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DCM Shriram Industries Limited (DCMSRIND)

₹39.92 -0.65% last close, 16 Oct

📊 NSE: DCMSRIND 🏢 Sugar 📢 Latest filing: 13 Aug 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, DCM Shriram's revenue was ₹294 Cr (-41.1% year on year, +7.3% on the previous quarter), and net profit ₹1.6 Cr (-91.3% year on year); the operating margin was 2.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹294	-41.1%	+7.3%
Operating profit	₹7.2	-83.9%	-78.2%
Net profit	₹1.6	-91.3%	-90.3%
EPS (₹)	0.18	-91.2%	-90.2%
Operating margin	2.4%	—	—

Full quarterly financials → Results calendar →

DCMSRIND delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 56.51% of the DCMSRIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 53.59%. That is close to its usual level. Turnover was only ₹37 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.

56.51%Delivery, 16 Oct

53.59%Own 20-session average

0.1×Volume vs its average

₹39.92NSE close · -0.65%

Delivery in the last 5 sessions: 54.5% · 58.1% · 28.2% · 73.9% · 56.5%

Delivery across the market →Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

DCM Shriram Industries Q1 Net Profit at ₹0.88 Cr; Revenue Grows 7.3% YoY to ₹293.63 Cr

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 13 Aug 2026, 02:21 PM

DCM Shriram Industries reported a flat Net Profit of ₹0.88 Cr for Q1 FY27, matching the restated profit of the same quarter last year. Revenue from operations grew 7.3% YoY to ₹293.63 Cr, up from ₹273.54 Cr (restated). Following the completion of its Composite Scheme of Arrangement, the company now operates as a single-segment entity focused on Sugar and Distillery. The results reflect the new corporate structure after the demerger of the Chemical and Rayon businesses.

Revenue from operations increased 7.3% YoY to ₹293.63 Cr for the quarter ended June 30, 2026.
Net Profit remained stagnant at ₹0.88 Cr (₹88 lakhs) compared to the restated ₹0.88 Cr in Q1 FY26.
Total expenses for the quarter rose to ₹298.51 Cr, driven by cost of materials consumed at ₹292.88 Cr.
Earnings Per Share (EPS) for the quarter stood at ₹0.10, a decline from ₹0.18 in the preceding March 2026 quarter.
The company has transitioned to a single primary business segment: Sugar (including distillery) post-demerger.

💡 Investors should monitor the operational efficiency of the now pure-play sugar and distillery business, specifically looking for updates on ethanol production quotas and sugar MSP. The impact of the demerger on the company's debt-to-equity profile (currently 1.17) and working capital cycle needs close observation in upcoming quarters.

30.93% Stake Consolidated by Promoter Madhav Shriram via Inter-se Transfer

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 06 Aug 2026, 11:17 AM

Madhav Bansidhar Shriram has consolidated a 30.93% stake in DCM Shriram Industries through an off-market inter-se transfer executed on August 1, 2026. The transaction involved the acquisition of 2,69,06,382 shares from other promoter group members and the dissolution of the Lala Bansi Dhar & Sons (HUF). This move increases the acquirer's individual holding from 4.94% to 35.87%, though the total promoter group holding remains unchanged at 50.11%. The transfer is exempt from open offer requirements under SEBI (SAST) Regulation 10.

Acquisition of 2,69,06,382 equity shares representing 30.93% of the total share capital.
Individual stake of acquirer Madhav Bansidhar Shriram increased from 4.94% to 35.87%.
Transferors include Alok Bansidhar Shriram (10.28%) and Urvashi Tilakdhar (10.28%) as inter-family gifts.
Acquired 10.37% stake from Lala Bansi Dhar & Sons (HUF) following its dissolution.
Transaction executed off-market on August 1, 2026, with no change in overall promoter group control.

💡 Investors should focus on the execution of the previously announced Composite Scheme of Arrangement to demerge Chemical and Rayon businesses, as this consolidation likely aligns promoter voting power for that transition.

3.46% Stake Transfer: DCM Shriram Industries Promoter to Acquire Shares via HUF Distribution

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 27 Jul 2026, 11:10 AM

Suman Bansi Dhar, a promoter of DCM Shriram Industries, is set to acquire 3,007,067 shares (3.46% stake) from another promoter entity, Alok Bansidhar Shriram Karta Lala Bansi Dhar & Sons. The transaction is scheduled for July 31, 2026, at a price of Rs. 40.67 per share, following a distribution of assets by a Hindu Undivided Family (HUF). This is an inter-se transfer among promoters, which is exempt from open offer requirements under SEBI Takeover Regulations. The total promoter group holding is expected to remain unchanged at 50.11% post-transaction.

Acquisition of 3,007,067 equity shares representing 3.46% of the total share capital.
Proposed transaction date is set for July 31, 2026.
Acquisition price fixed at Rs. 40.67 per share.
Total promoter and PAC holding to remain constant at 50.11% (43,590,115 shares).
Transaction rationale cited as the distribution of assets by HUF.

💡 Investors should note this as a routine internal restructuring of promoter holdings; no action is required as it does not change the company's management control or business fundamentals.

30.94% Stake to be Transferred via Inter-Family Gift in DCM Shriram Industries

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 24 Jul 2026, 06:25 PM

Madhav Bansidhar Shriram, a promoter of DCM Shriram Industries, has filed an intimation to acquire a 30.94% stake (2,69,06,382 shares) through an inter-family gift. The shares are being transferred from three existing promoter entities: Alok Bansidhar Shriram (10.28%), Urvashi Tilakdhar (10.28%), and Lala Bansi Dhar & Sons HUF (10.37%). The transaction is scheduled for July 31, 2026, and is exempt from open offer requirements under SEBI Regulation 10(1)(a). This is a non-cash reshuffling of ownership within the promoter group with no change in aggregate promoter holding.

Acquisition of 2,69,06,382 equity shares representing 30.94% of the total share capital.
Transfer involves three entities: Alok B. Shriram (10.28%), Urvashi Tilakdhar (10.28%), and Lala Bansi Dhar & Sons HUF (10.37%).
Proposed date for the off-market transaction is July 31, 2026.
Transaction is an inter-family gift with NIL consideration, using a reference price of Rs. 40.67 per share for compliance.

💡 Investors should note this as a routine internal promoter restructuring; monitor the shareholding pattern after September 2026 to confirm the successful transfer.

30.94% Stake Transfer: Madhav Bansidhar Shriram to Acquire Shares via Inter-Promoter Gift

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 24 Jul 2026, 06:13 PM

Madhav Bansidhar Shriram, a promoter of DCM Shriram Industries, has filed an intimation to acquire a 30.94% stake in the company through an inter-se transfer. The acquisition involves approximately 2.69 crore shares being gifted by other promoter group members, including Alok Bansidhar Shriram and Urvashi Tilakdhar, on July 31, 2026. As this is an 'Inter-Family Gift' among immediate relatives, it is exempt from open offer requirements and will not change the total promoter group shareholding.

Proposed acquisition of 2,69,06,382 equity shares representing 30.94% of the total share capital
Transfer involves 10.28% from Alok B. Shriram, 10.28% from Urvashi Tilakdhar, and 10.37% from Lala Bansi Dhar & Sons (HUF)
Transaction is structured as a gift with a nil acquisition price per share
Proposed date for the off-market transaction is July 31, 2026
Total promoter shareholding in the company remains unchanged post-transaction

💡 Investors should treat this as a routine internal promoter restructuring; watch for the subsequent filing of Regulation 10(6) to confirm the completion of the transfer.

Rs 16.59 Cr Income Tax Refund Received by DCM Shriram Industries

🟢 POSITIVE ⭐ 6/10

LEGAL 📅 20 Jul 2026, 01:51 PM

DCM Shriram Industries has received an income tax refund amounting to Rs 16.59 crore, including interest, for the financial year ended 2018. This cash inflow is highly material as it represents approximately 118% of the company's TTM PAT of Rs 14 crore. The refund follows the resolution of a tax litigation/dispute and will provide a one-time boost to the company's liquidity and bottom line. Given the company's small market cap of Rs 383 crore, this non-recurring gain is a significant positive event.

Received a total Income Tax Refund of Rs 16.59 Crore including interest
The refund pertains to the financial year ended 2018 (FY18)
Refund amount is equivalent to ~118% of the company's TTM Net Profit of Rs 14 Crore
The inflow represents approximately 4.3% of the company's current Market Capitalization of Rs 383 Crore

💡 Investors should look for the inclusion of this refund in the 'Other Income' section of the upcoming quarterly financial results and monitor its impact on the company's debt reduction or working capital.

DCM Shriram Industries Submits Routine Regulation 74(5) Compliance for June 2026 Quarter

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Jul 2026, 10:00 AM

DCM Shriram Industries has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFIN Technologies Limited, confirms that share dematerialization and rematerialization requests for the quarter ended June 30, 2026, were processed and reported to the depositories. This is a standard administrative filing required for all listed companies to ensure the reconciliation of share records. It has no impact on the company's financial performance, which currently shows a TTM revenue of Rs 1,031 Cr and a TTM PAT of Rs 14 Cr.

Compliance certificate submitted for the quarter ended June 30, 2026
Registrar and Share Transfer Agent (RTA) confirmed as KFIN Technologies Ltd
Confirms adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
TTM revenue remains at Rs 1,031 Cr with an OPM of 5.2%

💡 This is a routine procedural filing; no action is required from investors. Focus should remain on the company's execution of its Composite Scheme of Arrangement and sugar sector policy updates.

DCM Shriram Industries Shareholders Approve All 6 Resolutions at 35th AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Jul 2026, 11:53 AM

DCM Shriram Industries Limited successfully conducted its 35th Annual General Meeting on July 15, 2026, where shareholders approved all six proposed ordinary resolutions with overwhelming majorities. Key approvals included the adoption of the FY26 audited financial statements and the appointment of Shri Sanjay Rastogi as Director and Chief Operating Officer (DSW). The voting results showed high consensus, with the financial statement adoption receiving 99.99% approval. This procedural milestone confirms management continuity as the company navigates its integrated sugar-power-alcohol model and ongoing demerger plans.

All 6 ordinary resolutions passed with over 99.7% shareholder approval
Adoption of FY26 financial statements approved by 99.9981% of the 5,10,97,991 votes cast
Appointment of Shri Sanjay Rastogi as Director and COO (DSW) confirmed with 99.9290% majority
Re-appointment of Smt. V. Kavitha Dutt as Director approved by 99.7935% of voters
Ratification of Cost Auditors' remuneration passed with 99.9981% support

💡 Investors should focus on the execution of the previously announced Composite Scheme of Arrangement to demerge the Chemical and Rayon businesses, which is more material than this routine AGM.

DCM Shriram Industries AGM: Re. 0.40 Dividend Declared; Sanjay Rastogi Appointed COO

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 15 Jul 2026, 05:43 PM

DCM Shriram Industries concluded its 35th AGM on July 15, 2026, confirming a final dividend of Re. 0.40 per share (20%) for FY26. Management cited geopolitical uncertainties as a reason for resource conservation to meet debt servicing and capital expenditure needs. The meeting also ratified the appointment of Sanjay Rastogi as Director & COO (DSW). With TTM revenue at Rs 1,031 Cr and a low PAT of Rs 14 Cr, the company remains focused on its integrated sugar-power-alcohol model and ongoing demerger plans.

Final dividend of Re. 0.40 per equity share (20% of face value) approved for FY 2025-26
35th Annual General Meeting conducted with 136 members participating via video conference
Sanjay Rastogi appointed as Director & Chief Operating Officer (DSW) via ordinary resolution
Management addressed queries from 40 shareholders regarding financial performance and future outlook

💡 Watch for updates on the execution of the Composite Scheme of Arrangement and government policy shifts regarding ethanol production quotas which impact working capital.

DCM Shriram Industries to Close Trading Window from July 1, 2026, for Q1 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Jun 2026, 03:57 PM

DCM Shriram Industries Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This action is taken in compliance with SEBI Insider Trading regulations ahead of the declaration of unaudited financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially announced. The specific date for the board meeting to approve these results will be communicated at a later time.

Trading window closure commences on July 1, 2026.
Closure pertains to the financial results for the quarter ending June 30, 2026.
Trading restriction ends 48 hours after the announcement of financial results.
The board meeting date for result approval is yet to be announced.

💡 No immediate action is required as this is a standard regulatory compliance filing. Investors should monitor for the upcoming announcement of the board meeting date to prepare for the Q1 earnings release.

DCM Shriram Industries to Hold 35th AGM on July 15; Declares Re 0.40 Dividend

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 22 Jun 2026, 03:47 PM

DCM Shriram Industries Limited has scheduled its 35th Annual General Meeting (AGM) for July 15, 2026. The company has recommended a dividend of Re. 0.40 per share (20% of face value) for the financial year 2025-26. The record date for both dividend eligibility and e-voting entitlement is fixed as July 3, 2026. The company has completed the dispatch of the Annual Report and AGM notice to shareholders.

35th Annual General Meeting scheduled for Wednesday, July 15, 2026, at 11:30 A.M. via VC/OAVM.
Proposed dividend of Re. 0.40 per share (20% of Face Value of Rs. 2/- each) for FY 2025-26.
Record date for final dividend and e-voting entitlement is Friday, July 3, 2026.
E-voting period is set from July 10, 2026 (9:00 A.M.) to July 14, 2026 (5:00 P.M.).
Physical dispatch of Annual Report web-links to non-registered email holders was completed on June 22, 2026.

💡 Shareholders should ensure their bank account and KYC details are updated by the record date of July 3, 2026, to receive the dividend. Eligible members can exercise their voting rights during the e-voting window starting July 10.

DCM Shriram Industries Sets July 3 Record Date for ₹0.40 Final Dividend for FY 2025-26

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 18 Jun 2026, 03:13 PM

DCM Shriram Industries has recommended a final dividend of ₹0.40 per equity share (20% of face value) for the financial year 2025-26. The company has fixed July 3, 2026, as the record date to determine shareholder eligibility for the payout. The 35th Annual General Meeting (AGM) is scheduled for July 15, 2026, where the dividend will be formally declared. Shareholders must submit relevant tax documents by July 6, 2026, to ensure the application of appropriate TDS rates.

Recommended a final dividend of ₹0.40 per equity share of face value ₹2 each (20%).
Record date for dividend eligibility is fixed as July 3, 2026.
35th Annual General Meeting (AGM) to be held on July 15, 2026, via video conferencing.
Standard TDS of 10% for resident shareholders with PAN; 20% for those without valid PAN.
No TDS for resident individuals if the total dividend received during FY 2026-27 does not exceed ₹10,000.

💡 Investors interested in the dividend should ensure they hold the stock before the record date of July 3, 2026. Shareholders should also verify that their PAN is updated and submit necessary tax-exemption forms (like Form 15G/15H) by July 6 to avoid higher tax deductions.

DCM Shriram Industries Sets July 3 as Record Date for 20% Dividend (Re 0.40/Share)

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 18 Jun 2026, 02:30 PM

DCM Shriram Industries Limited has recommended a dividend of Re 0.40 per equity share of Rs 2 each (20%) for the financial year 2025-26. The company has fixed July 3, 2026, as the record date to identify eligible shareholders for this payout. The dividend is subject to approval at the 35th Annual General Meeting (AGM) scheduled for July 15, 2026. If approved, the payment will be processed by August 13, 2026.

Dividend of Re 0.40 per equity share (20% of face value) recommended for FY 2025-26.
Record date for dividend eligibility is fixed for July 3, 2026.
35th Annual General Meeting (AGM) to be held on July 15, 2026, via video conferencing.
Dividend payment to be completed within 30 days of the AGM, on or before August 13, 2026.
Sanjay Rastogi appointed as Director & Chief Operating Officer (DSW) effective July 1, 2026.

💡 Investors interested in the dividend must hold the shares in their demat accounts before the record date of July 3, 2026. Monitor the AGM on July 15 for further updates on company performance and management outlook.

DCM Shriram Industries to Transfer Unclaimed 2018-19 Dividends and Shares to IEPF by Aug 31, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Jun 2026, 03:08 PM

DCM Shriram Industries Limited has initiated the process of transferring unclaimed dividends from the financial year 2018-19 to the Investor Education and Protection Fund (IEPF) Authority. In accordance with the 2016 Rules, shares for which dividends have remained unclaimed for seven consecutive years will also be transferred. Shareholders have been given a deadline of August 31, 2026, to claim their dividends before the mandatory transfer occurs. The company has already sent individual notices to affected shareholders and published the information in newspapers.

Transfer of unclaimed dividends for FY 2018-19 to the IEPF Authority after a 7-year period.
Underlying shares with 7 consecutive years of unclaimed dividends are also liable for transfer.
Shareholders must contact the company or registrar by August 31, 2026, to prevent the transfer.
KFIN Technologies Limited is the appointed Registrar and Share Transfer Agent for this process.
Full details of affected shareholders are hosted on the company's official website.

💡 Investors who have held shares since 2018-19 should check the company's website to ensure their dividends are claimed and contact KFIN Technologies before August 31, 2026, to avoid share transfer to the IEPF.

DCM Shriram Industries Recommends Re 0.40 Dividend and Announces Management Changes

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 20 May 2026, 05:46 PM

DCM Shriram Industries has approved its audited financial results for the fiscal year ended March 31, 2026, and recommended a dividend of Re 0.40 per share (20% of face value). The company announced a leadership transition with Sanjay Rastogi appointed as Director & COO and Vineet Manaktala reappointed as CFO. Additionally, the company confirmed the successful implementation of its restructuring scheme, which involved the demerger of the Chemicals and Rayons businesses. These structural and leadership changes are aimed at streamlining operations following the demerger.

Recommended a dividend of Re 0.40 per equity share (20%) for the financial year 2025-26.
Appointed Sanjay Rastogi as Director & Chief Operating Officer for a 2-year term starting July 1, 2026.
Reappointed Vineet Manaktala as Chief Financial Officer for a one-year term from July 1, 2026.
Confirmed the completion of the demerger of Chemicals and Rayons businesses with a retrospective appointed date of April 1, 2023.
The 35th Annual General Meeting (AGM) is scheduled for July 15, 2026, to finalize these decisions.

💡 Investors should view the dividend and management continuity as positive signs of stability post-restructuring. Monitor the operational performance of the remaining business units following the demerger of the Chemicals and Rayons segments.

View All DCMSRIND Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Sugar, Alcohol, and Power segment revenue contribution increased to 51.33% in FY25 from 46.10% in FY24. Industrial Fibres (Rayon) segment declined to 27.58% from 33.44% YoY. The Chemical segment remained stable at 21.09% contribution in FY25 compared to 20.46% in FY24.

Geographic Revenue Split

Export sales from the Chemical and Rayon segments contributed approximately 31.69% of total gross sales in FY24, up from 22.74% in FY23. Primary export regions include Europe, China, USA, and Singapore.

Profitability Margins

Operating profit margin was 11.20% in FY25, a 4.27% decline from 11.70% in FY24. Net profit margin stood at 4.82% in FY25, down 11.72% from 5.46% in FY24. Return on Net Worth (RONW) fell 21.79% to 11.34% in FY25 from 14.50% in FY24.

EBITDA Margin

Operating (EBITDA) margins moderated to 10.18% in FY25 from 11.32% in FY24, primarily due to lower fibre volumes, softer chemical realisations, and higher input and freight costs.

Capital Expenditure

The company is not expected to incur substantial capital expenditure in the near term as it focuses on debt repayment and the ongoing composite scheme of arrangement. Scheduled term loan repayments of approximately INR 39 Cr are expected in FY26.

Credit Rating & Borrowing

Long-term bank facilities and fixed deposits are rated CARE A+ (Rating Watch with Negative Implications). Short-term bank facilities are rated CARE A1+ (RWN). Interest coverage ratio was 6.47x in FY25, a 6.64% decrease from 6.93x in FY24.

⚙️ Operational Drivers

Raw Materials

Sugarcane (primary for sugar/alcohol), Wood Pulp (imported for Rayon), and Toluene (imported for Chemicals). Specific cost percentages for each material are not disclosed.

Import Sources

Wood pulp is imported from the USA for the Rayon segment. Toluene is imported for the Chemical segment from international markets.

Capacity Expansion

Current installed capacity includes Chemicals at 21,463 tonnes p.a. and Rayon at 17,055 tonnes p.a. No specific planned expansion figures were disclosed.

Raw Material Costs

Profitability was impacted by higher raw material costs due to commodity inflation across all segments. Sugarcane prices are mandated by the Government of Uttar Pradesh (GoUP).

Manufacturing Efficiency

Inventory turnover ratio decreased 11.17% to 1.59x in FY25 from 1.79x in FY24. Debtors turnover ratio was 7.96x in FY25.

📈 Strategic Growth

Growth Strategy

The company is executing a Composite Scheme of Arrangement to demerge Chemical and Rayon businesses into separate listed entities (DSFCL and DSIL) to allow for focused management, independent capital allocation, and sectoral collaborations. R&D and Market Studies are being utilized to reduce future pressures on existing products.

Products & Services

Sugar, Alcohol (Ethanol), Power, Industrial Fibres (Rayon Tyre Cord), Chemicals, and Defence/Engineering projects.

New Products/Services

The company is exploring Defence and Engineering projects within the Rayon undertaking to diversify revenue streams.

Market Expansion

Strategic reviews are being conducted to optimize results in short and medium-term planning due to prevailing geo-political scenarios.

Strategic Alliances

The demerger is intended to provide scope for independent growth and collaborations on a sectoral basis for the segregated business verticals.

🌍 External Factors

Industry Trends

The sugar industry is cyclical and highly regulated. Recent trends include restrictions on ethanol production and supply, which impacted profitability across the sector in FY24.

Competitive Landscape

Competes with other Uttar Pradesh-based sugar mills and global chemical/rayon manufacturers.

Competitive Moat

Moat is derived from a long track record of operations and a fully integrated sugar model (sugar-power-alcohol) which provides a buffer against cyclicality.

Macro Economic Sensitivity

Highly sensitive to Government of India and GoUP policies regarding cane pricing, sugar quotas, and ethanol blending mandates.

Geopolitical Risks

Geo-political scenarios since Q4 have necessitated more active strategic reviews to minimize risks to the Rayon and Chemical segments.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act 2013 and specific sugar industry regulations including the GoUP cane price policy and Essential Commodities Act classifications.

Legal Contingencies

Pending litigations as of March 31, 2025, are disclosed in Notes 41 and 52 of the standalone financial statements. Specific INR values for these contingencies were not provided in the summary.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the impact of the demerger on the capital structure and the loss of diversification benefit for the residual sugar entity, which may lead to moderate leverage levels due to high working capital needs.

Geographic Concentration Risk

31.69% of gross sales are from exports, primarily to Europe, China, USA, and Singapore.

Third Party Dependencies

Dependency on wood pulp imports from the USA for the Rayon segment.

Technology Obsolescence Risk

The company uses R&D to mitigate future pressures on existing products. An audit trail feature in accounting software was not enabled at the database level from April 1, 2024, to March 19, 2025.