The call ran from 10:59 AM to 11:55 AM IST (56 min).

Key takeaways

Q2 revenue rose 27.5% to ₹549.2 Cr and net loss narrowed to ₹15.2 Cr. Chemicals drove gains; sugar-ethanol remains loss-making and seasonal.

Highlights
Revenue growth	Revenue up 27.5% YoY to ₹549.2 Cr; chemicals up 38.8%.
Margins	Group EBITDA margin 2% vs -1%; chemicals margin 10.8% vs 10.2%.
Order book	Larger chemical offtake agreements still awaited before major investment.
Demand visibility	Chemicals demand strong; customers seeking reliable supply chains.
Management confidence	Upbeat on chemicals; acknowledges sugar-ethanol headwinds.

Growth

Revenue +27.5% YoY; chemicals +38.8%, partly volume-led, partly price-led. Sugar segment loss ₹19.3 Cr.

Outlook

Targets ₹240 Cr quarterly chemicals revenue by Q3 FY28, linked to ₹25 Cr debottlenecking capex.

Risks

Sugar-ethanol losses persist; cane juice and B-heavy molasses ethanol diversion curbed; maize margins squeezed; drought.

Last quarter's promises, checked

Delivered

Guided chem sales ~₹190 Cr → delivered ₹204.2 Cr (= BEAT)
Guided chem sales/EBITDA growth to continue → EBITDA +47% YoY vs +53% in Q1 (= BEAT)

Partly delivered

Guided ₹240 Cr/qtr chem revenue from early FY28 → now Q3 FY28 target (= PARTIAL; timing slipped)
Guided CDSCO efficacy-trial nod by Q3 FY27 → still pending (= PARTIAL)

Missed

Guided sugar-ethanol improvement through year → segment loss ₹19.3 Cr vs Q1 EBITDA loss ₹14.6 Cr (= MISS; basis may differ)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 6 Nov 2026, 1:38 PM IST. Open it on ALFA Filings ›