Sugar Cycles: 7-8 years of losses followed by 2-3 years of super gains!

Very Interesting point, you have raised, So Crude is currently $76 Barrel (159 liter, USD/INR 85), so 1 liter crude is Rs. 42 (approx.). Now processing, OMC margin, freight, entry tax is around 10% (please confirm, because i suspect it to be higher) in industry, bringing it to~~ approx. again 50 pretax at refinery level, then the freight, dealer commission, and of course the taxes. So, I think it gets awfully close to Ethanol costs, plus we are forgetting that crude is cheap these days. As per my view, the larger point here is, we do not have to pay for it in Dollars and we are not dependent on anyone for our energy security, so the precious dollar reserves are not wasted and to top it all off( $ 8Billion savings) , our farmers who are our food producers can be turned into our energy producers So the money stays! Let me know if I am missing something. Will share my full note on Chini tomorrow.