NSE: GODAVARIB · BSE: 544279
GODAVARI BIOREFINERIES L
Operates an integrated biorefinery complex at Sameerwadi that converts sugarcane and grain into four product streams. Sugar is the largest revenue contributor at ₹1,279.45 crore (47.2% of segment revenue), followed by Distillery at ₹663.65 crore (24.5%), Bio-Based Chemicals at ₹577.99 crore (21.3%), and Cogeneration of power from bagasse at ₹160.28 crore (5.9%). The Distillery segment runs a 600 KLPD sugarcane-based ethanol plant and commissioned a 200 KLPD grain-based distillery on June 29, 2026, giving the business dual-feedstock capability. Bio-Based Chemicals is the most profitable segment by EBIT (₹36.31 crore) and the focus of capital allocation, with specialty chemicals now forming 62% of the chemical basket per management. Other revenue lines include a consumer brand called Jivana (over ₹100 crore in 9M FY26) and drug-discovery work via US subsidiary Sathgen Therapeutics. The largest cost line is materials at 74.9% of revenue, reflecting dependence on sugarcane, grains and chemical feedstocks, with overall EBITDA margin of 5.44% in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sugar (47%), Distillery (25%), Bio Based Chemicals (21%), Cogeneration (6%), Unallocated (1%). Cyclical, asset-heavy integrated sugar-ethanol-chemicals with dual-feedstock capability
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 1,870 | 1,988 |
| EBITDA (ex other income) | 104 | 96 |
| margin % | 5.5 | 4.8 |
| Owners' profit | 0 | 0 |
| EPS, as reported (₹) | (5.11) | 0.69 |
| ROE % · ROCE % | (3.0) · 6.6 | 0.4 · 4.6 |
| Debt / equity (x) | 0.63 | 0.67 |
| Cash from operations | 6 | 171 |
| Capex | (71) | (169) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 321 | 447 | 580 | 533 | 431 | 460 | 564 | 558 |
| Profit before tax | (64) | 8 | 96 | (22) | (57) | 13 | 70 | (26) |
| Net profit | (75) | 6 | 72 | (16) | (42) | 8 | 53 | (19) |
| EPS (₹) | (17.88) | 1.31 | 14.05 | (3.13) | (8.13) | 1.61 | 10.33 | (3.78) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Sugar | 1,279 | 47.2 |
| Cogeneration | 160 | 5.9 |
| Bio Based Chemicals | 147 | 5.4 |
| Distillery | 355 | 13.1 |
| Unallocated | 27 | 1.0 |
| Bio based Chemicals | 431 | 15.9 |
| Distlliery | 308 | 11.4 |
| Total, before eliminations | 2,708 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN UNILEVER LTD. | 4,27,230 | 28.6 | 8.72 | 27.3 | 30.7 | 21.5 | 6.5 | 23.4 |
| ITC LTD | 3,25,767 | 16.4 | 4.47 | 11.1 | 28.8 | 35.9 | 11.1 | 21.1 |
| HINDUSTAN FOODS LIMITED | 6,917 | 44.1 | 5.94 | 21.3 | 12.8 | 9.8 | 25.1 | 8.8 |
| GODAVARI BIOREFINERIES L ◆ | 1,047 | 6822.7 | 1.33 | 14.4 | 0.4 | 0.4 | — | 0.5 |
| RANA SUGARS LTD. | 179 | 31.5 | 0.30 | — | 4.0 | 4.9 | — | (1.7) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6822.7 | 18.1 | 278 of 278 | 0% |
| P/B | 1.3 | 1.7 | 117 of 281 | 58% |
| ROCE | 0.4 | 7.5 | 257 of 331 | 22% |
| ROE | 0.5 | 7.3 | 218 of 283 | 23% |
| Debt / Equity | 0.7 | 0.3 | 208 of 281 | 26% |
| EBITDA margin | 0.5 | 8.3 | 226 of 272 | 17% |
| Revenue growth | 4.6 | 9.8 | 165 of 273 | 40% |
| Profit growth | (20.6) | 12.9 | 187 of 276 | 32% |
| Market cap | 1047 | 159 | 86 of 341 | 75% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Godavari BioRefineries schedules Q2 and H1 FY27 earnings call | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board meeting set for November 4 to approve Q2 and H1 results | results | low | — | — |
| 17 Oct 2026 · Newspaper notice on SEBI special window for physical share transfer | compliance | minimal | — | — |
| 14 Oct 2026 · US patent granted for cancer treatment compound | business updates | high | — | — |
| 8 Oct 2026 · Routine RTA compliance certificate for share dematerialisation in Q2 FY27 | compliance | minimal | — | — |
| 3 Oct 2026 · Newspaper publication of public deposit circular advertisement | compliance | minimal | — | — |
| 2 Oct 2026 · Mexican patent granted for antiviral compounds | business updates | medium | — | — |
| 29 Sept 2026 · AGM voting results: all 10 resolutions passed, MD pay gets 92.94% support | board shareholder meetings | low | — | — |
| 28 Sept 2026 · AGM approves director re-appointments and new Executive Director | management changes | medium | — | — |
| 28 Sept 2026 · 71st AGM of Godavari Biorefineries held on September 28, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.