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Godavari Biorefineries Q1 FY26 saw revenue at INR 533.2 Cr and EBITDA turnaround to INR 6.5 Cr, with gross margin at 19%. Bio-based chemicals EBITDA surged 43%. The new 200 KLPD grain/maize distillery is ahead of schedule for commercial production by end CY2025, aligning with potential 27% ethanol blend. An anti-cancer molecule's safety trials concluded, with out-licensing expected in 2-3 years. Interest costs are down 22%. The company aims for 3x EBITDA by FY29 via increased ethanol capacity and specialty chemicals, with estimated capex of INR 325 Cr. Management is confident in these strategic growth pivots.