EID Parry India Ltd

ESG rating update

• CRISIL ESG Ratings independently assigned a score of 61 (Strong) for FY2025-26.
• The company did not engage CRISIL; rating based on public-domain information.
• Rating submitted to BSE and NSE on 24 August 2026 at 8:07 p.m.

Financial Performance

• Consolidated turnover Rs 61 crores in Q1 FY27 vs Rs 27 crores prior year
• Sugar segment revenue Rs 410 crores in Q1 vs Rs 347 crores prior year
• CPG turnover Rs 94 crores vs Rs 188 crores prior year
• Nutra turnover Rs 6.22 crores vs Rs 6 crores prior year
• Tamil Nadu sugar unit: 54 days; cane 1.47 LMT; gross recovery 7.95%
• Sugar sales 0.89 LMT; avg price Rs 40.02/kg; closing stock 1.1 LMT
• Closing stock valued ~ Rs 42 per kg; 1.1 LMT vs 1.2 LMT prior year
• Consolidated revenue drivers: higher sugar volume; FRPs paid on time
• Co-gen: 180 LU generated; power exports 89 LU; tariff Rs 4.89/unit
• Power segment revenue Rs 6.6 crores; prior year Rs 7.53 crores
• Distillery: 351 lakh liters produced; 380 lakh liters sold; ENA 138, Ethanol 242
• Distillery price realization Rs 63.49 per liter vs Rs 67.59 prior year
• Nutra consolidated turnover Rs 6.22 crores; prior year Rs 6 crores
• CPG and Nutra margin trajectory discussed separately in Q&A
• PSRIPL refinery closure: bank liabilities fully settled; denotification in progress
• PSRIPL SEZ exit: in-principle letter received; close by Sep 30, 2026
• Rs 610 crores infused into PSRIPL to settle bank obligations; fully closed
• Additional Rs 55 crores loan; total infusion Rs 665 crores; Rs 65 crores left if needed
• Standalone debt as of 30-Jun: short-term Rs 980 crores; long-term Rs 150 crores

Segment Update

• Jaggery and brown sugar: margins substantially better than white sugar
• Jaggery turnover target around Rs 100 crores from both plants when online
• Nutra: growth driven by Valensa; derm/skin products contributing
• US Nutra growth; India share ~20%; Europe certification issues resolved
• CPG: 4–5 quarter path to quarterly breakeven; new products like jaggery, brown sugar
• TN/AP cane supply constrained; Karnataka yields critical in H2 to support crushing

Balance Sheet and Cash Flow

• Inventory 1.16 LMT; valued at Rs 41.50 per kg
• PSRIPL: 610 crores infused to settle bank liabilities; liquidation of assets underway
• Total infusion in quarter about Rs 665 crores; Rs 65 crores left if required
• PSRIPL closing date: Sept 30, 2026; SEZ denotification subject to approvals
• No outstanding bank dues on PSRIPL; SEZ exit in progress

Projects and Capex

• PSRIPL refinery operations ceased as of 31-Mar-2026; no ongoing operations
• Non-core land disposals planned; FY27 timeline for monetization
• Ethanol capacity: 582 KLPD; grain capacity 120 KLPD; primary focus on margins
• Jaggery plants expected to contribute meaningfully on turnover once online

Guidance and Outlook

• CPG breakeven targeted in 4–5 quarters; margin accretive mix
• Nutra EBITDA margin steady-state at 12–15% (healthy trajectory expected)
• Working capital efficiency; reduce debt cost; monetize NPAs
• Strengthen balance sheet by March-27 and March-28

Q&A Highlights

• Sanjay Shah: CPG breakeven timeline; jaggery plant turnover target; organic vs inorganic growth
• Muthiah: CPG revenue down; margins improved; breakeven path 4–5 quarters; exploring organic/inorganic options
• Venkat: Nutra scale drives higher revenue; margin target 12–15% steady-state
• Gautam: Nutra scale notched; India Nutra ~20% of turnover; US drive critical
• Rajesh: Tamil Nadu cane supply and potential 5% year-on-year impact; Karnataka as hedge
• Abdul Hakeem: TN cane incentive direct to farmers; no working-capital impact; pre-draw analyzed on maturity
• Sanjay Manyal: Ethanol vs sugar tradeoffs; OMC commitment penalties; capacity 582 KLPD

AGM Details

• AGM held on 12 August 2026 at 3:00 PM IST via video conferencing.
• End time of the meeting was 4:12 PM IST.
• Record date was 05 August 2026.
• Last date for receipt of postal ballot forms was 12 August 2026.

Resolutions Put to Vote

• Item 1 involved adoption of the standalone financial statements and related reports.
• Item 2 involved adoption of the consolidated financial statements.
• Item 3 involved re-appointment of MM Venkatachalam, (DIN 00152619).
• Item 4 involved approval of disposal of assets of the material subsidiary Parry Sugars Refinery India Private Limited.
• Item 5 involved ratification of remuneration payable to Cost Auditor for FY 2027.

Voting Outcomes

• Item 1 passed; in favour ~99.999%, against ~0.001%.
• Item 2 passed; in favour ~99.999%, against ~0.001%.
• Item 3 passed; in favour 98.681%, against 1.319%.
• Item 4 passed as a special resolution; in favour 77.696%, against 22.304%.
• Item 5 passed; in favour ~99.999%, against ~0.001%.

Director Changes

• Reappointment of MM Venkatachalam as director liable to retire by rotation.

Auditors & Remuneration

• Remuneration for Cost Auditor for FY2027 ratified.

Material Related Party Transactions

• Approval for disposal of assets by the material subsidiary Parry Sugars Refinery India Private Limited.

No meeting details provided in analyst/investor meet filing for EID Parry India Ltd

AGM details

• AGM held on 12 August 2026 at 3:00 p.m. IST via VC/OAVM.
• e-voting remained open during the AGM and closed after counting.
• AGM concluded at 4:12 p.m.

Key resolutions

• Adoption of standalone financial statements for FY ended 31 March 2026 (Ordinary).
• Adoption of consolidated financial statements for FY ended 31 March 2026 (Ordinary).
• Re-appointment of Mr. M. M. Venkatachalam as Director liable to retire by rotation (Ordinary).
• Special Resolution: disposal of assets of Parry Sugars Refinery India Private Limited (material subsidiary).
• Ordinary Resolution: ratification of remuneration payable to Cost Auditors.

Voting results

• Voting results to be submitted by the Scrutinizer and uploaded on company and exchange portals.

Director changes

• Re-appointment of Mr. M. M. Venkatachalam as Director liable to retire by rotation.

Auditors

• Remuneration payable to Cost Auditors ratified.

Material approvals / related party

• Approval for disposal of assets of the material subsidiary.

Financial performance

• Consolidated revenue from operations: ₹9,017 crore for quarter ended Jun 30, 2026.
• Consolidated EBITDA: ₹781 crore; year-ago quarter: ₹895 crore.
• Consolidated PAT: ₹142 crore vs ₹246 crore in the prior-year quarter.
• Standalone revenue: ₹733 crore; standalone EBITDA loss ₹23 crore; standalone PAT loss ₹89 crore.
• Aged receivables provision ₹4,537 lakh against Parry International FZCO exposure.
• PSRIPL impairment/closure impact: ₹61,000 lakh invested; ₹5,500 lakh disbursed in quarter.

Segment performance

• Sugar revenue: ₹410 crore in Q1 FY27, up 18% YoY from ₹347 crore.
• Distillery revenue: ₹255 crore; down from ₹296 crore due to ENA quota effects.
• Co-generation revenue: ₹7 crore; down from ₹8 crore.
• Nutraceuticals revenue: ₹61 crore; near-zero segment profit.
• Consumer Products revenue: ₹94 crore; down from ₹187 crore.
• Intersegmental revenue: ₹(39) crore; revenue from operations: ₹788 crore.
• Sugar PBT: loss ₹49 crore; Distillery PBT: ₹9 crore; Co-generation PBT: loss ₹22 crore; Consumer Products PBT: loss ₹12 crore; Nutraceuticals: near-zero.

Capex, capacity & operations

• Sugar capacity: 40,800 TCD; power 140 MW; distillery 582 KLPD.
• Six sugar plants and one standalone distillery across three states.
• Jaggery facility in Karnataka under construction; commissioning targeted by FY27 Q3.
• PSRIPL closure completed; operations ceased 31 Mar 2026; liquidation underway.
• Positive free cash flow in the quarter; working capital management improved.

Outlook & guidance

• Focus on disciplined renewal to strengthen core Sugar and Biofuels.
• Digital capabilities and brand equity acceleration; premiumization in Consumer Products.
• Jaggery facility commissioning expected by FY27 Q3; ongoing asset rationalization and efficiency programs.

Risks / headwinds

• Headwinds include lower ENA quotas in Tamil Nadu and adverse weather affecting cane.
• Higher input costs and currency/regulatory pressures could affect margins.
• Liqidity and working-capital management remain critical amid ongoing asset closures.

Business model & segments

• Operations span Sugar, Co-generation, Distillery, Nutraceuticals, and Consumer Products.
• Murugappa Group parent; 100% stake in Parry Sugars Refinery India Private Limited; US Nutraceuticals Inc.
• PSRIPL and related subsidiaries form key elements of the group’s diversification.