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Revenue
₹564 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹92 Cr
latest reported figure
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Quarter read
What the record says.
Godavari Biorefineries delivered a strong Q4 FY26 with revenue from operations of ₹564 crore and EBITDA of ₹92 crore (16.2% margin), driven by record cane crushing of 2.5 million tons and improved sugar operations. PAT surged to ₹52.9 crore from a loss in Q3, reflecting operational leverage and a 32% reduction in finance costs after repaying ₹240 crore debt. The bio-based chemicals segment saw margins double QoQ to 16.2%, though specialty mix dipped to 61% as management opportunistically ran ethyl acetate. The 200 KPD grain distillery (60 million liters annual capacity) is on track for commissioning trials in June 2026. Management guided for stronger bio-chemical demand in FY27 due to narrowing fossil-renewable price gaps. Key risk: ethanol price revision remains uncertain, and the grain distillery could face margin pressure if maize prices stay elevated.
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Guidance to track
- The 200 KPD grain-based distillery will begin commissioning trials next month, adding 60 million liters of annual ethanol capacity.
- Management expects improved market penetration and demand for bio-based chemicals starting Q1 FY27 due to narrowing fossil-renewable price gaps.
- Management expects the government to revise ethanol prices upward given rising sugarcane costs and higher energy prices, though no timeline provided.
Risks flagged
- Government has not revised ethanol prices despite rising sugarcane costs, pressuring margins. Management could not provide a timeline for any revision.
- Maize-based ethanol prices are frozen while maize trades near MSP, potentially compressing gross spreads when the new distillery commissions.
- West Asia crisis has increased logistics freight and raw material volatility, impacting the bio-based chemical segment in Q4.
Key quotes
- The West Asia crisis suddenly transports us into the future when we see a world in which fossil resources are scarce and that environment is currently real for us.
- Our energy is about 85% from bagasse as a fuel and about 15% from coal. These costs of energy have more or less remained stable.
- The strategic objective of bio specialty chemicals remain and if there is an opportunity to do ethyl acetate business if margins are there we will do that.
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