One spine from cane to cash — the value, the conversion, the days, and the leakage at every handoff. Where cane & contracted offtake turn into produced, dispatched, invoiced and collected cash (and where it gets stuck).
₹168 Cr is leaking or stuck across the 89-day quote-to-cash cycle — the largest single pool is ₹55 Cr at Collect. Close the billing lag and aged book to pull cash forward without selling a thing.
6 of 6 headline metrics improving vs prior · still off target: Total Revenue ₹6,151 Cr vs ₹6,800 Cr, DSO (Days Sales Outstanding) 33d vs 28d, Cash Conversion Cycle 95d vs 80d
Cane development & recovery; maximise ethanol / by-product diversion.
FRP ₹355/q (+4%) plus SAP pressures sugar EBITDA; recovery must offset.
Each lost contract is ethanol & engineering (non-sugar) revenue that won't repeat.
Each lost contract is ethanol & engineering (non-sugar) revenue that won't repeat.
Sets capex headroom and refinancing risk on a conservatively levered (~1.9×) balance sheet.
The cane-to-cash cycle for the group, end to end. Cane becomes contracted offtake, offtake becomes crushed & produced sugar / ethanol, production becomes dispatched goods, dispatch becomes an invoice, and an invoice becomes cash — 89 days from cane to cash, with ₹168 Cr leaking or stuck across the handoffs. Each stage links to the 360 that owns it and the records to work. (Long-term ethanol offtake (OMCs) & gear / water contracts bill on a steadier cadence — this is the make-to-order lane.)
Value flowing through each stage, the conversion from the prior stage, days in-stage, and the leakage at the handoff.
The biggest levers are produce/dispatch (crush & production lead time) and collection (DSO) — the order handoff is instant; billing lag is the quiet one.
Each leak quantified, owned, and linked to the 360 and the records that fix it — the working-capital recovery list.
Off-platform sugar-trade / export pricing vs governed SAP
Sugar-inventory holding + yield / recovery loss on below-target runs
Read this: the two biggest pools are ₹55 Cr aged AR (collect) and ₹28 Cr unbilled dispatch / export-doc lag (bill) — both pure working capital. Closing the billing lag and the aged book pulls ~₹83 Cr of cash forward without selling a thing.
Value, conversion, days, leakage and owner — drill to the owning 360.
| Stage | Value | Conv. from prior | Days in-stage | Leakage | Owner | Drill |
|---|---|---|---|---|---|---|
| 🌾 Cane → Contracted Offtake | ₹6,400 Cr | — | 20d | ₹40 Cr | Sugar Marketing · Ethanol Sales | → |
| 🏭 Crush & Produce | ₹6,151 Cr | 96% | 0d | — | Operations · Mills & Distilleries | → |
| 🚚 Produce → Dispatch | ₹6,020 Cr | 98% | 30d | ₹45 Cr | Operations · CMO | → |
| 📄 Bill / Invoice | ₹5,900 Cr | 98% | 6d | ₹28 Cr | Finance · Billing | → |
| 💵 Collect / Cash | ₹5,780 Cr | 98% | 33d | ₹55 Cr | Treasury · Collections | → |