Economy:
India continues to retain its status as one of the fastest growing major economies globally, backed by its robust democratic institutions, digital transformation, and increasing global integration. The GDP is estimated to grow by 7.7% in FY 2025-26, compared to 7.6% in FY 2024-25. Policy continuity and infrastructure push have helped maintain the growth trajectory. [source: www.mospi.gov.in]
The Union Budget 2025-26 emphasized fiscal prudence, sustainable development, innovation, and investment in critical sectors such as green energy, digital infrastructure, and skilling. The Union Budget also strengthened government support for MSMEs and startups through enhanced credit guarantee cover. It also reinforces the vision of "Viksit Bharat" by 2047.
India is working towards becoming a US $5 trillion economy, driven by strategic reforms including the Production Linked Incentive (PLI) schemes, Digital India, Start-up India, and increasing foreign direct investment (FDI) flows.
On the energy front, India continues to prioritize renewable energy, targeting 500 GW of non-fossil fuel capacity by 2030, including an aggressive push toward solar, wind, and green hydrogen.
Industry Structure and developments:
Indias wind energy sector remains one of the key contributors to renewable energy. As of 31.03.2026, the installed wind capacity stands at approx. 56.09 GW, having generated around 106 Billion Units during F.Y. 2025–26. [Source: https://mnre.gov.in/]
Wind energy accounts for over 46% of Indias renewable energy mix. With technological advancements, cost efficiencies, and supportive government policies, wind power is expected to play a critical role in achieving the national clean energy goals.
The Governments continued emphasis on grid stability, ease of doing business, and state-level policy support further strengthens the investment ecosystem.
Opportunities and Threats:
Opportunities
| Wind Mill Business | Trading Business |
| • Technological innovations and hybrid systems | • Growing demand from the ethanol industry |
| • Fastest Growing Segment of renewable energy resources | • Diversification of end-user demand across feed, starch, food processing and ethanol sectors |
| • Endless and Free Natural Wind Power | • Seasonal price arbitrage through procurement during peak harvesting periods |
| • Regulatory Incentives and Favorable Policies | • Long-term supply arrangements with industrial consumers |
Risk, Concerns and Threats
| Wind Mill Business | Trading Business |
| • Geographical Concentrations | • High volatility in maize prices |
| • Seasonal Variations | • Weather and crop-production risk |
| • Availability of grid from State Electricity Board during wind season | • Risk of excess supply during peak harvesting season |
| • High Initial and Operating Costs | • Quality deterioration and storage losses |
| • Lingering effects of global disruptions | • Increasing competition among traders and large industrial buyers |
Segment-wise Performance:
At the end of F.Y. 2025-26 the total capacity of wind mills stood at 30.15 MW located in Tamil Nadu (28.50 MW) and Gujarat (1.65 MW). Energy generated from the wind mills were sold to the respective state level distribution companies. Total energy generated during the year under review was 39.66 million units as against 32.49 million units in the previous year yielding revenue of 1,308.51 Lakhs against Rs. 1,072.17 Lakhs in the previous year. Revenue from trading business stood at Rs. 19,004.04 Lakhs during the year under review as against Rs. 8,065.82 Lakhs during the previous reporting period.
Outlook:
Indias commitment to green and clean energy remains strong. With the global shift towards decarbonization and Indias own net-zero ambitions, the outlook for renewable energy — particularly wind — is highly promising.
The Company is optimistic about leveraging its strengths and expanding its presence in the clean energy value chain.
Internal control systems and their adequacy:
The Company continues to maintain robust internal control mechanisms aligned with industry practices. Internal audits and periodic reviews by the Audit Committee ensure adherence to policies and regulatory compliance.
The Company remains committed to transparency, integrity, and operational efficiency.
Discussion on financial performance with respect to operational performance:
During F.Y. 2025–26, the Companys total revenue (including other income) stood at Rs. 30,264.42 Lakhs (Rs. 21,194.16 Lakhs in F.Y. 2024–25). Net profit stood at Rs. 5,630.56 Lakhs from Rs. 9,411.91 Lakhs in the previous year.
Material developments in Human Resources / Industrial Relations front, including number of people employed:
The Company recognizes human capital as strategic resource and believes empowerment of employees across the organization in order to achieve organizational effectiveness. There have been no material developments/significant changes in Human Resource during the year under review. The companys industrial relations remained cordial during the year. Your Directors acknowledge the support and cooperation from employees at all levels. As on 31.03.2026 there are 11 employees on the records of the Company.
Details of any change in return on net worth and key financial ratio as compared to the immediately previous financial year along with a detailed explanation thereof:
The key financial ratios are as under:
| Ratios | Current Period | Previous Period | % Variance | Reason for variance |
| Current Ratio | 4.65 | 4.47 | 4.02 | There is no major variance. |
| Debt-equity Ratio | 0.16 | 0.05 | 223.28% | Increase mainly additional borrowings amounting to Rs 110 crore availed for the proposed acquisition of the starch division pursuant to the Asset Purchase Agreement (APA) signed on 19.01.2026. Out of the said borrowing, approximately Rs 107 Crores was temporarily parked in fixed deposits pending utilization towards the acquisition transaction. |
| Debt Service Coverage Ratio | 2.57 | 11.38 | -77.37% | The Debt Service Coverage Ratio has declined primarily due to an increase in finance costs and lower earnings during the current period, resulting in reduced debt servicing capacity of the Company. |
| Return on Equity | 3.26 | 5.65 | -42.32% | The Return on Equity has declined primarily due to lower profit after tax during the current period. The reduction in profitability has resulted in comparatively lower returns generated on the shareholders equity of the Company. |
| Inventory Turnover | 5.19 | 5.00 | 3.88% | There is no major variance. |
| Trade Receivables Turnover Ratio | 41.03 | 6.92 | 492.88% | The Trade Receivables Turnover Ratio has increased significantly primarily due to substantial growth in revenue from operations during the current period. Further, lower outstanding trade receivables as compared to the previous year have resulted in faster realization cycles, thereby improving the turnover ratio. |
| Net Working Capital Ratio | 0.50 | 0.26 | 90.42% | The Net Working Capital Turnover Ratio has increased mainly on account of higher sales during the current period in comparison to the previous year, coupled with relatively lower net working capital levels, resulting in improved utilization efficiency of working capital. |
| Trade Payables Turnover Ratio | 54.68 | 44.63 | 22.51% | The Trade Payables Turnover Ratio has increased primarily due to substantial growth in purchases for operations during the current period. Further, since there has been no significant increase in outstanding trade payables as compared to the previous year, the payment cycle has effectively become faster, resulting in an improvement in the trade payables turnover ratio. |
| Net Profit Ratio | 27.22 | 103.00 | -73.09% | The Net Profit Ratio has declined primarily due to reduction in other income from Rs. 120.56 crore in the previous period to Rs 99.52 crore in the current period, along with an increase in interest expenses from Rs 8.63 crore to Rs 16.49 crore. The increase in interest cost is mainly attributable to higher sales and consequent increase in working capital utilization. it impacts Profit Before Tax (PBT) standing at Rs 66.45 crore. |
| Return on Capital Employed | 4.10 | 6.12 | -33.06% | Both the Return on Capital Employed and Return on Investment have declined primarily due to lower earnings before interest and taxes (EBIT) and overall reduced profitability during the current period, as explained above. The reduction in profitability has resulted in comparatively lower returns generated on the capital employed and investments made by the Company. |
| Return on Investment | 4.28 | 6.30 | -32.03% | |
| Return on Net worth | 3.24 | 5.48 | -40.88% | Return on Networth declined from 5.48% in F.Y. 2024-25 to 3.24% in F.Y. 2025-26, representing a decline of 2.24 percentage points. The decline was primarily attributable to reduction in Profit After Tax, coupled with higher finance costs and lower other income during the year. |
Cautionary Statement:
The statements in this report on Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may be "forward looking statements" within the meaning of applicable laws or regulations. These statements are based on certain assumptions and expectations of future events. Actual results could differ materially from those expressed or implied.
| For and on behalf of the Board of Directors of |
| Riddhi Siddhi Gluco Biols Limited |
| Ganpatraj L. Chowdhary |
| Managing Director |
| DIN: 00344816 |
| Siddharth Chowdhary |
| Whole-time Director |
| DIN: 01798350 |
| Date: August 31, 2026 |
| Place: Ahmedabad |
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