Riddhi Siddhi Gluco Biols Ltd (524480)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Riddhi Siddhi's revenue was ₹89.9 Cr (-42.0% year on year, +898.5% on the previous quarter), and net profit ₹3.0 Cr (-62.4% year on year); the operating margin was -3.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹89.9 | -42.0% | +898.5% |
| Operating profit | ₹-2.7 | — | loss narrowed |
| Net profit | ₹3.0 | -62.4% | from loss |
| EPS (₹) | 4.21 | -63.7% | from loss |
| Operating margin | -3.0% | — | — |
📢 Recent Corporate Announcements
Riddhi Siddhi Gluco Biols has fixed Friday, September 18, 2026, as the record date to determine eligibility for the FY 2025-26 final dividend and e-voting. The company's 35th Annual General Meeting (AGM) will be held on September 25, 2026. Additionally, the Board approved the appointment of Mr. Taral Shah as an Independent Director for a 5-year term and the re-appointment of statutory auditors M/s Batliboi & Purohit for a second 5-year term (FY27 to FY31), subject to shareholder approval.
- Record date and cut-off date fixed as September 18, 2026 for FY26 final dividend and e-voting
- 35th Annual General Meeting convened for September 25, 2026
- Appointment of Mr. Taral Shah as Independent Director for a 5-year term (Aug 31, 2026 to Aug 30, 2031)
- Re-appointment of M/s Batliboi & Purohit as Statutory Auditors for a second 5-year term (FY 2026-27 to FY 2030-31)
Riddhi Siddhi Gluco Biols Limited announced the outcome of its Board meeting held on August 31, 2026. The Board approved convening the 35th AGM on September 25, 2026, setting September 18, 2026, as the record date and cut-off date for e-voting and dividend eligibility. Additionally, the Board approved the appointment of Mr. Taral Shah as an Independent Director for a 5-year term and the re-appointment of M/s. Batliboi & Purohit as Statutory Auditors for a 5-year term from FY27 to FY31, subject to shareholder approval.
- 35th AGM scheduled for Friday, September 25, 2026
- Record date and voting cut-off date fixed for Friday, September 18, 2026
- Mr. Taral Shah appointed as Non-Executive Independent Director for 5 years (Aug 31, 2026 to Aug 30, 2031)
- M/s. Batliboi & Purohit re-appointed as Statutory Auditors for a second 5-year term (FY 2026-27 to FY 2030-31)
Riddhi Siddhi Gluco Biols reported a standalone PAT of Rs 13.50 Cr for Q1 FY27, supported significantly by Rs 24.79 Cr in other income. Revenue from operations stood at Rs 80.15 Cr, a 45% decline compared to Rs 145.43 Cr in the same quarter last year, though a sharp recovery from the preceding quarter. The company completed the acquisition of Cargill India's starch division assets on April 27, 2026, which are now being integrated. Additionally, the board approved a substantial borrowing facility of up to Rs 200 Cr from a related party, Bluecraft Agro Private Limited.
- Revenue from operations fell 45% YoY to Rs 80.15 Cr in Q1 FY27 from Rs 145.43 Cr in Q1 FY26.
- Board approved a new borrowing facility of up to Rs 200 Cr from related party Bluecraft Agro Private Limited.
- Acquisition of Cargill India's starch division assets was completed on April 27, 2026; manufacturing at Davangere awaits regulatory approvals.
- Promoter holding reduced from 86.55% to 75.00% in June 2026 to comply with Minimum Public Shareholding norms.
- Standalone PAT of Rs 13.50 Cr was bolstered by Other Income of Rs 24.79 Cr, offsetting operational costs.
Riddhi Siddhi Gluco Biols reported a standalone Q1 FY27 PAT of ₹13.50 Cr, though operational revenue fell 45% YoY to ₹80.15 Cr, with profitability heavily supported by ₹24.79 Cr in other income. The board approved a significant borrowing facility of up to ₹200 Cr from related party Bluecraft Agro Private Limited, representing ~38% of the company's market cap. Operationally, the company completed the acquisition of Cargill India's starch division assets on April 27, 2026, and is now awaiting regulatory approvals to start manufacturing at the Davangere facility. Additionally, the promoter group reduced its stake to 75% to comply with Minimum Public Shareholding (MPS) norms following a Supreme Court order.
- Approved borrowing of up to ₹200 Cr from related party Bluecraft Agro Private Limited to support operations.
- Completed acquisition of Cargill India's starch division assets on April 27, 2026; manufacturing pending regulatory nods.
- Standalone Revenue from operations declined 45% YoY to ₹80.15 Cr in Q1 FY27 compared to ₹145.43 Cr in Q1 FY26.
- Promoter group divested 11.55% stake (8,23,422 shares) in June 2026 to meet the 25% Minimum Public Shareholding requirement.
- Acquired a 26% partnership interest in a 25.30 MW wind and solar power plant as part of the Cargill asset deal.
Riddhi Siddhi Gluco Biols Ltd has scheduled a board meeting on August 13, 2026, to approve unaudited financial results for the quarter ended June 30, 2026. The company is currently navigating significant volatility, with TTM revenue at ₹236 Cr and a TTM net loss of ₹12 Cr. Investors are looking for a recovery in operations after the March 2026 quarter saw revenue drop to just ₹9 Cr compared to ₹155 Cr in June 2025. The results will be a key indicator of whether the expanded 1,400 TPD Yamunanagar plant is stabilizing.
- Board meeting scheduled for August 13, 2026, to approve Q1 FY27 results.
- Trading window for designated persons has been closed since July 1, 2026.
- Company reported a substantial net loss of ₹33 Cr in the most recent March 2026 quarter.
- TTM revenue stands at ₹236 Cr against a market capitalization of ₹553 Cr.
- Promoter holding recently decreased from 86.55% in March 2026 to 75.0% in June 2026.
Riddhi Siddhi Gluco Biols has completed the acquisition of a 26% partnership interest in Clean Max Pluto Solar Power LLP from Cargill India Private Limited. This transaction, finalized on July 7, 2026, is part of a larger Asset Purchase Agreement dated January 19, 2026, for a manufacturing facility in Davangere, Karnataka. The LLP operates a 25.30 MW wind and solar power plant. This acquisition allows the company to qualify as a captive power user, ensuring long-term, cost-competitive energy for its upcoming Davangere operations.
- Acquired 26% partnership interest in Clean Max Pluto Solar Power LLP from Cargill India
- The LLP operates a dedicated wind and solar power plant with a capacity of 25.30 MW
- Transaction completed on July 7, 2026, following an agreement dated January 19, 2026
- Enables captive user status for the proposed manufacturing facility at Davangere, Karnataka
- Aims to secure long-term, cost-competitive renewable power for industrial operations
Financial Performance
Revenue Growth by Segment
The Riddhi Siddhi Group's overall revenue grew 31% YoY to INR 1,990 Cr in FY25, primarily driven by the starch business expansion. However, RSGBL standalone revenue from operations declined 49.4% to INR 136 Cr from INR 269 Cr in FY24. The wind energy segment (31.65 MW) and packaged water (42.37 lakh cases) remained stable contributors.
Geographic Revenue Split
Domestic sales account for over 80% of total revenue. Exports contributed 18% of total sales in FY24, primarily targeting South-East Asian countries, Africa, UAE, and Mexico. Export margins were pressured by Chinese competition, leading to a focus on domestic markets.
Profitability Margins
Group operating margins moderated by 190 bps to 6.1% in FY25 from 8% in FY24. Standalone operating profit ratio improved to 3.24% from 2.45% due to lower depreciation and operating expenses. Standalone net profit ratio is reported at 103% due to significant other income despite declining operational revenue.
EBITDA Margin
Group EBITDA margin stands at approximately 6.1% for FY25. Core profitability was impacted by a 190 bps decline in operating margins caused by the entry of Chinese players with large capacities, which suppressed export realizations for Indian starch manufacturers.
Capital Expenditure
The group completed significant capex at the Yamunanagar plant, increasing capacity from 1,000 TPD to 1,400 TPD. Ongoing capex in the Telangana plant is expanding capacity from 200 TPD to 350 TPD, including a new 125 TPD rice-based starch facility. No further significant capex is planned for FY26.
Credit Rating & Borrowing
Crisil maintains a 'Stable' outlook. Group interest coverage ratio moderated to 2.38x in FY25 from 3.62x in FY24. The group has access to fund-based limits of INR 409-420 Cr, with RSGBL's specific limit being INR 40 Cr, utilized at 22-77% depending on the period.
Operational Drivers
Raw Materials
Maize is the primary raw material for starch production, representing the bulk of input costs. Reserved rice is also used for the new 125 TPD rice-based starch capacity in Telangana.
Import Sources
Maize is sourced domestically as an agricultural product, making the company susceptible to Indian climatic conditions and government agricultural policies.
Key Suppliers
Not specifically disclosed in available documents; however, the company relies on a broad network of maize traders and agricultural suppliers.
Capacity Expansion
Current starch capacity at Yamunanagar is 1,400 TPD (expanded from 1,000 TPD). Telangana capacity is expanding to 350 TPD (from 200 TPD). Wind energy capacity is 31.65 MW (30 MW in Tamil Nadu, 1.65 MW in Gujarat).
Raw Material Costs
Raw material costs are highly volatile; operating margins are expected to decline by 6-7% in certain periods due to unforeseen price increases in reserved rice and maize price susceptibility.
Manufacturing Efficiency
Capacity utilization at the expanded Yamunanagar plant is above 70%. The paper division was shut down in February 2022 as it was deemed unviable, improving overall group resource allocation.
Logistics & Distribution
The company maintains a diversified distribution network where the top five customers account for 32% of total sales, reducing concentration risk in logistics.
Strategic Growth
Expected Growth Rate
31%
Growth Strategy
Growth is targeted through the stabilization of the expanded 1,400 TPD Yamunanagar plant and the 350 TPD Telangana plant. The strategy focuses on domestic market dominance (80% of sales) to counter international pricing pressure and leveraging 20-30 year relationships with key industrial customers.
Products & Services
Starch and starch derivatives, maize products, wind power generation, and packaged drinking water.
Brand Portfolio
Clear (packaged drinking water).
New Products/Services
Rice-based starch (125 TPD capacity) is a new product line expected to contribute to revenue as the Telangana facility stabilizes.
Market Expansion
Expansion is focused on increasing domestic market share in India and maintaining a presence in South-East Asia, Africa, and the UAE.
Strategic Alliances
The group includes Bluecraft Agro Pvt Ltd (BAPL) and Shree Rama Newsprint Ltd (SRNL) as key entities in its consolidated operations.
External Factors
Industry Trends
The starch industry is seeing a shift toward domestic consumption in India. The paper industry was exited by the group due to unviability, with the SRNL paper facility remaining shut since Feb 2022.
Competitive Landscape
Key competition comes from large-scale Chinese starch producers and other domestic corn wet milling players.
Competitive Moat
The moat consists of 20-30 year relationships with industrial clients and a diversified product mix (starch, energy, water). This is sustainable but vulnerable to raw material price shocks.
Macro Economic Sensitivity
Highly sensitive to agricultural output (Maize/Rice) and government policies regarding crop procurement and pricing.
Consumer Behavior
Increased demand for packaged water (Clear brand) and starch-based derivatives in industrial applications.
Geopolitical Risks
Trade dynamics with China significantly impact the starch business, as Chinese overcapacity leads to dumping in South-East Asian markets where the company exports.
Regulatory & Governance
Industry Regulations
Operations are subject to agricultural procurement norms and environmental standards for chemical/starch processing. The paper division retrenched all workmen in Feb 2022 following regulatory and viability issues.
Environmental Compliance
The company operates 31.65 MW of clean wind energy, supporting ESG goals and reducing carbon footprint.
Taxation Policy Impact
Not specifically disclosed; standard Indian corporate tax rates apply.
Legal Contingencies
The company faces significant financial risk regarding its investment in subsidiary Shree Rama Newsprint Limited (SRNPL), totaling INR 553.45 Cr, which is under impairment assessment due to the subsidiary's poor performance.
Risk Analysis
Key Uncertainties
Volatility in maize prices (raw material) and the impact of Chinese starch exports on global pricing are the primary risks, with a potential 5-7% impact on margins.
Geographic Concentration Risk
High concentration in India (80%+ revenue), specifically with plants in Yamunanagar and Telangana.
Third Party Dependencies
Dependency on agricultural suppliers for maize; no single supplier dependency is noted as critical.
Technology Obsolescence Risk
The shift from paper manufacturing to starch and clean energy indicates a strategic move away from obsolete/unviable business models.
Credit & Counterparty Risk
Exposure to counterparty risk associated with inter-corporate deposits (ICDs) is a monitorable risk factor for the group's credit profile.
