Quarterly Financial Performance (Q4 FY2026)

Revenue from Operations: Rs. 2,168 million, decreased 4.2% YoY from Rs. 2,263 million in Q4 FY2025, but increased 7.4% QoQ from Rs. 2,018 million in Q3 FY2026

Other Income: Rs. 32 million, decreased from Rs. 59 million in Q4 FY2025

Total Income: Rs. 2,200 million, decreased 5.3% YoY from Rs. 2,322 million

Cost of Goods Sold (COGS): Rs. 1,423 million

Gross Profit: Rs. 745 million, increased 58.7% YoY from Rs. 470 million in Q4 FY2025, and increased 3.7% QoQ from Rs. 719 million in Q3 FY2026

Gross Profit Margin: 34.4%, significantly improved from 20.7% in Q4 FY2025 and slightly decreased from 35.6% in Q3 FY2026

EBITDA (excluding other income): Rs. 194 million, compared to negative Rs. 5 million in Q4 FY2025, and increased 8.2% QoQ from Rs. 179 million in Q3 FY2026

EBITDA Margin: 8.9%, improved from negative 0.2% in Q4 FY2025 and maintained at 8.9% from Q3 FY2026

Finance Cost: Rs. (4) million, compared to Rs. 8 million in Q4 FY2025

Depreciation and Amortization: Rs. 25 million, compared to Rs. 26 million in Q4 FY2025

Profit Before Tax (PBT): Rs. 204 million, increased 932.3% YoY from Rs. 20 million in Q4 FY2025, and increased 14.5% QoQ from Rs. 179 million in Q3 FY2026

PBT Margin: 9.4%, improved from 0.9% in Q4 FY2025 and 8.8% in Q3 FY2026

Tax Expenses: Rs. (1) million, compared to Rs. (35) million in Q4 FY2025

Profit After Tax (PAT): Rs. 205 million, increased 271.2% YoY from Rs. 55 million in Q4 FY2025, and increased 49.9% QoQ from Rs. 137 million in Q3 FY2026

PAT Margin: 9.5%, improved from 2.4% in Q4 FY2025 and 6.8% in Q3 FY2026

EPS: Rs. 1.12, compared to Rs. 0.33 in Q4 FY2025 and Rs. 0.75 in Q3 FY2026

Annual Financial Performance (FY2026)

Revenue from Operations: Rs. 7,846 million, decreased 17.7% YoY from Rs. 9,534 million in FY2025

Other Income: Rs. 118 million, decreased from Rs. 180 million in FY2025

Total Income: Rs. 7,964 million, decreased 18.0% YoY from Rs. 9,714 million in FY2025

Cost of Goods Sold (COGS): Rs. 5,484 million, decreased from Rs. 7,091 million in FY2025

Gross Profit: Rs. 2,362 million, decreased 3.3% YoY from Rs. 2,443 million in FY2025

Gross Profit Margin: 30.1%, improved from 25.6% in FY2025

EBITDA (excluding other income): Rs. 377 million, decreased 32.7% YoY from Rs. 560 million in FY2025

EBITDA Margin: 4.8%, decreased from 5.9% in FY2025

Finance Cost: Rs. 14 million, decreased from Rs. 75 million in FY2025

Depreciation and Amortization: Rs. 96 million, decreased from Rs. 115 million in FY2025

Profit Before Tax (PBT): Rs. 384 million, decreased 30.1% YoY from Rs. 550 million in FY2025

PBT Margin: 4.9%, decreased from 5.8% in FY2025

Tax Expenses: Rs. 40 million, decreased from Rs. 112 million in FY2025

Profit After Tax (PAT): Rs. 345 million, decreased 21.3% YoY from Rs. 438 million in FY2025

PAT Margin: 4.4%, slightly decreased from 4.6% in FY2025

EPS: Rs. 1.89, decreased from Rs. 2.58 in FY2025

Export Performance

Q4 FY2026 Export Revenue: Rs. 788 million, compared to Rs. 730 million in Q4 FY2025

FY2026 Export Revenue: Rs. 2,657 million, compared to Rs. 3,432 million in FY2025

Export Contribution: 34% of total revenues in FY2026, serving 34 countries with focus on Southeast Asia

Balance Sheet Position (as on 31st March 2026)

Equity Share Capital: Rs. 365 million

Other Equity: Rs. 6,575 million

Shareholders Fund: Rs. 6,939 million, increased from Rs. 6,591 million in FY2025

Long-term Borrowings: Rs. 100 million, decreased from Rs. 147 million in FY2025

Short-term Borrowings: Rs. 99 million, decreased from Rs. 123 million in FY2025

Total Debt: Rs. 199 million, decreased from Rs. 271 million in FY2025

Cash & Cash Equivalents: Rs. 1,335 million, decreased from Rs. 2,143 million in FY2025

Net Debt: Negative Rs. 37 million (net cash position), compared to negative Rs. 937 million in FY2025

Net Debt/Equity: Negative 0.01x, compared to negative 0.14x in FY2025

Property, Plant and Equipment: Rs. 4,244 million, increased from Rs. 1,915 million in FY2025

Capital Work in Progress: Rs. 110 million, decreased from Rs. 876 million in FY2025

Cash Flow Analysis

  • Company repaid Rs. 72 million of debt in FY26, reducing borrowings from Rs. 271 million to Rs. 199 million
  • Net cash inflow from working capital was Rs. 476 million
  • Cash outflow of Rs. 1,785 million for investing activities reflecting capacity expansion

Operational Highlights and Capacity Expansion

Total Capacity: 2,350 TPD (2,000 TPD at Dhule, Maharashtra + 350 TPD at Kutch, Gujarat)

Expansion Details: IPO proceeds of Rs. 1,816 million allocated to Dhule expansion from 1,100 TPD to 2,000 TPD

Execution: Successfully scaled installed crushing capacity to 1,250 TPD (exceeding original 1,000 TPD plan)

Capex Incurred: Approximately Rs. 225 crore (Rs. 2,250 million) significantly enhancing maize grinding capacity

Derivatives Facility: Expected to be commissioned within FY2026-27

Manufacturing Advantages:

  • Dhule facility: 210 acres landbank, proximity to Nhava Sheva and Hazira Ports, 30% maize sourced directly from local farmers
  • Kutch facility: USFDA registered, access to Mundra Port and Kandla Ports
  • Both plants SCADA automated for efficiency, product quality, safety and flexibility

Product Portfolio

Food/Personal Care/Pharma Products: Native Maize Starch, Liquid Glucose, Maltodextrin, Corn Germs, High Maltose Corn Syrup, Dextrose Monohydrate

Animal Nutrition Products: Corn Gluten Meal 60%, Corn Gluten Feed 18%, Corn Steep Liquor, Corn Germs, Corn Fiber

End Industries Served: Food, Beverage, Pharma, Paper, Textile, Adhesives, Industrials, Animal Nutrition

Management Commentary

Mr. Gouthamchand Chowdhary, Chairman and Managing Director stated:

  • FY2026 was a transition year with H1 impacted by maintenance shutdowns, lower plant utilization and pricing pressure from Chinese exports
  • H2 showed gradual recovery in operations and profitability as plant utilization improved and market conditions stabilized
  • Native starch segment faced pricing pressure due to elevated Chinese exports into Southeast Asian markets
  • Pricing conditions improved gradually during second half but market environment remains competitive
  • Export demand remained steady although realizations impacted by weak global starch prices and geopolitical uncertainties
  • Indian starch and starch derivatives market expected to grow at 7.3% CAGR medium-term
  • Company entering FY2026-27 with expanded capacities, normalized operations and improved utilization levels
  • Expect better product diversification and improved margin stability as derivatives facility becomes operational
  • Focused on disciplined cost management, operational efficiencies and strengthening domestic/export market presence

Industry Outlook

  • Indian starch and starch derivatives market expected to grow at 7.3% CAGR over medium term
  • Growth supported by rising adoption of clean-label modified starches across food and beverage categories
  • Increasing pharmaceutical applications and higher usage of starch-based ingredients across industrial sectors

Board of Directors

  • Mr. Gouthamchand Chowdhary: Chairman and Managing Director (38+ years with company)
  • Mr. Sambhav Chowdhary: Promoter and Joint Managing Director (12+ years on board)
  • Mr. Aniket Talati: Independent Director (Former President of ICAI)
  • Ms. Sejal Ronak Agarwal: Independent Director (Practicing Chartered Accountant)