1. Hargaon crushing expansion - Crushing capacity at Hargaon rose from 10,000 TCD to 13,000 TCD, operational from Sugar Season 2025-26, with steam consumption cut to 34-35%. Management guided incremental PBIT of ₹45-46 crore annually on a ₹151 crore outlay, a 26-27% ROCE that lands straight into the P&L from FY26.
2. Rosa greenfield distillery - A 100 KLPD multi-feed distillery at Rosa (₹147 crore capex) would lift total ethanol capacity from 325 KLPD to 425 KLPD, or roughly 14 crore litres on 345 days. Combined with Hargaon, the two projects are expected to add ₹72-75 crore of annual EBITDA, with the distillery also extending operations beyond the five-month sugar season.
3. Varietal replacement lifting recovery - The disease-prone Co 0238 variety, once 60-65% of cane, is being replaced by Co 0118 and Co 15023, with Co 0238 expected at only 20-25% next year. Recovery already improved \~48 bps in 2025-26, and management targets further gains as better varieties scale - directly raising sugar output per tonne crushed.
4. Rosa crushing and refinery expansion - Board-approved increase in Rosa crushing from 5,000 TCD to 6,500 TCD, plus a sugar refinery for value-added products, at a combined ₹95.37 crore, targeted for completion by FY26. The refinery shifts the product mix toward higher-margin sugar, while the 30% crush increase widens the cane catchment.
5. Ethanol volume and policy tailwind - Ethanol production rose 21% to 893 lakh litres in FY26, with sales up 10% to 849 lakh litres, and the cap on sugar diversion for ethanol was removed from November 2024. With 20% blending achieved by March 2026 and a post-E20 roadmap under discussion, the distillery segment has a clear demand runway.
6. Press-mud-to-biogas plant - A feasibility study is underway for a press-mud-to-biogas/CNG plant at Hargaon, with indicative capex of \~₹100 crore and a one-year build timeline once approved. It would monetise a waste stream into a new revenue line, though the project remains at the study stage.