**1. Financial Highlights:** Q1 FY26 total income rose 2% YoY to ₹534.0 Cr.

EBITDA turned positive at ₹6.5 Cr (1.2% margin); PAT loss narrowed significantly.

Finance costs reduced.

Bio-based chemicals & Ethanol now comprise 65% of revenue, with Ethanol surging 51%. **2. Strategic Initiatives & Growth Drivers:** Company targets 15%+ EBITDA margins from high-margin bio-based specialty chemicals.

A new 200 KLPD Grain/Maize distillery, ahead of schedule by end-CY25, supports 2.5x revenue growth in key segments, aiming for 3X EBITDA by FY29. **3. Business Developments:** Capacity expansion continues for bio-based specialty chemicals.

Novel anti-cancer molecule patents secured in Europe/China.

Safety trials completed successfully; mechanism established for one. **4. Market Position & Competitive Advantage:** Integrated bio-refinery leverages green chemical transition and energy push.

Focus on high-margin bio-based chemicals and ethanol, supported by policy, strengthens competitive edge. **5. Investor Implications:** Strategic shift to high-growth bio-based and ethanol segments, plus reduced finance costs, indicates positive growth potential.

Drug discovery offers long-term upside.

Execution of investments is key for FY29 EBITDA targets.