EID Parry India Ltd

EID Parry India Ltd - Closure of Trading Window

SBI Mutual Fund stake change in EID Parry India Limited

• Target: EID Parry India Limited.
• Disclosing Party: SBI Mutual Fund (not promoter/promoter group).
• Transaction Type: Acquisition of shares.
• Pre-Transaction Holding: 1,61,80,379 shares, 9.0924%.
• Transaction Details: 78,142 shares acquired, 0.0439%, Market Purchase, on 08-Sep-2026.
• Post-Transaction Holding: 1,62,58,521 shares, 9.1363%.
• Date of Transaction: 08-Sep-2026.
• Equity share capital before/after: Rs. 17,79,55,692.

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