India Glycols Ltd. (IGL) is mainly engaged in the business of production and marketing of chemicals such as mono-ethylene glycol (MEG), diethylene glycol (DEG) and ethylene oxide derivatives. It also manufactures and sells guar gum and ethyl alcohol. Main product of IGL is MEG for which there is only handful of manufacturers in India. MEG is the major raw material used for the production of polyester and hence,
its demand and growth prospects are linked to polyester market.

Molasses is key raw material for India Glycol and MEG is product. Indian  Glycol having tough time have any profit due to increase in prices of molasses  ( sugar affect ) and crashing prices of MEG.

Some recent developments

1. the company acquired 96.56 per cent stake in Shakumbari Sugar & Allied Industries

2. Monoethylene glycol (MEG) spot values have fallen below the
psychologically important level of $700/tonne (€490/tonne), but market
players said on Monday that prices could rebound towards the end of the
year despite concerns about oversupply.

source : http://www.yarnsandfibers.com

3. crisil downgraded fd rating for india glycol on business risk.

http://www.crisil.com/Ratings/RatingList/RatingDocs/india-glycols_11sep0...

We don't see a quick turnaround for Indian Glycol . Company is heavily depedendent on MEG and MEG prices have gone down by $150 /tonne.  At the same time there has been drop in company's credit rating by Crisil. That would increase interest cost for company.

But again , you get a stock cheap for some reason . If you can afford to wait for 2-4 years for polyster demand to turnaround and hence MEG prices , go for Indian Glycol.