Transcript of Earning Call held on 7th August, 2026

AI summary - Q1 FY27 revenue from operations grew 4.6% y-y to INR558 Cr; total income INR560 Cr +4.9% y-y - Bio-based chemicals revenue up 19.4% y-y to INR169 Cr; EBITDA +53% to INR19.2 Cr; margin expanded to 11.4% - Integrated sugar, cogeneration, ethanol segment EBITDA loss widened to INR14.6 Cr due to feedstock cost and manufacturing pressures - Commissioned 200 KLPD grain-based distillery, total distillery capacity now 800 KLPD; evaluating 160 KLPD fungible capacity addition - Drug discovery: filed for preliminary efficacy trials for TNBC molecule; trials expected Q3 FY27 pending approvals - Debottlenecking bio-based chemicals with INR25 Cr investment; targeting INR240 Cr quarterly sales post expansion - Ethanol blending demand outlook positive with E20 rollout and draft E85/E100 guidelines - Multiple analyst queries on DME pilot trials, bio-butanol commercialization, and sugar vs ethanol production mix - Closing sugar inventory approx 65,000 tons; mix of long-term contracts and open market - Focus on integrated biorefinery model with feedstock and product flexibility to manage volatility and growth