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

Executive summary

• Global sugar market expected to remain in mild surplus through 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.

• Consolidated revenue for Q3 FY26 rose to Rs. 10,316 Cr, up 18% year-over-year; 9M FY26 revenue reached Rs. 30,664 Cr, up 24%.

• Consolidated EBITDA for Q3 FY26 was Rs. 895 Cr, up from Rs. 811 Cr YoY; 9M EBITDA at Rs. 3,139 Cr, up from Rs. 2,367 Cr YoY.

• 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.

• 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 FY26 standalone sugar revenue was Rs. 389 Cr, nearly flat YoY.

• Distillery segment revenue increased to ₹877 Cr from ₹833 Cr year-over-year; Q3 FY26 distillery revenue was Rs. 289 Cr, flat YoY.

• Consumer products revenue dropped to ₹504 Cr from ₹689 Cr year-over-year; Q3 FY26 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.

• External borrowings reduced sharply to INR 78 crore from INR 532 crore year-over-year; refinery business borrowings reduced due to equity infusion.

Outlook and guidance

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

• Sugar and biofuels segments to focus on efficiency and cost control; growth dependent on policy support for MSP and ethanol pricing.

• Strategic focus on premium and brown sugar segments, and channel restructuring in consumer products.

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

• Expansion in staples and sweeteners to deepen, with inorganic opportunities considered for other FMCG segments.