Parvati Sweetner - Parvati Sweetner

📊 BSE: 541347 🏢 Sugar 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Total Operating Income fell 33.5% YoY to INR 53.57 Cr in FY25 from INR 80.58 Cr in FY24. Segment-specific growth for sugar and power is not explicitly detailed in the provided documents.

Geographic Revenue Split

100% of revenue is concentrated in Madhya Pradesh, exposing the company to significant regional risk and supply chain concentration.

Profitability Margins

EBITDA margin was 13.26% in FY25 (vs 13.60% in FY24); PAT margin was 1.09% in FY25 (vs 1.77% in FY24). The decline was driven by higher operating costs and lower realizations.

EBITDA Margin

13.26% in FY25, reflecting a slight YoY decline from 13.60% due to regional supply disruptions and rising operational expenses.

Capital Expenditure

The company has applied for an expansion of its crushing capacity from 2500 TCD to 5000 TCD; however, the specific planned capital expenditure in INR Cr is not disclosed.

Credit Rating & Borrowing

Credit rating was reaffirmed at IVR BB but the outlook was revised from Stable to Negative in November 2025 due to operating losses in H1 FY26. Total debt stood at INR 30.41 Cr as of March 31, 2025.

⚙️ Operational Drivers

Raw Materials

Sugarcane is the primary raw material. Shortages and supply disruptions in the Madhya Pradesh region led to operating losses in H1 FY26 and a 33.5% decline in revenue in FY25.

Import Sources

Sourced locally from the Dabra district and surrounding regions in Madhya Pradesh.

Key Suppliers

Sourced from local sugarcane farmers in Madhya Pradesh; specific company names are not disclosed.

Capacity Expansion

Current installed capacity is 2500 TCD (Tonnes Crushed per Day) for sugar and 3.75 MW for cogeneration. The company has applied for expansion to 5000 TCD.

Raw Material Costs

Not disclosed as a specific percentage of revenue; however, costs rose in FY25 due to sugarcane shortages and supply disruptions.

Manufacturing Efficiency

Crushing rate of 2500 TCD; efficiency is impacted by sugarcane availability and regional supply disruptions.

📈 Strategic Growth

Growth Strategy

Doubling crushing capacity to 5000 TCD to achieve economies of scale and utilizing multi-fuel boilers to process raw sugar during the off-season to ensure year-round revenue generation.

Products & Services

Manufactured sugar and power generated through cogeneration.

Brand Portfolio

Operated under the LNCT Group umbrella.

Market Expansion

Focused on Madhya Pradesh; expansion of existing facility in Dabra to 5000 TCD.

Strategic Alliances

Part of the LNCT Group, which provides promoter support for debt obligations during periods of operating losses.

🌍 External Factors

Industry Trends

The industry is characterized by intense competition and commoditization. PSPL is positioning itself through capacity expansion and cogeneration to improve margins.