Key Corporate Developments

Composite Scheme of Arrangement

  • The Hon'ble National Company Law Tribunal, Allahabad Bench approved the Composite Scheme of Arrangement on May 7, 2026 and May 18, 2026
  • Certified copies of NCLT orders were filed with Registrar of Companies on May 19, 2026 (Effective Date)
  • Sir Shadi Lal Enterprises Limited (SSEL) amalgamated with Triveni Engineering & Industries Ltd. w.e.f. April 1, 2025
  • Power Transmission Business (PTB) demerged and vested in Triveni Power Transmission Limited (TPTL) w.e.f. April 1, 2026
  • Company's shareholding in TPTL reduced to 29.88%, converting TPTL from wholly-owned subsidiary to associate
  • ₹312.23 crores adjusted against other equity as part of demerger accounting treatment

Financial Performance Overview (Consolidated)

Q1 FY27 Financial Results (Continued Operations)

| Metric | Q1 FY27 | Q1 FY26 | Change |

| Revenue from Operations (Net of excise duty) | ₹1,581 crores | ₹1,548 crores | +2.1% |

| EBITDA | ₹63 crores | ₹60 crores | +5.7% |

| EBITDA Margin | 4.0% | 3.9% | +14 bps |

| Share of income of Associates/Joint Venture | ₹4 crores | ₹-0 crores | - |

| Profit Before Tax (before exceptional items) | ₹5 crores | ₹-9 crores | +153.6% |

| Profit Before Tax after exceptional items | ₹5 crores | ₹-9 crores | +153.6% |

| Profit After Tax | ₹4 crores | ₹-7 crores | +155.1% |

| EPS (not annualized) | ₹0.17/share | ₹-0.30/share | +155.1% |

Debt Position

  • Standalone gross debt: ₹1,238 crores as on June 30, 2026 (vs ₹1,603 crores as on June 30, 2025)
  • Standalone debt composition: Term loans ₹376 crores (including ₹92 crores with interest subvention), working capital loan ₹862 crores
  • Consolidated gross debt: ₹1,301 crores as on June 30, 2026 (vs ₹1,678 crores as on June 30, 2025)
  • Overall average cost of funds (consolidated) reduced by 0.7% to 6.8% for Q1 FY27 vs 7.5% in corresponding quarter previous year

Business-wise Performance Review

Sugar Business

| Metric | Q1 FY27 | Q1 FY26 | Change |

| Sugar Domestic Dispatches | 2,77,403 tonnes | 2,58,196 tonnes | +7.4% |

| Average Realisation | ₹41,525/MT | ₹40,421/MT | +2.7% |

| Revenue | ₹1,235 crores | ₹1,170 crores | +5.6% |

| PBIT | ₹14 crores | ₹8 crores | +81.8% |

  • Sugar inventory as on June 30, 2026: 3.59 lakh MT valued at ₹38.41/kg vs 4.45 lakh MT valued at ₹37.41/kg on June 30, 2025
  • Seven sugar units are FSSC 22000 certified, two units (Chandanpur & Khatauli) have Bon Sucro certification
  • 104.5 MW grid connected co-generation capacity across six plants at five sugar units

Alcohol (Distillery) Business

| Metric | Q1 FY27 | Q1 FY26 | Change |

| Production | 57,488 KL | 64,969 KL | -11.5% |

| Sales | 50,483 KL | 62,333 KL | -19.0% |

| Average Realisation | ₹59.20/litre | ₹59.40/litre | -0.3% |

| Ethanol Sales % of total | 88% | 92% | -4.0% |

| Grain-based Ethanol % | 61% | 58% | +3.0% |

| IMIL Sales | 15.57 lakh cases | 15.72 lakh cases | -1.0% |

| Gross Revenue | ₹743 crores | ₹784 crores | -5.3% |

| Revenue Net of Excise Duty | ₹373 crores | ₹428 crores | -12.8% |

| PBIT | ₹31 crores | ₹23 crores | +32.3% |

  • 960 KLPD alcohol/distillery capacity across multiple facilities
  • Facilities capable of producing Ethanol, Extra Neutral Alcohol (ENA), Rectified Spirit (RS), and Denatured Spirit (SDS)

Water Business (Consolidated)

| Metric | Q1 FY27 | Q1 FY26 | Change |

| Revenue | ₹43 crores | ₹54 crores | -21.3% |

| PBIT | ₹2 crores | ₹11 crores | -86.1% |

| Orders Received | ₹9 crores | ₹5 crores | +60.4% |

| Closing Order Book | ₹1,472 crores | ₹1,552 crores | -5.2% |

  • Order book includes ₹1,065 crores towards long-duration O&M contracts
  • Results include wholly owned SPVs executing Mathura PPP/HAM Project and Pali ZLD Pvt. Ltd.
  • PBIT for Q1 FY26 included gain of ₹8 crores on account of GST on interest pertaining to earlier periods for Mathura PPP/HAM

Industry Scenario and Outlook

Sugar Industry - Domestic

  • Sugar stock at end of SS 2025-26 expected to reach 10-year low of 4.10 million metric tonnes (lowest since September 2017)
  • Impact of 0.70 MMT exports and ~3.00 MMT diversion toward ethanol during SS 2025-26
  • Uncertainty regarding El-Niño may affect SS 2026-27 production
  • FRP for SS 2026-27 raised by ₹10/qtl to ₹365/qtl

Sugar Industry - International

  • Global sugar balance sheet transitioning from surplus toward tighter or deficit outlook for SS 2026-27
  • Global sugar production forecast down by ~1 MMT to 185 MMT
  • Consumption remains essentially flat at 180 MMT

Ethanol Blending Programme

  • Blending % achieved for ESY 2025-26 till June 2026 (Nov-Jun) is 20.0% with procurement of 717 crore litres
  • Grain-based ethanol constitutes 66.9% of total supply in ESY 2025-26 till June 2026
  • For ESY 2025-26 (Cycle 1), OMCs secured around 1,048 crore litres of ethanol, with grain-based ethanol forming 72.5% of allocation
  • Government evaluating "Beyond E-20" roadmap, ethanol-based cooking stoves, and Sustainable Aviation Fuel (SAF) integration

Water Business Outlook

  • Visibility of large number of enquiries being pursued
  • Participated in two bids during quarter valuing more than ₹300 crores
  • Stricter enforcement of ZLD norms and Liquid Discharge Management Rules 2025 accelerating industrial demand
  • Evaluating international opportunities in the sector

Capital Structure and Shareholding

  • Paid up equity share capital: ₹22.04 crores (face value ₹1/-)
  • Total number of outstanding equity shares: 22,03,63,016
  • Promoter & Promoter Group holding: 60.58%
  • Public holding: 39.42%
  • Market Capitalization: approximately ₹9,306 crores as on June 30, 2026

Forward-looking Statements Disclaimer

The document contains forward-looking statements subject to risks and uncertainties including government actions, local political or economic developments, technological risks, and other factors that could cause actual results to differ materially from those contemplated.