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Quarterly results

standalone · as filed with NSE · Q1 FY27 back to Q3 FY20

₹ 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
Revenue from operations	286	242	265	257	270	248	334	258	256	244	193	171	156	186	186	147	184	149	165	121	80.3	128	161	103	60.4	136	145
Other income	3.1	1.4	1.8	1	1.8	0.8	1.1	1.4	1.3	3.3	1.8	2.5	2.1	1.9	2	3.2	1.8	4.7	5.2	2.4	1.8	1.4	1.3	0.9	1	1.6	0.6
Total expenses	265	211	231	240	240	219	300	239	233	232	177	156	142	175	173	140	168	133	142	104	68.5	109	129	86.6	54.9	123	124
EBITDA	30	40.3	41.5	24	37.1	35.5	39.5	24.9	28.1	18.5	20.4	19.4	18.5	14.7	16.6	10.8	20.2	19.3	26.8	20.4	15.6	24	36	20.6	8.8	16.5	25.4
EBITDA margin	10.5%	16.7%	15.7%	9.3%	13.7%	14.3%	11.8%	9.7%	11.0%	7.6%	10.6%	11.4%	11.8%	7.9%	8.9%	7.4%	11.0%	13.0%	16.3%	16.9%	19.5%	18.7%	22.3%	19.9%	14.5%	12.2%	17.5%
Finance costs	1.8	2.7	1	1	1.6	1.4	1.3	1.4	1.5	1.6	1	0.5	0.6	0.5	0.4	0.3	0.2	0.4	0.2	0.1	0.3	0.6	0.3	0.3	0.3	0.6	0.4
Depreciation	7.1	6.6	6.6	5.7	5.6	5.1	4.2	4.1	4.1	4.3	3.4	3.4	3.3	3.2	3.8	3.7	3.7	3.7	3.5	3.5	3.5	3.9	3.6	3.6	3	3.5	3.6
Profit before tax	24.1	32.4	35.6	18.4	31.8	29.8	35.1	20.9	23.8	15.8	17.7	18.1	16.7	12.9	14.5	10	18	19.9	28.4	19.2	13.6	20.9	33.4	17.7	6.5	14	22.1
Tax	6.2	8.9	8.3	4.4	8.1	7.5	9	5.6	6.1	3.6	5.2	4.6	4.3	3.1	3.7	2.5	4.6	4.8	7.1	5	3.5	5.8	8.5	4.5	1.7	3.3	6.3
Net profit	17.9	23.5	27.3	14	23.7	22.3	26.1	15.3	17.7	12.3	12.6	13.5	12.3	9.8	10.8	7.5	13.4	15.2	21.2	14.3	10.1	15.1	24.9	13.2	4.8	10.7	15.8
Net margin	6.3%	9.7%	10.3%	5.5%	8.8%	9.0%	7.8%	5.9%	6.9%	5.0%	6.5%	7.9%	7.9%	5.3%	5.8%	5.1%	7.3%	10.2%	12.9%	11.8%	12.6%	11.8%	15.5%	12.7%	7.9%	7.9%	10.9%
EPS (₹)	8.93	12.34	14.38	7.69	13.09	12.35	14.43	8.51	9.80	6.78	6.95	7.44	6.83	5.42	5.98	4.17	7.42	8.38	11.75	7.89	5.61	8.34	13.79	7.28	2.64	5.94	8.75
Net profit YoY	−24.2%	+5.3%	+4.6%	−8.5%	+33.5%	+82.3%	+107.6%	+13.9%	+43.5%	+25.0%	+16.3%	+78.4%	−7.9%	−35.3%	−49.1%	−47.1%	+32.1%	+0.5%	−14.8%	+8.3%	+112.8%	+40.4%	+57.6%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20
Revenue from operations	1,033	1,097	765	703	514	453	535
Other income	6.1	4.7	9.6	8.9	14.2	4.6	3.3
Total expenses	921	992	706	656	447	379	475
EBITDA	143	128	76.7	62.4	82.2	89.4	76.6
EBITDA margin	13.8%	11.7%	10.0%	8.9%	16.0%	19.7%	14.3%
Finance costs	6.2	5.7	3.7	1.4	0.9	1.5	2.1
Depreciation	24.5	17.4	14.4	14.4	14.3	14.1	14.1
Profit before tax	118	110	68.3	55.5	81.2	78.5	63.7
Tax	29.8	28.2	17.7	13.9	20.4	20.5	14.4
Net profit	88.5	81.5	50.6	41.6	60.8	58	49.3
Net margin	8.6%	7.4%	6.6%	5.9%	11.8%	12.8%	9.2%
EPS (₹)	47.43	45.06	28.00	22.99	33.63	32.06	27.29
Net profit YoY	+8.6%	+60.9%	+21.8%	−31.7%	+4.9%	+17.5%	–

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	51.8	73.9	28.4	6.8	79.2
Investing cash flow	−87.9	−83.2	−32.5	−94.2	−70
Financing cash flow	45.8	0.9	12.7	86.3	−8.5
Capital expenditure	57.2	85.9	104	92.9	39.7
Free cash flow (CFO − capex)	−5.4	−11.9	−75.7	−86.1	39.5

Net profit trend

annual, ₹ crore

FY21

₹58

FY22

₹60.8+5%

FY23

₹41.6−32%

FY24

₹50.6+22%

FY25

₹81.5+61%

FY26

₹88.5+9%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	24 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone	24 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	18 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	18 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	4 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	4 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	–	PDF on NSE XBRL
Q2 FY26	Consolidated	8 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	8 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	11 Aug 2025	PDF on NSE XBRL

Annual reports

NSE archive

FY2610.53 MB FY25 FY24 FY23 FY22 FY21 FY20

Key ratios

P/E (TTM)5Y avg 20.9×15.6×

P/B5Y avg 3.02×1.86×

ROEFY26, on average equity14.6%

Net margin8.6%

Debt / equity0.10×

Revenue CAGR (3Y)13.7%

Profit CAGR (3Y)28.6%

EPS (TTM)₹41.21

Market cap₹1,295 Cr

Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.

P/B vs history

1.86×

vs 8-point avg 3.02× (−38%)

1.78× low3.02× avg5.37× high

History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.

Balance sheet 31 Mar 2026

Total assets₹856 Cr+19%

Net worth₹695 Cr+34%

Total borrowings₹66 Cr−33%

Cash & bank balances₹11 Cr+845%

Investments₹109 Cr+69%

Inventories₹157 Cr+14%

Trade receivables₹42 Cr+8%

Trade payables₹38 Cr−15%

Change vs the same date a year earlier.

Revenue mix FY26

Potable Alcohols Division75.0%result ₹131 Cr

Ethanol Division25.0%result ₹−2.1 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Mar 26	Dec 25	Sept 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24
Promoter	62.35	62.35	62.35	61.22	61.22	61.22	59.29	59.29	59.29	59.29	59.29	59.29
FII	0.69	0.33	0.30	0.32	0.48	0.60	0.63	1.06	1.20	0.91	1.11	1.20
DII	1.25	0.94	0.07	0.00	0.03	0.03	0.03	0.00	0.00	0.00	0.00	0.00
of which MF	–	–	–	–	0.03	0.03	0.03	–	–	–	–	–
Retail	26.69	27.41	27.45	28.46	28.52	28.47	30.00	30.58	30.10	30.08	30.34	30.92
Other public	9.02	8.97	9.83	10.00	9.75	9.68	10.05	9.07	9.41	9.72	9.26	8.59

40,991 shareholders · NSE shareholding pattern filings.