Financial Performance Highlights

Consolidated Q4 FY26 Results:

  • Revenue from Operations: ₹564.1 crores (down 2.7% YoY from ₹579.5 crores in Q4 FY25)
  • Total Income: ₹570.0 crores (down 3.2% YoY from ₹588.8 crores)
  • Gross Profit: ₹223.7 crores (down 3.2% YoY), with GP margin of 39.2%
  • EBITDA: ₹92.1 crores (down 24.3% YoY from ₹121.7 crores), with EBITDA margin of 16.2%
  • Profit after Tax (including one-time impact of Deferred Tax): ₹52.9 crores (down 26.5% YoY from ₹71.9 crores)
  • PAT margin: 9.3%

Consolidated FY26 Annual Results:

  • Revenue from Operations: ₹1,987.9 crores (up 6.3% YoY from ₹1,870.3 crores in FY25)
  • Total Income: ₹2,000.2 crores (up 6.0% YoY)
  • Gross Profit: ₹573.5 crores (up 14.3% YoY), with GP margin of 28.7%
  • EBITDA: ₹139.3 crores (up 15.8% YoY from ₹120.3 crores), with EBITDA margin of 7.0%
  • Profit after Tax (including one-time impact of Deferred Tax): ₹3.5 crores (improved from loss of ₹23.4 crores in FY25)
  • PAT margin: 0.2%

Segmental Performance

Bio-Based Chemicals Segment:

  • FY26 Revenue: ₹578 crores (increased by 6.6% YoY)
  • Driven by richer product mix and rising specialty chemicals contribution
  • Q4 FY26 impacted by geopolitical disruptions affecting specialty chemicals business
  • Increased focus on high-margin specialty chemicals expected to drive sustainable growth

Ethanol Segment:

  • FY26 Revenue: ₹658.6 crores (grew 12.6% YoY)
  • Strong performance despite industry pricing pressure
  • B-heavy molasses availability provided key advantage

Integrated Sugar, Co-gen & Ethanol Segment EBITDA:

  • Q4 FY26: ₹83.9 crores (down 19.3% from ₹104.0 crores in Q4 FY25)
  • FY26: ₹97.4 crores (up 19.3% from ₹81.6 crores in FY25)

Strategic Developments and Expansion

Capacity Expansion:

  • New grain-based distillery (200 KLPD) commissioning by June 2026
  • Will add 60 million liters of ethanol capacity
  • Timed to capture rising blending demand from India's E20+ policy push

Strategic Partnerships:

  • Synthomer partnership to expand bio-based monomer and specialty chemicals portfolio into global markets
  • Catalyxx collaboration to strengthen technology readiness in Bio-Butanol landscape
  • Advances transition towards sustainable chemicals business model

Innovation Projects:

  • DME (Dimethyl Ether) project in collaboration with ICT researching conversion of CO2 & Hydrogen at pilot plant stage
  • Opens clean energy growth vertical aligned with decarbonization trends
  • Drug discovery research for Triple-Negative Breast Cancer showing promising preclinical efficacy

Balance Sheet Position (as of March 31, 2026)

Assets:

  • Total Assets: ₹2,052.3 crores (up from ₹1,955.1 crores in Mar'25)
  • Non-current assets: ₹1,060.7 crores (includes Property, plant and equipment: ₹864.1 crores, Capital Work-in-Progress: ₹129.3 crores)
  • Current assets: ₹991.5 crores (includes Inventories: ₹775.8 crores, Trade Receivables: ₹113.6 crores)
  • Cash and Cash Equivalents: ₹15.3 crores

Liabilities and Equity:

  • Total Equity: ₹788.3 crores
  • Non-current liabilities: ₹389.6 crores (includes Borrowings: ₹333.3 crores)
  • Current liabilities: ₹874.4 crores (includes Borrowings: ₹196.8 crores, Trade payables: ₹569.3 crores)

Cash Flow Statement (FY26)

  • Cash Flow from Operating Activities: ₹171.3 crores (improved from negative ₹0.4 crores in FY25)
  • Cash Flow from Investing Activities: negative ₹162.6 crores
  • Cash Flow from Financing Activities: negative ₹5.7 crores
  • Net increase in Cash & Cash equivalent: ₹3.0 crores

Market Context and Outlook

  • Geopolitical volatility driving transition from fossil fuels to bio-based solutions
  • India's E20+ blending roadmap and E85/E100 draft standards creating structural ethanol demand growth
  • Global decarbonization mandates creating long-term demand for bio-fuels and green chemicals
  • Currency dynamics strengthening export competitiveness
  • Company positioned as integrated bio-based supply partner for global customers moving away from petroleum-derived inputs