Date: September 18, 2026

Management Commentary

  • Reported Q1 FY27 consolidated revenue growth of 11.5% YoY to ₹91.98 Crores
  • PBT increased 30.54% YoY to ₹7.47 Crores
  • Standalone profitability remained under pressure due to international price differential between fossil fuels and biofuels
  • Management expects domestic biodiesel consumption levels to remain broadly stable over next 12 months
  • Targets 25-30% revenue CAGR and 18-22% EBITDA margins over next three years
  • Existing OMC order book of approximately ₹173.45 Crores with execution expected across current and upcoming quarters
  • OMC tender extended by further two months providing additional execution visibility

Operational Highlights

  • Annual biodiesel production capacity: 4,80,000 KL
  • Total team strength: 137 professionals as on 31.03.2026
  • Annual crude glycerin production capacity: ~63,000 KL
  • Zero effluent discharge manufacturing
  • Manufacturing facilities in Sirohi (Rajasthan) and Anand (Gujarat)
  • Rajasthan facility capacity: 1,500 KLPD (expanded from 500 KLPD)
  • Gujarat facility capacity: 100 KLPD
  • Current utilization: Rajasthan 5-6%, Gujarat 30%
  • Target utilization: 60-70% over medium term
  • Capable of processing 10-15 raw materials based on seasonal availability
  • Major raw materials: Used Cooking Oils (84-86%), Alcohol (10-20%), Catalysts (0.2%)

Financial Results (Q1 FY27)

| Particulars (In INR crs) | Q1 FY27 | Q1 FY26 |

| Revenues | 91.98 | 82.46 |

| Other Income | 0.00 | 0.02 |

| Total Income | 91.98 | 82.48 |

| Raw Material Expenses | 75.49 | 68.40 |

| Employee Benefits Expense| 1.49 | 1.00 |

| Other Expenses | 3.29 | 2.76 |

| Total Expenditure | 80.27 | 72.16 |

| EBITDA | 11.71 | 10.32 |

| EBIDTA Margin (%) | 12.73% | 12.51% |

| Finance Costs | 1.76 | 1.73 |

| Depreciation & Amortisation| 2.48 | 2.86 |

| PBT | 7.47 | 5.73 |

| Tax | 3.01 | 1.64 |

| PAT | 4.46 | 4.09 |

| PAT Margin (%) | 4.85% | 4.96% |

| EPS (In INR) | 0.34 | 0.31 |

Financial Results (Annual FY26)

| Particulars (In INR crs) | FY26 | FY25 |

| Revenues | 314.87 | 288.10 |

| Other Income | 0.05 | 0.75 |

| Total Income | 314.92 | 288.85 |

| Raw Material Expenses | 248.42 | 230.36 |

| Employee Benefits Expense| 5.37 | 4.54 |

| Other Expenses | 13.14 | 10.55 |

| Total Expenditure | 266.93 | 245.45 |

| EBITDA | 47.94 | 42.65 |

| EBIDTA Margin (%) | 15.23% | 14.80% |

| Finance Costs | 8.32 | 7.73 |

| Depreciation & Amortisation| 12.82 | 15.26 |

| PBT | 26.85 | 20.41 |

| Tax | 7.48 | 5.87 |

| PAT | 19.36 | 14.53 |

| PAT Margin (%) | 6.15% | 5.03% |

| EPS (In INR) | 18.26 | 14.08 |

Corporate Actions

  • Approved 10:1 Bonus Issue in Q1 FY27
  • Allotted 10,27,91,160 Bonus Equity Shares
  • Successfully migrated from NSE SME Platform to NSE & BSE Main Board in March 2026

ESG & Carbon Credits

  • Earned 57,874 carbon credits between September 2020 and March 2022
  • World's first project to produce biodiesel registered under Voluntary Carbon Mechanism
  • Received Verra carbon certification in 2024
  • Zero Effluent Discharge (ZED) manufacturing

Order Book & Pipeline

  • OMC order book: ₹173.45 Crores
  • Other parties order book: ₹60 Crores
  • Estimated pipeline under discussion: ₹15 Crores

Market Context

  • Government target: 5% biodiesel blending by 2030 (current ~1%+)
  • India biodiesel market: USD 497 Mn (2025) expected to reach USD ~950 Mn by 2034 (CAGR ~7.45%)
  • Global biodiesel market: USD 45.9 Bn (2025) to USD 49.6 Bn (2026), expected to reach ~USD 99 Bn by 2035 (CAGR ~8%)
  • GST reduced from 12% to 5% for biodiesel supply

Management Team

  • Mr. Gaurang Shah: Chairman & Managing Director
  • Mrs. Dhruti Mihir Shah: Whole Time Director and Chief Financial Officer (CFO)
  • Mr. Bhavesh Nagar: Company Secretary & Compliance Officer

Stock Data (as of presentation date)

  • Share Price: ₹41.05
  • Market Capitalization: ₹464.15 Crores
  • No. of Shares Outstanding: 11,30,70,276
  • Face Value: ₹10.00
  • 52 Week High: ₹464.25
  • 52 Week Low: ₹41.05