Dual-feed payoff drives 106% YoY growth; macro headwinds cap upside

₹626.9 Cr revenue, consistent with 8.5 Cr liter sales guidance

₹59.3 Cr PAT, YoY 1154.4%; QoQ -2.8% despite higher volumes

EBITDA ₹147.3 Cr (23.5%), PAT ₹59.3 Cr (9.45%); OPM 21.2% reported (slight variance)

Full-year ethanol target 55 Cr liters; 44 Cr viability imply 80% conversion assumption, not a miss

Confirmed: CFO stated grain margin 6% higher; 50:50 blend this Q, targeting more grain next Q

CBG ₹11.2 Cr revenue, ₹5.1 Cr PBT = 45.5% margin; caveat: 1x maintenance cost cited

No quantified PAT guidance; orders on hand confirmed but price/mix TBD

MD: 'still stands open, making all efforts' but no timeline. Not included in base 44 Cr guidance.

3 of 5 plants converted by Q1; grain feedstock yield 450 vs 317 sugar, 6% margin lift demonstrated

44 Cr liters orders vs 55 Cr capacity target; management cites 'unfair means' but no formal guidance miss

10 new plants (132 TPD) via JVs (Sumitomo 51%, GAIL 51%, ₹760 Cr gross). Q4 revenue start vs prior Q1 FY28 expectation

Locked-in at ₹18-22/kg giving ₹15-16/liter margin; spot now ₹25.50 yields ₹6-7/liter. Q2 headwind unless replenished at lower cost

7 outlets operating, 4 in pipeline for Q1 close. 76 identified but stalled due to Middle Eastern crisis crude volatility

Grain margin 6% better than sugar. Grain yield 450 vs sugar 317. This Q 50:50 blend, targeting more grain next Q. DDGS co-product adds income.

Employee cost increase for JV expansions (Sumitomo, GAIL hiring). 1x R&M cost. Minor impact, Q1 FY25 was similar. Nothing structural.

At 55 Cr liter capacity + ₹67 price = ₹4,000 Cr, asset turn 1.8-2x. Ethanol capex done; CBG ₹700 Cr underway, SAF ₹2,000 Cr planned next 2-3 months.

Sugar 4.37 Cr liters (₹277 Cr), grain 3.92 Cr liters (₹314 Cr). B-molasses 3.35 Cr. Maize ₹18-22 booked = ₹15-16/liter; current ₹25.50 = ₹6-7/liter. At ₹22-24 normal, margins ₹10-12/liter.

44 Cr liters does not include 15 Cr spillover. Still fighting with OMCs. No timeline, making all efforts. Hopeful it comes through anytime.

6 companies discussed (aircraft OEM, 2 airlines, 3 oil/gas players). Sumitomo MOU in place. SAF price ₹180-200/liter, margin 24-25%. Expectation cost < international ATF due to scale.

All locations in clusters of sugar/ethanol plants. 3x raw material (press mud, spent wash) within 30 km radius. GAIL partner ensures 80-90% offtake daily.

Solid FOM was ₹500/ton, now ₹2,500-2,800. In talks with Coromandel at ₹6,000/ton. Long-term offtake with IFFCO, MCF. Liquid FOM needs market dev. Pursuing policy support but aiming for less dependence.

India capacity 1,800 Cr liters. Demand: 1,200 (blending), 300 (chemicals), 200 (AlcoBev). At 20% blend, supply-demand par. Sugar companies lack our dual-feed flexibility, biomass boilers, group raw material backup.

Private OMCs at ₹60.50 vs ₹67-68 government. 8 Cr liters inventory: 3 Cr sold, 5 Cr to be sold by Q3 FY27. Challenging margins with RON 95 mandate.

Plans in works, will share next call or in few days. Not committed to fundraising; working on de-leverage strategy internally.

Confirmed by MD in Q&A; includes OMC + private + ENA. At ₹67-68/liter = ₹2,950-2,990 Cr ethanol revenue potential.

Orders in hand, but price and product mix (grain vs sugar) TBD. At current margins ₹10-15/liter = ₹110-180 Cr EBITDA potential.

3 Sumitomo plants near commissioning, 6 GAIL locations in land acquisition. 51% ownership, 132 TPD total, ₹4.5 Cr/ton revenue at peak.

Q1 achieved 23.5% aided by inventory drawdown. Normalized grain margin ₹10-12/liter (vs ₹6-7 spot maize). Sensitivity to feedstock cost high.

Q1 achieved 45.5% at 78% utilization. Dependent on gas pricing (₹84/kg static) and FOM monetization (upside to ₹6,000/ton if deals close).

Price ₹180-200/liter expected, cost structure TBD. Airlines pricing pressure and policy subsidy (viability gap ₹150 Cr) create risk.

Sumitomo ₹330 Cr, GAIL ₹425 Cr. Q4 FY27 revenue start from first 9 plants. Land & construction underway.

FEED phase ongoing. EPC bidding in next 2-3 months. Land procurement from Andhra Pradesh. ₹150 Cr viability gap funding secured.

Q3 FY26 integration finished. Capacity 2,000 KLPD (55 Cr liters annualized) requires only OpEx from here.

44 Cr liters orders (80% of 55 Cr capacity) vs full capacity. MD flagged 'unfair means' in prior allocation. Sept-Oct new ethanol cycle critical; uncertainty remains.

Maize locked-in at ₹18-22/kg yields ₹15-16/liter margin; spot now ₹25.50 yields ₹6-7/liter. Q2 procurement at higher cost will compress margins unless feedstock mix shifts to lower-cost sugar.

CBG 40-50% PAT margins partly dependent on government MDA (fertilizer subsidy) for FOM byproduct. Sampoorna program coming; policy changes could reduce FOM realization and compress margins below 40%.

10 new CBG plants (132 TPD) via Sumitomo (51%) and GAIL (51%) JVs. MD assumes 60% Y1 utilization for new plants. GAIL offtake guaranteed 80-90%, but Sumitomo plant ramp-up and capital control 49% partner.

SAF price target ₹180-200/liter is 1.8x current subsidized ATF (₹125-130). Airlines cost-conscious; margin 24-25% assumes full capacity use. Carbon benefit alone may not drive adoption without government mandates; deployment to FY29 exposes to policy/market changes.

Finance cost ₹44 Cr annualized (₹11 Cr this Q) on ₹626.9 Cr quarterly revenue. Debt-equity 0.59x reasonable, but DSCR 1.36x leaves little margin for refinancing or rate shocks. De-leverage plan in works but not committed.