Company Overview

Godavari Biorefineries Limited filed its 71st Annual Report for FY 2025-26 along with detailed financial statements, reporting improved financial performance and strategic developments.

Financial Performance

Revenue & Profitability:

  • Standalone revenue grew 6.03% to ₹1,964.92 crores (FY25: ₹1,853.17 crores)
  • Returned to profitability with ₹1.24 crores net profit after previous year's loss of ₹27.16 crores
  • Consolidated revenue reached ₹1,987.94 crores with ₹3.53 crores net profit

Segment Performance:

  • Sugar: ₹688.74 crores (34.40% of total)
  • Bio-based Chemicals: ₹575.57 crores (29.30% of total)
  • Distillery: ₹658.55 crores (33.50% of total)
  • Cogeneration: ₹42.06 crores (2.14% of total)

Capital Structure & Borrowings:

  • Total borrowings: ₹524.31 crores (₹339.11 crore non-current, ₹185.20 crore current)
  • Secured term loans from banks primarily for ethanol and grain projects
  • Completed IPO in October 2024 raising ₹554.75 crore (₹325 crore fresh issue, ₹229.75 crore offer for sale)
  • IPO proceeds utilized for term loan prepayment (₹240 crore) and general corporate purposes

Strategic Initiatives & Operations

Expansion Projects:

  • Commissioned 200,000 LPD ethanol facility using maize/grain
  • Technology licensing agreement with Catalyxx for production of up to 30,000 tonnes of Bio-Butanol
  • MOU with Synthomer for purchase of Bio-Butanol
  • Progress in drug discovery for triple-negative breast cancer with CDSCO application filed
  • CO₂-to-Dimethyl Ether (DME) pilot project advancing with ICT collaboration

Operational Highlights:

  • Crushed 24.6 lakh tonnes of sugarcane in FY26
  • Installed distillery capacity of 600 KLPD with 14 MW power generation
  • Jivana Consumer Brand crossed ₹129 crores in revenue
  • Ongoing transformation project 'Dhruva' for operational optimization

Governance & Compliance

Board Composition:

  • 11 Directors (4 Executive, 6 Independent, 1 Non-Executive) with 18% women representation
  • Key appointments: Mr. Nandan Mehta and Mr. Sean Reagan as Independent Directors
  • Mr. Hemant Luthra re-appointed as Independent Director

AGM Details:

  • 71st Annual General Meeting scheduled for September 28, 2026 via video conferencing
  • Remote e-voting period: September 25-27, 2026
  • Cut-off date for e-voting: September 21, 2026

Subsidiaries:

  • Solar Magic Private Limited (wholly-owned)
  • Cayuga Investments B.V. (Netherlands, wholly-owned)
  • Godavari Biorefineries B.V. (Netherlands, step-down)
  • Godavari Biorefineries Inc. (USA, step-down)
  • Sathgen Therapeutics LLC (USA, step-down, became subsidiary during the year)

Risk Factors & Contingencies

Contingent Liabilities: Approximately ₹3,268 crore including:

  • GST on ENA Sales: ₹46.84 crore demand (July 2017 to March 2021)
  • Income Tax Demands: AY 2023-24 ₹46.16 crore demand under appeal
  • CSIR Arbitration: ₹10.29 crore principal and interest
  • Custom Duty Demand: ₹4.80 crore differential duty on import
  • Various electricity duty claims and environmental compliance obligations

Legal Proceedings: Multiple ongoing cases including tax disputes, GST matters, and regulatory compliance issues across different jurisdictions.

CSR & Sustainability

  • CSR Expenditure: ₹34.14 lakhs against requirement of ₹13.34 lakhs
  • Focus areas: Education, women empowerment, healthcare, community development
  • "Help A Child" scholarship program supported 103 students
  • Women empowerment through tailoring classes benefitted 386 women

Auditor Reports

All auditor reports (Statutory, Secretarial, Cost, Internal) are unqualified without any adverse remarks, confirming compliance with applicable accounting standards and regulatory requirements.

The company maintains strong focus on sustainability and integrated biorefining while navigating significant contingent liabilities and continuing strategic expansion initiatives across its business segments.