Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue grew 606% y-y to INR811 Cr; H1 revenue INR1,438 Cr +243% y-y - Q2 EBITDA INR114 Cr (14.03% margin); H1 EBITDA INR261 Cr (18.2% margin); margin dip due to 25-30% maize price rise - Q2 PAT INR35 Cr vs loss of INR38 Cr last year; H1 PAT INR94 Cr vs loss of INR33 Cr - Ethanol volume H1: 19.07 Cr liters; Q2: 10.78 Cr liters; pending orders 8.5 Cr liters - CBG capacity 72 TPD; 4 plants operational; 6 more planned with GAIL; EBITDA margin 50-55% - Capex mainly on CBG expansion (~INR300 Cr); debt increase INR70-80 Cr expected - Raw material inventory reduced from INR528 Cr to INR206 Cr; sourcing diversified across India - Government ban on sugarcane juice and B-heavy molasses increases grain-based ethanol demand - Subsidy for CBG doubled to INR2 Cr per TPD; assured gas price and offtake for 10 years - Management cautious on El Nino impact; expects margin pressure but aims to stock raw materials - Ethanol blended average realization INR64-65/liter; raw material cost expected sub 70% of revenue - ENA prices INR62-63/liter; industrial alcohol demand ~250-300 Cr liters; domestic supply expected to rise - Plant sale proceeds (~INR171 Cr) to repay INR130 Cr debt and support working capital - Bid eligibility for ethanol supply ~66 Cr liters based on capacity and working days - Management focused on profitable growth, cash flow, and balance sheet strength