1. Hasanpur greenfield distillery - A 100 KLPD multi-feed distillery is under construction at Hasanpur with a capital outlay of \~₹210 crore, targeted for completion by March 2027. This adds roughly two-thirds to the existing 155 KLPD combined distillery capacity, lifting the higher-margin distillery segment's revenue share at a time when ethanol blending policy continues to expand.
2. Narkatiaganj sugar plant expansion - The Narkatiaganj crushing capacity was expanded from 7,500 TCD to 10,000 TCD at a cost of \~₹141 crore and was operational from the 2024-25 crushing season. Management guided the expansion would deliver EBITDA of not less than 25% and increase total crushing by 28-29%, directly raising sugar, ethanol, and power throughput from the same cane supply.
3. Sidhwalia distillery conversion to multi-feed - The Sidhwalia distillery was converted to multi-feed with a grain attachment at a cost of \~₹32 crore, with commissioning completing by end-May 2025. Multi-feed capability extends operating days to at least 330 per year, up from a seasonal molasses-only run, allowing the distillery to utilise ample local maize and capture ethanol allocations outside the crushing season.
4. Narkatiaganj distillery upgrade to multi-feed - The 80 KLPD Narkatiaganj distillery was upgraded to a multi-feed system in early FY25, extending its operational days from 270 to 330-340 per year. Together with Sidhwalia, both distilleries can now run near year-round on grain when molasses is unavailable, raising capacity utilisation and ethanol supply reliability.
5. Slop boiler at Narkatiaganj - The company intends to commission a slop boiler at Narkatiaganj, which is expected to increase distillery operations from 270 to 330 days a year. Removing the effluent bottleneck lets the expanded multi-feed distillery sustain higher annual output without seasonal stoppages.
6. Ethanol blending tailwinds and Bihar quota support - Ethanol blending reached 19.99% as of March 2026, the government is studying a 30% blending target by 2030 and 5% ethanol-in-diesel, and Bihar is expected to receive increased ethanol quota allocations. For a company with 155 KLPD of distillery capacity already running above 100% utilisation, rising mandated offtake and state-level quota support provide a visible demand floor for every litre produced.
7. Credit rating upgrades - India Ratings upgraded the long-term rating to 'IND A+ Stable' in May 2026, and CARE assigned 'CARE A+; Stable' in August 2025, covering term loans from ICICI, RBL, and Axis Bank. A stronger credit profile lowers the cost of borrowing as the company funds the \~₹210 crore Hasanpur project through a mix of debt and internal accruals.
8. Debt reduction trajectory - Long-term debt stood at ₹174.77 crore as of March 2025, with management stating the company is likely to become debt-free. As capex on the Narkatiaganj expansion and Sidhwalia conversion winds down, falling interest costs and rising net worth - ₹834 crore in FY25 - release cash flow for dividends and the next growth phase.