India’s ethanol sector has become a major driver of energy security and sustainability. With the government’s Ethanol Blending Programme (EBP) aiming for 20% ethanol blending with petrol by 2025-26, the industry has seen a lot of investment and growth.
Today, India’s ethanol production has crossed 13 billion liters per annum (~9.5 billion liters from molasses-based distilleries and 3.5 billion liters from grain-based distilleries), up from 1.5 billion liters in 2013. This growth is largely driven by sugar companies that have ventured into ethanol as a value added product.
The top 10 ethanol manufacturing companies in India supply to Oil Marketing Companies (OMCs) like IOCL, BPCL and HPCL and also help in stabilizing sugarcane prices for farmers, reducing crude oil imports and carbon emissions. These companies have invested heavily in distillery capacity, feedstock flexibility and logistics efficiency to ensure supply in line with government targets.
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Ranking Criteria
The ethanol manufacturing companies in India have been ranked on the basis of verified market data from 2025, considering both financial strength and operational performance. The primary benchmarks are:
- Installed & Running Capacity (KLPD): Ethanol plants are measured in Kilo Liters Per Day (KLPD). More the operational capacity higher the ranking.
- Feedstock Flexibility: Leading players can produce ethanol from multiple sources — B-heavy molasses, sugarcane juice and grains. This flexibility ensures year round operations and reduces supply risk.
- Logistics & Distribution Network: Companies with co-located distilleries near sugar mills and multiple distillery units have an edge in terms of supply speed and cost.
- Supply Contracts with OMCs: Long term contracts with Indian Oil, Bharat Petroleum and Hindustan Petroleum provides revenue stability and offtake guarantee.
- Expansion & Investments: Companies that have scaled up capacity or announced large expansions in last 2-3 years are ranked higher.
By combining production scale, operational efficiency and strategic thinking these top 10 ethanol companies in India have become the leaders of India’s ethanol revolution.
List of Top 10 Ethanol Manufacturing Companies in India
India has several best ethanol producers contributing significantly to the sugar, biofuel, and renewable energy sectors. Below is a list of the best ethanol stocks in India.
1. Shree Renuka Sugars – Best Ethanol Stock in India
Shree Renuka Sugars, a Wilmar company, is one of the largest ethanol manufacturing companies in India. The company has eight sugar mills (including subsidiaries) and two of India’s largest port-based refineries at Kandla and Haldia, making it a major player in both domestic and international sugar marketsShree Renuka.
On ethanol front, Renuka has an installed distillation capacity of 1,250 KLPD, with distilleries located strategically at Munoli, Athani and Havalga. In FY 2024–25, the company produced 159 million litres of ethanol, of which 94% was premium grade, mainly supplied to Oil Marketing Companies (OMCs) under long term contracts. This generated INR 1,009.5 crore of revenue, 17% yoy growth and 12.7% growth in volumes.
The company’s multi-feedstock flexibility – using sugarcane juice, B-heavy molasses, C-heavy molasses and maize – ensures year round operations. Its co-generation capacity of 259 MW generated 475 million kWh in FY25, of which 148 million kWh was exported to the grid.
2. Balrampur Chini Mills: #2 in Largest Ethanol Manufacturing Companies in India
Balrampur Chini Mills (BCML), India’s second-largest integrated sugar and ethanol producer, is further consolidating its position in bioenergy and sustainability. The company has 1,050 KLPD ethanol distillation capacity across multiple plants in Uttar Pradesh, strategically located with sugar mills for efficiency.
In FY 2024–25, BCML supplied 155 million litres of ethanol. The company has long term supply contracts with OMCs and hence has stable and predictable revenue streams. BCML has been growing steadily, adding 300 KLPD of ethanol capacity in recent years and is aligned with India’s energy transition roadmapbalrampur.
With North India centric operations, the company has strong supply chain advantages and wide distribution reach. Besides ethanol, BCML has also diversified into green chemicals (PolyLactic Acid project under development), to be future ready.
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3. Bajaj Hindusthan Sugar
Bajaj Hindusthan Sugar, India’s largest sugar company, is a key player in the ethanol blending program. The company has 14 sugar mills and 14 co-located distilleries in Uttar Pradesh with an aggregate distillation capacity of over 800 KLPD.
The company’s feedstock flexibility allows it to produce ethanol from B-heavy molasses, C-heavy molasses and sugarcane juice, to utilize the feedstock throughout the year and to run the operations smoothly. In FY 2024-25, BHSL upgraded its distillery assets, focusing on energy efficiency, water conservation and higher recovery yields as per Bajaj Sugar targets. Going forward the company is committed to expand its bioenergy portfolio and be a leader in India’s transition to clean fuels.
4. Triveni Engineering & Industries
Triveni Engineering & Industries (TEIL) has solidified its position in the best ethanol stocks in India. The company has 8 sugar units and 7 co-located distilleries in Uttar Pradesh with a total ethanol capacity of 860 KLPD. This includes both molasses and grain based facilities providing full multi-feedstock flexibility.
In FY 2024-25 TEIL supplied over 155 million litres of ethanol. Triveni’s co-located distilleries reduce logistics cost and improve operational efficiency and its presence in Uttar Pradesh – the largest sugarcane belt in India – provides robust supply chain advantages.
Beyond sugar and ethanol TEIL has also diversified into power transmission (Triveni Turbine joint venture) and water treatment solutions which is part of its diversified growth model and sustainability driven strategy.
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5. Godavari Biorefineries
Godavari Biorefineries (GBL) is a pioneer in largest ethanol manufacturing companies in India, with businesses in sugar, ethanol, bio-based chemicals, renewable power and agri-inputs. The company has a current ethanol production capacity of ~600–650 KLPD, produced 84,038 KL and sold 85,204 KL in FY25. Its upcoming 200 KLPD grain-based (maize) distillery to be commissioned by Q4 FY26 will further strengthen its multi-feedstock flexibility and supply to Oil Marketing Companies (OMCs).
GBL’s operations are concentrated in Maharashtra and Karnataka making it a key ethanol supplier in South and Western India. The record 24.65 lakh tonnes cane crushed at Sameerwadi in FY25 – the highest ever – showcases its strong farm linkages and integrated operations.
6. Dalmia Bharat Sugar & Industries
Dalmia Bharat Sugar is a reknown name among top ethanol manufacturing companies in India, with operational distillery capacity of 850 KLPD as of FY25 and 100 KLPD grain-based unit at Baghauli under commissioning to take total installed capacity to 950 KLPD by FY26. The company’s distillery sales reached a record 18 crore litres in FY25 with strong utilisation and 250 KLPD grain-based distillery at Jawaharpur coming fully online during the year.
With co-located distilleries across its six sugar complexes in Uttar Pradesh and Maharashtra, the company benefits from lower logistics costs and integrated supply chain.
FY25 was a strong year financially with highest ever revenue of INR 3,746 crore and PAT of INR 387 crore, up 42% YoY. The company is investing in digitalisation, sustainability (100% Zero Liquid Discharge, Scope 1 & 2 emission cuts) and precision agriculture to become a future-ready ethanol and agro-energy leader.
7. EID Parry India: Among Best Ethanol Producers
Part of the Murugappa Group, EID Parry (India) has evolved into a bioenergy and foods company with sugar as its roots. The company has 582 KLPD of distillery capacity across six sugar complexes and one independent distillery in Tamil Nadu, Karnataka and Andhra Pradesh. These facilities are integrated with 40,800 TCD sugarcane crushing capacity and 140 MW of co-generation power, making it a sustainable and circular business.
In FY25, distillery revenues grew sharply from INR 644 crore to INR 799 crore YoY, driven by higher blending demand and ability to switch to grain based production. The company is a key supplier to OMCs in South India and contributes Extra Neutral Alcohol (ENA) to the Tamil Nadu liquor industry. The company has also pioneered private sugarcane R&D, developing proprietary cane varieties and promoting climate smart agriculture.
8. Dhampur Sugar Mills
Dhampur Sugar Mills, is one of the largest ethanol manufacturing companies in India. It is further consolidating its position in ethanol and value-added businesses along with sugar. The company has a distillery capacity of 350 KLPD with a 100 KLPD grain-based multi-feed unit commissioned recently.
In FY 2024–25, Dhampur produced 788.5 lakh bulk litres of ethanol/RS/RNA, though production was lower than previous year due to bad weather, cane disease and government restrictions on cane-juice diversion. Despite this, average ethanol realisation improved to INR 65.63/litre, up 5.7% YoY, supporting distillery revenues of INR 510 crore. Dhampur also has 126.5 MW co-generation capacity, 140 TPD chemicals capacity and 20,000 cases/day potable spirits capacity to diversify revenue.
Financials were challenging in FY 2024–25: revenues were INR 2,656 crore, EBITDA declined 36% to INR 187 crore and PAT fell 61% to INR 52 crore due to lower cane availability.
9. Dwarikesh Sugar Industries
Dwarikesh Sugar Industries keeps a place in the list of high performing ethanol manufacturing companies in India. The company has an ethanol capacity of 337.5 KLPD across its Bundki (162.5 KLPD) and Bareilly (175 KLPD) units. This capacity has grown nearly ten times from 30 KLPD four years ago, as the company has been aggressively expanding its ethanol business. The distilleries are fully integrated with sugar operations, so molasses can be used efficiently and multiple feedstocks can be diversified into.
In FY 2024-25, Dwarikesh faced one of its toughest year as red rot disease affected cane availability across the industry. Cane crushed was 26.3 lakh tonnes, sugar production was 2.1 lakh tonnes and ethanol was 5.5 crore litres. Despite a 20.5% revenue decline to INR 1,359 crore, the company remained profitable with EBITDA of INR 120 crore and PAT of INR 23 crore, thanks to financial prudence and debt management.
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10. Piccadily Agro Industries
Haryana-based Piccadily Agro Industries, has transformed from a sugar company to a fast growing distillery and premium spirits player. While the sugar mill has a capacity of 5,000 TCD, the focus is now on the distillery and IMFL brands.
The company has a grain based distillery at Indri, Haryana, with capacity under expansion from 78 KLPD to 220 KLPD for ENA/ethanol and from 12 KLPD to 30 KLPD for malt spirits. The expansion along with the planned 210 KLPD greenfield distillery at Mahasamund (Chhattisgarh) and a malt distillery at Portavadie, Scotland is part of a INR 1,000 crore investment plan over three years to quadruple capacity.
In FY 2025, the company reported INR 893 crore revenue (+7.7% YoY), INR 191 crore EBITDA (+25.4% YoY, margin 21.4%), INR 105 crore PAT (+22% YoY, excl. exceptionals). The net worth nearly doubled to INR 683 crore.
Conclusion
India’s ethanol industry has moved from being a sugar by-product to a key energy sector. The top 10 ethanol manufacturing companies in India — led by Shree Renuka Sugars, Balrampur Chini, Bajaj Hindusthan and Triveni Engineering — are not just industry leaders but energy transformers. Together they are driving cleaner fuel, reducing carbon emissions, supporting sugarcane farmers and rural economy.
As the blending program scales up, efficiency, flexibility and capacity will become even more critical. Companies that innovate and invest in ethanol infrastructure will be the ones who will be ahead of the curve.
In short, India’s ethanol revolution is here and these best ethanol stocks will be the backbone of India’s energy story in the decade to come.