Quarterly results
consolidated · as filed with NSE · Q1 FY27 back to Q3 FY23
| ₹ crore | Q1 FY27 | Q4 FY26 | Q3 FY26 | Q2 FY26 | Q1 FY26 | Q4 FY25 | Q3 FY25 | Q2 FY25 | Q1 FY25 | Q4 FY24 | Q3 FY24 | Q2 FY24 | Q1 FY24 | Q4 FY23 | Q3 FY23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 919 | 774 | 751 | 825 | 784 | 703 | 719 | 634 | 638 | 595 | 425 | 666 | 709 | 921 | 696 |
| Other income | 1.2 | 7.8 | 9 | 13.5 | 1.6 | 1.1 | 0.4 | 1.4 | 0.8 | 5 | 15.9 | 0.6 | 2.4 | 1.7 | 1 |
| Total expenses | 938 | 710 | 735 | 862 | 818 | 643 | 728 | 670 | 638 | 545 | 448 | 666 | 693 | 830 | 677 |
| EBITDA | 8.9 | 94.9 | 42.6 | −8.1 | 1.4 | 95.7 | 15.9 | −9.7 | 32.9 | 81.2 | −4.4 | 19.2 | 40.5 | 116 | 34.3 |
| EBITDA margin | 1.0% | 12.3% | 5.7% | -1.0% | 0.2% | 13.6% | 2.2% | -1.5% | 5.2% | 13.6% | -1.0% | 2.9% | 5.7% | 12.6% | 4.9% |
| Finance costs | 15.6 | 16.5 | 10.6 | 14.3 | 21.6 | 20.2 | 10.1 | 15.8 | 21.1 | 17.6 | 5.7 | 8.8 | 13.3 | 12.5 | 4.9 |
| Depreciation | 12.9 | 14.7 | 15.3 | 14.6 | 14.3 | 16 | 14.7 | 11.3 | 11.9 | 14.3 | 13.6 | 10.5 | 11.1 | 13.1 | 10.2 |
| Profit before tax | −18.3 | 71.6 | 25.7 | −23.4 | −33 | 60.6 | −10.1 | −35.4 | 0.7 | 54.4 | −7.8 | 0.5 | 18.5 | 92.3 | 20.2 |
| Tax | −4.5 | 25.3 | 8.8 | −7.4 | −11 | 15.8 | −3.3 | −12.1 | 0.6 | 15 | −2.2 | 0.4 | 5.8 | 12.1 | 5.2 |
| Net profit | 36.8 | 46.3 | 16.9 | −16 | −22 | 44.8 | −6.9 | −23.4 | 0.1 | 39.4 | −5.6 | 0.1 | 12.7 | 80.2 | 15 |
| Net margin | 4.0% | 6.0% | 2.2% | -1.9% | -2.8% | 6.4% | -1.0% | -3.7% | 0.0% | 6.6% | -1.3% | 0.0% | 1.8% | 8.7% | 2.1% |
| EPS (₹) | -2.09 | 7.01 | 2.56 | -2.41 | -3.31 | 6.75 | -1.03 | -3.52 | 0.02 | 5.94 | -0.85 | 0.01 | 1.91 | 12.08 | 2.25 |
| Net profit YoY | +267.2% | +3.3% | +346.4% | +31.6% | −18433.3% | +13.7% | −21.6% | −39050.0% | −99.1% | −50.9% | −137.7% | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Revenue from operations | 3,133 | 2,693 | 2,394 | 2,654 |
| Other income | 31.8 | 3.7 | 23.9 | 11.4 |
| Total expenses | 3,124 | 2,679 | 2,353 | 2,531 |
| EBITDA | 131 | 135 | 136 | 205 |
| EBITDA margin | 4.2% | 5.0% | 5.7% | 7.7% |
| Finance costs | 63 | 67.1 | 45.3 | 40.8 |
| Depreciation | 58.8 | 53.9 | 49.5 | 40.5 |
| Profit before tax | 40.9 | 15.7 | 65.5 | 135 |
| Tax | 15.7 | 1 | 19 | 23.7 |
| Net profit | 25.2 | 14.7 | 46.5 | 111 |
| Net margin | 0.8% | 0.5% | 1.9% | 4.2% |
| EPS (₹) | 3.81 | 2.21 | 7.00 | 16.74 |
| Net profit YoY | +71.4% | −68.4% | −58.2% | – |
EPS is as filed for each period and is not restated for later bonus issues or splits.
Cash flow
annual · ₹ crore| ₹ crore | FY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Operating cash flow | 220 | 130 | −101 | 355 |
| Investing cash flow | −41.5 | −146 | −166 | −196 |
| Financing cash flow | −178 | 18.8 | 170 | −78.1 |
| Capital expenditure | 44.4 | 146 | 171 | 210 |
| Free cash flow (CFO − capex) | 176 | −16.2 | −272 | 145 |
Net profit trend
annual, ₹ croreFY23
₹111
FY24
₹46.5−58%
FY25
₹14.7−68%
FY26
₹25.2+71%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Consolidated | 14 Jul 2026 | PDF XBRL |
| Q1 FY27 | Standalone | 14 Jul 2026 | PDF XBRL |
| Q4 FY26 | Consolidated · audited | 30 May 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 30 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Consolidated | 21 Jan 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 21 Jan 2026 | PDF on NSE XBRL |
| Q2 FY26 | Consolidated | 13 Nov 2025 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 13 Nov 2025 | PDF on NSE XBRL |
| Q1 FY26 | Consolidated | 28 Jul 2025 | PDF on NSE XBRL |
| Q1 FY26 | Standalone | 28 Jul 2025 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 21.4×9.7×
P/B5Y avg 0.82×0.79×
ROEFY26, on average equity2.5%
Net margin0.8%
Debt / equity1.03×
Revenue CAGR (3Y)5.7%
Profit CAGR (3Y)-39.0%
EPS (TTM)₹12.65
Market cap₹812 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
0.79×
vs 7-point avg 0.82× (−4%)
0.43× low0.82× avg1.19× high
History points are balance-sheet dates (2023 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹2,322 Cr−3%
Net worth₹1,027 Cr+1%
Total borrowings₹1,054 Cr−9%
Cash & bank balances₹9 Cr−2%
Investments₹2 Cr
Inventories₹1,013 Cr−7%
Trade receivables₹64 Cr+16%
Trade payables₹115 Cr+4%
Change vs the same date a year earlier.
Revenue mix FY26
Sugar54.5%result ₹131 Cr
Country Liquor33.6%result ₹16.8 Cr
Bio Fuels & Spirits11.9%result ₹8.4 Cr
Segment revenue as reported, before inter-segment eliminations.