Promoter Navjeet Singh Sobti has confirmed that he has not created any encumbrance on his shareholding in Avonmore Capital & Management Services Ltd during the financial year ended March 31, 2026. The disclosure provides assurance to shareholders regarding the status of the promoter's pledged holdings, which is a key indicator of financial stability for the entity.

In a filing addressed to the stock exchanges and the company's Audit Committee, Sobti declared that he held 23,132,167 shares as of March 31, 2026. He explicitly stated that no encumbrance was made on these shares, either directly or indirectly, throughout FY26. This declaration was made in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The filing serves as a formal confirmation to the BSE Ltd and the National Stock Exchange of India Ltd regarding the unencumbered status of the promoter's holdings. Such disclosures are mandatory under takeover regulations to ensure transparency in the shareholding patterns of key promoters.

Shareholding Details

The following table outlines the shareholding details disclosed by the promoter:

The confirmation of zero encumbrance indicates that the promoter's shares are free from any pledge or hypothecation, removing potential risks associated with margin calls or forced sales that could impact stock volatility.

Avonmore Capital & Management Services Limited is positioned to benefit from the Government of India's decision to exempt petrol blended with 22%–30% ethanol from excise duty, alongside the launch of E85 fuel for flex-fuel vehicles. These policy measures are expected to significantly increase ethanol consumption across the country, creating a structural shift in India's energy landscape. The company's strategic participation in the green fuel sector is executed through its Special Purpose Vehicle (SPV), Premier Green Innovations Private Limited (PGIPL).

The Bureau of Indian Standards (BIS) has notified specifications for E22, E25, E27 and E30 fuel blends, facilitating higher ethanol usage in the transportation sector. The exemption of E22–E30 blends from excise duty removes a key cost barrier, making higher ethanol blends more economically attractive. This policy push is anticipated to create a powerful long-term demand driver for the ethanol industry by increasing procurement requirements for Oil Marketing Companies (OMCs).

Strategic Manufacturing Footprint

PGIPL, formerly known as Premier Alcobev Private Limited, was established as a dedicated SPV for the production of grain-based fuel ethanol. It has emerged as one of the leading ethanol producers in northern India. Avonmore Capital & Management Services Limited holds an 8.88% equity stake in PGIPL, while Almondz Global Securities Limited, a subsidiary of ACMS, holds an additional 40.99% stake. The Group exercises significant influence over PGIPL's strategic direction.

PGIPL operates a grain-based distillery at Sansarpur Terrace Industrial Area, District Kangra, Himachal Pradesh, with a total installed capacity of 285 KLPD. The company's facility in Sambalpur, Odisha, having a capacity of 200 KLPD, has started commercial production. Both plants are equipped with Zero Liquid Discharge (ZLD) infrastructure.

Growth Opportunities and Outlook

The progression from E20 to E30 blending levels could potentially increase ethanol requirements by up to 50% per litre of blended petrol. This creates a substantial incremental demand pool for ethanol manufacturers with existing production capacity and established OMC relationships. PGIPL is the largest ethanol supplier in Himachal Pradesh and is empanelled with OMCs under the Government of India's Ethanol Blended Petrol (EBP) Programme.

Management stated that the introduction of excise duty incentives for higher ethanol blends and the rollout of E85 fuel are expected to accelerate ethanol adoption. The combination of BIS standards, blending targets, fiscal incentives and OMC procurement programmes provides long-term policy certainty and demand visibility. Higher production volumes are expected to allow fixed operating costs to be spread across larger output levels, potentially improving operating efficiencies and profitability.