Godavari Biorefineries Ltd — Q3 FY26

Godavari Biorefineries delivered a mixed Q3 FY26 with modest revenue growth of 2.5% YoY to ₹461.9 Cr, but strong profitability improvement as EBITDA grew 13.8% YoY to ₹45.1 Cr and margins expanded 97 bps to 9.8%. The bio-based chemicals segment drove margin expansion, with its EBITDA margin improving to 7.7% from 4.5% last year, supported by a higher share of specialty products. Ethanol faced margin pressure due to rising cane costs and unchanged government pricing, but management is mitigating this via multi-feedstock flexibility and ENA sales. The consumer brand Jivana crossed ₹100 Cr revenue in 9M FY26, with distribution reaching 7,500+ outlets. Key risks include further delay in the grain-based distillery commissioning (now expected next quarter) and lack of government ethanol price revision, which could pressure ethanol margins. Management reiterated its target to 3x EBITDA by FY29 through capex of ₹25 Cr, with 75% allocated to bio-based chemicals.