Godavari Biorefineries Limited Investor Presentation Q2 & H1 FY27 Summary

Financial Performance Highlights

Q2 FY27 Financial Results (INR Crores):

  • Revenue from Operations: ₹549.2 (vs ₹430.8 in Q2 FY26)
  • Total Income: ₹549.8, up 26.6% YoY
  • Gross Profit: ₹120.0, up 31.3% YoY
  • Gross Profit Margin: 21.8% (vs 21.0% in Q2 FY26)
  • EBITDA: ₹10.9 (vs negative ₹4.4 in Q2 FY26)
  • EBITDA Margin: 2.0% (vs negative 1.0% in Q2 FY26)
  • EBIT: negative ₹4.4 (vs negative ₹17.9 in Q2 FY26)
  • Finance Costs: ₹15.4
  • Profit before tax: negative ₹19.7 (vs negative ₹56.9 in Q2 FY26)
  • Tax Expense: negative ₹4.5
  • Profit after Tax: negative ₹15.2 (vs negative ₹41.6 in Q2 FY26)

H1 FY27 Financial Results (INR Crores):

  • Revenue from Operations: ₹1,107.1 (vs ₹964.0 in H1 FY26)
  • Total Income: ₹1,109.7, up 14.6% YoY
  • Gross Profit: ₹220.8, up 14.0% YoY
  • Gross Profit Margin: 19.9% (vs 20.0% in H1 FY26)
  • EBITDA: ₹13.4 (vs ₹2.1 in H1 FY26)
  • EBITDA Margin: 1.2% (vs 0.2% in H1 FY26)
  • EBIT: negative ₹16.3 (vs negative ₹24.9 in H1 FY26)
  • Finance Costs: ₹29.3
  • Profit before tax: negative ₹45.6 (vs negative ₹79.2 in H1 FY26)
  • Tax Expense: negative ₹11.0
  • Profit after Tax: negative ₹34.6 (vs negative ₹57.6 in H1 FY26)

Segment Performance

Integrated Sugar, Co-generation & Ethanol Segment:

  • Performance impacted by challenging feedstock conditions, higher manufacturing costs, and lower ethanol tender allotments
  • Margin shrinkage occurred during H1 FY27

Bio-Based Chemicals Segment:

  • Performance supported by ongoing debottlenecking initiatives and improved operational efficiencies
  • Drove higher revenue and EBITDA growth alongside margin improvement during H1 FY27
  • Q2 FY27 actual revenue: ₹204 crore, exceeding guidance of ₹190 crore by ₹14.2 crore

Balance Sheet Position (as of September 30, 2026)

Assets (INR Crores):

  • Total Assets: ₹1,621.2 (vs ₹2,052.3 as of March 31, 2026)
  • Non-current Assets: ₹1,083.4
  • Property, Plant and Equipment: ₹959.7
  • Right to Use Asset: ₹55.4
  • Intangible Assets Under Development: ₹21.1
  • Current Assets: ₹537.8
  • Inventories: ₹262.7 (vs ₹775.8 as of March 31, 2026)
  • Trade Receivables: ₹143.6
  • Cash and Cash Equivalents: ₹15.8
  • Bank Balances: ₹18.7

Liabilities and Equity (INR Crores):

  • Total Equity: ₹753.1 (vs ₹788.3 as of March 31, 2026)
  • Equity Share Capital: ₹51.2
  • Other Equity: ₹701.9
  • Non-current Liabilities: ₹369.3
  • Borrowings: ₹324.4
  • Deferred Tax Liabilities: ₹31.1
  • Current Liabilities: ₹498.8
  • Borrowings: ₹221.3
  • Trade Payables: ₹181.4
  • Other Financial Liabilities: ₹35.1

Cash Flow Statement (H1 FY27, INR Crores)

  • Cash from Operating Activities: ₹66.4
  • Cash from Investing Activities: negative ₹53.0
  • Cash from Financing Activities: negative ₹12.8
  • Net increase in Cash: ₹0.5
  • Cash and equivalents at period end: ₹15.8

Operational Highlights and Business Updates

Company Overview:

  • Multi-feedstock, multi-product biorefinery converting agricultural resources into fuels, chemicals, renewable power and foods
  • Established in 1939 with business heritage
  • 2 manufacturing sites in Karnataka and Maharashtra
  • 800 KLPD distillery installed capacity
  • 20+ bio-based products
  • 3 R&D centres with 50+ scientists
  • Global reach across 35+ countries

Strategic Initiatives:

Bio-based Chemicals Segment:

  • India's only producer of Bio 1,3-BG & Bio
  • 20+ products including Ethyl Acetate
  • FY26 revenue: ₹578 crore
  • Applications: pharma, personal care, food & industry
  • Technology collaborations:
  • Catalyxx technology collaboration for bio-butanol production
  • Synthomer partnership to develop bio-based monomer pathways
  • Exploring additional partners in bio-butanol market
  • Incremental capex of ~₹25 crore planned for further debottlenecking

CO₂-to-DME Project:

  • Pilot-scale validation with ICT Mumbai
  • Trials targeted to conclude by Q4 FY27
  • Uses CO₂ + green hydrogen to produce renewable DME

Ethanol Policy Impact:

  • For Ethanol Supply Year 2026–27, OMC tenders exclude ethanol made from sugarcane juice, sugar/syrup and B-heavy molasses
  • Procurement shifts towards maize, surplus FCI rice, damaged grains and C-heavy molasses
  • Reduction in corn-ethanol procurement rate from ₹71.86/L to ₹68.86/L for ESY 2026–27
  • Grain-based unit commissioned at Sameerwadi in June 2026 providing alternative production route

Drug Discovery Program:

  • Lead molecule MSP008-22 for Triple-Negative Breast Cancer (TNBC)
  • Phase I safety studies completed, Clinical Study Report submitted
  • Application filed with CDSCO for next stage trials (preliminary efficacy)
  • 40+ compounds in diversified oncology pipeline
  • 7 patents secured with 48 patent registrations across multiple geographies
  • Estimated trial completion by Q2 2030

Consumer Brand (Jivana):

  • H1 FY27 revenue: ₹70 crore (vs ₹66 crore in H1 FY26)
  • FY25 revenue: ₹108 crore with 56% CAGR from FY22
  • Geographic expansion to 3 new states: Karnataka, Telangana, Andhra Pradesh
  • Increased penetration in existing 4 states: Maharashtra, Gujarat, Rajasthan, Madhya Pradesh
  • 7,500+ retail outlets in H1 FY27 (vs 7,000+ in H1 FY26)
  • Significant e-commerce growth: Zepto sales increased 15X in one year
  • Presence on Instamart, Big Basket, Flipkart Minutes & Grocery Shops

Regenerative Agriculture:

  • Soil-health research and farmer programmes across agricultural network

Forward-Looking Priorities

1. Specialty Chemicals: Increase value-added mix through debottlenecking, customer co-creation and global partnerships

2. Feedstock Flexibility: Leverage 800 KLPD capacity to navigate policy and feedstock shifts

3. Operational Excellence: Improve yields, utilisation, energy efficiency and cost absorption

4. Research & Innovation: Bio-based specialty chemicals, regenerative agriculture and drug discovery