Rajasthan Government announces Excise Policy Revisions, Beneficial for Suraj Industries

Suraj Industries Ltd would like to update that the Government of Rajasthan has issued amendments to the Excise and Liquor Temperance Policy (2025-29), effective April 1, 2026.

Details of Revised Excise Policy Revision:

Price Increase: The policy revisions, aimed at ensuring competitive pricing and curbing illicit liquor, include a 5% increase in wholesale ex-distillery prices (EDP) for Country Liquor (CL) and Rajasthan Made Liquor (RML). The Company is pleased to announce this price revision will have a positive impact on its brands and those of its subsidiary, M/s Carya Chemicals & Fertilizers Pvt. Ltd

The Company, through its subsidiary Carya Chemicals & Fertilizers Pvt. Ltd., has a bottling capacity of approximately 48 lakh cases per annum for IMFL and Country Liquor and is well-positioned to benefit from the revised policy framework.

Packaging Norms: The policy now mandates compulsory lifting of Country Liquor (CL) and Rajasthan Made Liquor (RML) in Aseptic Brick Packs to the extent of 3% of the total quota, effective April 1, 2026. This policy shift is expected to promote the adoption of eco-friendly packaging while enhancing product integrity through tamper-proof packaging.

Currently Suraj Industries has a first mover's advantage in the aseptic brick packaging segment in Rajasthan, with an installed capacity of ~75,000 to 1,00,000 cases per month majorly catering to the Rajasthan State Ganganagar Sugar Mills Ltd (RSGSM). The Company expects this requirement to drive higher capacity utilization and incremental volumes in the eco-friendly packaging format.

Suraj Industries: Operational and Strategic Updates

In line with its growth strategy, the Company has proposed the acquisition of 50.03% equity stake in M/s VRV Foods Ltd, for which disclosure under Regulation 30 was made on Saturday, February 7th, 2026. The estimated capex outlay for the proposed acquisition is ~ Rs. 37 crore funded through right issue. Suraj Industries remains focused on strengthening its operational scale, improving realizations, and delivering sustainable long-term value to its stakeholders.

The Company would also like to provide an update on the ongoing Carya Chemicals & Fertilizers Pvt. Ltd.'s grain-based distillery project. The upcoming 125 KLPD distillery, dedicated to the production of Extra Neutral Alcohol (ENA), is progressing in line with the planned timeline and is expected to be commissioned in Q1 FY27.

This strategic capacity addition will strengthen the Company's backward integration, secure a consistent supply of high-quality ENA for its operations, and improve overall margin efficiency, further enhancing operational stability and long-term.

Commenting on this Managing Director Mr Suraj Prakash Gupta said that "The amendments to the Rajasthan Excise and Liquor Temperance Policy are directionally positive for the industry. The EDP revision is expected to support realizations, while the compulsory offtake of aseptic brick packs reinforces the shift toward sustainable packaging formats. The Company's existing capabilities and strategic positioning enable it to effectively capitalise on these developments. In parallel, the proposed acquisition of a majority stake in VRV Foods Ltd further strengthens Suraj Industries' growth and diversification strategy."

Shares of SURAJ INDUSTRIES LTD. was last trading in BSE at Rs. 50.30 as compared to the previous close of Rs. 50.24. The total number of shares traded during the day was 7129 in over 81 trades.

The stock hit an intraday high of Rs. 53.65 and intraday low of 50.00. The net turnover during the day was Rs. 369117.00.

Source : Equity Bulls

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SURAJINDUSTRIES INE170U01011 GovernmentofRajasthan Amendment ExcisePolicy