Key Financial Figures - Full Year FY26

  • Operating Income: INR 1,134.2 crores (23.9% YoY growth)
  • Value-Added Products Revenue: INR 295.8 crores (18% YoY growth)
  • Operating EBITDA: INR 126.6 crores
  • Operating EBITDA Margin: 11.2%
  • PAT: INR 55.6 crores
  • PAT Margin: 4.9%
  • Recommended Dividend: INR 0.25 per share (subject to shareholder approval)

Key Financial Figures - Q4 FY26

  • Operating Income: INR 244.6 crores
  • Operating EBITDA: INR 32.5 crores
  • Operating EBITDA Margin: 13.3%
  • PAT: INR 16.5 crores
  • PAT Margin: 6.8%

Balance Sheet and Operational Metrics

  • Net Debt-Equity Ratio: Improved to 1.1x from 1.9x in FY25
  • Cash Conversion Cycle: Improved to 50 days from 93 days in FY25
  • Customer Base: 345 customers as of March 2026 (134 new customers onboarded during FY26)
  • Dealer Channel Contribution: 65.5% of annual revenue
  • Manufacturing Capacity Progression: 180 TPD (FY18) → 330 TPD (FY22) → 650 TPD (FY24) → 750 TPD (FY25) → 825 TPD (FY26) → 1,650 TPD (May 2026)
  • Revenue CAGR: 32.5% from FY23 to FY26

Major Expansion Commissioning

  • Date of Commissioning: May 26, 2026
  • New Crushing Capacity: 1,650 tons per day (making it the largest maize milling facility in Eastern India)
  • New Derivative Manufacturing Facilities:
  • Liquid Glucose: 180 tons per day
  • Maltodextrin Powder: 50 tons per day
  • Captive Co-generation Power Plant Expansion: Additional 10 MW, taking total capacity to 15.8 MW
  • Expected Additional Direct Employment: 475 employees (total on-role workforce to reach ~950 employees)

Capex Details

  • Revised Capex Outlay: Increased from approximately INR 430 crores to approximately INR 540 crores
  • Capex Spent by March 31, 2026: INR 401 crores
  • Remaining Capex for FY27: INR 140 crores
  • Incremental Investment Directed Towards: Expanding value-added products pipeline and scaling up captive co-generation plant capacity

Future Value-Add Product Pipeline

Planned commissioning over FY27:

  • Dextrose Anhydrous (DAH)
  • Dextrose Monohydrate (DMH)
  • Hydrol
  • Modified Starch Additions:
  • Cationic Starch
  • Carboxymethyl Starch
  • Pre-gel Starch

Value-Added Product Strategy

  • Current Value-Added Revenue: ~3% of total
  • Target Value-Added Revenue: ~35% at full capacity
  • Expected FY27 Value-Added Revenue: Between 20-25%
  • Margin Differential: Expected to be 20-25% over starch prices

Raw Material Procurement Strategy

  • Storage Capacity: 65,000 MT across four humidity-controlled silos and raw material godowns
  • Additional Warehouse Agreements: 240,000 tons capacity across 27 Farmer Procurement Centers (FPCs)
  • Procurement Methods:
  • Direct from farmers during Rabi season (April-July)
  • Through FPCs across 6-7 districts
  • Minimal trading from other states
  • Trading Business: Expected to reduce to near zero due to increased internal consumption

Policy Benefits

  • Bihar Industrial Investment Promotion Policy (BIIPP) Benefits:
  • Interest Subvention: 10% per annum on loans from scheduled banks
  • Cap: INR 20 crores over five years
  • State GST reimbursement
  • Timing: Typically received within the next quarter after application
  • Recognition: One Star Export House by Director General of Foreign Trade, Ministry of Commerce and Industry

Operational Infrastructure

  • Location: Kishanganj, Bihar (strategically located in top maize cultivating state contributing 11.6% of India's production)
  • Facility Size: 55 acres with abundant land for future expansions
  • Power Self-Sufficiency: 81% of electricity requirements sourced from captive cogeneration plant in FY26
  • Environmental: Zero liquid discharge unit operational

Guidance and Outlook

  • Management refrained from providing formal FY27 guidance
  • Decision to wait for:
  • Plant stabilization post expansion
  • Clearer trend in raw material (maize) price softening
  • One quarter of stabilized operations
  • Commitment to provide comprehensive earnings trajectory view by end of H1 FY27

Working Capital Outlook

  • Expected Cash Conversion Cycle: Between 75-50 days
  • Seasonal Pattern: Working capital requirement increases in Q1, peaks in Q2, then steadily falls from Q3 to Q4
  • Other Current Assets Increase: Rose from INR 56 crores to INR 170 crores due to advances given for raw material procurement and warehouse storage for expanded capacity

Debt Projection

  • Current Net Debt: INR 545.65 crores
  • Expected Peak Debt: INR 700-750 crores (including working capital debt)

Export Strategy

  • Focus on South-Eastern Asian markets
  • Recent softening in raw material prices improving global cost competitiveness
  • Secured sizeable export order strengthening near-term export revenue visibility

White-Labelling Strategy

  • Current Status: Working with four companies
  • Volume: Increased from 2-2.5% of starch quantity to expected significant growth within H1 FY27
  • Products: Includes gulal (started manufacturing)

Raw Material Price Environment

  • Maize Prices: Have come down considerably compared to last year
  • Expected Reduction: Approximately 10% compared to last year
  • Price Range Last Year: INR 18-23 per unit
  • Market Dynamics: Finished product prices for co-products (germ, gluten, fiber) showing significant improvement from Q4 to Q1