Financial Results Overview

Quarter Ended September 30, 2026 (Unaudited)

  • Revenue from Operations: ₹3,165.62 million
  • Other Income: ₹3.25 million
  • Total Income: ₹3,168.87 million
  • Total Expenses: ₹2,851.63 million
  • Profit Before Exceptional Item and Tax: ₹317.24 million
  • Exceptional Item: ₹6.43 million (SGST subsidy provision)
  • Profit Before Tax: ₹310.81 million
  • Tax Expense: ₹78.97 million
  • Profit for the Period: ₹231.84 million
  • Other Comprehensive Income: ₹(0.73) million
  • Total Comprehensive Income: ₹231.11 million
  • Basic EPS: ₹2.25
  • Diluted EPS: ₹2.24

Half Year Ended September 30, 2026 (Unaudited)

  • Revenue from Operations: ₹5,187.11 million
  • Other Income: ₹7.48 million
  • Total Income: ₹5,194.59 million
  • Total Expenses: ₹4,698.72 million
  • Profit Before Exceptional Item and Tax: ₹495.87 million
  • Exceptional Item: ₹6.43 million
  • Profit Before Tax: ₹489.44 million
  • Tax Expense: ₹124.32 million
  • Profit for the Period: ₹365.12 million
  • Other Comprehensive Income: ₹(1.34) million
  • Total Comprehensive Income: ₹363.78 million
  • Basic EPS: ₹3.55
  • Diluted EPS: ₹3.53

Comparative Performance

Compared to previous periods:

  • Q2 FY26 Revenue: ₹3,200.23 million (current: ₹3,165.62 million)
  • Q2 FY26 Net Profit: ₹167.12 million (current: ₹231.84 million, +38.7%)
  • H1 FY26 Revenue: ₹5,665.92 million (current: ₹5,187.11 million)
  • H1 FY26 Net Profit: ₹257.79 million (current: ₹365.12 million, +41.6%)

Exceptional Item Details

The Company provided ₹6.43 million as exceptional item during the quarter/half year ended September 30, 2026, related to potential refund of SGST reimbursement subsidy claimed under Bihar Industrial Promotion Policy.

This follows an earlier provision of ₹66.57 million made in FY26 for the same matter. On October 5, 2026, the Company received a demand letter from the Industry Department, Government of Bihar increasing the alleged excess claim to ₹165.60 million from the previously communicated ₹149.00 million.

The Company believes ₹104.64 million is recoverable from distributors and has provided the balance. The demand letter also asks for clarification why the amount shouldn't be recovered with 18% interest compounded annually. Based on legal opinion, the Company believes it has a strong case and no provision for interest has been made.

Capital Structure Change

During the quarter, the Company issued and allotted 270,400 equity shares (face value ₹5 each) under the Employee Stock Option Plan. The paid-up equity share capital increased from ₹513.62 million to ₹514.97 million.

Balance Sheet Position (as at September 30, 2026)

  • Total Assets: ₹17,625.30 million (Mar 31, 2026: ₹13,367.22 million)
  • Property, Plant and Equipment: ₹7,517.20 million (Mar 31, 2026: ₹3,657.73 million)
  • Capital Work-in-Progress: ₹1,882.68 million (Mar 31, 2026: ₹4,637.87 million)
  • Inventories: ₹3,391.91 million (Mar 31, 2026: ₹784.67 million)
  • Total Equity: ₹5,240.85 million (Mar 31, 2026: ₹4,894.30 million)
  • Total Borrowings: ₹8,927.28 million (Non-current: ₹4,343.52 million; Current: ₹4,583.76 million)

Cash Flow Statement (H1 FY27)

  • Net Cash Used in Operating Activities: ₹(1,464.16) million
  • Net Cash Used in Investing Activities: ₹(1,665.20) million
  • Net Cash from Financing Activities: ₹2,595.62 million
  • Net Decrease in Cash: ₹(533.74) million
  • Cash & Cash Equivalents at End: ₹117.22 million

Business Segment

The company is primarily engaged in manufacturing of 'Maize starch and its derivatives' with no separate reporting segments under Ind AS 108.

Meeting Details

The Board meeting commenced at 14:20 hours and concluded at 15:19 hours on November 13, 2026.