E I D Parry India (EIDPARRY) Q2 25/26 earnings summary

Executive summary

• Global sugar market expected to remain in surplus through 2025-2026, with Brazil, India, and Thailand increasing supply; Indian output projected to rise 15% for sugar year 2026, aided by favorable monsoon.

• Consolidated Q2 FY26 revenue rose 24% YoY to ₹11,624 Cr; H1 revenue up 27% YoY to ₹20,348 Cr; FY25 revenue at ₹7,523 Cr.

• EBITDA for Q2 grew 31% YoY to ₹1,349 Cr; H1 EBITDA up 44% YoY to ₹2,244 Cr; FY25 EBITDA at ₹257 Cr.

• PAT after NCI for Q2 was ₹424 Cr, up from ₹306 Cr YoY; H1 PAT was ₹671 Cr, up from ₹397 Cr YoY.

• Strategic focus on cane volume, distillery agility, institutional business expansion, and consumer product growth.

Financial highlights

• Sugar segment Q2 revenue was ₹368 Cr (flat YoY); H1 FY26 sales were 1.73 LMT at ₹42.14/kg, with improved realizations but lower volumes.

• Distillery H1 FY26 volume grew 5% YoY, with better average realization at ₹67.62/litre; Q2 revenue ₹291 Cr (+4% YoY).

• Refinery H1 FY26 sales: 4.57 LMT, revenue $240.25 Mn, EBITDA $9.58 Mn, PBT after exceptionals $3.71 Mn.

• Nutraceuticals H1 FY26 revenue at ₹88 Cr, PBIT ₹13 Cr, including a one-time insurance claim of ₹18 Cr.

• Standalone Q2 loss after tax was ₹285 Cr, mainly due to a ₹352 Cr impairment provision.

Outlook and guidance

• Ethanol blending in petrol reached 19.17% as of Sep 2025, targeting 20% for ESY 2025-26.

• Strategic initiatives to reduce bulk sugar sales and focus on value-added and premium products.

• Consumer business expected to return to growth in Q3 and Q4 as quotas increase and staple prices stabilize.

• No immediate plans for capacity addition in distilleries due to industry overcapacity and policy uncertainty.

• Company is transforming from a sugar enterprise to a comprehensive food, nutrition, and bioenergy business.