E I D Parry India (EIDPARRY) Q3 25/26 earnings summary

Executive summary

• Global sugar market is expected to remain in mild surplus for 2025-26, with a projected surplus of 3.5 million metric tons despite lower output from India, EU, and Thailand; Brazil remains a key producer at 40 million metric tons.

• Consolidated Q3 FY26 revenue rose 18% year-over-year to Rs. 10,316 Cr, with profit after tax and non-controlling interest at Rs. 232 Cr; 9M FY26 revenue reached Rs. 30,664 Cr, up 24%.

• Standalone revenue for Q3 FY26 was Rs. 773 Cr, down from Rs. 848 Cr YoY; standalone loss after tax for Q3 was Rs. 54 Cr, improved from Rs. 146 Cr loss YoY.

• Market capitalization as of February 10, 2026, stood at ₹16,551 Cr.

• Strategic focus on expanding institutional business, growing consumer products, and improving cost efficiencies in refinery operations.

Financial highlights

• Sugar segment revenue for YTD Dec'25 was ₹1,103 Cr, down from ₹1,163 Cr YTD Dec'24; Q3 revenue was Rs. 389 Cr (standalone), nearly flat YoY.

• Distillery segment revenue increased to ₹877 Cr from ₹833 Cr year-over-year; Q3 revenue was Rs. 289 Cr, flat YoY.

• Consumer products revenue dropped to ₹504 Cr from ₹689 Cr year-over-year; Q3 revenue was Rs. 143 Cr, down from Rs. 236 Cr YoY.

• Standalone PBT for YTD Dec'25 was a loss of ₹389 Cr, compared to a loss of ₹231 Cr YTD Dec'24, impacted by exceptional items.

• Refinery segment reduced losses due to energy efficiency projects, with YTD Dec'25 EBITDA before extraordinary items at $11.35 Mn, up from $5.76 Mn YTD Dec'24.

Outlook and guidance

• Ethanol blending in petrol reached 19.24% as of October 2025, targeting 20% for ESY 2025-26.

• Sugar and distillery segments face cost pressures due to stagnant ethanol prices and rising FRP; efficiency improvements and policy support are needed for significant growth.

• Strategic focus on premium and brown sugar segments, channel restructuring in consumer products, and expansion in non-sweetener consumer products with South India as the primary market.

• Consumer product group expects recovery in Q1 after channel correction, with new FMCG categories to be announced.

• Emphasis on cost optimization, efficiency improvements, and leveraging brand strength in consumer products.