Godavari Biorefineries Limited manufactures ethanol-based chemicals in India. As of June 30, 2024, the company operates an integrated biorefinery with a capacity of 570 KLPD for ethanol production. As on March 31, 2024, the company is the largest producer of MPO in the world based on installed capacity. It is one of only two manufacturers of natural 1,3-butanediol and the only company in India that makes bio ethyl acetate.

The company’s product portfolio includes bio-based chemicals, sugar, various grades of ethanol, and power. These products are used in industries such as food, beverages, pharmaceuticals, flavours and fragrances, power, fuel, personal care, and cosmetics. The company has three research and development facilities registered with the Department of Scientific and Industrial Research (DSIR): one at the Sakarwadi Manufacturing Facility, one at the Sameerwadi Manufacturing Facility, and one in Navi Mumbai, Maharashtra. As of June 30, 2024, the company employs 52 permanent research staff, including eight scientists with doctoral degrees.

As of October 2024, the company has obtained 18 patents and received 53 registrations for these products/processes across various countries. The company’s client base includes marquee players such as Hershey India Pvt Ltd, Hindustan Coca-Cola Beverages Private Limited, M/s Karnataka Chemical Industries, M/s Techno Waxchem Pvt Ltd, LANXESS India Private Limited, IFF Inc., Ankit Raj Organo Chemicals Limited, Escorts Chemical Industries, Khushbu Dye Chem Pvt Ltd, Privi Speciality Chemicals Limited, Shivam Industries, and major oil marketing companies.

For the year/period ended (Rs. in Cr.)

For year/ period ended ( in Cr.)

• One of the manufacturers of ethanol-based chemicals in India and one of India’s largest producers of ethanol in terms of volume;
• Integrated biorefinery with  an  installed  capacity of 570  KLPD  for  manufacturing  ethanol  as  at  March 31, 2024;
• Diversified product  portfolio  and  well-established  relationship  with  a  diversified marquee customer  base across industries and geographies;
• Well-developed in-house research and development capabilities; and
• Member of the Somaiya group and experienced promoter, board of directors, key managerial personnel and senior management

• Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the Company; and
• General corporate purposes.

At the upper band, the issue is overvalued within peer group. Hence, investors should apply for medium to long term.