IGPL faced a challenging Q3 FY26 with revenue at Rs 471.3 Cr, down from Rs 566.7 Cr year-on-year, and a net loss of Rs 7.2 Cr compared to a profit of Rs 27.7 Cr previously.

Profitability was squeezed due to compressed margins, despite stable Phthalic Anhydride (PAN) demand.

Non-PAN business contributed Rs 41 Cr.

The company continues its strategy to diversify beyond PAN, where it holds a dominant ~50% market share.

Key growth drivers include rising demand for plasticizers in construction and growing use of alkyd resins in paints.

Recent developments include de-bottlenecking of the Di-ethyl Phthalate (DEP) plant to 12,000 tons and mechanical completion of the 100,000-ton Advanced Plasticizer plant, both expected by March 2026. A Compressed Biogas (CBG) plant is also targeted for mechanical completion by Q2 CY26, aligning with sustainability goals and non-PAN revenue diversification.