GODAVARIB - Godavari Bioref.
📢 Recent Corporate Announcements
Godavari Biorefineries Limited has successfully secured a patent from the Japan Patent Office for its application No. 2022-568620. The patent pertains to the use of specific compounds for treating viral infections by inhibiting V-ATPase activity in cells. This grant strengthens the company's intellectual property portfolio in Japan and validates its research capabilities in the antiviral therapeutics space. While the immediate revenue impact is not specified, it enhances the company's long-term competitive positioning in global biochemical markets.
- Japan Patent Office granted patent No. 2022-568620 titled 'Use of Compounds for Treating Viral Infections'
- The invention focuses on inhibiting V-ATPase activity in cells to treat viral infections
- Strengthens global intellectual property protection and adds value to the antiviral therapeutics portfolio
- The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Godavari Biorefineries reported a strong Q3 FY26 with Profit Before Tax (PBT) surging 152% YoY to ₹21.4 crores, despite modest revenue growth of 2.5%. The company achieved significant margin expansion, with EBITDA margins rising 97 bps to 9.8%, supported by a 48% reduction in finance costs and a better product mix in bio-based chemicals. Management highlighted a ₹325 crore capex plan through FY29, aimed at tripling EBITDA by focusing 75% of investment on high-margin chemicals. The consumer brand 'Jivana' also hit a milestone, crossing ₹100 crores in revenue for the 9-month period.
- Q3 PBT before exceptional items grew 152.2% YoY to ₹21.4 crores driven by operating leverage.
- EBITDA increased by 13.8% to ₹45.1 crores with margins expanding to 9.8%.
- Finance costs declined by 48% YoY, reflecting improved cash flows and balance sheet strengthening.
- Bio-based chemicals EBITDA margin improved significantly to 7.7% from 4.5% in the previous year.
- Consumer brand 'Jivana' achieved a revenue milestone of ₹100 crores during 9M FY26.
Godavari Biorefineries reported a 43.2% YoY increase in consolidated Profit After Tax (PAT) for Q3 FY26, reaching ₹8.25 crore. Revenue from operations grew slightly to ₹459.85 crore, while the company saw a significant reduction in finance costs, which dropped to ₹10.21 crore from ₹18.85 crore YoY. For the nine-month period ended December 2025, the company narrowed its consolidated loss to ₹49.36 crore from a loss of ₹95.34 crore in the previous year. The company also issued a correction regarding a deferred tax entry in its nine-month results, clarifying it as Nil.
- Q3 FY26 PAT increased by 43.2% YoY to ₹8.25 crore from ₹5.76 crore in Q3 FY25.
- Finance costs for the quarter significantly reduced by 45.8% YoY to ₹10.21 crore.
- 9M FY26 revenue from operations grew 10.3% YoY to ₹1,423.84 crore.
- Consolidated loss for 9M FY26 narrowed substantially to ₹49.36 crore from ₹95.34 crore YoY.
- Profit before exceptional items and tax for Q3 FY26 stood at ₹21.37 crore compared to ₹8.47 crore in the same quarter last year.
Godavari Biorefineries reported a consolidated revenue of ₹459.85 crore for Q3 FY26, a 2.8% increase compared to ₹447.27 crore in the same quarter last year. The company's net profit for the quarter surged by 43.2% YoY to ₹8.25 crore, up from ₹5.76 crore in Q3 FY25. On a nine-month basis, while the company remains in a net loss of ₹49.36 crore, this is a significant improvement from the ₹95.34 crore loss reported in the previous year's corresponding period. A notable positive is the sharp reduction in finance costs, which dropped to ₹10.21 crore in Q3 FY26 from ₹18.85 crore in Q3 FY25.
- Q3 FY26 Revenue from operations grew 2.8% YoY to ₹459.85 crore.
- Net Profit (PAT) for the quarter increased 43.2% YoY to ₹8.25 crore from ₹5.76 crore.
- Finance costs saw a sharp decline of 45.8% YoY, falling to ₹10.21 crore in Q3 FY26.
- 9M FY26 losses narrowed significantly to ₹49.36 crore compared to a loss of ₹95.34 crore in 9M FY25.
- The company reported an exceptional item expense of ₹7.88 crore during the current quarter.
Godavari Biorefineries reported a 152.2% YoY surge in PBT (before exceptional items) to ₹21.4 crore for Q3 FY26, driven by operating leverage and a 46% reduction in finance costs. Total income for the quarter grew 2.5% YoY to ₹461.9 crore, while EBITDA margins expanded by 97 basis points to reach 9.8%. The Bio-based Chemicals segment showed strong performance with a 76.7% YoY increase in EBITDA, and the 'Jivana' consumer brand crossed ₹100 crore revenue in 9M FY26. Despite a 56.6% drop in Ethanol segment EBITDA, the company is expanding its grain-based ethanol capacity, expected to be commissioned in Q1 FY27.
- Q3 FY26 PBT (before exceptional items) rose 152.2% YoY to ₹21.4 crore.
- EBITDA grew 13.8% YoY to ₹45.1 crore with margins improving to 9.8%.
- Finance costs significantly reduced by 46% YoY, improving overall cash flow.
- Bio-based Chemicals EBITDA increased 76.7% YoY to ₹10.9 crore.
- Jivana consumer brand crossed ₹100 crore revenue in 9M FY26.
The National Green Tribunal (NGT) Western Zone Bench has directed Godavari Biorefineries to implement environmental recommendations at its Sakarwadi facility. The company is required to construct a trench along the periphery of its bioremediation area within two months to prevent runoff from reaching the Godavari River. This directive follows a complaint filed in March 2024 regarding alleged water and air pollution. Management has stated that the order will have no material impact on the company's financial or operational activities.
- NGT directed implementation of recommendations from a Joint Committee report dated August 26, 2024
- Company must construct a peripheral trench at the bioremediation area within a 2-month deadline
- The measure is designed to capture runoff water and redirect it to the industry site for treatment
- Management confirms no material impact on financials or ongoing operations due to this order
Godavari Biorefineries Limited (GBL) has announced a strategic partnership with London-listed Synthomer plc to develop bio-based alternatives to fossil-based monomers. Under this collaboration, GBL will supply bio-based butanol to enable Synthomer to commercialize bio-based butyl acrylate. This move targets the growing global demand for sustainable, lower-carbon chemical solutions and leverages GBL's integrated biorefinery capabilities. The partnership provides GBL with a significant global platform through Synthomer's 29 manufacturing sites across Europe, North America, and Asia.
- Strategic partnership with Synthomer to commercialize bio-based butyl acrylate using GBL's bio-based butanol.
- Collaboration focuses on transitioning the chemical industry away from fossil-based materials toward green chemistry.
- Synthomer is a major global player with approximately 3,900 employees and 29 manufacturing sites worldwide.
- The initiative aligns with GBL's strategy to expand its specialty bio-based chemicals portfolio for international markets.
Godavari Biorefineries Limited has scheduled its earnings conference call for the third quarter and nine months ended December 31, 2025, on February 19, 2026, at 11:00 AM IST. The call will be led by Chairman & Managing Director Mr. Samir Somaiya and will focus on the company's financial and operational performance. This is a routine regulatory disclosure under SEBI LODR Regulations to facilitate interaction with analysts and institutional investors. No unpublished price-sensitive information is expected to be disclosed during the session.
- Earnings conference call scheduled for February 19, 2026, at 11:00 AM IST.
- Discussion will cover financial results for Q3 and 9M FY26 ending December 31, 2025.
- Key speakers include CMD Mr. Samir Somaiya and AGM (IR & Finance) Mr. Ashish Sinha.
- Universal dial-in numbers are +91 22 6280 1550 and +91 22 7115 8378.
- International toll-free numbers provided for USA, UK, Singapore, and Hong Kong investors.
Godavari Biorefineries Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Ltd, confirms that all dematerialization requests for the quarter ended December 31, 2025, were processed within prescribed timelines. It verifies that physical share certificates were mutilated and cancelled after due verification. This is a standard administrative filing required by all listed companies to ensure the integrity of their shareholding records.
- Compliance certificate submitted for the quarter ended December 31, 2025
- Issued by Registrar and Share Transfer Agent, MUFG Intime India Private Ltd
- Confirms dematerialization requests were accepted/rejected and processed as per SEBI norms
- Confirms physical certificates were mutilated and cancelled after verification
Godavari Biorefineries Limited has announced the closure of its trading window starting January 01, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the company's unaudited financial results for the quarter ending December 31, 2025. The restriction applies to all directors, key managerial personnel, and designated persons. The window will remain closed until 48 hours after the financial results are officially declared.
- Trading window closure effective from January 01, 2026.
- Closure pertains to the financial results for the quarter ended December 31, 2025.
- Applies to Directors, Key Managerial Persons, and their immediate relatives.
- Window to reopen 48 hours after the official declaration of results.
Godavari Biorefineries Limited has responded to a surveillance query from the National Stock Exchange regarding a significant increase in trading volume and price movement. The company clarified that all material information has been disclosed to the exchanges in a timely manner as per SEBI Regulation 30. Management stated there is no undisclosed price-sensitive information or impending corporate actions that could impact the stock's behavior. The company attributes the recent activity to market-driven factors and general market conditions.
- Response to NSE surveillance letter Ref. No. NSE/CM/Surveillance/16226 dated December 24, 2025
- Company confirms compliance with SEBI Listing Obligations and Disclosure Requirements Regulations
- Management states no undisclosed or price-sensitive information is currently pending
- Volume and price movements are characterized as purely market-driven with no management connection
Godavari Biorefineries Limited (GBL) has incorporated Sathgen Therapeutics LLC, a wholly owned step-down subsidiary in Princeton, New Jersey. This strategic move aims to accelerate GBL's clinical-stage biotechnology programs and facilitate the global out-licensing of intellectual property. The subsidiary will focus on novel molecules targeting triple-negative breast cancer (TNBC), leveraging patents already secured in major markets including the US, Europe, and China. This expansion positions GBL to transition from a generic-focused manufacturer to a player in original drug discovery and high-value clinical partnerships.
- Incorporation of Sathgen Therapeutics LLC in Princeton, USA, as a wholly owned step-down subsidiary.
- Secured patents in the US, Europe, and China for novel compounds targeting cancer stem cells and TNBC.
- Appointment of Dr. Padmaja Ganpathy as CEO and Dr. Sendurai Mani as CSO for the U.S. entity.
- Formation of a Scientific Advisory Board featuring global oncology experts Dr. Razelle Kurzrock and Dr. Massimo Cristofanilli.
- Strategic focus on global out-licensing of IP to accelerate drug-development programmes.
Godavari Biorefineries reported a strong 34% YoY growth in Q2 revenue, reaching ₹430.75 crore. While the company remains in a loss-making position, the consolidated net loss for the quarter narrowed significantly to ₹41.59 crore from ₹75 crore in the same period last year. A key operational highlight is the massive 71% reduction in inventory levels since March 2025, which helped generate a positive operating cash flow of ₹53.63 crore for the first half of the fiscal year. However, the bottom line was impacted by an exceptional expense of ₹26.66 crore during the quarter.
- Q2 revenue from operations increased 34.2% YoY to ₹43,075.08 Lakhs.
- Consolidated net loss for Q2 narrowed to ₹4,159.24 Lakhs compared to ₹7,499.86 Lakhs YoY.
- Inventory levels saw a sharp decline to ₹21,085.65 Lakhs from ₹73,871.33 Lakhs in March 2025.
- Net cash inflow from operating activities for H1 FY26 improved to ₹5,363.38 Lakhs.
- An exceptional expense of ₹2,665.59 Lakhs was recorded in the current quarter.
Godavari Biorefineries Limited has received a United States patent for "COMPOUNDS FOR THE INHIBITION OF UNREGULATED CELL GROWTH" in the anti-cancer research segment. The patent covers novel chemical compounds that inhibit unregulated cell growth, targeting cancer stem cells. These compounds have shown potential for treating cancers like breast and prostate cancer. This development strengthens the company's intellectual property portfolio in a promising area of cancer research.
- US Patent granted for "COMPOUNDS FOR THE INHIBITION OF UNREGULATED CELL GROWTH"
- Patent application number is 17/415,676
- PCT Filed on Dec. 16, 2019
- Priority Data: Dec. 17, 2018 (IN) 201821047582
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 10.88% YoY to INR 1,870.25 Cr in FY25. Segment-wise standalone growth: Sugar segment grew 26% to INR 682.15 Cr; Bio-based Chemicals grew 6.8% to INR 539.07 Cr; Distillery grew 4.1% to INR 584.95 Cr; Cogeneration grew 9.7% to INR 46.99 Cr.
Geographic Revenue Split
The company operates through subsidiaries in the Netherlands (Godavari Biorefineries B.V.) and the USA (Godavari Biorefineries Inc.), though specific percentage splits by region are not disclosed in available documents.
Profitability Margins
Gross margin expanded from 15% in H1 FY25 to 20% in H1 FY26, an improvement of 5% due to a better product mix. Standalone operating profit margin for FY25 was 3.76% compared to 5.22% in FY24. Net profit ratio was near 0% in FY25 due to one-time tax impacts.
EBITDA Margin
Consolidated EBITDA for FY25 was INR 120.31 Cr (6.4% margin), down 18.67% from INR 147.93 Cr (8.8% margin) in FY24. However, H1 FY26 showed recovery with EBITDA of INR 2.1 Cr compared to a loss of INR 41 Cr in H1 FY25.
Capital Expenditure
The company recently enhanced cane crushing capacity from 15,000 TCD to 18,000 TCD and distillery capacity from 400 KLPD to 600 KLPD. Specific historical and planned INR Cr values for future capex are not disclosed.
Credit Rating & Borrowing
Credit rating upgraded in January 2025 to CARE BBB+; Stable (Long-term) and CARE A2 (Short-term). Finance costs for FY25 were INR 71.61 Cr, down 5.16% YoY from INR 75.51 Cr due to debt reduction.
Operational Drivers
Raw Materials
Sugarcane is the primary feedstock. Grains are used as alternative feedstock for dual-feed distilleries. Cost of materials consumed was INR 1,242.31 Cr in FY25, representing 67% of standalone revenue.
Import Sources
Sugarcane is sourced locally from farmers near the Sameerwadi unit in Karnataka and Maharashtra. Grains are also sourced domestically.
Key Suppliers
Not disclosed in available documents, though the company notes dependence on a few suppliers for non-sugarcane raw materials.
Capacity Expansion
Current crushing capacity is 18,000 TCD (up from 15,000 TCD) and distillery capacity is 600 KLPD (up from 400 KLPD). Planned expansion includes de-bottlenecking and 2G ethanol projects.
Raw Material Costs
Raw material costs decreased 18.9% YoY to INR 1,242.31 Cr in FY25 from INR 1,532.12 Cr in FY24, reflecting improved procurement and inventory management.
Manufacturing Efficiency
Record sugarcane crushing of 24.65 Lakh tons at the Sameerwadi unit in FY25 boosted ethanol output and distillery performance.
Strategic Growth
Expected Growth Rate
14%
Growth Strategy
Growth will be driven by expanding high-value bio-based specialty chemicals, de-bottlenecking existing units, restoring the Ethanol Blending Program, and reducing finance costs through debt reduction. The company is also expanding into pharmaceutical marketing via its new US subsidiary, Sathgen Therapeutics.
Products & Services
Sugar, Ethanol, Bio-based Chemicals (Ethyl Acetate, MPO), Power (Cogeneration), and pharmaceutical marketing services.
Brand Portfolio
Jivana
New Products/Services
2G ethanol, Bio-CNG, and pharmaceutical drugs developed by Godavari Biorefineries Ltd.
Market Expansion
Expansion into the USA market through the acquisition of Sathgen Therapeutics, LLC for pharmaceutical business development.
Strategic Alliances
Collaborations with research institutions for R&D and agile product development.
External Factors
Industry Trends
The industry is shifting toward sustainable, bio-based alternatives to petroleum-based chemicals. The restoration of India's Ethanol Blending Program is a major positive driver for distillery volumes.
Competitive Landscape
Faces intense competition from neighbouring sugar mills and global chemical producers, leading to pricing pressure.
Competitive Moat
Moat is built on a fully integrated biorefinery model and dual-feedstock capability, allowing the company to switch between sugar and ethanol production based on market prices, which is highly sustainable.
Macro Economic Sensitivity
Highly sensitive to agroclimatic conditions; droughts or excessive rain can impact sugarcane availability by significant percentages.
Consumer Behavior
Increasing demand for green and sustainable chemicals is driving the Bio-based Chemicals segment growth (+6.8% in FY25).
Geopolitical Risks
Trade barriers and global policy shifts regarding bio-based chemicals and ethanol exports.
Regulatory & Governance
Industry Regulations
Operations are governed by government policies on ethanol blending mandates, sugar export quotas, and environmental pollution norms for distilleries.
Environmental Compliance
The company maintains a robust ESG framework and published a Sustainability Report for FY25, though specific compliance costs are not disclosed.
Taxation Policy Impact
Effective tax rate was impacted by a one-time deferred tax expense in FY25 due to remeasurement of tax assets following the Finance Act, 2024.
Risk Analysis
Key Uncertainties
Sugarcane availability due to climate change (impact could be >20% on crushing volumes) and volatility in commodity prices for sugar and chemicals.
Geographic Concentration Risk
High concentration in Karnataka and Maharashtra, where primary manufacturing units are located.
Third Party Dependencies
Dependence on contractors for sugarcane harvesting; recent increases in harvesting charges impacted margins by INR 26.7 Cr (exceptional expense).
Technology Obsolescence Risk
Risk of falling behind in 2G ethanol or bio-chemical technology; mitigated by dedicated R&D resources.
Credit & Counterparty Risk
Trade receivables decreased 25.86% to INR 141.29 Cr in FY25, indicating improved collection and lower counterparty risk.