Key Financial Figures (₹ in Millions)

Quarter Ended September 30, 2026:

  • Revenue from Operations: ₹3,165.62
  • Other Income: ₹3.23
  • Total Income: ₹3,168.87
  • Profit Before Exceptional Items and Tax: ₹177.24
  • Exceptional Items: ₹6.43
  • Profit Before Tax: ₹170.81
  • Tax Expense: ₹78.87
  • Current Tax: ₹48.52
  • Income Tax for Earlier Year: ₹0.24
  • Deferred Tax: ₹30.21
  • Profit After Tax: ₹231.84
  • Other Comprehensive Income (net of tax): ₹(0.73)
  • Total Comprehensive Income: ₹231.11
  • Paid-up Equity Share Capital (Face Value ₹5 each): ₹514.97
  • Earnings Per Share (₹):
  • Basic: ₹12.25
  • Diluted: ₹5.58

Half Year Ended September 30, 2026:

  • Revenue from Operations: ₹5,187.11
  • Other Income: ₹7.48
  • Total Income: ₹5,194.59
  • Profit Before Exceptional Items and Tax: ₹495.87
  • Exceptional Items: ₹6.43
  • Profit Before Tax: ₹489.44
  • Tax Expense: ₹124.32
  • Current Tax: ₹51.98
  • Income Tax for Earlier Year: ₹0.24
  • Deferred Tax: ₹72.10
  • Profit After Tax: ₹365.12
  • Other Comprehensive Income (net of tax): ₹(1.34)
  • Total Comprehensive Income: ₹363.78

Comparative Figures (Quarter Ended September 30, 2025)

  • Revenue from Operations: ₹3,200.23
  • Profit Before Tax: ₹223.19
  • Profit After Tax: ₹167.12
  • Total Comprehensive Income: ₹168.40

Exceptional Items Disclosure

The Company had claimed/received SGST reimbursement subsidy under Bihar Industrial Promotion Policy, 2016/2011 from April 2019 on sale of products. During FY25-26, the department intimated that certain distributors utilized SGST credit claimed on supplies by the Company to discharge IGST liabilities on subsequent interstate sales, which was not in accordance with Resolution No. 108 dated January 20, 2020.

  • ₹104.64 Million is recoverable from concerned distributors for breach of agreement
  • ₹68.57 Million was provided during FY25-26 and disclosed as exceptional item

On October 5, 2026, the Company received a demand letter from Industry Department, Government of Bihar increasing the alleged excess claim of SGST reimbursement subsidy to ₹165.60 Million (from earlier ₹149.00 Million) for the period April 2019 to December 2024.

  • ₹101.17 Million considered recoverable from respective distributors
  • ₹6.43 Million provided during quarter/half year ended September 30, 2026 and disclosed as exceptional item

The demand letter also asked the Company to submit clarification why the excess SGST reimbursement should not be recovered with interest at 18% per annum compounded annually. Based on legal opinion obtained, the Company believes no obligation to pay interest has crystallized and it has a strong case on merits. No provision for interest has been considered necessary.

Capital Structure Impact

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

Business Operations

The Company is primarily engaged in the business of manufacturing of 'Maize starch and its derivatives'. There are no separate reporting segments under Ind AS 108 "Operating Segments".

Approval and Review Details

The unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on November 13, 2026. Limited review was carried out by the Statutory Auditors as required under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Newspaper Publication

The results were published in Financial Express (All India Edition, English) and Ekdin (West Bengal, Bengali) on November 14, 2026.