sugar and its by-products, spirits including ethanol

Strengths Diversified sugar-industry model covering sugar, ethanol/distillery and co-generation power. Established manufacturing presence in Uttar Pradesh. Hargaon unit's cane-crushing capacity was increased from 10,000 TCD to 13,000 TCD, operational from Sugar Season 2025–26. FY26 revenue from operations increased to approximately ₹2,694 Cr from ₹2,636 Cr. FY26 finance cost reduced substantially to about ₹74 Cr from ₹136 Cr in FY25. Board recommended ₹10 per share dividend for FY26. Weaknesses Sugar profitability is highly dependent on sugar prices, cane costs, recovery rates and government policy. FY26 EBITDA declined to ₹226 Cr from ₹280 Cr. FY26 PAT declined to ₹57 Cr from ₹88 Cr. Profitability can fluctuate significantly between sugar cycles. High working-capital requirements are inherent in the sugar business. Opportunities Expansion of ethanol blending and India's growing biofuel requirement. Higher cane-crushing capacity can support volume growth. Better sugar realisations could improve mill profitability. Co-generation provides an additional revenue stream from bagasse. Improved cane recovery and operational efficiency can support margins. Continued reduction in finance costs could improve bottom-line performance. Threats Increase in sugarcane SAP without corresponding increases in sugar/ethanol prices can pressure margins. Weather conditions, drought, floods and cane disease can affect sugarcane availability. Government controls on sugar exports, domestic prices and ethanol allocation can affect profitability. Sugar-price volatility. Rising labour, power and agricultural-input costs. Lower sugar recovery rates can negatively affect production economics.