Financial Performance Highlights

Q2 FY2027 Performance (Standalone and Consolidated)

  • Revenue from Operations: Rs. 2,183 million, representing 11.1% year-on-year growth compared to Q2 FY2026
  • Gross Profit: Rs. 708 million
  • Gross Profit Margin: 32.4% (compared to 24.8% in Q2 FY2026)
  • Export Turnover: Rs. 755 million, representing 17.1% year-on-year growth compared to Q2 FY2026

H1 FY2027 Performance (Standalone and Consolidated)

  • Revenue from Operations: Rs. 4,244 million
  • Gross Profit: Rs. 1,397 million
  • Gross Profit Margin: 32.9% (compared to 24.5% in H1 FY2026)
  • Export Turnover: Rs. 1,478 million

Operational and Strategic Updates

Manufacturing Capacity and Facilities

  • Total installed capacity: 2,350 TPD (Tonnes Per Day)
  • Dhule, Maharashtra facility: 2,000 TPD capacity, 210 acres land area, 50,000 MT maize storage silos
  • Kutch, Gujarat facility: 350 TPD capacity, 64 acres land area, USFDA registered
  • Combined annual maize wet milling capacity: 363,000 MT (Dhule: 247,500 MT, Kutch: 115,500 MT)

Capacity Expansion

  • IPO proceeds of Rs. 1,816 million allocated to Dhule expansion from 1,100 TPD to 2,000 TPD
  • Expansion conducted in two phases with native starch manufacturing plant commissioned and derivatives facility to be commissioned in FY2026-27

Renewable Energy Initiative

  • Commissioned 3 MW captive solar power plant at Kutch, Gujarat facility
  • Investment: Approximately Rs. 75 million
  • Expected to meet 40% of Kutch facility's electricity requirement
  • Expected annual power cost savings: Approximately Rs. 30 million
  • Adds to existing solar and biogas-based power capacity at Dhule facility

Market Position and Business Overview

  • India's second largest maize-based specialty products and ingredient solutions manufacturer
  • Export contribution: 34% of revenues, serving 34 countries
  • Leadership in native starch, modified starch and derivatives for food, animal nutrition and other industries
  • FY2025-26 Financials: Revenues Rs. 7,846 million, EBITDA Rs. 377 million (4.8% margin), PAT Rs. 345 million (4.4% margin)

Cash Flow and Balance Sheet Analysis (H1 FY2027)

  • Operating cash inflow: Rs. 234 million
  • Cash outflow for investing activities: Rs. 2,041 million (reflecting capacity expansion and strategic growth initiatives)
  • Long Term Debt: Rs. 76 million (compared to Rs. 100 million in FY26)
  • Short Term Debt: Rs. 232 million (compared to Rs. 99 million in FY26)
  • Total Debt: Rs. 308 million (compared to Rs. 199 million in FY26)
  • Cash & Cash Equivalents: Rs. 191 million (compared to Rs. 236 million in FY26)
  • Net Debt: Rs. 117 million (compared to Rs. (37) million in FY26)
  • Total Equity: Rs. 9,067 million (compared to Rs. 6,939 million in FY26)
  • Net Debt/Equity: 0.01x (compared to (0.01)x in FY26)

Management Commentary

Mr. Gouthamchand Chowdhary, Chairman and Managing Director, commented on improved operating performance with stable plant operations and benefits of higher manufacturing capacity. He noted competitive native starch market due to global pricing dynamics but highlighted benefits from improved operating efficiencies, larger manufacturing scale, and wider product portfolio. Export growth was supported by steady demand from overseas customers, established international market presence, improved geopolitical conditions, and easing of regional uncertainties.

Industry Outlook

The Indian starch and starch derivatives market is expected to grow over the medium term supported by increasing adoption of clean label and specialty starches across food and beverage categories, rising pharmaceutical applications, and higher usage of starch-based ingredients across industrial sectors. Long-term favorable industry drivers include import restrictions, rising India demand, maize sourcing barriers, and customer qualification processes.

Forward-looking Focus

The company is focused on improving utilization of manufacturing facilities, increasing contribution of value-added products, strengthening presence across domestic and export markets, disciplined cost management, improving operational efficiencies, and increasing share of renewable energy in operations.