Godavari Biorefineries Ltd(GODAVARIB)

NSE: GODAVARIBBSE: 544279

₹ 205-8.11%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,049 crWebsite: www.godavaribiorefineries.comUpdated: 24 Oct 2026

About

Godavari Biorefineries Ltd is an integrated biorefinery operating across sugar, distillery, bio-based chemicals and cogeneration, with FY26 revenue of ₹1,987.94 crore. Its four segments span sugarcane processing, ethanol production, specialty green chemicals and captive power generation. The company is expanding into grain-based ethanol and drug discovery, with a wholly owned US subsidiary, Sathgen Therapeutics LLC, pursuing out-licensing of a novel anticancer molecule.^[1]

Business segments

Sugar: 47.7% of FY26 segment revenue (₹1,279.45 Cr), EBIT margin 1.8% - sugarcane crushing, raw and refined sugar production.^[2]
Sugar segment revenue: 1279.45 Cr in FY26 vs 1319.24 Cr in FY25.^[2][3]
Distillery: 24.8% of FY26 segment revenue (₹663.65 Cr) vs 594.0 Cr in FY25, EBIT margin 1.4% in FY26 - ethanol for blending programme, ENA and other grades.^[2][3]
Bio-Based Chemicals: 21.6% of FY26 segment revenue (₹577.99 Cr) vs 539.08 Cr in FY25, EBIT margin 6.3% in FY26 - bio-based commodity and specialty chemicals including bio-butanol.^[2][3]
Cogeneration: 6.0% of FY26 segment revenue (₹160.28 Cr) vs 162.48 Cr in FY25, EBIT margin -2.3% in FY26 - captive and export power from bagasse.^[2][3]

Products and brands

Bio-based chemicals portfolio includes specialty and commodity chemicals; specialty chemicals contributed 61% of segment revenue in FY26, up from 58% in FY25.^[4]
Bio-butanol is being commercialised as a chemical intermediate; MoU signed with Synthomer for bio-based butyl acrylate applications using Godavari's bio-butanol.^[5]
Jivana is the company's branded consumer sugar product; revenue was ₹129 Cr in FY26 with a 44% three-year CAGR.^[4]
Novel TNBC (triple-negative breast cancer) anticancer molecule is in pre-clinical stage; Japanese patent secured in Q1 FY27.^[5]

Operations and capacity

Sameerwadi cane crushing capacity of 20,000 TCD, expandable to 25,000 TCD, per the FY26 annual report.^[6]
FY26 annual report states ethanol production capacity of 570 KLPD, with plans to scale up to 1,000 KLPD.^[6]
Total distillery capacity reached 800 KLPD in Q1 FY27 following commissioning of a 200 KLPD grain-based distillery at Sameerwadi, adding maize/grain as a new feedstock.^[5]
Highest-ever cane crushing of 2.5 million tons was achieved in the 2025-26 season.^[4]
Company is evaluating a 160 KLPD maize grain preparation front-end within the existing 800 KLPD capacity to use idle sugarcane fermentation/distillation capacity.^[5]
Sathgen Therapeutics LLC incorporated as a wholly owned step-down US subsidiary to pursue out-licensing of the TNBC anticancer molecule, with a CEO and Chief Scientific Advisor.^[7]

Key operating numbers

Bio-based chemicals revenue: ₹168.7 Cr in Q1 FY27, +19.4% YoY; EBITDA margin 11.4% vs 8.9% in Q1 FY26.^[5]
Integrated sugar, cogeneration and ethanol segment EBITDA loss widened to ₹14.6 Cr in Q1 FY27 from ₹4.5 Cr loss in Q1 FY26.^[5]
Ethanol equivalent volume sold: 98 million litres in FY26 (81% EBP, 13% ENA, 6% others); ethanol revenue grew 12.6% YoY to ₹658.6 Cr in FY26.^[4]
Closing sugar inventory at end of Q1 FY27: ~65,000 tonnes.^[5]

Customers and distribution

Jivana branded consumer products were sold through 7,500+ retail stores across South India as of FY26.^[4]
Ethanol sold under the government's Ethanol Blending Programme (EBP) accounted for 81% of ethanol equivalent volumes in FY26.^[4]
Bio-based chemicals serve domestic and export markets; widening fossil-bio price gap cited as improving competitiveness overseas.^[4]

Expansion and capex

INR25 Cr debottlenecking capex approved for bio-based specialty chemicals capacity, targeted for completion by early FY28, with quarterly revenue target of ~₹240 Cr post-completion.^[5]
Total capex programme of ₹325 Cr with 75% allocated to bio-based chemicals and 25% to ethanol.^[7]
FY26 annual report lists focus areas as debottlenecking, capacity optimisation, feedstock diversification for ethanol and expanding the bio-based chemicals portfolio.^[6]
INR20 Cr planned R&D spend over 2-3 years to take the TNBC molecule through preliminary efficacy trials, funded from internal resources.^[5]

Recent developments

200 KLPD grain-based distillery at Sameerwadi commissioned in Q1 FY27, taking total distillery capacity to 800 KLPD.^[5]
CDSCO application filed in Q1 FY27 for preliminary efficacy trials of the TNBC molecule; trials expected from Q3 FY27 subject to regulatory approval.^[5]
Japanese patent secured for the novel TNBC anticancer molecule during Q1 FY27.^[5]
DME pilot plant trials with ICT Mumbai, converting industrial CO2 to DME, targeted to conclude by March 2027 before a commercial scale-up decision.^[5]
INR240 Cr of term debt was repaid using IPO proceeds, reducing finance costs by 32% YoY to ₹49.1 Cr in FY26.^[4]

Stated risks

FY26 annual report says the ethanol segment operates in a relatively compressed margin environment due to feedstock economics.^[6]
FY26 annual report cites water-intensive cane, uneven monsoon and cane prices rising relative to sugar and ethanol prices as risks.^[6]

Market Cap

₹1,049 Cr

High / Low

₹354 / 199

Stock P/E

5125.0

Price / Book

1.3

Book Value

₹154

EPS

₹0.7

No. of Shares

5.12 Cr

ROCE

6.5%

ROE

0.4%

OPM

4.2%

Debt / Equity

0.67

Sales

₹1,988 Cr

Net Profit

₹4 Cr

Promoter holding

63.3%

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