Restructuring continues; PAT cratered despite sugar price relief

CPG ₹94Cr Q1 vs ₹188Cr Q1 YoY (50% drop); absolute margin pool grew despite revenue decline

Delivered Q1 at elevated prices; London white ₹404→₹471/ton globally; domestic prices Rs45-46/kg confirmed

Crushed 1.47 LMT vs 2.12 LMT YoY in TN (31% drop Q1). Management cites macro shift to paddy.

Nutra ₹6.22Cr (vs ₹6Cr YoY, 3.7% growth). Management: 'highest ever revenue in Nutra' expected FY27.

Delivered PAT ₹311.5Cr down 32.9% YoY. PSRIPL impairment ₹18Cr fresh Q1, reversal of ₹591Cr liability. But core sugar/CPG/nutra revenue mix weak.

Prior Q4 FY26 call: 6-8 quarters. Q1 FY27 call: 4-5 quarters. Margin pool growing; margin KPIs tracked clearly.

Market hoped for E20→E30; management clarified 20% blend will 'remain at 20% for foreseeable future.' No upside risk.

Prior calls vague; Q1 now explicit: 5% crush drop expected FY27 in both regions. Farmer shift to paddy macro-driven, limits upside.

12-15% EBITDA margin guidance unchanged. Valensa growth strong; India business still encumbered by certification delays.

4-5 quarters. Margin pool grew despite revenue drop. Jaggery plant adds ₹100Cr capacity. Margin accretive operating model intentional recalibration.

Valensa driving. Steady-state EBITDA 12-15%. Highest ever Nutra revenue expected FY27. Management refrained from forward number guidance.

Efficient working capital, debt cost leverage, asset monetization, current ratio improvement, cost reduction across all businesses, balance sheet strengthening.

Improving trajectory. Highest ever revenue FY27 expected. Refrained from guidance. Valensa benefiting from product development, derm/hair health new launches.

Value mix shift (evidenced Q1). New products (jaggery, brown sugar). Distribution expansion in South. Brand equity strengthen. Mix of all three.

Cane availability is macro concern (farmers shift to paddy). Expecting flat or 5% drop FY27. Running tight ops to improve margins. Karnataka can make up volume if rains hold.

Discussing various measures for stronger operations. Macro focus on working capital cost and efficient operations. Will fall in line in coming quarters.

Q1 liquidated closing stock (March 31). Operations ceased March 31. Q2 onwards zero ops, some period cost incurring per plan.

Yes. ₹610Cr infused April (approved March 31). Asset impaired. Liabilities remeasured and reversed (non-cash). Net cash impact ₹610Cr + ₹55Cr loan = ₹665Cr Q1. ₹65Cr more planned if needed.

Short-term ₹980Cr, long-term ₹150Cr. Down from ₹1,250Cr short-term March 31. Will rise when crushing starts (Q2 onwards reduce, then Q3/Q4 rise). Linked to working capital.

No. VSS (voluntary separation scheme) at legacy plants driving spike. One-off in one plant; more intended. Bringing fixed cost position down long-term.

Consistent EBITDA from sugar/biofuel (core mothership). Fix TN/AP via cost/efficiency. Grow CPG; stronger focused model. Better Nutra segment performance. Near-to-medium term strategy.

Yes, makes sense produce more sugar at current pricing. Evaluate options (ethanol/ENA/sugar). Feedstock constant review to maximize margins. Base volume sugar for customer care.

Cautiously optimistic. Farmers evaluating paddy vs sugarcane on merit. Paddy mechanized, 3 cycles. Initial farming feedback optimistic. Direct benefit transfer to farmers; no working capital impact.

Currently crushing, will continue. Opportunity to pre-draw if crop maturity allows. Principle: don't compromise recovery for volume. TN already low recovery zone; need field data on sugar content.

No such discussion at this point in time.

582 KLPD capacity, ~18 Cr liters total; 120 KLPD from grains. Switch evaluated based on margin. Must keep OMC committed volumes or face penalty per liter shortfall.

Land parcels not relating to operations. No specific quantum disclosed. Expected FY27 action; working on it. Prospecting underway.

6-month plant commissioning timeline. Capacity doubles. Margins 'substantially better' than white sugar. Distribution expansion key KPI.

No specific number. Valensa traction continuing. India business scaling slowly (cert issues resolved).

Contingent on scale. Will build more scale from current levels. India ~20% of consolidated; US lion's share.

Value-mix shift, new products, distribution expansion, brand strengthening. 1Q start good; FY27 distance remaining.

Farmer shift from sugarcane to paddy (mechanized, 3-crop cycles). Management expects 5% crush drop FY27 in both regions. Recovery already low in TN (7.95%). Only Karnataka can offset.

Short-term debt ₹980Cr at June (down from ₹1,250Cr March). Will rise Q3/Q4 crushing season when inventory builds. Long-term debt ₹150Cr. Total standalone debt ~₹1,130Cr.

London white ₹404→₹471/ton recovery; domestic Rs45-46/kg. Management notes 'very likely there may be some correction' once crushing starts. Price outlook uncertain beyond near-term.

Q1 ₹18Cr fresh impairment + ₹591Cr liability reversal (net ₹18Cr loss). ₹610Cr cash infused April + ₹55Cr loan = ₹665Cr total. Asset liquidation underway; value TBD. Prospect for recovery 'underway' but no quantum/timeline.

CPG revenue ₹94Cr Q1 (vs ₹188Cr prior). Management targeting 4-5 quarter breakeven (accelerated from 6-8Q prior). Margin pool grew but on 50% revenue cut. Risk of further revenue deterioration or slower margin gain.