India Glycols uses molasses/ethanol as key raw materials and has 3 businesses derived from it. Past is average/volatile, but potentially a thematic stock, with reduced volatility as
Segment 1 is Green chemicals (an important buyer of its MEG is Coco-cola thereby reducing volatility of an erst while commodity biz). It also makes ethoxylates, a product that goes into agrochem/pharma.
Segment 2 is ENA (bottles for Bacardi and by itself is no 1 in state of UP country liquor). Likely to be largest part of ebitda.
Segment 3 is Neutraceuticals.
This is a simplistic way to explain a complex co, but this India ratings report does a better job. Stock is at approx 5x ebitda, not an unreasonable starting point.
Risks: I do not know why 84% of promoter’s shares are pledged.