Godavari Biorefineries has staged a significant quarterly turnaround in Q2 FY27, swinging to positive EBITDA of Rs 10.9 crore from a loss of Rs 4.4 crore a year ago, as strong growth in its bio-based chemicals business helped offset continued pressure on its integrated sugar, co-generation and ethanol operations.
The company's consolidated revenue surged 26.6% year-on-year to Rs 549.8 crore for the quarter ended September 30, 2026, compared with Rs 434.3 crore in the corresponding quarter last year.
EBITDA margin improved sharply to 2% from a negative 1% in Q2 FY26, while the net loss narrowed substantially to Rs 15.2 crore against Rs 41.6 crore a year earlier. The company had reported a net loss of Rs 19.3 crore in Q1 FY27.
For the first half of FY27, revenue climbed 14.6% to Rs 1,109.7 crore from Rs 968.2 crore in H1 FY26. EBITDA more than quadrupled to Rs 13.4 crore from Rs 2.1 crore, while the net loss narrowed to Rs 34.6 crore from Rs 57.6 crore.
The bio-based chemicals segment delivered a strong performance, reinforcing its role as a key contributor to the company's growth and profitability.
Segment revenue jumped 38.8% year-on-year to Rs 204.2 crore in Q2 FY27, compared with Rs 147.1 crore in the year-ago quarter. EBITDA rose 47.3% to Rs 22.1 crore from Rs 15 crore, while EBITDA margin expanded to 10.8% from 10.2%.
For H1 FY27, the segment recorded revenue of Rs 372.9 crore, up from Rs 288.3 crore in the corresponding period last year. EBITDA increased to Rs 41.2 crore from Rs 27.6 crore, with margins improving to 11.1% from 9.6%.
The integrated sugar, co-generation and ethanol business continued to weigh on overall profitability.
The segment reported Q2 FY27 revenue of Rs 334.2 crore, up from Rs 275.7 crore in Q2 FY26. However, EBITDA loss stood at Rs 8.7 crore, although this was an improvement over the Rs 18.4 crore loss reported in the corresponding quarter last year.
The segment's EBITDA margin improved to negative 2.6% from negative 6.7%.
For H1 FY27, segment revenue rose to Rs 712.1 crore from Rs 658.6 crore. EBITDA loss widened marginally to Rs 23.3 crore from Rs 22.7 crore, while the EBITDA margin stood at negative 3.3%.
Godavari Biorefineries' Q2 performance signals a meaningful improvement in operating momentum, with higher revenues, a return to positive quarterly EBITDA and a significant reduction in net losses.
The bio-based chemicals business remains the standout performer, delivering double-digit EBITDA margins and strong year-on-year growth. However, sustained improvement in the company's overall profitability will depend on a recovery in its integrated sugar, co-generation and ethanol operations.
