Depending upon the product mix and margins, the Company continued to optimize the usage of imported alcohol and inhouse capacities. Under the current scenario, the outlook for the near future remains positive.

During the year under review, no amount was transferred to reserves.

Material Changes and Commitments Affecting the Financial Position of the Company

There were no material changes and commitments affecting the financial position of the Company between the end of financial year and date of this report. There has been no change in the nature of the business of the Company.

Alteration to Memorandum and Articles of Association

During the year under review, your Board of Directors, at its meeting held on 30^th May, 2025, approved the alteration of the Memorandum of Association (“MOA”) and the adoption of a new set of Articles of Association (“AOA”) to align the existing MOA and AOA with the provisions of the Companies Act, 2013. The said alterations were also approved by the Shareholders of the Company by way of Special Resolutions passed through Postal Ballot on 22^nd July, 2025.

Sub-division/Split of Equity Shares

With a view to enhance the liquidity of Company’s equity shares in the capital market and to encourage wider participation of investors by making equity shares of the Company more affordable, your Board of Directors, at its meeting held on 30^th May, 2025, approved the Sub-division/Split of the 1 (One) equity share having face value of ' 10/- (Rupees Ten only) each, fully paid-up, into 2 (Two) equity shares, having face value of ' 5/- each (Rupees Five only) each, fully paid-up, by alteration in Capital Clause of the Memorandum of Association (“MOA”) of the Company. Aforesaid alteration of MOA was approved by the Shareholders of the Company through Postal Ballot on 22^nd July, 2025.

After the requisite approvals of the National Stock Exchange of India Limited and BSE Limited ("Stock Exchanges") and the depositories, New ISIN INE560A01023 was allotted to the equity shares of your Company. The effect of change in face value of the shares was reflected on the share price at the Stock Exchanges where the Company is listed effective from 12^th August, 2025 i.e. record date for the purpose of sub-division/spilt of equity shares of your Company.

Preferential Issue

In order to improve the liquidity position of the Company, your Board of Directors, at its meeting held on 16^th October, 2025 approved to raise ' 466.99 crore by way of a preferential issue of 51,03,765 equity shares of face value ' 5 each at an issue price of ' 915/- per share (including a premium of ' 910/-), aggregating to ' 466.99 crore which was also approved by the Members in their Extraordinary General Meeting (“EGM”) held on 12^th November, 2025.

Thereafter, the Company allotted the aforesaid equity shares on 24^th November, 2025 to the persons belonging to promoter and non-promoter categories, in accordance with the provisions of the Companies Act, 2013, Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and other applicable laws.

During the year under review, the Company has fully utilised the proceeds of preferential issue as per the object stated in

the Notice of EGM and there was no deviation or variation in the utilisation of proceeds from the stated objects. Monitoring Agency Report as issued in this regard by CARE Ratings Limited, Monitoring Agency, confirming the same was submitted with the Stock Exchanges.

Increase in Share Capital

Consequent to the above preferential allotment of equity shares, during the year under review, the paid-up equity share capital of the Company was increased from ' 30,96,15,000, comprising 6,19,23,000 equity shares of face value of ' 5/-each, to ' 33,51,33,825, comprising 6,70,26,765 equity shares of face value of ' 5/- each.

There was no change in the Authorised Capital of the Company which remain at ' 45,00,00,000, comprising 9,00,00,000 equity share of face value of ' 5/- each.

Holding Company

During the year under review, consequent to the allotment of equity shares under the preferential issue to the persons belonging to promoter and non-promoter categories, the shareholding of Kashipur Holdings Limited (“KHL”), the promoter Company reduced to 49.77% from 50.35% and accordingly, KHL ceased to be the Holding Company of the Company with effect from 24^th November, 2025.

Scheme of Arrangement

During the year under review, the Board of Directors of the Company at their meeting held on 16^th May, 2025 had approved Scheme of Arrangement amongst India Glycols Limited, Ennature Bio Pharma Limited (“EBL”) and IGL Spirits Limited (“ISL”) with their respective shareholders ("Scheme") involving demerger of Bio Pharma Undertaking into EBL and Spirits and Biofuel Undertaking into ISL, pursuant to the provisions of Section 230 to 232 of the Companies Act, 2013 and the rules framed thereunder.

Subsequent to the filling of the same with the Stock Exchanges, the Company received No Objection/Observation Letters from National Stock Exchange of India Limited and BSE Limited on 17^th and 19^th November, 2025, respectively.

Thereafter, the Company along with EBL and ISL, filed the First Motion Application before the Hon’ble National Company Law Tribunal, Allahabad Bench, Prayagraj (“NCLT”). The NCLT, vide order dated 15^th January, 2026 read with order dated 16^th February, 2026, allowed the same and, inter-alia:

a) Directed the Company to convene separate meetings of its Equity Shareholders and Unsecured Creditors through Video Conferencing on 24^th March, 2026;

b) Dispensed with the Meeting of Secured Creditors of the Company;

c) Dispensed with the Meeting of Equity Shareholders of the EBL and ISL and;

d) Waive off the requirement to convene meetings of Secured and Unsecured Creditors of EBL and ISL, as there were no such creditors;

Accordingly, the respective meetings were duly convened, wherein the said Scheme was approved by the Equity Shareholders and Unsecured Creditors of the Company.

Thereafter, the Company along with EBL and ISL, filed an application (“Second Motion Petition”) before the NCLT under the provisions of the Section 232 of the Act for sanction of the Scheme. The NCLT vide its order dated 9^th April, 2026, allowed the Company’s application and the matter is pending for further hearing before the NCLT. The Company will undertake necessary actions as may be directed by the NCLT or any other statutory authority in relation the Scheme.

Credit Ratings

During the Financial Year 2025-26, CARE Ratings Limited (“CARE”), a credit rating Agency, has kept the rating unchanged for the long-term/short-term bank facilities of the Company. However, Placed on Rating Watch with Developing Implications (RWD), owing to restructuring actions being taken the Company.

The instrument wise ratings details are given in Corporate Governance Report which forms part of this Report.

Bio-Based Specialities and Performance Chemicals

Bio-based Glycols, Bio-Polymers and Industrial Gases

IGL occupies a prominent position in the manufacturing space of bio-based glycols, ethanol, and industrial gases. Anchored by its commitment for sustainability, the Company continues to expand its presence across sectors through the use of renewable feedstocks, technology-driven processes, and purposeful strategic partnerships — contributing meaningfully to global sustainability goals.

The Glycols (essentially MEG) market remained subdued throughout the fiscal 2025-26, due to global overcapacity which led to soft prices. During the period under review, the market faced “hyper-competitiveness.” MEG prices were volatile, though demand stayed resilient due to the strong polyester and PET (packaging) sectors.

For the current year 2026-27, the demand is driven by mainly textile industry and partly by PET/packaging industry. DEG market is expected to grow with key drivers being the construction boom (paints/adhesives). In this Glycols industry segment, IGL continues to remain a unique manufacturer of Bio-Glycols offering a drop in substitute with low carbon solutions in the packaging and textile fiber applications. Despite challenges from low cost petro based MEG, IGL navigated through innovation, retaining sales volume and expanding market share in Far East and SE Asia by developing strategic partnerships and creating brand segmentation. IGL is also trying to create a niche market for its Ethylene Glycol Ethers in the paints and thinners, electronic chemicals, specialty printing inks and industrial cleaners by positioning them as green solvents derived from Bio based feedstock.

In Bio-Polymers, IGL leverages India’s guar resources to cater various industries including oil drilling, textiles, food, cosmetics, and personal care. In view of the challenges and uncertainties and low margins in the oil field segments, IGL is now focusing on high value added markets in food, cosmetics & personal care segment. IGL foresees growth opportunities in these businesses and is actively engaged with stakeholders for product testing & approvals. The Bio-Polymer business reported a sales value of ' 38 crore for the fiscal year 2025-26.

IGL is focusing on building a world-class innovation ecosystem. Key investments and initiatives underway include establishment of a new state-of-the-art Pilot Facility for developing and scaling specialty molecules, augmentation of production capacity to meet rising global demand, strengthening of R&D capabilities to maintain a robust and future-ready product pipeline and deep collaboration with customers, suppliers, and industry stakeholders to co-create solutions that drive mutual success.

By staying at the forefront of technological advancements and global market trends, IGL is well-positioned to anticipate future needs, seize emerging opportunities, and deliver sustained value to all stakeholders. IGL has been focussing on creating new products through innovation to achieve a competitive edge.

The Company’s New Specialty Unit (NSU) plant capacity (7,500 MT/per annum depending on the product mix) reflects the commitment to sustainability and operational efficiency. This NSU is engaged in developing innovative chemistries, including bio-amines, biopolymers, green solvents and also customized products for various end applications including oilfield. The Company has commenced receipt of orders from oil & gas major companies, validating the market fit of its product portfolio. IGL’s products are under various stages of approval with many large MNC’s and your Company is well positioned for large offtake in coming years, thus ensuring significant growth in this segment.

In the Industrial gases sector, IGL continues to perform well, with a focus on quality and customer satisfaction. With significant sales growth in Liquid CO₂ and other industrial gases, coupled with initiatives to enhance quality control, IGL has maintained its position as a trusted supplier in both domestic and global markets. While the commissioning of additional capacities by industry participants is expected to intensify market competition, IGL remains confident of sustaining its growth momentum, supported by its superior product quality, advanced technology capabilities, and strong goodwill built over many years through consistent and responsive customer service. The Company is also engaged in looking for opportunities to expand its already established market of Green Ethylene Oxide. The Company registered a sale value of '46 crore during FY 2025-26.

Sales of Glycols [Monoethylene Glycol (MEG), Diethylene Glycol (DEG), Triethylene Glycol (tEg), Heavy Glycols and Glycols Ether] have increased to 49,998 MT in Fy 2025-26 in comparison to 47,183 MT during the last fiscal 2024-25 and the sales value was ' 1,055 crore and ' 1,177 crore, respectively.

During the year, your Company produced 37,522 MT of Glycols compared to 47,146 MT last year.

Power Alcohol (Bio-Fuels)

The Bio-Fuels segment is well-positioned for sustained growth, underpinned by favourable Government policies and a strong regulatory push towards clean energy adoption. The Company has established itself as a consistent supplier of Ethanol/Bio-Fuels to Oil Marketing Companies (“OMCs”) through competitive tender participation under the Government of India’s Ethanol Blending Programme (“EBP”).

For the third year in a row, the Company for the Ethanol Supply Year (“ESY”) from 1^st November 2025 to 31^st October 2026, has been allocated an initial supply quantity of 15.43 crore litres of Ethanol, representing an estimated aggregate value of ' 1,070 crore under the EBP. During the preceding ESY, the Company had been allocated 19.82 crore litres of Ethanol, with an estimated aggregate value of ' 1,387.40 crore.

During the year under review, the Company registered a revenue of ' 1,470 crore from sale of Power Alcohol as compared to last year mentioned is ' 1,043 crore during previous year.

Potable Spirits (IMFL & Country Liquor) and ENA

IGL’s potable spirits business is anchored by state-of-the-art distilleries producing premium ENA for both domestic and international markets, with a strategic focus on strengthening its position in IMFL and maintaining leadership in the branded country liquor segment.

The Company is also a leading and trusted supplier in North India’s domestic pharma, homeopathic, and perfumery sectors, while continuing to serve major alcoholic beverage companies. The Company’s Extra Neutral Alcohol (ENA) has been conferred the Gold Quality Award by Monde Selection 2026, an internationally recognised quality evaluation institute headquartered in Belgium.

Its strong quality credentials are reinforced by its partnership with Bacardi International, whose full product range, including flagship brands, is manufactured using IGL’s ENA at its Bangalore facility and distributed across North and East India.

The Company is producing Molasses based Alcohol which was certified under the International Sustainability and Carbon Certification (ISCC PLUS). This globally recognized certification is highly regarded for its rigorous standards in ensuring sustainability and traceability across supply chains, particularly within the bioenergy, food, feed, and chemical sectors. ISCC PLUS certification verifies that materials are produced responsibly, with reduced greenhouse gas emissions and full adherence to human rights and environmental standards.

Achieving ISCC PLUS certification not only demonstrates our compliance with sustainable production practices but also strengthens our market position. It enhances business opportunities while showcasing our commitment to circular and bio-circular raw material utilization.

By earning these distinction, the Company’s ENA is recognized among a select group of superior products worldwide, enhancing Company’s brand credibility and creating new opportunities for growth and partnership.

During the year, your Company registered gross sales value of ' 6,755 crore as compared to ' 6,306 crore last year in the Potable Spirits division.

Leadership in Country Liquor:

Your Company has the license for operations and sale of branded Country Liquor in the States of Uttar Pradesh and Uttarakhand and continues to hold a market leadership position in both the states.

The Company continues to strengthen its presence in the Indian Made Foreign Liquor (“IMFL”) segment, with manufacturing operations at its Gorakhpur and Kashipur facilities. The Company’s portfolio spans a wide range of Whisky and Vodka brands across price segments, which have gained strong consumer acceptance across key markets.

Notably, the Company’s Malta Whisky has achieved a leadership position in Uttarakhand, underscoring the brand’s deep-rooted equity and consumer loyalty in the region.

In the Vodka category, the Company’s Amazing Vodka brand has emerged as one of the top three Vodka brands across its launched markets of Uttar Pradesh, Uttarakhand, and Delhi — a testament to its growing brand resonance among consumers. Building on this momentum, the introduction of the Cranberry flavour variant has been met with encouraging market response, with a successful rollout in Uttar Pradesh followed by an expansion into Uttarakhand.

IGL Zumba Lemoni™ is our tactical brand, made out of citrus flavour which goes well with our tropical climate. IGL Zumba™ has gained good traction in the market, and we plan to take the brand national. We have double-digit market share after Bacardi Lemon, which is the leader of the segment. During the year under review, the Potable Division-IMFL received the Best Quality Rum award from Ambrosia Awards 2026 for Zumba Lemoni Naturally Citrus Rum.

The existing partnership with Amrut Distilleries Private Limited, Bengaluru (Known for world class Indian Single Malts) continued to grow in strength. Further, cementing the existing arrangement wherein the Company was manufacturing, bottling, marketing and selling Amrut’s premium brands in the segments namely Whisky, Brandy and Rum, on royalty basis, for various north Indian states, the Company got the distribution rights from Amrut for its world famous Amrut Fusion Single Malt, Amrut Amalgam Malt, Amrut Amalgam Peated Malt for the key states Uttar Pradesh, Uttarakhand, and Delhi.

All these brands complement IGL’s existing organic brands namely Soulmate Whisky ,Beach House XXX Rum, Amazing Vodka product line , Zumba Lemoni Naturally Citrus White Rum and Zumba Black Spiced Rum (Dark Rum).

Keeping in mind the market reach of your Company, Amrut has further created Amrut Capital Exclusive Edition Single Malt for Delhi Market, which your Company sells. Similarly, In Uttarakhand also Amrut has created a brand for IGL called Amrut’s Silver Jubilee edition marking the 25 years of creation of Amrut.

With this now IGL’s brands portfolio has grown right from regular range i.e., Soulmate whisky to top end of Indian Single Malts and is poised to gain market share in all segments in the next couple of years.

Your Company continues to be a registered supplier to the Indian Defence forces through CSD & Paramilitary Forces.

We take satisfaction in mentioning that our two brands i.e., Soulmate Blu Premium whisky & IGL’s Zumba Lemoni Naturally Citrus Rum have been approved in CSD, and we have already started selling all over the country for CSD. Our couple of other brands have also been approved in-principle by CSD.

The Company is putting its utmost focus in the branded business of Spirits, which besides giving top line also offers handsome bottom line.

Ennature Bio-Pharma

The Ennature Bio-pharma division of the Company operates in the space of Plants based Active Pharmaceuticals Ingredients (APIs), Nicotine and Nutraceuticals. The division continues to be the global leader in Thiocolchicoside API, a highly potent muscle relaxant. Further, the strategic partnership with Algatechnologies (Part of the Solabia Group, France) for highly specialized Astaxanthin ingredient had strengthen.

The manufacturing facility is located at Dehradun and is accredited with EU-GMP certification from the European agency(EDQM), WHO GMP, Current Good Manufacturing Practices (CGMP), US FDA (Dietary Supplements), NSF (National Sanitation Foundation)GMP, Clean Label Project (“CLP”) for Xanthogreen and Maxicuma, ISO 9001, ISO 16128, ISO 22000, Hazard Analysis and Critical Control Points (HACCP), Kosher and Halal. The division holds a CEP (Certification of Suitability) from EDQM for its two flagship APIs-Thiocolchicoside & Colchicine which certifies that our APIs are in line with the highest European standards of quality, safety and efficacy. The division has an advanced production facility, including Super Critical CO₂ Fluid Extraction (SCFE) & solvents’ extraction facility, for production of APIs of plant origin, standardized & branded Nutraceutical ingredients as well as Nicotine & its derivatives.

The division has a unified, pharma grade quality system applied across both APIs and Nutraceuticals and is fully supported by a well-equipped R & D center capable to develop products from lab to commercial scale. The R & D center is fully integrated-from chemistry and formulation development to analytical research and process optimization.

The division has registered sales value of '205 crore for FY 2025-26, as compared to '217 crore in previous year, registering a decline of 5%.

The APIs business has steadily maintained its growth and remained one of the leading player in global plant based APIs markets. The division holds commanding position in the domestic Thiocolchicoside product. In Nicotine, focus remained on efficiency enhancement initiatives and aggressive diversification of customer base and building a value added pharma customer base for Nicotine derivatives. The division continues to develop new APIs in order to reduce dependency on Thiocolchicoside. In Nutraceuticals business, the division has expanded its presence in South East Asian markets and continue to focus in the USA as a strategic market. Further, during the year under review, the division has received NSF GMP certification, which puts Ennature Bio Pharma in a globally recognised league of manufactures adhering to highest standards of quality, safety and regulatory compliance for dietary supplements and nutraceuticals. The Company has successfully launched two branded indigents supported by promising clinical outcome. In order to remain competitive and protect its intellectual property, the Company continued to file new patents.

The division continue to have better margins for its flagship products viz. Thiocolchicine and Colchicine.

Future Outlook- Expansion, Modernization and Diversification

IGL has always focused on innovation in both products and processes by using sustainable chemistry and renewable raw materials. This has helped the Company maintain its leadership in value-added products and improve its strong position in the market. The use of advanced technology and strong safety systems ensures consistent product quality and reliable operations.

To meet customer requirements more effectively, IGL has in place a New Product Development (NPD) system that ensures timely delivery of innovative and customized solutions. Over the years, the Company has evolved from a manufacturer of renewable chemicals into a global leader in Specialty Chemicals. By using C-smart and bio-based feedstocks, IGL has strengthened its position and successfully competes with leading global players.

By improving and validating production processes, the Company has achieved significant cost savings in high-volume products. Higher yields, better production efficiency, and the use of alternative raw materials have helped reduce batch cycle time, lower utility expenses, and ensure continuous product availability.

The Company has strategically identified the following key focus areas to accelerate future growth, strengthen its market leadership, and create long-term value:

I. Development of new bio-based specialties.

II. Development of polyglucoside chemistries.

III. Specialty formulation for crop protection and Oil and Gas application

IV. Advancement of carbon-smart based specialties.

V. Green solvents, including bio-amine chemistry and Esters.

VI. Specialty products for fragrance application

VII. Biopolymers, Specialty Block co-Biopolymers, and their derivatives.

VIII. Potable Spirits.

IX. Bio-fuel.

X. Ennature Biopharma - Nutraceuticals and Plant based APIs.

IGL acts as a reliable partner for its customers by helping them achieve their sustainability objectives. Its upcoming product portfolio is focused on supporting the circular economy and advancing sustainable development. The Company has also identified strategic opportunities to diversify and strengthen its portfolio with innovative, value-added, and environmentally friendly products.

By focusing on bio-based and eco-friendly ingredients, IGL stays aligned with global sustainability trends and meets the increasing demand for green solutions across various industries. The use of high-performance chemicals ensures that these products provide excellent efficiency, consistent quality, and reliable performance.

One of IGL’s key strengths is its strong in-house R&D and Technical team, which focuses on developing products through advanced and innovative technologies. This enables the Company to create sustainable and future-ready solutions that are environmentally responsible and effectively meet the changing needs of major industries.

As we move forward on the path of innovation and growth, we recognize the importance of collaboration and continuous improvement. After successfully establishing our R&D center in Kashipur, we are further strengthening our research capabilities through the modification and advancement of our pilot facility for the development of specialty molecules. At the same time, we are working to expand our production capacity to support future business growth. IGL remains committed to building strong relationships with customers, suppliers, and industry partners by leveraging shared knowledge and resources to achieve mutual success. Similarly, your Company’s Dehradun R&D centre is focused on developing high-value, plant-derived phyto APIs and nutraceutical ingredients for the regulated markets. Key priorities include ingredient standardization, process optimization, and yield enhancement to ensure quality, scalability, and cost competitiveness. Going forward, the Company plans to expand its portfolio while continuing to invest in clinical science to strengthen its branded nutraceutical ingredients.

The introduction of new product lines and the expansion of our specialty chemicals business represent an important and promising stage in IGL’s growth journey. With a strong commitment to quality, innovation, and sustainability, we are prepared to capture new opportunities, overcome challenges, and progress confidently toward a more successful and sustainable future for both the Company and its valued partners.

The Company has achieved significant progress in strengthening self-reliance and driving innovation. The commissioning and expansion of grain-based distillery plants in Kashipur and Gorakhpur have played a key role in this development by reducing dependence on imported ethanol and supporting the country’s ethanol blending program.

Aligned with its sustainability vision, IGL has introduced innovative waste management practices that enhance resource efficiency and environmental sustainability. The Company has set up a plant to produce granulated potash fertilizer by utilizing potash-rich fly ash generated from slop incineration boilers. This initiative transforms industrial waste into a useful value-added product, minimizes environmental impact, and reinforces IGL’s approach of creating wealth from waste while supporting long-term sustainable growth.

As IGL continues to progress by overcoming new challenges and capturing emerging opportunities, collaboration and strategic partnerships remain the foundation of its long-term success. With a firm focus on quality, innovation, and sustainable growth, the Company is committed to delivering lasting value and shaping a stronger, more prosperous future for the business and all its stakeholders.

Finance

During the year under review, your Company has:

a) raised term loan amounting to ' 387.87 crore;

b) re-paid, upon maturity, term loan of ' 390.34 crore;

c) pre-paid the term loan of ' 100.88 crore.

The Company has also raised funds amounting to ' 466.99 crore through preferential issue of the equity shares, which has further strengthened the liquidity and cash flow position of the Company.

The Company has been regular in meeting its obligations towards payment of principal/interest to Banks/NBFCs.

Details of the Loans, Guarantees and Investments covered under the provisions of Section 186 of the Act are provided in the notes to the standalone financial statements which form part of the Annual Report. The Company had discontinued its fixed deposits scheme in the FY 2009-10 and has not accepted any fresh deposits covered under Chapter V of the Act during the year. There are no overdue deposits as on 31^st March, 2026. During the year under review, no unclaimed deposit was required to be transferred to Investor Education and Protection Fund (IEPF).

The financial statements of the Company (including of subsidiaries) have been prepared in accordance with the recognition and measurement principles laid down under Ind-AS as presented under Section 133 of the Act read with the relevant rules issued thereunder and the other accounting principles generally accepted in India as applicable.

Internal Financial Controls and their Adequacy

The Company has established a robust internal financial controls framework, commensurate with the size, scale, and complexity of its operations. These controls ensure that all transactions are appropriately authorised, accurately recorded, and reported in a timely manner, thereby maintaining the integrity of the Company’s financial reporting.

The framework encompasses comprehensive policies and procedures designed to ensure the orderly and efficient conduct of business. This includes strict adherence to Company policies, safeguarding of assets, prevention and detection of fraud and errors, completeness and accuracy of accounting records, and timely preparation of reliable financial information.

In line with the evolving business environment, the Company has undertaken a structured strengthening of its control’s architecture. This includes the institution of a revised Delegation of Authority Matrix, updated Standard Operating Procedures (“SOPs”), and operational manuals. The Company has further reinforced its Internal Financial Controls (“IFC”) framework with the advisory support, ensuring alignment with best practices and regulatory expectations.

Listing of Securities

The shares of the Company are listed on BSE Limited and the National Stock Exchange of India Limited. The respective stock code no. and symbol of the Company are 500201 and INDIAGLYCO. The annual listing fees for the year 2026-27 have been paid in advance to the Stock Exchanges.

Subsidiary, Associates, Joint Venture and Consolidated Financial Statements

As at 31^st March, 2026, the Company had Six (6) subsidiaries and One (1) Joint Venture Company. A brief of each of them is given below:

IGL Finance Limited

IGL Finance Ltd. (“IGLFL”) is a 100% subsidiary of the Company. IGLFL had invested funds in short term commodity financing contracts of the National Spot Exchange Ltd. (“NSEL”).

NSEL has defaulted in settling the contracts on due dates, for which IGLFL has initiated legal and other action. IGLFL is confident of recovery of its dues from NSEL over a period of time in view of the measures which have so far been taken for and pending before the Government and other agencies. During the year ended 31^st March, 2026, IGLFL has incurred a loss of ' 0.46 lakh.

IGL Chemicals and Services Private Limited

IGL Chemicals and Services Private Limited (“ICSPL”) is a 100% subsidiary of the Company with objectives, inter-alia, of manufacturing, distribution and sale of various chemicals and ancillary items and providing related services, utilities etc.

During the year ended 31^st March, 2026, ICSPL has earned a profit of ' 280.23 lakh.

Ennature Bio Pharma Limited

(formerly Ennature Bio Pharma Private Limited)

Ennature Bio Pharma Limited (“EBPL”) is a 100% subsidiary of the Company with objectives, inter-alia, to produce of all types and nature of Nutraceuticals, Phytochemicals, Active Pharmaceuticals ingredients (API) of natural plant origins, food supplements & health supplements herbs and their extracts and all nature of their derivatives, intermediary products and/ or to carry out other related activities. During the period under review, EBPL has sub-division/split its equity shares from ' 10/-each to ' 5/- each w.e.f. 7^th August, 2025.

Upon the Scheme of Arrangement amongst India Glycols Limited, Ennature Bio Pharma Limited, and IGL Spirits Limited, along with their respective shareholders, becoming effective, EBPL shall be listed on the National Stock Exchange of India Limited and BSE Limited, subject to receipt of requisite regulatory approvals and fulfilment of applicable listing requirements.

During the year ended 31^st March, 2026, EBPL has incurred a loss of ' 0.15 lakh.

IGL Spirits Limited

IGL Spirits Limited (“ISL”) is a 100% subsidiary of the Company with objectives, inter-alia, to carry on business of Spirits and related products. During the period under review, ISL has sub-division/split its equity shares from ' 10/- each to ' 5/- each w.e.f. 7^th August, 2025.

Upon the Scheme of Arrangement amongst India Glycols Limited, Ennature Bio Pharma Limited, and IGL Spirits Limited, along with their respective shareholders, becoming effective, ISL shall be listed on the National Stock Exchange of India Limited and BSE Limited, subject to receipt of requisite regulatory approvals and fulfilment of applicable listing requirements.

During the year ended 31^st March, 2026, ISL has incurred a loss of ' 0.22 lakh.

contribution, independence of judgement, safeguarding the interest of the Company and all stakeholders etc.

The performance evaluation of the Independent Directors was done by the entire Board excluding the Directors being evaluated in pursuance to the applicable provisions of SEBI Listing Regulations. The performance evaluation of the Chairman, Board as a whole and the Non-Independent Directors was carried out by the Independent Directors.

The Board of Directors expressed their satisfaction with the evaluation process.

Nomination and Remuneration Policy

The Nomination and Remuneration Policy containing, inter-alia, guiding principles for payment of remuneration to Directors, Senior Management, Key Managerial Personnel and other employees along with criteria for determining qualifications, positive attributes, independence of Directors and Board evaluation are provided in the Corporate Governance Report and forms part of the Annual Report. The said policy is available on the website of the Company i.e. https://www.indiaglvcols.com/wp-content/uploads/NRE-Policv-Feb2025-effective-Dec2024-1.pdf

Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

In accordance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (“Prevention of Sexual Harassment Act”), the Company has constituted an Internal Complaints Committee where any grievance of sexual harassment at workplace can be reported. No complaint pertaining to sexual harassment at workplace has been received or pending for disposal by the Committee during the financial year ended 31^st March, 2026.The Company has also adopted policy on prevention of Sexual Harassment at workplace. The objective of the policy is to provide its women employees, a workplace, free from harassment/discrimination and that every employee is treated with dignity and respect.

The said policy is available on the website of the Company i.e. www.indiaglycols.com under link: https://

www.indiaglycols.com/wp-content/uploads/Policy-for-prevention-and-redressal-of-sexual-harrasment-of-women-at-workplace 14.11.2025.pdf

The Company periodically conducts sessions for employees across the organization to build awareness about the policy and the provisions of the Prevention of Sexual Harassment Act.

Vigil Mechanism/ Whistle Blower Policy

In terms of provisions of Section 177 of the Act read with Rules thereunder and SEBI Listing Regulations, the Company has established a Vigil Mechanism/Whistle Blower Policy to deal with the instances of fraud and mismanagement. The Policy also facilitates all employees of the Company to report an instance of leak of unpublished price sensitive information.

The details of the Vigil Mechanism/Whistle Blower Policy are provided in the Corporate Governance Report and also hosted on the website of the Company i.e. https://

www.indiaalvcols.com/ under link https:// www.indiaalvcols.com/wp-content/uploads/2023/07/viail-mechanism-policy.pdf.

As on 31^st March, 2026, the Audit Committee comprises Two Non-executive Independent Directors, namely, Shri Ravi Kumar (Chairman), Shri Samrat Banerjee and One Executive Director namely Shri Alok Singhal.

The details of the Audit Committee meetinas and the attendance of the members thereat are provided in the Corporate Governance Report and forms part of this Report. During the year, all the recommendations made by Audit Committee were accepted by the Board.

Directors’ Responsibility Statement

In terms of provisions of Section 134(5) of the Act, to the best of their knowledge and ability, your Directors confirm that:

a. in the preparation of the annual accounts for the year ended 31^st March, 2026, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b. they have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31^st March, 2026 and the profit and loss of the Company for that period;

c. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. they have prepared the annual accounts on a going concern basis;

e. they have laid down the internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

f. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Management Discussion and Analysis

The Management Discussion and Analysis Report as required under SEBI Listing Regulations forms part of this Report.

Corporate Governance

The Corporate Governance Report, as stipulated under Schedule V(C) of SEBI Listing Regulations forms part of this Report.

The requisite certificate from the Statutory Auditors of the Company, M/s K. N. Gutgutia & Co., Chartered Accountants, confirming compliance with the conditions of corporate governance as stipulated under the aforesaid clause is attached to Corporate Governance Report.

Business Responsibility and Sustainability Report

In pursuance to the provisions of amended Regulation 34 (2)(f) of SEBI Listing Regulations, Business Responsibility and Sustainability Report covering disclosures on Company’s

During the year under review, the Company has complied with all the applicable mandatory Secretarial Standards as issued by the Institute of Company Secretaries of India.

Cost Records and Cost Auditors

The Cost records as required to be maintained under Section 148 (1) of Act are duly made and maintained by the Company.

The Company has appointed M/s R.J. Goel & Co., Cost Accountants (FRN 000026) as Cost Auditors of the Company for the Financial Year 2025-2026 under section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014 including amendments, if any. The Cost Auditors have confirmed that they are eligible under Section 141 (3) of the Act for re-appointment.

The Cost Auditor’s Report for the year 2024-25 was filed with Central Government within the prescribed time.

Related Party Transactions

During the FY 2025-26, Related Party Transactions (RPTs) as defined under Section 188 of the Act read with rules made thereunder and the SEBI Listing Regulations, were at arm’s length and in ordinary course of business.

Pursuant to the provisions of Section 177 of the Act read with Regulation 23 of SEBI Listing Regulations, all transaction with related parties were reviewed and approved by the Audit Committee and were in accordance with the policy on RPTs as formulated by the Company. During the year under review, the RPT policy was modified by the Board on the recommendation of Audit Committee pursuant to the provisions of SEBI Listing Regulations and the same has been uploaded on the Company’s website at https://www.indiaglvcols.com/wp-content/uploads/IGL-RPT-Policv-10 02 2026.pdf

Pursuant to Regulation 23(9) of SEBI Listing Regulations, disclosures of related party transactions on a consolidated basis for the half year ended 31^st March, 2025 and 30^th September, 2025 were submitted to the Stock Exchanges and also hosted on the website of the Company.

During the year under review, your Company did not enter into any RPT which may be considered material in terms of Section 188 of the Act read with rules made there under and thus disclosure in Form AOC-2 is not required to be made by the Company. The disclosures pertaining to RPTs including with entity belonging to the promoter group which hold(s) 10% or more shareholding in compliance with the applicable Accounting Standards have been given in Note no. 55 of the Standalone financial statements forming part of the Annual Report.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings & Outgo

Your Company continuously pursues initiatives to improve energy efficiency and lower greenhouse gas (GHG) emissions. The Company has implemented a cutting-edge technology to turn distillery spent wash into fuel at the Kashipur and Gorakhpur plants. Multiple effect evaporators are used to concentrate the spent wash, which is then used in boilers as renewable fuel, partially replacing the coal. The high-pressure steam that is produced is used to generate power through

matrix/library, aligning them with the Company’s business requirements. The Policy is reviewed and updated on a periodic basis to remain responsive to the evolving risk environment.

The Company’s risk management framework is designed to ensure the continual identification, measurement, and prioritisation of risks and potential exposures, with the active participation of all members of the organisation. The framework seeks to establish structured, enterprise-wide controls and procedures to reduce risk levels and mitigate their impact; protect the Company from material harm; and ensure the availability of a robust contingency plan to manage risks of high probability and high impact.

To ensure that the risk management process remains dynamic and responsive, periodic reviews of key risks are conducted across all sites and departments. The identified risks and corresponding mitigation strategies are communicated to the Board of Directors for assessment and appropriate action to minimise their potential impact.

Details of the RMC meetings and the attendance of members thereat are provided in the Corporate Governance Report, forming part of this Report.

Annual Return

The Annual Return of the Company is available on the website of the Company at: https:// www.indiaglvcols.com/wp-content/uploads/form-mgt-7-2025-26.pdf

Court/Tribunal Orders

During the year under review, there were no significant material orders passed by the regulators or courts or tribunals impacting the going concern status of the Company and its future operations.

Miscellaneous Disclosures

There is no proceeding pending under the Insolvency and Bankruptcy Code, 2016 against the Company. There have not been any instances of one-time settlement by the Company with any Bank or Financial Institution.

Further, the Company has complied with the provisions of Maternity Benefit Act 1961.

Particulars of Employees

The required information as per Section 197 of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given at ”Annexure D” to this Report.

Acknowledgement

The Board of Directors places on record its sincere appreciation for the support and co-operation received from the Central Government, the State Governments of Uttarakhand and Uttar Pradesh, various governmental and regulatory authorities, bankers, lenders, customers, suppliers, vendors, dealers, members, and all other stakeholders and business associates during the year under review.

The Directors also express their deep appreciation to all employees of the Company for their dedication, hard work, and commitment throughout the year. Their collective enthusiasm and efforts have been integral to the Company’s growth, and the Board looks forward to their continued support in the years to come.