1. Dual-feed distillery at Asmoli - The 100 KLPD grain-and-molasses distillery conversion was completed in June 2025 at a capex of ₹60 crore, part-funded by a ₹40 crore loan with 50% interest subvention. It adds swing capacity that can run year-round on grain when molasses is scarce, lifting utilisation of the 312.5 KLPD biofuel block and capturing higher ethanol offtake in non-crush months.
2. Country liquor volume scale-up - Country liquor sales rose to 44.13 lakh cases in FY26 from 25 lakh cases in FY24, with an internal target of 30-40% year-on-year growth toward a 5-6% UP market share. At a segment EBIT margin of 14.92% and improving realisations (₹281.60 per case in FY26), each incremental case sold beyond the levy obligation drops directly to the bottom line.
3. Sugar recovery uplift from varietal shift - Net sugar recovery improved to 10.74% in FY26 from 9.80% in FY25 as the company reduced Co-0238 variety to roughly half of plant cane. Higher recovery raises sugar output per tonne of cane crushed without additional cane cost, directly expanding sugar segment margins.
4. Sugar premiumisation and non-bulk offtake - Pharma-grade sugar capacity of 700 TPD at Asmoli is approved and receiving repeat orders, while institutional and packaged sugar together accounted for 30% of FY26 offtake. Management targets 60-70% non-conventional channel sales within a couple of years, which would reduce exposure to low-margin bulk sugar and lift blended realisations.
5. Renewable power tariff revision - Average power realisation rose to ₹4.43 per unit in FY26 from ₹3.44 per unit in FY25, while export volume grew to 90.56 million units. With one PPA expiring and open-market rates at ₹4.5-5 per unit, the 95.5 MW renewable fleet can keep growing a high-margin revenue stream that is decoupled from sugar cycles.
6. Meerganj unit divestment - A business transfer agreement for the 9,000 TCD Meerganj unit was signed on April 20, 2026. The sale releases capital from a lower-return asset and should reduce consolidated debt, improving the stretched balance sheet and interest coverage.
7. Dubai trading subsidiary - DBOL International Food and Beverages Trading FZE was incorporated in JAFZA on May 12, 2026 with an initial investment of USD 2 million. A Dubai base opens direct access to international sugar and FMCG trade flows, bypassing domestic margin constraints and enabling futures trading.