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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q4 FY19

₹ 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
Revenue from operations	2,120	2,549	2,273	2,423	2,010	2,691	2,603	2,566	3,034	3,466	3,014	2,555	2,284	2,329	2,552	2,188	1,953	2,173	2,014	1,414	831	1,320	1,388	1,597	1,344	1,432	991	1,407	1,004	0
Other income	11.1	62.2	26.8	37.5	9.9	61.3	32	12	41.1	10	48.1	10	70.6	41.5	11.6	15.7	17	17.8	11.3	34.5	5.4	7.3	10.8	8.8	10.2	4.6	13.4	6.2	82.7	0
Total expenses	2,447	2,764	2,277	2,862	2,362	2,662	2,869	2,619	3,253	3,520	3,136	2,772	2,492	2,320	2,548	2,335	2,083	2,050	1,982	1,531	1,078	1,223	1,424	1,607	1,384	1,529	1,144	1,637	1,274	0
EBITDA	−76.3	38.7	249	−182	−86.1	292	−1.5	227	63.9	258	192	63.7	70.6	259	207	45.6	52.4	274	171	34.7	−87.5	250	108	130	116	66.3	25.1	−52.8	−67.3	0
EBITDA margin	-3.6%	1.5%	10.9%	-7.5%	-4.3%	10.8%	-0.1%	8.9%	2.1%	7.4%	6.4%	2.5%	3.1%	11.1%	8.1%	2.1%	2.7%	12.6%	8.5%	2.5%	-10.5%	18.9%	7.8%	8.2%	8.6%	4.6%	2.5%	-3.8%	-6.7%	–
Finance costs	182	181	179	184	193	192	194	211	214	243	244	217	214	190	144	134	124	100	90.7	96.7	105	99.8	91.7	88.5	104	111	125	123	152	0
Depreciation	68.7	72.9	73.6	73	72.3	70.3	70.3	69.9	69.1	68.9	69.1	64.1	64.1	60.1	59.6	59.5	58.5	51.6	48.4	54.2	53.7	52.5	52.5	52.2	51.3	52.6	54	53.5	50.7	0
Profit before tax	−316	−153	23.6	−401	−341	90.9	−234	−41.2	−178	−44.1	−73.6	−207	−137	50.4	14.8	−132	−113	141	43.5	−81.7	−241	−35	−11.7	128	−29.8	−92.8	−140	65.4	−187	0
Tax	−64.4	−31.8	61.7	−32	−77.8	−2.2	−30.5	−18.1	−11.9	66.9	98.1	−1.6	2	5.8	0.6	9.8	0.9	−18.2	0.2	16.1	0	9.9	129	23.5	5.5	52.4	68.2	89.2	1.8	0
Net profit	−252	−121	−38.1	−369	−264	93.1	−204	−23.1	−166	−111	−172	−206	−139	44.6	14.2	−142	−114	159	43.3	−97.8	−241	−44.9	−141	105	−35.3	−145	−233	2,740	−412	0
Net margin	-11.9%	-4.8%	-1.7%	-15.2%	-13.1%	3.5%	-7.8%	-0.9%	-5.5%	-3.2%	-5.7%	-8.0%	-6.1%	1.9%	0.6%	-6.5%	-5.8%	7.3%	2.1%	-6.9%	-29.0%	-3.4%	-10.2%	6.6%	-2.6%	-10.1%	-23.5%	194.7%	-41.0%	–
EPS (₹)	-1.18	-0.57	-0.18	-1.73	-1.24	0.43	-0.96	-0.10	-0.78	-0.53	-0.81	-0.96	-0.65	0.20	0.07	-0.66	0.53	0.73	0.20	-0.46	-1.13	-0.21	-0.66	0.52	-0.18	-0.76	-1.08	-0.13	-0.98	0.00
Net profit YoY	+4.6%	−230.4%	+81.3%	−1498.7%	−58.6%	+183.9%	−18.6%	+88.8%	−19.7%	−348.9%	−1309.2%	−45.2%	−21.9%	−71.9%	−67.2%	−44.8%	+52.7%	+453.7%	+130.7%	−193.3%	−582.7%	+69.1%	+39.4%	−96.2%	+91.4%	–	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19
Revenue from operations	9,169	10,914	11,319	9,021	6,433	5,649	4,881	4,508
Other income	136	127	48.4	85.8	69	37.1	58.8	210
Total expenses	10,178	11,404	11,829	9,286	6,640	5,637	5,584	4,993
EBITDA	19.3	601	674	564	393	604	19.5	296
EBITDA margin	0.2%	5.5%	6.0%	6.2%	6.1%	10.7%	0.4%	6.6%
Finance costs	736	811	918	591	393	384	511	560
Depreciation	292	280	266	238	208	209	211	221
Profit before tax	−872	−363	−462	−180	−139	51.8	−355	−374
Tax	−79.9	−62.7	165	17.1	−1.9	168	212	−8.8
Net profit	−792	−300	−627	−197	−137	−117	−567	−2,037
Net margin	-8.6%	-2.7%	-5.5%	-2.2%	-2.1%	-2.1%	-11.6%	-45.2%
EPS (₹)	-3.72	-1.41	-2.95	-0.93	-0.65	-0.57	-2.96	-1.90
Net profit YoY	−164.2%	+52.2%	−218.9%	−43.9%	−17.3%	+79.4%	+72.2%	–

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	FY22
Operating cash flow	−122	950	913	926	−134
Investing cash flow	−130	−185	−380	−354	−302
Financing cash flow	367	−710	−644	−332	455
Capital expenditure	156	191	175	400	277
Free cash flow (CFO − capex)	−278	759	738	526	−410

Net profit trend

annual, ₹ crore

FY21

₹−117

FY22

₹−137−17%

FY23

₹−197−44%

FY24

₹−627−219%

FY25

₹−300+52%

FY26

₹−792−164%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	5 Aug 2026	PDF on NSE XBRL
Q1 FY27	Standalone	5 Aug 2026	PDF on NSE XBRL
Q4 FY26	Consolidated · audited	8 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	8 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	5 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone	5 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	6 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone	6 Nov 2025	PDF on NSE XBRL
Q1 FY26	Consolidated	7 Aug 2025	PDF XBRL
Q1 FY26	Standalone	7 Aug 2025	PDF XBRL

Annual reports

NSE archive

FY269.72 MB FY259.78 MB FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)-6.4×

P/B-1.85×

ROEFY26, on average equity36.4%

Net margin-8.6%

Debt / equity-2.67×

Revenue CAGR (3Y)0.5%

Profit CAGR (3Y)–

EPS (TTM)₹-3.67

Market cap₹4,960 Cr

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

Balance sheet 31 Mar 2026

Total assets₹7,412 Cr−16%

Net worth₹-2,677 Cr−60%

Total borrowings₹7,151 Cr+22%

Cash & bank balances₹46 Cr−27%

Investments₹50 Cr+24%

Inventories₹2,603 Cr−25%

Trade receivables₹280 Cr−38%

Trade payables₹2,477 Cr−37%

Change vs the same date a year earlier.

Revenue mix FY26

Sugar - refinery57.9%result ₹114 Cr

Sugar - milling26.8%result ₹−85.1 Cr

Distillery8.8%result ₹50.8 Cr

Co-generation3.4%result ₹−6.6 Cr

Trading2.0%result ₹31.4 Cr

Engineering1.0%result ₹−44.9 Cr

Other0.2%result ₹7.1 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	62.48	62.48	62.48	62.48	62.48	62.48	62.48	62.48	62.48	62.48	62.48	62.48
FII	2.16	3.53	3.30	3.49	3.37	3.46	3.28	4.25	3.43	3.36	3.22	3.16
DII	9.16	10.10	10.12	10.12	10.16	10.15	10.13	10.12	10.09	10.09	10.10	10.12
of which MF	0.10	0.11	0.13	0.13	0.17	–	–	–	–	–	–	–
Retail	23.26	21.19	21.58	21.56	21.61	21.51	21.66	20.38	21.43	21.41	21.67	21.25
Other public	2.94	2.70	2.52	2.35	2.38	2.40	2.45	2.77	2.57	2.66	2.53	2.99

7,41,824 shareholders · NSE shareholding pattern filings.