The call ran from 12:59 PM to 1:39 PM IST (40 min).

Key takeaways

Q2 and H1 FY27 revenue ₹695 Cr and ₹1,319 Cr; Q2 EBITDA ₹66 Cr at 9.5% margin, PAT ₹29 Cr. Ethanol margins under pressure from maize costs; management cautious on near-term ethanol, optimistic on CBG and IMFL.

Highlights
Revenue growth	Q2 revenue ₹695 Cr; H1 ₹1,319 Cr; YoY growth not stated.
Margins	Distillery EBITDA margin 11.9% vs 11.0%; maize cost pressure expected.
Order book	Ethanol order book up 41% to 1.5 lakh KL for ESY 2025.
Demand visibility	ENA demand strong near term; ethanol allocations flat YoY, margins under pressure.
Management confidence	Balanced: cautious on ethanol margins, optimistic on CBG and IMFL.

Growth

Q2 revenue ₹695 Cr, H1 ₹1,319 Cr; H1 EBITDA up 5.9% YoY; PML cases up 41.4% YoY. Revenue YoY growth not stated.

Outlook

Insurance claim expected by Q3; CBG plant revenue ~₹70 Cr at 90-95% utilisation; peak revenue ~₹2,900 Cr, explicitly not a forecast.

Risks

Maize-driven ethanol margin pressure; tender revisions favour industry consolidation; biodiesel unviable at ₹95/litre; Bathinda fire disruption curbed Q2 volumes.

Last quarter's promises, checked

Delivered

Margin ~10-12% (segment) → distillery 11.9% (= BEAT)

Partly delivered

Insurance recovery 'virtually certain', no loss booked → claim expected by Q3 (= PARTIAL)
30 lakh PML cases this year → 6.42 lakh, +41.4% YoY, period unstated (= PARTIAL)

Missed

200KLPD restart in ~15 days, 100% utilisation → Bathinda fire curbed Q2 volumes (= MISS)
IMFL entry 'next year' → launch targeted FY28-29 (= MISS)
Margin 10-12% (company) → consolidated EBITDA 9.5% (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 6 Nov 2026, 5:14 PM IST. Open it on ALFA Filings ›