Solana Biofuels internet services returns to EBITDA profit

Solana Biofuels Limited reported a Rs 3.33 lakh internet-services profit before interest, tax, depreciation and amortisation (EBITDA) for the quarter ended 30 September 2026, reversing losses in the preceding and year-earlier quarters, while its Bio Diesel segment generated Rs 14.9543 crore of revenue but recorded a Rs 50.62 lakh EBITDA loss.

Did Solana Biofuels’ internet-services unit return to EBITDA profit?

Solana Biofuels’ internet-services unit returned to EBITDA profit with Rs 3.33 lakh in the quarter ended 30 September 2026. This compared with an EBITDA loss of Rs 5.23 lakh in the quarter ended 30 June 2026 and a Rs 5.19 lakh loss in the quarter ended 30 September 2025. Internet Services revenue rose to Rs 23.29 lakh from Rs 16.33 lakh sequentially and Rs 19.84 lakh a year earlier.

The segment also recorded earnings before interest and tax, or EBIT, of Rs 3.13 lakh in the September 2026 quarter. That reversed EBIT losses of Rs 5.46 lakh in June 2026 and Rs 5.83 lakh in September 2025. The difference between September-quarter EBITDA and EBIT was Rs 0.20 lakh, based on the segment disclosures.

The quarterly improvement did not extend to the full first half. Internet Services reported an EBITDA loss of Rs 1.90 lakh for the half year ended 30 September 2026, although this narrowed from a Rs 12.48 lakh loss in the corresponding 2025 half year. Half-year revenue was Rs 39.62 lakh, marginally above Rs 39.39 lakh a year earlier.

How did Solana Biofuels’ Bio Diesel revenue and EBITDA change?

Solana Biofuels’ Bio Diesel revenue declined to Rs 14.9543 crore in the quarter ended 30 September 2026 from Rs 21.2441 crore in the preceding quarter and Rs 18.5234 crore a year earlier. The segment accounted for nearly all of the company’s Rs 15.1872 crore revenue from operations in the September quarter, with Internet Services contributing Rs 23.29 lakh.

Bio Diesel reported an EBITDA loss of Rs 50.62 lakh in the September 2026 quarter, wider than the Rs 8.63 lakh loss in the June 2026 quarter. It was, however, smaller than the Rs 1.1623 crore loss reported in the September 2025 quarter. Total segment EBITDA was a loss of Rs 47.29 lakh, compared with losses of Rs 13.86 lakh in June 2026 and Rs 1.2142 crore a year earlier.

For the half year ended 30 September 2026, Bio Diesel revenue was Rs 36.1984 crore, down from Rs 47.8045 crore in the corresponding prior-year period. Its EBITDA loss narrowed to Rs 41.99 lakh from Rs 3.5558 crore. Thus, the first-half segment loss fell even as Bio Diesel revenue declined by Rs 11.6061 crore from the prior-year half.

Bio Diesel EBIT was a loss of Rs 92.13 lakh in the September 2026 quarter, compared with losses of Rs 66.88 lakh in June 2026 and Rs 2.0833 crore in September 2025. At the company level, finance costs were Rs 87 lakh in the September quarter, while interest and other income was Rs 6.12 lakh.

Where were Solana Biofuels’ segment assets and liabilities allocated?

Solana Biofuels allocated Rs 265.8823 crore of segment assets to Bio Diesel at 30 September 2026, while Internet Services had Rs 70.09 lakh. The disclosed segment-asset total was Rs 266.5832 crore, compared with Rs 263.849 crore at 30 June 2026 and Rs 210.1061 crore at 30 September 2025.

Bio Diesel segment assets increased from Rs 194.8577 crore at 31 March 2026 to Rs 265.8823 crore at 30 September 2026. Internet Services segment assets were Rs 69.37 lakh at 31 March 2026, rising to Rs 70.09 lakh at the September reporting date. The filing therefore places the substantial majority of disclosed segment assets within Bio Diesel.

The segment schedule reports the same amounts as segment liabilities: Rs 265.8823 crore for Bio Diesel, Rs 70.09 lakh for Internet Services and Rs 266.5832 crore in total at 30 September 2026. It provides no reconciliation or explanation for this presentation. Separately, the standalone balance sheet reports total assets of Rs 266.6836 crore and total liabilities of Rs 245.4745 crore at that date.

The Rs 10.04 lakh difference between total segment assets and balance-sheet assets is visible in the filing. Non-current assets were Rs 172.5067 crore, including capital work in progress of Rs 97.026 crore, while current assets were Rs 94.1769 crore. Inventory stood at Rs 72.4742 crore on 30 September 2026, up from Rs 33.1105 crore at 31 March 2026.

What do Solana Biofuels’ loss and cash-flow figures show?

Solana Biofuels reported a loss after tax of Rs 1.6988 crore for the quarter ended 30 September 2026. This was wider than the Rs 1.3373 crore loss in the June 2026 quarter but narrower than the Rs 2.7629 crore loss in the September 2025 quarter. The company reported no current or deferred tax charge for the September 2026 quarter.

For the half year ended 30 September 2026, the loss after tax was Rs 3.0322 crore, compared with a Rs 6.7738 crore loss in the corresponding 2025 half year. Profit before tax was a loss of Rs 3.0322 crore, after a Rs 0.39 lakh exceptional item recorded in the half-year figures. Total segment EBIT for the half year was a loss of Rs 1.6134 crore.

Net cash generated from operating activities was Rs 6.4787 crore as at 30 September 2026, whereas the statement shows net cash used in operating activities of Rs 1.3843 crore as at 31 March 2026. Working-capital movements included a Rs 39.3637 crore increase in inventory and a Rs 30.8595 crore increase in trade and other payables. Net cash used in investing activities was Rs 9.8553 crore, principally for property, plant and equipment.

Cash and cash equivalents, including bank balances in the cash-flow statement, closed at Rs 1.3134 crore on 30 September 2026, compared with Rs 1.3014 crore on 31 March 2026. Total equity fell to Rs 21.2091 crore from Rs 24.2413 crore, while current liabilities rose to Rs 85.5623 crore from Rs 45.8081 crore. Current borrowings increased to Rs 33.9352 crore from Rs 25.2218 crore over the same dates.

Conclusion

Solana Biofuels’ September 2026 segment figures show contrasting outcomes: Internet Services returned to a Rs 3.33 lakh quarterly EBITDA profit, while Bio Diesel remained loss-making at the EBITDA level despite generating Rs 14.9543 crore of quarterly revenue. Bio Diesel also accounted for Rs 265.8823 crore of the disclosed Rs 266.5832 crore segment-asset total.

The filing does not disclose a segment profitability target or operating plan. The next disclosure should clarify whether Internet Services can retain positive EBITDA, whether Bio Diesel revenue recovers from the September-quarter level, and whether the company provides a reconciliation for the Rs 10.04 lakh difference between segment assets and total balance-sheet assets.