Quarterly results
standalone · as filed with NSE · Q1 FY27 back to Q4 FY17
| ₹ 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 FY17 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 481 | 397 | 329 | 425 | 364 | 524 | 275 | 263 | 345 | 404 | 389 | 266 | 218 | 647 | 630 | 290 | 373 | 408 | 340 | 295 | 258 | 384 | 262 | 217 | 209 | 251 | 263 | 202 | 250 | 266 | 248 | 191 | 197 | 251 |
| Other income | 2 | 3.8 | 0.4 | 2.3 | 1.1 | 5.1 | 2.4 | 3.6 | 2.3 | 25.9 | 1.1 | 4 | 2.2 | 2.2 | 2.1 | 0.4 | 1.8 | 0.9 | 0.6 | 0.3 | 0.4 | 3.8 | 14.2 | 14.5 | 18.6 | 11.7 | 35.1 | 0.4 | 0.4 | 5.4 | 2.7 | 0.7 | 0.4 | 0.8 |
| Total expenses | 482 | 354 | 313 | 459 | 379 | 484 | 274 | 327 | 358 | 407 | 344 | 302 | 227 | 561 | 569 | 302 | 366 | 394 | 288 | 302 | 274 | 376 | 242 | 246 | 241 | 222 | 272 | 217 | 290 | 228 | 239 | 224 | 216 | 258 |
| EBITDA | 26.7 | 70.8 | 36.5 | −9.1 | 5.3 | 57.6 | 20.3 | −44.3 | 6.9 | 23.6 | 60.7 | −20.2 | 6.1 | 105 | 75.5 | 3.4 | 24.5 | 28.6 | 64.4 | 6.9 | −0.8 | 23.9 | 32.8 | −16.7 | −17.4 | 42.8 | 1.5 | 3.2 | −24.4 | 43 | 24.6 | −16.1 | −1.7 | 10 |
| EBITDA margin | 5.6% | 17.8% | 11.1% | -2.1% | 1.5% | 11.0% | 7.4% | -16.8% | 2.0% | 5.8% | 15.6% | -7.6% | 2.8% | 16.2% | 12.0% | 1.2% | 6.6% | 7.0% | 18.9% | 2.3% | -0.3% | 6.2% | 12.5% | -7.7% | -8.3% | 17.1% | 0.6% | 1.6% | -9.7% | 16.2% | 9.9% | -8.4% | -0.9% | 4.0% |
| Finance costs | 18.5 | 18 | 11.5 | 17.7 | 13.9 | 10.7 | 12.1 | 12.2 | 13.4 | 18.1 | 8.1 | 9.2 | 9.1 | 12.5 | 9.1 | 12.5 | 14.3 | 10.8 | 9.5 | 10.6 | 12.6 | 12.5 | 9.6 | 9.2 | 11.2 | 10.6 | 6.5 | 14.7 | 11.4 | 2.9 | 10.8 | 12 | 12.3 | 8.9 |
| Depreciation | 9.2 | 10.2 | 9.2 | 7.2 | 6.6 | 7 | 6.9 | 6.8 | 6.8 | 8.2 | 7.1 | 6.9 | 6.9 | 6.2 | 5.1 | 3.5 | 3.3 | 2.9 | 2.9 | 2.9 | 2.8 | 3.2 | 3.1 | 3.1 | 3.1 | 3.3 | 3.5 | 3.5 | 3.5 | 2.7 | 4.4 | 4.1 | 4.2 | 7.7 |
| Profit before tax | 1 | 46.4 | 16.1 | −31.7 | −14.1 | 45 | 3.7 | −59.7 | −11 | 23.2 | 46.6 | −32.4 | −7.6 | 88.6 | 63.5 | −12.2 | 8.6 | 15.8 | 52.6 | −6.2 | −15.8 | 12 | 34.2 | −14.5 | −13.2 | 40.6 | 26.7 | −14.6 | −38.8 | 42.8 | 12.1 | −31.5 | −17.9 | −5.8 |
| Tax | −0.5 | 0.6 | 2.4 | 0.5 | −0.4 | −6 | −0.9 | 0.3 | 0.8 | 5.9 | 0.5 | 0.8 | 1.5 | 23.3 | 17.9 | 1.3 | 2.8 | 1 | 1.4 | −0.4 | 1.1 | 1.7 | 1.4 | −0.6 | −0.9 | 0.7 | 1.2 | 0.7 | −2.4 | 0 | 2.5 | −2.4 | 1 | −4 |
| Net profit | 1.5 | 45.8 | 13.8 | −32.2 | −13.7 | 51 | 4.5 | −60 | −11.8 | 17.4 | 46.1 | −33.2 | −9.1 | 65.3 | 45.5 | −13.5 | 5.7 | 14.8 | 51.2 | −5.8 | −16.9 | 10.4 | 32.9 | −13.9 | −12.3 | 39.9 | 25.5 | −15.2 | −36.4 | 42.8 | 9.5 | −29.1 | −18.9 | −1.8 |
| Net margin | 0.3% | 11.5% | 4.2% | -7.6% | -3.8% | 9.7% | 1.6% | -22.8% | -3.4% | 4.3% | 11.8% | -12.5% | -4.2% | 10.1% | 7.2% | -4.7% | 1.5% | 3.6% | 15.0% | -2.0% | -6.6% | 2.7% | 12.5% | -6.4% | -5.9% | 15.9% | 9.7% | -7.5% | -14.5% | 16.1% | 3.8% | -15.2% | -9.6% | -0.7% |
| EPS (₹) | 0.13 | 4.07 | 1.22 | 2.86 | -1.22 | 4.54 | 0.40 | -5.34 | -1.05 | 1.54 | 4.10 | -2.95 | -0.81 | 5.80 | 4.05 | -1.20 | 0.51 | 1.41 | 4.55 | -0.52 | -1.50 | 0.92 | 2.92 | 1.23 | -1.09 | 3.55 | 2.27 | -1.35 | -3.23 | 3.80 | 0.73 | -2.59 | -1.68 | -0.16 |
| Net profit YoY | +110.9% | −10.3% | +204.0% | +46.4% | −16.1% | +193.9% | −90.2% | −80.8% | −29.4% | −73.4% | +1.3% | −146.2% | −259.2% | +339.7% | −11.0% | −132.0% | +134.0% | +43.4% | +55.7% | +58.1% | −37.2% | −74.1% | +29.0% | +9.0% | +66.2% | −6.8% | +167.3% | +47.6% | −92.4% | – | – | – | – | – |
Annual results
financial years ending March · from the fourth-quarter filings| ₹ crore | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,515 | 1,407 | 1,277 | 1,940 | 1,302 | 1,118 | 966 | 903 | 223 |
| Other income | 7.5 | 13.4 | 33.1 | 6.4 | 2.2 | 5.9 | 47.6 | 9.2 | 2.8 |
| Total expenses | 1,506 | 1,443 | 1,281 | 1,798 | 1,257 | 1,105 | 1,000 | 907 | 204 |
| EBITDA | 104 | 40.4 | 70.2 | 208 | 99.1 | 67.8 | 23.2 | 49.7 | 32.3 |
| EBITDA margin | 6.8% | 2.9% | 5.5% | 10.7% | 7.6% | 6.1% | 2.4% | 5.5% | 14.5% |
| Finance costs | 61.1 | 48.4 | 44.4 | 48.3 | 43.5 | 42.6 | 43.1 | 38.1 | 9 |
| Depreciation | 33.2 | 27.5 | 29.1 | 18.1 | 11.5 | 12.4 | 13.7 | 15.5 | 4.1 |
| Profit before tax | 16.7 | −22.1 | 29.8 | 148 | 46.4 | 18.6 | 13.9 | 5.5 | 22 |
| Tax | 3.1 | −5.8 | 8.7 | 45.3 | 3 | 1.5 | 0.1 | 1.1 | 0.9 |
| Net profit | 13.6 | −16.3 | 21.1 | 103 | 43.3 | 17.1 | 13.8 | 4.3 | 21.2 |
| Net margin | 0.9% | -1.2% | 1.7% | 5.3% | 3.3% | 1.5% | 1.4% | 0.5% | 9.5% |
| EPS (₹) | 1.21 | -1.45 | 1.88 | 9.16 | 3.94 | 1.52 | 1.22 | 0.39 | 1.88 |
| Net profit YoY | +183.4% | −177.2% | −79.5% | +137.9% | +154.1% | +23.9% | +216.8% | – | – |
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 |
|---|---|---|---|---|---|
| Operating cash flow | 43.7 | 21.3 | −37.3 | 394 | 52 |
| Investing cash flow | −24.7 | −72.6 | −98.3 | −48.4 | −92.4 |
| Financing cash flow | −18.8 | 52 | 131 | −346 | 39.7 |
| Capital expenditure | 25.9 | 77.4 | 103 | 59.2 | 92.1 |
| Free cash flow (CFO − capex) | 17.9 | −56.1 | −140 | 335 | −40 |
Net profit trend
annual, ₹ croreFY21
₹17.1
FY22
₹43.3+154%
FY23
₹103+138%
FY24
₹21.1−79%
FY25
₹−16.3−177%
FY26
₹13.6+183%
Result filings
as filed with NSE · PDF and XBRL| Period | Basis | Filed | Documents |
|---|---|---|---|
| Q1 FY27 | Standalone | 5 Aug 2026 | PDF on NSE XBRL |
| Q4 FY26 | Standalone · audited | 12 May 2026 | PDF on NSE XBRL |
| Q3 FY26 | Standalone | 13 Feb 2026 | PDF on NSE XBRL |
| Q2 FY26 | Standalone | 12 Nov 2025 | PDF XBRL |
| Q1 FY26 | Standalone | 5 Aug 2025 | PDF XBRL |
| Q4 FY25 | Standalone · audited | 13 May 2025 | PDF XBRL |
| Q3 FY25 | Standalone | 5 Feb 2025 | PDF on NSE XBRL |
| Q2 FY25 | Standalone | 14 Nov 2024 | PDF on NSE XBRL |
| Q1 FY25 | Standalone | 13 Aug 2024 | PDF on NSE XBRL |
| Q4 FY24 | Standalone · audited | 28 May 2024 | PDF on NSE XBRL |
Annual reports
NSE archiveKey ratios
P/E (TTM)5Y avg 25.8×25.0×
P/B5Y avg 4.28×3.08×
ROEFY26, on average equity5.8%
Net margin0.9%
Debt / equity2.86×
Revenue CAGR (3Y)-7.9%
Profit CAGR (3Y)-49.1%
EPS (TTM)₹2.56
Market cap₹720 Cr
Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.
P/B vs history
3.08×
vs 8-point avg 4.28× (−28%)
1.89× low4.28× avg7.15× high
History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.
Balance sheet 31 Mar 2026
Total assets₹1,320 Cr+22%
Net worth₹234 Cr−1%
Total borrowings₹668 Cr+30%
Cash & bank balances₹2 Cr+108%
Investments₹6 Cr+83%
Inventories₹701 Cr+44%
Trade receivables₹137 Cr−4%
Trade payables₹253 Cr+37%
Change vs the same date a year earlier.
Revenue mix FY26
Sugar44.7%result ₹80.4 Cr
Industrial Alcohol42.8%result ₹20.3 Cr
Co-generation10.5%result ₹24.7 Cr
Potable Alcohol2.0%result ₹−3.2 Cr
Segment revenue as reported, before inter-segment eliminations.