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Godavari Biorefineries Q2 FY27 results: net loss narrows to ₹15.24 crore, revenue up 27.5%
Godavari Biorefineries Limited reported consolidated revenue of ₹549.24 crore and EBITDA of ₹10.33 crore for Q2 FY27, compared with ₹430.75 crore and a loss of ₹7.93 crore in Q2 FY26. The company reported a net loss of ₹15.24 crore and basic EPS of ₹2.98, while revenue rose for the second consecutive quarter year on year.
Key points
- Consolidated revenue was ₹549.24 crore, up 27.5% from ₹430.75 crore in Q2 FY26 but down 1.5% from ₹557.88 crore in Q1 FY27.
- EBITDA was ₹10.33 crore, compared with a loss of ₹7.93 crore in Q2 FY26; the EBITDA margin improved to 1.9% from negative 1.8%.
- The company reported a net loss of ₹15.24 crore, narrowing from a net loss of ₹41.59 crore in Q2 FY26 and ₹19.32 crore in Q1 FY27.
- Basic EPS was ₹2.98, compared with ₹8.13 in Q2 FY26 and ₹3.78 in Q1 FY27.
- For H1 FY27, revenue was ₹1,107.12 crore, up 14.8%, while the net loss narrowed to ₹34.56 crore from ₹57.61 crore.
How did Godavari Biorefineries perform in Q2 FY27?
Godavari Biorefineries reported consolidated revenue of ₹549.24 crore in Q2 FY27, up 27.5% from ₹430.75 crore in Q2 FY26. EBITDA was ₹10.33 crore, compared with a loss of ₹7.93 crore, while the margin improved to 1.9% from negative 1.8%. The company reported a net loss of ₹15.24 crore and basic EPS of ₹2.98.
Against Q1 FY27, revenue fell 1.5% from ₹557.88 crore and EBITDA rose from ₹0.52 crore to ₹10.33 crore. The EBITDA margin increased to 1.9% from 0.1%, while the net loss narrowed from ₹19.32 crore to ₹15.24 crore and basic EPS improved from ₹3.78 to ₹2.98.
On a standalone basis, Q2 FY27 revenue was ₹536.7 crore, up 26.9%. The company reported a standalone loss before tax of ₹42.63 crore and a net loss of ₹16.23 crore. The board approved the unaudited consolidated and standalone results for the quarter and half-year ended 30 September 2026 on 4 November 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 549.24 | 557.88 | 430.75 | +27.5% | −1.5% |
| Other income | 0.53 | 2.05 | 3.52 | −84.9% | −74.1% |
| Total expenses | 569.51 | 585.77 | 464.52 | +22.6% | −2.8% |
| EBITDA | 10.33 | 0.52 | −7.93 | turned to profit | +1886.5% |
| EBITDA margin | 1.9% | 0.1% | -1.8% | +3.7 pp | +1.8 pp |
| Profit before tax | −19.75 | −25.85 | −56.90 | ||
| Tax | −4.50 | −6.53 | −15.31 | ||
| Net profit | −15.24 | −19.32 | −41.59 | ||
| EPS (₹) | −2.98 | −3.78 | −8.13 |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Godavari Biorefineries' costs and profit?
Total expenses increased 22.6% from ₹464.52 crore in Q2 FY26 to ₹569.51 crore in Q2 FY27. Cost of materials was the largest increase, rising 50.7% by ₹74.18 crore to ₹220.39 crore; employee cost rose 16.1% by ₹5.09 crore to ₹36.63 crore, finance costs rose 24.9% by ₹3.07 crore to ₹15.39 crore and depreciation rose 12.4% by ₹1.68 crore to ₹15.20 crore.
Other expenses increased 12.9% by ₹8.27 crore to ₹72.51 crore, while other income fell 84.9% by ₹2.99 crore to ₹0.53 crore. The tax charge narrowed from ₹15.31 crore to ₹4.50 crore. Q2 FY26 included an exceptional charge of ₹26.66 crore, while Q2 FY27 had no exceptional item.
Against Q1 FY27, total expenses fell 2.8% from ₹585.77 crore to ₹569.51 crore. Cost of materials nevertheless rose by ₹34.88 crore to ₹220.39 crore, employee cost rose by ₹3.62 crore to ₹36.63 crore, finance costs rose by ₹1.46 crore to ₹15.39 crore, depreciation rose by ₹0.71 crore to ₹15.20 crore and other expenses rose by ₹7.23 crore to ₹72.51 crore.
Other income fell by ₹1.52 crore from ₹2.05 crore in Q1 FY27, while the tax charge narrowed from ₹6.53 crore to ₹4.50 crore. The filing did not state reasons for the changes in operating costs or other income.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 220.39 | 146.21 | +74.18 | +50.7% |
| Employee cost | 36.63 | 31.54 | +5.09 | +16.1% |
| Finance costs | 15.39 | 12.32 | +3.07 | +24.9% |
| Depreciation | 15.20 | 13.52 | +1.68 | +12.4% |
| Other expenses | 72.51 | 64.24 | +8.27 | +12.9% |
| Total expenses | 569.51 | 464.52 | +104.99 | +22.6% |
| Other income | 0.53 | 3.52 | −2.99 | −84.9% |
| Tax | −4.50 | −15.31 | +10.81 | |
| Exceptional items | none | −26.66 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, Godavari Biorefineries reported consolidated revenue of ₹1,107.12 crore, up 14.8% from ₹963.99 crore in H1 FY26. Total income rose 14.6% from ₹968.24 crore to ₹1,109.69 crore, and the EBITDA margin was 1.9%.
The company reported a loss before tax of ₹45.59 crore for H1 FY27, compared with a loss before tax of ₹79.2 crore in H1 FY26. The net loss narrowed to ₹34.56 crore from ₹57.61 crore, while basic EPS was ₹2.98 in Q2 FY27 and the H1 FY27 EPS was ₹6.75, compared with ₹11.26 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,107 | 963.99 | +14.8% |
| Profit before tax | −45.59 | −79.20 | |
| Net profit | −34.56 | −57.61 | |
| EPS (₹) | −6.75 | −11.26 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As at 30 September 2026, total assets were ₹1,621.17 crore, down from ₹2,052.25 crore at 31 March 2026. Total equity fell to ₹753.17 crore from ₹788.29 crore, while borrowings rose to ₹545.71 crore from ₹530.08 crore and cash edged up to ₹15.78 crore from ₹15.25 crore.
Inventories fell to ₹262.68 crore from ₹775.8 crore at 31 March 2026. Trade receivables rose to ₹143.59 crore from ₹113.60 crore, while trade payables fell to ₹181.36 crore from ₹569.27 crore. H1 FY27 operating cash flow was ₹66.38 crore, against ₹93.63 crore in H1 FY26.
Investing cash flow was negative ₹53.03 crore in H1 FY27, compared with negative ₹66.35 crore in H1 FY26, while financing cash flow was negative ₹12.82 crore against negative ₹25.73 crore. Capital expenditure was ₹53.93 crore, against ₹69.82 crore in the year-ago period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,621 | 2,052 |
| Total equity | 753.17 | 788.29 |
| Borrowings | 545.71 | 530.08 |
| Cash and equivalents | 15.78 | 15.25 |
| Inventories | 262.68 | 775.80 |
| Trade receivables | 143.59 | 113.60 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 66.38 | 93.63 |
| Cash from investing | −53.03 | −66.35 |
| Cash from financing | −12.82 | −25.73 |
| Capital expenditure | 53.93 | 69.82 |
Source: Company's results filing (XBRL).
How has Godavari Biorefineries done over the last 8 quarters?
Revenue rose year on year in each of the last two quarters. Over the reported period, quarterly revenue peaked at ₹579.5 crore in Q4 FY25 and bottomed at ₹430.75 crore in Q2 FY26; Q2 FY27 revenue was ₹549.24 crore, below the ₹557.88 crore recorded in Q1 FY27.
Quarterly profit ranged from a net profit of ₹71.93 crore in Q4 FY25 to a net loss of ₹41.59 crore in Q2 FY26. The EBITDA margin peaked at 19.4% in Q4 FY25 and bottomed at negative 1.8% in Q2 FY26; in the latest quarter, it was 1.9% and the net loss was ₹15.24 crore.
Which businesses drove the quarter?
Sugar reported revenue of ₹212.47 crore, up 18.6% from ₹179.16 crore in Q2 FY26. Its EBIT was a loss of ₹15.31 crore, compared with a loss of ₹44.82 crore, while the EBIT margin was negative 7.2%.
Cogeneration reported revenue of ₹13.3 crore, up 73.0% from ₹7.69 crore, and an EBIT loss of ₹9.78 crore against a loss of ₹10.6 crore. Its EBIT margin was negative 73.5%.
Bio based Chemicals reported revenue of ₹204.22 crore, up 38.8% from ₹147.13 crore, and EBIT of ₹18.77 crore against ₹12.08 crore. The EBIT margin was 9.2%. Distillery reported revenue of ₹131.29 crore, EBIT of ₹4.53 crore and an EBIT margin of 3.5%; comparative figures were not provided.
Unallocated revenue was ₹10.87 crore, up 37.6% from ₹7.89 crore, while EBIT was a loss of ₹2.57 crore compared with no exceptional item in the year-ago period. The EBIT margin was negative 23.7%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Sugar | 212.47 | +18.6% | −15.31 | -7.2% |
| Cogeneration | 13.30 | +73.0% | −9.78 | -73.5% |
| Bio based Chemicals | 204.22 | +38.8% | 18.77 | 9.2% |
| Distillery | 131.29 | 4.53 | 3.5% | |
| Unallocated | 10.87 | +37.6% | −2.57 | -23.7% |
Source: Company's results filing (XBRL segment data).
Quick answers
What was Godavari Biorefineries' revenue in Q2 FY27?
Revenue from operations was ₹549.24 crore, up 27.5% from ₹430.75 crore in Q2 FY26 (consolidated).
Did Godavari Biorefineries make a profit in Q2 FY27?
No. It reported a net loss of ₹15.24 crore, against a net loss of ₹41.59 crore in Q2 FY26.
What was Godavari Biorefineries' EPS in Q2 FY27?
Basic loss per share was ₹2.98, against a loss of ₹8.13 in Q2 FY26.
When did Godavari Biorefineries announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of The Unaudited Financial Results (Standalone And Consolidated) Of The Company For The Quarter And Half Year Ended On September 30, 2026 (BSE, 26 October 2026) · PDF
- Unaudited Financial Results For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 4 November 2026) · PDF
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