Key Quantitative Figures (Consolidated)

  • Revenue from Operations: ₹3,784.7 crore (Q1 FY26: ₹3,455.2 crore; FY2026: ₹14,263.9 crore)
  • Total Income: ₹3,812.3 crore (Q1 FY26: ₹3,477.4 crore)
  • PBDIT: ₹364.2 crore (Q1 FY26: ₹325.7 crore)
  • Depreciation and Amortization: ₹128.4 crore (Q1 FY26: ₹111.5 crore)
  • Finance Cost (net): ₹24.0 crore (remained flat YoY from ₹25.0 crore)
  • Profit Before Tax (before exceptional item): ₹194.7 crore (Q1 FY26: ₹170.2 crore)
  • Exceptional Items: Profit of ₹79.4 crore (on account of profit on sale of land and stake sale to form a JV)
  • Tax Expenses: Credit of ₹418.0 crore (Q1 FY26: Expense of ₹56.3 crore). This includes a ₹474.3 crore tax adjustment due to a favorable judgment for a claim under Section 80-IA of the Income Tax Act, 1961 for previous years.
  • Profit After Tax: ₹693.4 crore (Q1 FY26: ₹113.8 crore; Effective normal PAT is ₹147.0 crore)
  • EPS (Diluted, after exceptional item): ₹44.42 (Q1 FY26: ₹7.30; not annualized)
  • Capital Employed (Consolidated): Not explicitly stated for the group.

Segment-wise Performance (Q1 FY27)

| Segment | Revenue (₹ Cr) | YoY Change | PBIT (₹ Cr) | YoY Change | PBIT Margin |

| Chemicals & Vinyl | 1,392 | +25% | 243 | +31% | 17% |

| - Chemicals | 1,205 | +33% | 205 | +23% | 17% |

| - Vinyl | 187 | -11% | 38 | +114% | 20% |

| Sugar & Ethanol | 811 | -2% | -9 | - | - |

| Fenesta Building Systems | 303 | +22% | 31 | +13% | 10% |

| Shriram Farm Solutions | 357 | +2% | 28 | +23% | 8% |

| Fertilizer | 433 | +11% | 19 | -44% | 4% |

| Bioseed | 210 | -26% | -11 | - | - |

| Others | 81 | +4% | -6 | - | - |

| Total | 3,586 | +9% | 294 | +9% | 8% |

| Less: Intersegment Revenue | 22 | -13% | - | - | - |

| Less: Unallocable Exp | - | - | 59 | +3% | - |

| Grand Total | 3,564 | +9% | 236 | +10% | 7% |

Note: Sugar & Ethanol revenue is net of excise duty on country liquor sales of ₹220 crore (Q1 FY26: ₹193 crore).

Detailed Segment Analysis

Chemicals & Vinyl Business

  • Capital Employed: ₹5,260 crore (includes CWIP of ₹411 crore), up 19.4% YoY.
  • Chemicals (Bharuch & Kota):
  • Caustic Soda Sales Volume: 197,544 MT (flat YoY).
  • Caustic Realization (ECU): ₹35,761/MT, up 6.6% YoY.
  • PBDIT: ₹274.3 crore, up 23.6% YoY.
  • Capacity Utilization: 82% (Q1 FY26: 80%).
  • The 52,500 TPA Hydrogen Peroxide plant was commissioned in August 2024.
  • Vinyl (Kota):
  • PVC Sales Volume: 13,196 MT, down 24.6% YoY.
  • PVC Realization: ₹82,764/MT, up 21.7% YoY.
  • Carbide Sales Volume: 8,921 MT, up 14.9% YoY.
  • Carbide Realization: ₹67,551/MT, up 15.3% YoY.
  • PBDIT: ₹43.0 crore (disclosed elsewhere), up significantly from ₹23.0 crore YoY.
  • Capacity Utilization: 100% (Q1 FY26: 98%).
  • Power: Supported by 345 MW captive thermal power and 50 MW (peak) captive renewable power at Bharuch.
  • Renewable Energy Initiatives:
  • A project with JSW Renewables for 68 MW (peak) captive renewable power at Kota started injection of 25 MW (average) in July 2026.
  • Signed an agreement with Serentica for 58 MW (peak) renewable energy at Bharuch (investment: ₹235 crore).

Sugar & Ethanol Business

  • Capital Employed: ₹3,232 crore, down 9.1% YoY.
  • Operational Metrics:
  • Domestic Sugar Sales: 1.13 Lac Qtls, down 7.8% YoY.
  • Domestic Sugar Realization: ₹4,137/Qtl, up 1.7% YoY.
  • Distillery Sales: 412.0 Lac Liters, flat YoY.
  • Distillery Realization: ₹59.1/Ltr, down 4.4% YoY.
  • PBDIT: ₹22.0 crore, improved from a loss of ₹6.7 crore in Q1 FY26. The prior year had a one-time negative impact of ~₹36 crore from a provision for retrospective duty on ethanol.
  • Inventory: Sugar inventory as of June 30, 2026, was 20.8 Lac Qtls (cost: ₹3,907/Qtl) vs. 27.7 Lac Qtls (₹3,667/Qtl) last year.
  • The 2100 TCD sugar capacity expansion at Loni was commissioned in November 2024. The 12 TPD CBG plant at Ajbapur was commissioned in March 2025.

Fenesta Building Systems

  • Capital Employed: ₹266 crore, up 107.5% YoY.
  • Order Book: ₹302 crore, up 4.0% YoY.
  • PBDIT: ₹39.6 crore, up 12.8% YoY.
  • Operations: 8 fabrication plants, 1 extrusion unit, 430 dealers in 273 cities, 9 company showrooms, and international presence in 7 countries.
  • Investment: Setting up an Aluminium Extrusion Plant at Kota, expected completion in Q2 FY27.

Shriram Farm Solutions

  • Capital Employed: ₹141 crore, down 17.5% YoY.
  • PBDIT: ₹29.6 crore, up 22.1% YoY.
  • Launched 4 new seed products from its own R&D.

Fertilizer (Urea)

  • Capital Employed: ₹380 crore.
  • Sales Volume: 103,994 MT (flat YoY).
  • Realization: ₹40,294/MT, up 18.7% YoY.
  • PBDIT: ₹23.0 crore, down 39.1% YoY. The prior year had a one-time positive impact of ~₹24 crore from a revision of retention price.
  • Subsidy Outstanding: ₹292 crore as of June 30, 2026 (March 31, 2026: ₹189 crore).

Bioseed

  • Capital Employed: ₹802 crore.
  • Revenues: ₹210 crore, down 26.1% YoY, impacted by erratic and delayed monsoon affecting Kharif sowing.
  • PBDIT: Loss of ₹8.9 crore (Q1 FY26: Profit of ₹41.8 crore).

Investments & Projects Update

Completed Projects (Commissioning Date):

1. 850 TPD Caustic Capacity Expansion, Bharuch (May 2024)

2. 120 MW Power Plant, Bharuch (June 2024)

3. 52,500 TPA Hydrogen Peroxide Plant, Bharuch (August 2024)

4. 2100 TCD Sugar capacity expansion, Loni (November 2024)

5. 12 TPD CBG Plant, Ajbapur (March 2025)

6. Acquisition of 53% stake in DNV Global Pvt Ltd. (May 2025)

7. Acquisition of 100% stake in Hindusthan Speciality Chemicals Ltd. [HSCL] (August 2025)

8. 52,000 TPA Epichlorohydrin Plant, Bharuch (35,000 TPA in Oct 2025; balance in April 2026)

Ongoing Projects (Expected Completion):

1. Fenesta Aluminium Extrusion Plant, Kota (Q2 FY27)

2. 68 MW captive renewable energy for Kota (Q2 FY27)

3. 100 TPD Aluminium Chloride (AlCl3), Bharuch (Q2 FY27)

4. 225 TPD Calcium Chloride (CaCl2), Bharuch (Q2 FY27)

5. Acquisition of Salt works (208,000 MTPA capacity) (Q3 FY27)

6. 58 MW captive renewable energy, Bharuch (Q1 FY28)

7. 36 KTPA Formulated Resins Capacity Expansion in HSCL (Q2 FY28)

Management Commentary

Chairman Ajay Shriram and Vice Chairman Vikram Shriram cited a challenging global environment due to geopolitical uncertainties in West Asia, which disrupted supply chains and energy markets, leading to inflationary pressures. Domestically, an erratic monsoon temporarily pressured rural consumption. They noted the Chemicals business delivered a resilient performance, Sugar & Ethanol stabilized with lower inventories, and consumer-facing businesses strengthened their market position. The company is focused on ramping up new capacities and disciplined capital allocation, supported by a strong balance sheet. Sustainability remains embedded in the growth strategy.