Shubhshree Biofuels Energy Limited (SHUBHSHREE)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Shubhshree Biofuels' revenue was ₹106 Cr (+24.7% year on year, +10.4% on the previous half-year), and net profit ₹7.0 Cr (+75.0% year on year); the operating margin was 8.5%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹106 | +24.7% | +10.4% |
| Operating profit | ₹9.0 | +50.0% | +58.7% |
| Net profit | ₹7.0 | +75.0% | +66.8% |
| EPS (₹) | 12.38 | +59.7% | +60.2% |
| Operating margin | 8.5% | — | — |
SHUBHSHREE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 83.33% of the SHUBHSHREE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 90.79%. That is close to its usual level. Turnover was only ₹6 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 66.7% · 100.0% · 100.0% · 90.6% · 83.3%
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
Shubhshree Biofuels Energy Limited has approved the incorporation of a subsidiary named 'Biomandi India Private Limited'. The company will invest ₹52,000 in cash to acquire 5,200 equity shares at face value (₹10 each), representing a 52% stake. Biomandi India will engage in setting up collection centres for agricultural waste and residues, directly supporting Shubhshree's core raw material supply chain. The initial investment is minimal compared to Shubhshree's TTM revenue of ₹287 crore and net worth of ₹39 crore.
- Board approved incorporation of subsidiary Biomandi India Private Limited with a 52% equity stake
- Subscription of 5,200 equity shares at a face value of ₹10 per share, totaling ₹52,000 in cash
- Focuses on setting up agricultural waste and residue collection centres to support the biomass fuel supply chain
- Promoter and CMD Sagar Agrawal will serve as one of the proposed Directors of the new entity
Shareholders of Shubhshree Biofuels Energy Limited approved the re-appointment of Mr. Sagar Agrawal as Chairman & Managing Director at the 13th AGM held on September 19, 2026. Additionally, Mr. Anurag Agrawal was re-appointed as Whole-time Director. Both re-appointments are for a 3-year term commencing on March 16, 2027, ensuring leadership continuity for the firm, which reported TTM revenue of ₹287 crore and TTM PAT of ₹15 crore.
- Re-appointment of Mr. Sagar Agrawal as Chairman & MD for a 3-year term starting March 16, 2027
- Re-appointment of Mr. Anurag Agrawal as Whole-time Director for 3 consecutive years from March 16, 2027
- Shareholder approval secured at the 13th AGM held on September 19, 2026
- Current terms for both executive directors expire on March 15, 2027
Shareholders of Shubhshree Biofuels Energy Limited approved the re-appointment of Mr. Sagar Agrawal as Chairman & Managing Director at the 13th AGM held on September 19, 2026. Additionally, Mr. Anurag Agrawal was re-appointed as Whole-time Director. Both re-appointments are for a 3-year term commencing on March 16, 2027, ensuring leadership continuity for the firm, which reported TTM revenue of ₹287 crore and TTM PAT of ₹15 crore.
- Re-appointment of Mr. Sagar Agrawal as Chairman & MD for a 3-year term starting March 16, 2027
- Re-appointment of Mr. Anurag Agrawal as Whole-time Director for 3 consecutive years from March 16, 2027
- Shareholder approval secured at the 13th AGM held on September 19, 2026
- Current terms for both executive directors expire on March 15, 2027
Shubhshree Biofuels Energy Limited announced the voting results and scrutinizer's report for its 13th Annual General Meeting held on September 19, 2026. All six ordinary and special resolutions were passed with 100% of votes cast in favor. The approved resolutions include the adoption of FY2026 financial statements, re-appointment of directors (including CMD Sagar Agrawal and WTD Anurag Agarwal), Section 185 loans/guarantees, and material related-party transactions.
- All 6 resolutions passed with 100% of polled votes in favor
- Overall voter turnout was 78.01% (40,89,400 votes polled out of 52,42,000 total shares)
- For Resolution 6 (Material Related Party Transactions), promoters abstained and public non-institutional turnout was 14.43% (1,83,900 shares), passing with 100% approval
- Approval granted for loans, guarantees, and securities to interested director entities under Section 185
Shubhshree Biofuels Energy Limited conducted its 13th Annual General Meeting (AGM) on September 19, 2026, with 13 members in attendance via video conferencing. Key resolutions tabled included the adoption of FY26 financial statements, reappointment of CMD Sagar Agrawal and WTD Anurag Agarwal, approval for loans/guarantees under Section 185, and approval of material related-party transactions. The secretarial auditor's report contained one observation, which management addressed in the Board's Report. Scrutinizer voting results are expected within two working days.
- 13 members attended the 13th AGM conducted via video conferencing
- Special resolutions proposed for loans, guarantees, and securities under Section 185 of the Companies Act, 2013
- Ordinary resolution proposed to approve material related-party transactions
- Remote e-voting took place from September 15, 2026 to September 18, 2026
- Secretarial Auditor raised 1 observation, while the Statutory Auditor gave an unqualified report
Shubhshree Biofuels Energy Limited has notified the exchange regarding the dispatch of weblinks for its 13th Annual General Meeting (AGM) notice and FY 2025-26 Annual Report. The 13th AGM is scheduled to be held virtually on September 19, 2026, at 2:30 PM IST. The cut-off date to determine voting eligibility is September 12, 2026, with remote e-voting scheduled from September 15 to September 18, 2026.
- 13th AGM scheduled for Saturday, September 19, 2026, at 2:30 PM IST via Video Conferencing.
- Cut-off date for e-voting eligibility fixed as Saturday, September 12, 2026.
- Remote e-voting window runs from September 15, 2026 (9:00 AM) to September 18, 2026 (5:00 PM).
- Intimation under Regulation 36(1)(b) for sending weblinks of FY 2025-26 Annual Report to unregistered email holders.
Shubhshree Biofuels Energy Limited has issued notice for its 13th Annual General Meeting scheduled for September 19, 2026, via Video Conferencing. In its FY2025-26 Board Report, the company reported consolidated revenue of ₹201.83 crore (up from ₹162.66 crore in FY25) and consolidated net profit of ₹11.06 crore (up from ₹8.09 crore in FY25). The Board did not recommend a dividend for the year in order to plough back profits for growth and capacity expansions. The company also detailed strategic investments in associates Agrizen Bioenergy LLP (42.50%) and Biosteam LLP (34.00%).
- 13th Annual General Meeting convened for September 19, 2026
- FY26 consolidated revenue grew 24.1% to ₹201.83 crore vs ₹162.66 crore in FY25
- FY26 consolidated net profit increased 36.7% to ₹11.06 crore vs ₹8.09 crore in FY25
- Company maintains annual production capacity exceeding 5 lakh metric tonnes
- Strategic capital contributions confirmed in Agrizen Bioenergy LLP (42.50%) and Biosteam LLP (34.00%)
Shubhshree Biofuels Energy has approved convening its 13th Annual General Meeting (AGM) on September 19, 2026. The Board approved the re-appointment of Mr. Sagar Agrawal as Chairman & Managing Director and Mr. Anurag Agrawal as Whole-time Director, each for a 3-year term effective March 16, 2027, subject to shareholder approval. In addition, M/s V. M. & Associates was re-appointed as Secretarial Auditor for FY 2026-27.
- Convening of 13th AGM scheduled for September 19, 2026 via Video Conferencing
- Re-appointment of CMD Sagar Agrawal for a 3-year term starting March 16, 2027
- Re-appointment of Whole-time Director Anurag Agrawal for a 3-year term starting March 16, 2027
- Re-appointment of M/s V. M. & Associates as Secretarial Auditor for FY 2026-27
The Board of Directors of Shubhshree Biofuels Energy has approved the re-appointment of Mr. Sagar Agrawal as Chairman & Managing Director and Mr. Anurag Agarwal as Whole-time Director for a further term of 3 consecutive years starting March 16, 2027. Both extensions are subject to approval by members at the upcoming 13th Annual General Meeting (AGM) scheduled for September 19, 2026. The board also re-appointed M/s V. M. & Associates as Secretarial Auditors for FY 2026-27.
- Re-appointment of CMD Sagar Agrawal and WTD Anurag Agarwal for 3-year terms effective March 16, 2027
- 13th Annual General Meeting scheduled for Saturday, September 19, 2026 at 2:30 PM
- M/s V. M. & Associates re-appointed as Secretarial Auditors for FY 2026-27
Shubhshree Biofuels Energy Limited has approved the re-appointment of Mr. Sagar Agrawal as Chairman & Managing Director and Mr. Anurag Agrawal as Whole-time Director for a further term of 3 consecutive years, effective March 16, 2027. Both re-appointments are subject to shareholder approval at the 13th Annual General Meeting (AGM) scheduled for September 19, 2026. Additionally, M/s V. M. & Associates was re-appointed as the Secretarial Auditor for FY 2026-27.
- Re-appointment of Mr. Sagar Agrawal as Chairman & Managing Director for a 3-year term starting March 16, 2027
- Re-appointment of Mr. Anurag Agrawal as Whole-time Director for a 3-year term starting March 16, 2027
- 13th Annual General Meeting (AGM) convened for Saturday, September 19, 2026, at 2:30 P.M.
- Re-appointment of M/s V. M. & Associates as Secretarial Auditors for FY 2026-27
Shubhshree Biofuels Energy announced that its Board of Directors has approved the re-appointment of Mr. Sagar Agrawal as Chairman & Managing Director and Mr. Anurag Agrawal as Whole-time Director, each for a 3-year term starting March 16, 2027. The extensions are subject to approval by shareholders at the 13th Annual General Meeting scheduled for September 19, 2026. Additionally, M/s V. M. & Associates was re-appointed as Secretarial Auditors for FY 2026-27.
- Re-appointment of Sagar Agrawal as Chairman & Managing Director for a 3-year term effective March 16, 2027.
- Re-appointment of Anurag Agrawal as Whole-time Director for a 3-year term effective March 16, 2027.
- 13th Annual General Meeting convened for Saturday, September 19, 2026.
- Re-appointment of M/s V. M. & Associates as Secretarial Auditors for FY 2026-27.
Shubhshree Biofuels Energy Limited's Board has approved the convening of its 13th Annual General Meeting (AGM) on September 19, 2026, via Video Conferencing. The Board recommended the re-appointment of Mr. Sagar Agrawal as Chairman & Managing Director and Mr. Anurag Agrawal as Whole-time Director, each for a 3-year term starting March 16, 2027, subject to shareholder approval. Additionally, M/s V. M. & Associates was re-appointed as the Secretarial Auditor for FY 2026-27.
- 13th Annual General Meeting convened for Saturday, September 19, 2026 at 2:30 PM via VC/OAVM.
- Re-appointment of Mr. Sagar Agrawal as CMD for 3 consecutive years effective March 16, 2027.
- Re-appointment of Mr. Anurag Agrawal as Whole-time Director for 3 consecutive years effective March 16, 2027.
- Re-appointment of M/s V. M. & Associates as Secretarial Auditors for FY 2026-27.
Shubhshree Biofuels Energy Limited has approved a corporate guarantee of Rs 2 crore in favor of SIDBI to secure a term loan for its associate entity, Agrizen Bioenergy LLP. The guarantee was approved by the Finance Committee on August 7, 2026, and is conducted on an arm's length basis. This amount represents approximately 5.1% of the company's net worth of Rs 39 crore and 0.7% of its TTM revenue of Rs 287 crore. While it creates a contingent liability, there is no immediate impact on the company's cash flow or profit and loss statement.
- Corporate guarantee issued for an amount up to Rs 200 Lakhs (Rs 2 Crores)
- Guarantee provided to SIDBI for a term loan availed by associate entity Agrizen Bioenergy LLP
- The commitment represents ~5.1% of the company's reported net worth of Rs 39 Cr
- Transaction is confirmed to be on an arm's length basis as per Section 177 of the Companies Act
- TTM revenue stands at Rs 287 Cr, making the guarantee value ~0.7% of annual turnover
Financial Performance
Revenue Growth by Segment
The company operates in a single reportable segment: manufacturing and trading of biomass fuels. Operating revenue in FY 2024-25 grew by 72.77% compared to FY 2023-24 and 177.50% compared to FY 2022-23. For H1 FY26, revenue reached INR 9,604.6 Lakhs, representing a 24.1% YoY growth from INR 7,736.4 Lakhs.
Geographic Revenue Split
Revenue is heavily concentrated in Northern India: Rajasthan (50.7%), Punjab (20.9%), Haryana (18.9%), Others (3.8%), Uttar Pradesh (2.9%), and Madhya Pradesh (2.8%).
Profitability Margins
Net Profit Margin improved from 3.51% in FY 2023-24 to 4.98% in FY 2024-25, a 41.9% increase. However, H1 FY26 PAT margin stood at 4.4%, slightly lower than the FY25 annual average due to seasonal headwinds and strategic investments.
EBITDA Margin
EBITDA margin for H1 FY26 was 6.3%, with EBITDA increasing 20.9% YoY to INR 601.7 Lakhs. The operating margin in FY 2024-25 was 6.7%, showing relative stability despite rapid scaling.
Capital Expenditure
The company is executing a strategic expansion to increase capacity to 1,000 MT/day through five new plants. While specific INR expenditure for these plants is not disclosed, the company has already expanded manufacturing capacity threefold to capitalize on the 20% biofuel blending mandate.
Credit Rating & Borrowing
The company maintains a low Debt-to-Equity ratio of 0.3. New bank facilities were recently secured to support working capital for ongoing projects, which contributed to elevated finance costs in H1 FY26.
Operational Drivers
Raw Materials
Agricultural waste (recycled into clean energy) is the primary raw material, used to produce biomass briquettes and pellets. Specific cost percentages per material type are not disclosed.
Import Sources
Sourcing is primarily domestic and localized to Northern India (Rajasthan, Punjab, Haryana) to minimize logistics costs and improve margins by placing plants closer to raw material sources.
Key Suppliers
Not disclosed in available documents; however, the company engages with over 5,000 employed farmers for biomass collection.
Capacity Expansion
Current supply capacity is 1,000+ tonnes per day. Planned expansion involves five new plants to solidify this 1,000 MT/day capacity and support India's 20% biofuel blending mandate.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but the company utilizes a structured integrated supply chain to manage costs in a fragmented market.
Manufacturing Efficiency
Manufacturing capacity has expanded threefold. The company has supplied over 3,00,000 tonnes of briquettes and pellets to date.
Logistics & Distribution
The company focuses on regional presence in Northern India to optimize distribution, though specific cost percentages are not disclosed.
Strategic Growth
Expected Growth Rate
50%
Growth Strategy
Growth will be achieved by doubling the topline over the next two years through five new manufacturing plants, a 34% stake investment in Biosteam LLP, and securing long-term offtake deals with industrial clients.
Products & Services
Biomass briquettes and biomass pellets used as solid bioenergy fuel.
Brand Portfolio
Shubhshree Biofuels Energy.
New Products/Services
Expansion into new geographies and the incorporation of Biosteam LLP are expected to drive future revenue, though specific contribution percentages are not disclosed.
Market Expansion
Targeting deeper industrial adoption and expansion beyond the current 1,500+ client base by leveraging the shift toward clean energy.
Market Share & Ranking
The company identifies as India's only listed company exclusively focused on solid bioenergy, positioning it as a first-mover in a fragmented market.
Strategic Alliances
Acquiring a 34% stake in Biosteam LLP (proposed LLP) to expand operational footprint.
External Factors
Industry Trends
The industry is evolving from a fragmented, unorganized sector to a structured one, driven by MNRE capital subsidies and the national mandate for 20% biofuel blending.
Competitive Landscape
Market is dominated by unorganized, small-scale players with limited scalability; Shubhshree competes through structured operations and technology.
Competitive Moat
Moat is built on being a 'first-mover' as a listed entity, having an integrated supply chain, and established relationships with 5,000+ farmers, which are difficult for small-scale players to replicate.
Macro Economic Sensitivity
Highly sensitive to government environmental policies and the 20% biofuel blending mandate which drives industrial demand.
Consumer Behavior
Industrial consumers are shifting toward sustainable fuels due to regulatory pressure and long-term cost benefits of biomass over conventional fuels.
Geopolitical Risks
Not disclosed as a primary factor due to the localized nature of biomass sourcing.
Regulatory & Governance
Industry Regulations
Operations are influenced by India's 20% biofuel blending mandate and MNRE financial incentives for plants addressing stubble burning.
Environmental Compliance
The company benefits from MNRE capital subsidies for pellet units and electricity duty exemptions, which are contingent on maintaining green energy standards.
Legal Contingencies
The auditor reported no material misstatements or instances of audit trail tampering for the year ended March 31, 2025.
Risk Analysis
Key Uncertainties
Market acceptance of biomass vs conventional fuels and the stabilization of new manufacturing operations are key risks that may impact near-term profitability.
Geographic Concentration Risk
90.5% of revenue is concentrated in three states: Rajasthan (50.7%), Punjab (20.9%), and Haryana (18.9%).
Third Party Dependencies
Dependency on 5,000+ farmers for raw material collection; any labor or agricultural disruption in Northern India would halt production.
Technology Obsolescence Risk
The company mitigates this by using imported high-efficiency pressing units to ensure product quality meets global standards.
Credit & Counterparty Risk
Receivables quality is a focus area as the Debtors' Turnover ratio slowed by 41.83% YoY in FY25.
