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 at 40 million metric tons.

• 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 crushing increased to 15.31 lakh metric tons from 12.7 lakh metric tons year-over-year; recovery rate improved to 11.19% from 10.78%.

• Sugar production rose to 1.39 lakh metric tons from 1.07 lakh metric tons; cane cost increased to INR 4,122 per metric ton from INR 3,899.

• Sugar segment revenue for YTD Dec'25 was ₹1,103 Cr, down from ₹1,163 Cr YTD Dec'24.

• Distillery segment revenue increased to ₹877 Cr from ₹833 Cr year-over-year.

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

• Standalone 9M FY26 revenue was Rs. 2,287 Cr, down from Rs. 2,354 Cr YoY; 9M EBITDA at Rs. 155 Cr (excl. exceptional items), up from Rs. 27 Cr YoY.

• Refinery operational revenue declined to INR 714 crore from INR 915 crore; refinery loss narrowed to INR 4.53 crore from INR 17.53 crore.

Outlook and guidance

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

• Sugar and biofuels segment to focus on efficiency and planting; growth dependent on policy support for MSP and ethanol prices.

• Consumer product group expected to rebound in Q1 with a stronger operating model and new category launches in food FMCG.

• Channel correction in consumer products to conclude in Q4; minimal further impairment expected.

• Expansion into new FMCG categories under evaluation with external consultants; details to be shared in the next quarter.