• Margin and earnings pressure: Operating profit dropped 22% and margins fell from 24% to below 18% due to a ₹30 per quintal hike in UP sugarcane prices and stagnant procurement prices for juice-based and B-heavy ethanol.
• Debt profile: Short-term seasonal debt of ₹2,100–2,200 crore is expected to reach zero by October, while ₹900 crore of the ₹1,000 crore long-term debt is dedicated to the polylactic acid project, which qualifies for a 5% interest subvention upon commercial production.
• Sugar and ethanol pricing: Producing juice-based ethanol is currently unviable without government price revisions, though domestic sugar prices of ₹41–42.5 per kg have scope to increase by ₹1–2 per kg.
• Fundraising and expansion: The board approved a ₹450 crore preferential issue closing in June—with promoters contributing ₹193 crore (43%)—to fund general corporate purposes, capex, and a lacto-gypsum plant to convert PLA byproducts into boards.