### **Overview** Shree Renuka Sugars Limited (SRSL) is one of **India’s largest integrated sugar, ethanol, and green energy companies**, and a key player in the global agribusiness and bioenergy landscape. A **subsidiary of Wilmar Sugar and Energy Pte. Ltd.** (part of the **Wilmar Group**, the world’s largest sugar company), SRSL operates across the entire sugar value chain—from sugarcane crushing and refining to ethanol production, power co-generation, and branded consumer products. With over **25 years of experience**, the company has evolved into a **multinational agri-industrial and bioenergy leader**, maintaining strong positioning in domestic and international markets through technological innovation, strategic acquisitions, and sustainable operations. --- ### **Core Business Segments** #### **1. Sugar Operations** - **Integrated Sugar Manufacturing**: SRSL operates **eight sugar mills** across **Maharashtra, Karnataka, and Uttar Pradesh**, many integrated with distilleries and co-generation units. - Combined crushing capacity of **over 37,500 tonnes of cane per day (TCD)**. - In FY2024–25, **3.7 million metric tons (MMT)** of sugarcane were crushed, producing **1.38 MMT of refined sugar**. - **Refining**: SRSL is **India’s largest sugar refiner**, operating **two port-based refineries** at **Kandla (Gujarat)** and **Haldia (West Bengal)**, with a **combined capacity of 5,500 tonnes per day (TPD)**. - Processes imported and domestic raw sugar into **high-purity refined white sugar**. - Strategic coastal locations provide **logistical advantage for export/import**, enabling flexibility in global sugar trade. - Refinery throughput supported growth in FY24–25, despite export restrictions. - **Exports**: The company exports sugar to **Middle East and Africa**, leveraging its refining and port infrastructure. #### **2. Ethanol & Bioenergy** - **Leading Ethanol Producer**: SRSL is a **major supplier to Indian Oil Marketing Companies (OMCs)** under the **Ethanol Blending Program (EBP)**. - Ethanol production capacity expanded to **1,250 kilolitres per day (KLPD)** (from 720 KLPD in 2021). - In FY2024–25, produced **159 million litres** of ethanol, generating **₹10,095 million (10.1 billion INR)** in revenue—an **17% YoY increase**. - Sells three grades of ethanol: - **Absolute Alcohol (fuel blending)** - **Rectified Spirit (industrial/potable use)** - **Extra Neutral Alcohol (industrial/chemical applications)** - **Multi-Feedstock Flexibility**: Utilizes **sugarcane juice, B-heavy molasses, and C-heavy molasses**, allowing adaptation to policy shifts and market demand. - Pioneered **ethanol production directly from sugarcane juice**. - Planning **dual-feedstock distilleries** to use **maize** during the sugarcane off-season, aligning with India’s **E20 (20% ethanol-blending)** goal and long-term **E30 (30% by 2030)** ambitions. - **Growth Strategy**: - Expand distillery capabilities (e.g., Munoli and Athani expansions underway). - Invest in **technology and process efficiency** to increase premium ethanol output. - Explore **emerging applications**: aviation biofuels, biobased chemicals, and power generation. #### **3. Power Co-Generation** - Operates **bagasse-based co-generation plants**, using **sugarcane fiber (bagasse)** as renewable fuel. - Total installed capacity: **259 MW**, located across mills in **Maharashtra, Karnataka, and Uttar Pradesh**. - **Captive consumption** covers most mill and distillery energy needs; **surplus power is sold to state grids**. - Generated ~**441 million kWh** of electricity in FY2024. - Focus on **energy efficiency, emissions reduction, and technological upgrades** in boilers and turbines. #### **4. Branded Consumer Products** - **Madhur – India’s #1 Packaged Sugar Brand**: - Holds **33% market share** in India’s branded sugar segment. - Sold **177,438 metric tons** in FY2025. - Recognized for **purity, hygiene, and the “5S Guarantee”** – emphasizing a manufacturing process **untouched by hand**. - Distributed nationwide via **robust supply chain, modern trade, e-commerce (Amazon, Flipkart), and general retail**. - **Brand Expansion**: - **International Launch**: "Madhur" launched in **Canada (Toronto & Vancouver)** in February 2025. - **Marketing Innovation**: Co-branded with Bollywood film *Bhool Bhulaiyaa 3* during Diwali 2025, using a "fear of impure sugar" theme—achieving **8.3 million YouTube views**, >500k Meta views, and 1,500+ TV ad spots. - **New Product Launch**: - Test-marketed **Madhur Pure & Natural Jaggery** in **Maharashtra, Madhya Pradesh, Telangana, Gujarat**. - Achieved **44 metric tons in sales** in FY2025. - Plans to **scale product line** and deepen penetration. --- ### **Strategic Initiatives & Growth Drivers** #### **1. Geographic & Operational Expansion** - **Acquisition of Anamika Sugar Mills Pvt. Ltd.** (Oct 2023): - Located in **Bulandshahr, Uttar Pradesh**—India’s largest sugarcane-producing state. - **4,000 TCD crushing capacity**. - **Strategic benefits**: - Access to **North/East Indian markets**. - Reduced logistics costs. - Strengthened **Madhur brand presence** in northern India. - Recognized **₹1,429.36 million in goodwill** due to growth potential. - Financial and operational support ensured by SRSL post-acquisition. #### **2. Technology & Engineering Capabilities** - **KBK Chem-Engineering Pvt. Ltd. (Wholly Owned Subsidiary)**: - Provides **EPC (Engineering, Procurement, Construction)** solutions globally for distilleries, biofuel plants, and co-generation units. - Enabled **in-house technological modernization** and **rapid expansion** of distilleries. - Serves third-party clients worldwide, contributing to diversification. #### **3. Sustainability & ESG Leadership** - Integrated sustainability across operations: - **Renewable energy from bagasse** reduces fossil fuel dependence. - Optimized waste utilization: **molasses → ethanol**, **press mud → bio-compost**, **spent wash → energy recovery**. - Farmer support programs: **training, subsidized inputs (fertilizers, seeds), modern irrigation techniques**. #### **4. Value Chain Optimization** - Balancing sugar vs. ethanol production based on **market prices, policy, and inventory**. - Focused on **cost optimization** in milling, refining, and distribution. - Increasing **refinery throughput** and **premium product margins**. --- ### **Financial & Operational Highlights (FY2024–25)** | Metric | Value | |-------|-------| | Sugarcane Crushed | 3.7 MMT | | Refined Sugar Produced | 1.38 MMT | | Ethanol Produced | 159 million litres | | Ethanol Revenue | ₹10,095 million (+17% YoY) | | Sugar Brand Sales (Madhur) | 177,438 MT | | Jaggery Sales (Test Market) | 44 MT | | Distillery Sales Growth | +12.7% YoY | | Sugar Recovery Rate | Improved by 2.72% | | Refining Capacity | 5,500 TPD | | Ethanol Capacity | 1,250 KLPD | | Co-Generation Capacity | 259 MW | | Power Generated | 441 million kWh | --- ### **International Presence & Affiliations** - **Global Footprint via Wilmar Group**: - Affiliates: **Adani Wilmar, Wilmar Sugar Pte. Ltd., African and Southeast Asian entities**. - **Associate interests in Brazil**: Investments in **Shree Renuka do Brazil Participacoes Ltda** and **Renuka Vale do Ivaí S/A**, highlighting long-term bioenergy diversification. - **Export Markets**: Middle East, Africa, and now **Canada (Madhur brand)**. --- ### **Leadership & Expertise** - **Experienced Leadership Team**: - **Mr. Ravi Gupta (Executive Director)**: Over **30 years** in agro-commodities; ex-Louis Dreyfus, COFCO; key contributor to **India’s ethanol policy formulation**. - **Mr. Vijendra Singh (Executive Director)**: Over **40 years** in agro-processing; previously at Bajaj Hindustan, Mawana Sugars.