Bio-based chemicals EBITDA margin
7.7%
+320bps YoY
Improved from 4.5% in Q3 FY25, driven by higher specialty product share.
GODAVARIBIOREFINERIES
Other
10 Feb 2026
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%.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Consumer brand Jivana revenue (9M FY26)
₹100 Cr
N/A
Crossed ₹100 Cr milestone in first 9 months, validating B2C strategy.
Retail outlets for Jivana
7,500+
+500 QoQ
Expanded from 7,000+ in previous quarter, growing distribution reach.
Finance cost decline
48%
-48% YoY
Declined 48% YoY, reflecting improved cash flows and balance sheet strength.
Management Guidance
3x EBITDA by FY29
Management targets tripling EBITDA over 4 years from FY25 base, with capex of ₹25 Cr allocated 75% to bio-based chemicals and 25% to ethanol.
growthGrain-based distillery commissioning in Q4 FY26
The grain-based ethanol facility, delayed due to equipment receipt, is expected to be commissioned in the next quarter (Q4 FY26).
expansionBio-based chemicals capacity expansion
Continued investment in debottlenecking and capacity addition for bio-based specialty chemicals to improve margins and scale.
expansionKey Risks
Ethanol price stagnation vs rising cane costs
Government has not revised ethanol prices for 2-3 years while cane costs have risen, pressuring ethanol margins. Management expects industry to request a price hike.
high · management_commentaryDelay in grain-based distillery commissioning
The grain-based distillery was expected in Q3 FY26 but delayed to next quarter due to vendor equipment delays, impacting capacity utilization plans.
medium · analyst_questionCompetition and cash burn in consumer business
Analyst questioned potential cash burn in scaling the Jivana brand in a competitive market. Management stated it is growing without burning cash, with incremental spend in single-digit crores.
low · analyst_questionNotable Quotes
Our strategy of the company continues to be to innovate and co-create with customers to advance the green transition for our clients across India and the globe.
We are being frugal in that expense as well. ... we are growing the business and not burning cash on it.
India has reached E25 years ahead of schedule. It gives the increased supply of ethanol across the country with multiple feed stocks. gives the government a chance to look at bolder targets.