Quarterly results
standalone · as filed with NSE · Q1 FY27 back to Q4 FY18
| ₹ 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 | Q2 FY23 | Q1 FY23 | Q4 FY22 | Q3 FY22 | Q2 FY22 | Q1 FY22 | Q4 FY21 | Q3 FY21 | Q2 FY21 | Q1 FY21 | Q4 FY20 | Q3 FY20 | Q2 FY20 | Q1 FY20 | Q4 FY19 | Q3 FY19 | Q2 FY19 | Q1 FY19 | Q4 FY18 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 153 | 189 | 98 | 117 | 141 | 175 | 81.2 | 146 | 240 | 186 | 137 | 213 | 228 | 218 | 139 | 185 | 225 | 175 | 76.8 | 110 | 105 | 127 | 49.8 | 90.5 | 96.2 | 111 | 28.7 | 86.2 | 102 | 134 | 109 | 62.7 | 93.4 | 97.8 |
| Other income | 0.2 | 1.2 | 2.4 | 0.5 | 0.1 | 1 | 6.3 | 4.2 | 0.2 | 10.5 | 0.4 | 0.8 | 1 | 1.6 | 2.7 | 2.2 | 0.5 | 8.7 | 0.5 | 0.7 | 1.8 | 9.1 | 0.3 | 0.3 | 0.3 | 0.4 | 0.3 | 2.4 | 0.4 | 1.7 | 0.4 | 0.5 | 0.4 | 0.2 |
| Total expenses | 177 | 147 | 118 | 125 | 155 | 161 | 108 | 139 | 234 | 173 | 165 | 197 | 220 | 167 | 163 | 187 | 237 | 143 | 97.1 | 120 | 122 | 95.5 | 71.5 | 111 | 111 | 116 | 61 | 105 | 120 | 133 | 135 | 80.6 | 119 | 119 |
| EBITDA | −14 | 51.9 | −10.8 | 1.6 | −5.2 | 28.9 | −17.1 | 10.5 | 16.4 | 28.3 | −18 | 27.7 | 17.7 | 60.1 | −13.3 | 6.4 | −1 | 43.6 | −8.8 | 1.4 | −4.2 | 19.9 | 0.5 | 1.5 | 5.9 | 16.5 | −11.6 | 0.7 | 3.1 | 22 | −5.1 | 2.8 | −5.4 | −0.4 |
| EBITDA margin | -9.1% | 27.5% | -11.0% | 1.4% | -3.7% | 16.6% | -21.0% | 7.2% | 6.8% | 15.2% | -13.2% | 13.0% | 7.8% | 27.5% | -9.6% | 3.5% | -0.5% | 24.9% | -11.5% | 1.3% | -4.0% | 15.6% | 1.0% | 1.7% | 6.1% | 15.0% | -40.3% | 0.8% | 3.0% | 16.4% | -4.7% | 4.5% | -5.8% | -0.4% |
| Finance costs | 3.8 | 4.3 | 3.6 | 3.4 | 3.2 | 9.1 | 3.8 | −1.8 | 4.9 | 9.8 | 4.1 | 5.5 | 4.3 | 2.7 | 4.4 | 2.2 | 4.9 | 5.3 | 5.3 | 5.3 | 6.3 | −17.5 | 16 | 15.8 | 14.9 | 15.3 | 14.5 | 13.4 | 14.6 | 15.1 | 14.3 | 14.4 | 14.2 | 14.5 |
| Depreciation | 5.7 | 5.7 | 5.8 | 6 | 5.9 | 5.9 | 5.9 | 5.9 | 5.8 | 5.9 | 6 | 5.9 | 5.9 | 5.9 | 6.1 | 6.2 | 6 | 5.9 | 6.1 | 6.1 | 6 | 5.8 | 6.2 | 6.2 | 6.2 | 6.4 | 6.2 | 6.1 | 6.2 | 6 | 6.3 | 6.3 | 6.2 | 6.2 |
| Profit before tax | −23.3 | 42.6 | −19.4 | −7.2 | −14.1 | 14.8 | −20.4 | 10.7 | 5.9 | 23.1 | −27.8 | 17.2 | 8.5 | 53.1 | −21.2 | 0.2 | −11.4 | 41.1 | −19.7 | −9.3 | −14.7 | 40.7 | −21.4 | −20.2 | −14.9 | −4.7 | −32 | −16.5 | −17.2 | 2.7 | −25.3 | −17.3 | −25.3 | −21 |
| Tax | 0 | 11 | −10.2 | 0 | 0 | 3 | 0 | 0 | 0 | 7.3 | 0 | 0 | 0 | 29.7 | 0 | 0 | 0 | 0.6 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | −21.1 | 0 | 0 | 0 | −23.4 | 0 | 0 | 0 | −14.8 |
| Net profit | −23.3 | 31.6 | −9.2 | −7.2 | −14.1 | 11.9 | −20.4 | 10.7 | 5.9 | 15.8 | −27.8 | 17.2 | 8.5 | 23.4 | −21.2 | 0.2 | −11.4 | 40.6 | −19.7 | −9.3 | −14.7 | 39.7 | −21.4 | −20.2 | −14.9 | 16.4 | −32 | −16.5 | −17.2 | 26.1 | −25.3 | −17.3 | −25.3 | −6.1 |
| Net margin | -15.2% | 16.7% | -9.4% | -6.1% | -10.0% | 6.8% | -25.2% | 7.3% | 2.5% | 8.5% | -20.3% | 8.1% | 3.7% | 10.7% | -15.2% | 0.1% | -5.1% | 23.1% | -25.7% | -8.4% | -13.9% | 31.3% | -43.1% | -22.3% | -15.5% | 14.8% | -111.3% | -19.2% | -16.9% | 19.5% | -23.2% | -27.7% | -27.1% | -6.3% |
| EPS (₹) | -7.04 | 9.55 | -2.77 | -2.17 | -4.27 | 3.58 | -6.17 | 3.24 | 1.79 | 4.77 | -8.38 | 5.18 | 2.58 | 7.06 | -6.40 | 0.07 | -3.44 | 12.24 | -5.96 | -2.81 | -4.43 | 12.46 | -7.61 | -7.16 | -5.28 | 5.82 | -11.35 | -5.87 | -6.12 | 9.28 | -8.99 | -6.16 | -8.99 | -2.17 |
| Net profit YoY | −65.0% | +166.8% | +55.0% | −166.9% | −338.1% | −24.9% | +26.4% | −37.5% | −30.4% | −32.5% | −31.0% | +7175.0% | +174.8% | −42.3% | −7.4% | +102.5% | +22.3% | +2.1% | +8.0% | +53.8% | +1.4% | +142.3% | +32.9% | −22.0% | +13.7% | −37.3% | −26.3% | +4.8% | +31.9% | +527.0% | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 545 | 642 | 764 | 767 | 468 | 364 | 327 | 399 | 562 |
| Other income | 4.3 | 11.8 | 12.7 | 7 | 11.7 | 10 | 3.4 | 3 | 2.3 |
| Total expenses | 545 | 642 | 755 | 753 | 482 | 389 | 401 | 468 | 613 |
| EBITDA | 37.5 | 38.8 | 55.7 | 52.1 | 32 | 27.8 | 8.8 | 14.4 | 34 |
| EBITDA margin | 6.9% | 6.0% | 7.3% | 6.8% | 6.8% | 7.6% | 2.7% | 3.6% | 6.1% |
| Finance costs | 14.5 | 16 | 23.7 | 14.2 | 22.2 | 29.2 | 57.8 | 58 | 60.1 |
| Depreciation | 23.3 | 23.5 | 23.7 | 24.2 | 24.1 | 24.3 | 24.8 | 24.7 | 25.3 |
| Profit before tax | 1.9 | 11.1 | 21.1 | 20.7 | −2.6 | −15.8 | −70.4 | −65.3 | −27.1 |
| Tax | 0.8 | 3 | 7.3 | 29.7 | 0.6 | 1 | −21.1 | −23.4 | −14.5 |
| Net profit | 1.1 | 8.1 | 13.8 | −9 | −3.2 | −16.8 | −49.4 | −41.8 | −12.6 |
| Net margin | 0.2% | 1.3% | 1.8% | -1.2% | -0.7% | -4.6% | -15.1% | -10.5% | -2.2% |
| EPS (₹) | 0.34 | 2.44 | 4.15 | -2.71 | -0.96 | -5.25 | -17.52 | -14.85 | -4.47 |
| Net profit YoY | −86.0% | −41.2% | +253.4% | −182.4% | +81.0% | +66.0% | −17.9% | −232.6% | – |
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 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Operating cash flow | −19.9 | 82.9 | 38.6 | 15.5 | 23.8 | 17.9 |
| Investing cash flow | 8.6 | 17.6 | −3.2 | 46.7 | 7.7 | 18.9 |
| Financing cash flow | 16.9 | −104 | −32.2 | −62.9 | −31 | −39.8 |
| Capital expenditure | 3.9 | 4.5 | 4.2 | 4 | 0.6 | 1.3 |
| Free cash flow (CFO − capex) | −23.8 | 78.4 | 34.4 | 11.5 | 23.1 | 16.5 |
Net profit trend
annual, ₹ croreFY21
₹−16.8
FY22
₹−3.2+81%
FY23
₹−9−182%
FY24
₹13.8+253%
FY25
₹8.1−41%
FY26
₹1.1−86%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Standalone | 20 Jul 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 20 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 11 Feb 2026 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 3 Nov 2025 | PDF on NSE XBRL |
| Q1 FY26 | Standalone | 14 Aug 2025 | PDF XBRL |
| Q4 FY25 | Standalone · audited | 30 May 2025 | PDF XBRL |
| Q3 FY25 | Standalone | 14 Feb 2025 | PDF on NSE XBRL |
| Q2 FY25 | Standalone | 15 Nov 2024 | PDF on NSE XBRL |
| Q1 FY25 | Standalone | 8 Aug 2024 | PDF on NSE XBRL |
| Q4 FY24 | Standalone · audited | 23 May 2024 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 37.4×-13.1×
P/B5Y avg 0.57×0.40×
ROEFY26, on average equity0.4%
Net margin0.2%
Debt / equity1.26×
Revenue CAGR (3Y)-10.8%
Profit CAGR (3Y)–
EPS (TTM)₹-2.43
Market cap₹105 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
0.40×
vs 8-point avg 0.57× (−30%)
0.36× low0.57× avg0.89× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹706 Cr+3%
Net worth₹263 Cr−0%
Total borrowings₹331 Cr+11%
Cash & bank balances₹7 Cr+422%
Investments₹0 Cr
Inventories₹164 Cr+40%
Trade receivables₹23 Cr−5%
Trade payables₹65 Cr−28%
Change vs the same date a year earlier.
Revenue mix FY26
Sugar68.1%result ₹−27.1 Cr
Distillery20.0%result ₹20.3 Cr
Cogeneration12.0%result ₹38.9 Cr
Segment revenue as reported, before inter-segment eliminations.