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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	358	425	325	246	405	459	313	246	341	380	313	446	571	533	384	540	646	475	601	506	392	600	381	417	440	462	320	176	379	211	232	265	376	349
Other income	1.9	1.3	3	2.3	0.5	0.2	3.7	1.9	0.6	2.1	6	3.2	0.3	1.9	7.9	2.3	2	0.5	1	0.6	1	1.3	4.1	1.2	0.5	1.5	1.2	1.2	1.5	2.9	31.6	1.1	0.6	4.6
Total expenses	394	345	301	301	419	371	301	284	357	326	305	434	512	465	377	531	592	390	561	450	358	538	378	395	415	426	309	173	361	175	232	255	347	377
EBITDA	−25.7	86.6	37.6	−41.3	3.9	107	27.2	−23	2.3	73.2	26	28.7	77.1	86.4	26.5	28.3	76.6	102	55.1	74.7	58.5	82.4	23.1	45.5	50.2	55.9	25.5	18.3	36.3	53.1	11	19.9	45	−12.3
EBITDA margin	-7.2%	20.3%	11.6%	-16.8%	1.0%	23.3%	8.7%	-9.4%	0.7%	19.3%	8.3%	6.4%	13.5%	16.2%	6.9%	5.2%	11.8%	21.6%	9.2%	14.8%	14.9%	13.7%	6.1%	10.9%	11.4%	12.1%	8.0%	10.4%	9.6%	25.2%	4.7%	7.5%	11.9%	-3.5%
Finance costs	3	6.2	1.4	1.8	5.4	7.7	2.6	2.6	5.6	6.9	4.3	3.5	5.5	5.9	6	6.2	11	5.5	3.9	8.6	13.7	10.1	9.6	12.8	15.1	10.2	5.1	7.5	10.3	8.8	3	2.2	7.3	7.1
Depreciation	7.6	−0	12.5	12.2	12.1	11.9	12.4	12.3	12.3	12.6	13.6	13.5	12.8	12.8	13.4	13.3	10.8	11.8	11	10.6	10.2	10.4	10.3	10.2	10.1	10.1	10.1	8.3	8.3	8.5	8.1	8.3	8.1	8.2
Profit before tax	−34.4	81.7	26.8	−52.9	−13	87.6	15.9	−36	−15	55.8	14.2	14.9	59.1	69.6	15	11.2	56.7	85.7	41.1	56.2	35.6	63.3	7.3	23.7	25.5	37.1	11.5	3.7	19.3	38.7	31.6	10.5	30.2	−23
Tax	−8.6	24.3	11.4	−20.3	−3.6	41.3	5.1	−12	−5.3	32.9	4.4	4.7	18.5	22.8	4.5	3.4	17	26.1	12.2	16.6	8.5	15	−0.2	6	7.4	−7.2	7	−1	−0.7	6.3	7.6	2.4	−0.6	−13.7
Net profit	−25.7	57.4	15.4	−32.6	−9.4	46.3	10.7	−24	−9.7	22.9	9.8	10.3	40.6	46.8	10.5	7.8	39.7	59.6	28.9	39.6	27.1	48.2	7.5	17.7	18.1	44.3	4.5	4.7	19.9	32.3	23.9	8.1	30.7	−9.2
Net margin	-7.2%	13.5%	4.7%	-13.3%	-2.3%	10.1%	3.4%	-9.8%	-2.9%	6.0%	3.1%	2.3%	7.1%	8.8%	2.7%	1.5%	6.1%	12.6%	4.8%	7.8%	6.9%	8.0%	2.0%	4.2%	4.1%	9.6%	1.4%	2.7%	5.3%	15.3%	10.3%	3.1%	8.2%	-2.6%
EPS (₹)	-1.39	3.10	0.83	-1.76	-0.51	2.50	0.58	-1.29	-0.52	1.22	0.52	0.55	2.16	2.48	0.56	0.42	2.11	3.17	1.53	2.10	1.44	2.56	0.40	0.94	0.96	2.35	0.24	0.25	1.06	1.72	1.27	0.43	1.63	-0.49
Net profit YoY	−174.2%	+23.9%	+43.9%	−36.0%	+3.5%	+102.4%	+9.4%	−333.8%	−123.9%	−51.0%	−6.8%	+30.9%	+2.3%	−21.6%	−63.6%	−80.2%	+46.5%	+23.6%	+286.4%	+123.4%	+49.7%	+9.0%	+65.1%	+274.8%	−9.2%	+36.9%	−81.1%	−41.5%	−35.2%	+451.2%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	1,402	1,359	1,710	2,103	1,974	1,839	1,336	1,084	1,458
Other income	7.2	6.4	11.7	14	3.2	7.1	5.4	36.1	17.5
Total expenses	1,367	1,313	1,577	1,964	1,759	1,726	1,270	1,009	1,374
EBITDA	86.9	113	205	215	291	201	136	129	142
EBITDA margin	6.2%	8.4%	12.0%	10.2%	14.7%	10.9%	10.2%	11.9%	9.8%
Finance costs	14.8	18.5	20.1	25.8	31.7	47.7	33	21.3	25.3
Depreciation	36.7	48.9	52.5	50.2	43.6	40.9	36.9	32.9	32.5
Profit before tax	42.5	52.5	144	153	219	120	71.6	111	102
Tax	11.7	29.1	60.5	47.7	63.5	28.3	−1.9	15.8	0.7
Net profit	30.8	23.3	83.5	105	155	91.5	73.5	95.1	101
Net margin	2.2%	1.7%	4.9%	5.0%	7.9%	5.0%	5.5%	8.8%	7.0%
EPS (₹)	1.66	1.26	4.44	5.57	8.24	4.86	3.90	5.05	5.39
Net profit YoY	+32.1%	−72.1%	−20.3%	−32.5%	+69.6%	+24.6%	−22.8%	−6.3%	–

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	129	60.7	13.4	314	352
Investing cash flow	−3.7	−6.5	−40.7	−91.5	−175
Financing cash flow	−194	27.3	27.2	−222	−178
Capital expenditure	7	12.4	50.8	98.7	−0.2
Free cash flow (CFO − capex)	122	48.3	−37.4	215	352

Net profit trend

annual, ₹ crore

FY21

₹91.5

FY22

₹155+70%

FY23

₹105−32%

FY24

₹83.5−20%

FY25

₹23.3−72%

FY26

₹30.8+32%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Standalone	28 Jul 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	14 May 2026	PDF XBRL
Q3 FY26	Standalone	11 Feb 2026	PDF XBRL
Q2 FY26	Standalone	31 Oct 2025	PDF XBRL
Q1 FY26	Standalone	7 Aug 2025	PDF XBRL
Q4 FY25	Standalone · audited	22 May 2025	PDF XBRL
Q3 FY25	Standalone	27 Jan 2025	PDF on NSE XBRL
Q2 FY25	Standalone	28 Oct 2024	PDF on NSE XBRL
Q1 FY25	Standalone	31 Jul 2024	PDF on NSE XBRL
Q4 FY24	Standalone · audited	30 Apr 2024	PDF on NSE XBRL

Annual reports

NSE archive

FY263.09 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 21.8×57.6×

P/B5Y avg 1.68×1.01×

ROEFY26, on average equity3.8%

Net margin2.2%

Debt / equity0.40×

Revenue CAGR (3Y)-12.6%

Profit CAGR (3Y)-33.5%

EPS (TTM)₹0.78

Market cap₹834 Cr

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

P/B vs history

1.01×

vs 8-point avg 1.68× (−40%)

0.85× low1.68× avg2.47× high

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

Balance sheet 31 Mar 2026

Total assets₹1,298 Cr−11%

Net worth₹829 Cr+3%

Total borrowings₹334 Cr−34%

Cash & bank balances₹13 Cr−84%

Investments₹1 Cr+4%

Inventories₹678 Cr−10%

Trade receivables₹50 Cr−19%

Trade payables₹10 Cr−68%

Change vs the same date a year earlier.

Revenue mix FY26

Sugar78.9%result ₹30.8 Cr

Distilliery21.1%result ₹32.8 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Dec 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24	Dec 23	Sept 23
Promoter	42.14	42.14	42.10	42.10	42.10	42.10	42.10	42.10	42.09	42.09	42.09	42.09
FII	1.01	1.68	1.69	1.74	1.90	2.00	1.64	2.32	3.85	4.36	3.96	5.31
DII	0.75	0.22	0.11	0.00	0.00	0.03	0.00	0.00	0.02	0.25	0.07	0.11
Retail	49.71	49.46	50.19	50.37	50.12	49.58	49.03	48.42	47.15	46.98	47.48	44.53
Other public	6.39	6.50	5.91	5.79	5.88	6.29	7.23	7.16	6.89	6.32	6.40	7.96

1,69,888 shareholders · NSE shareholding pattern filings.