This is a regulatory disclosure filed with the National Stock Exchange of India Limited and BSE Ltd. in compliance with SEBI Listing Regulations (Regulation 30 read with Part A of Schedule III). The document encloses an Investor Presentation detailing the financial highlights for the quarter and six months ended September 30, 2026 (Q2 & H1 FY27).

Key Financial Figures

Profit & Loss (Rs Crore):

  • Q2 FY27 Total Income: Rs 655 Cr (Q2 FY26: Rs 670 Cr; -2.2% YoY)
  • H1 FY27 Total Income: Rs 1,436 Cr (H1 FY26: Rs 1,387 Cr; +3.5% YoY)
  • Q2 FY27 EBITDA: Rs 42 Cr (Q2 FY26: Rs 20 Cr; +210% YoY)
  • H1 FY27 EBITDA: Rs 80 Cr (H1 FY26: Rs 49 Cr; +163% YoY)
  • Q2 FY27 EBITDA Margin: 6.4% (Q2 FY26: 3.0%; +340 bps)
  • H1 FY27 EBITDA Margin: 5.6% (H1 FY26: 3.5%; +210 bps)
  • Q2 FY27 Interest: Rs 13 Cr (Q2 FY26: Rs 16 Cr)
  • H1 FY27 Interest: Rs 35 Cr (H1 FY26: Rs 42 Cr)
  • Q2 FY27 Depreciation: Rs 16 Cr (Q2 FY26: Rs 15 Cr)
  • H1 FY27 Depreciation: Rs 31 Cr (H1 FY26: Rs 30 Cr)
  • Q2 FY27 PAT: Rs 10 Cr (Q2 FY26: Loss of Rs 7 Cr; Turnaround)
  • H1 FY27 PAT: Rs 10 Cr (H1 FY26: Loss of Rs 15 Cr; Turnaround)
  • Q2 FY27 EPS (not annualised): Rs 5.01 (Q2 FY26: -Rs 3.30)
  • H1 FY27 EPS (not annualised): Rs 5.13 (H1 FY26: -Rs 7.50)

Operational Metrics:

  • Average Sugar Realisation: Q2FY27: Rs 4,321 per quintal (Q2FY26: Rs 3,985; +15% YoY); H1FY27: Rs 3,994 per quintal (H1FY26: Rs 3,721; +8% YoY)
  • Sugar Sales Volume: Increased by 2% in H1FY27.
  • Ethanol Sales Volume: Declined by 19% in H1FY27.

Balance Sheet & Debt (Rs Crore as of Sep 30, 2026):

  • Long-term borrowings (incl. current maturities): Rs 392 Cr (Sep-25: Rs 391 Cr)
  • Short-term / working capital borrowings: Rs 19 Cr (Sep-25: Rs 202 Cr)
  • Gross Debt (A): Rs 411 Cr (Sep-25: Rs 593 Cr)
  • Cash & Cash Equivalents: Rs 3 Cr (Sep-25: Rs 2 Cr)
  • Surplus funds in liquid/debt mutual funds: Rs 10 Cr (Sep-25: Rs 0 Cr)
  • Total Cash & Liquid Investments (B): Rs 13 Cr (Sep-25: Rs 2 Cr)
  • Net Debt (A − B): Rs 398 Cr (Sep-25: Rs 591 Cr)
  • Inventory: Rs 268 Cr, comprising Sugar (Rs 223 Cr) and Molasses/Ethanol/other (Rs 45 Cr)
  • Average Cost of Borrowings: Long-term: 7.96%; Short-term: 6.89% in Q2FY27

Cash Flow (H1FY27, Rs Cr):

  • Net Cash from Operating Activities: Rs 1,095.84 Cr (H1FY26: Rs 915.77 Cr)
  • Cash Used in Investing Activities: (Rs 42.72) Cr (H1FY26: (Rs 74.60) Cr)
  • Cash Used in Financing Activities: (Rs 1,052.03) Cr (H1FY26: (Rs 842.61) Cr)
  • Net Decrease in Cash: Rs 1.09 Cr (H1FY26: (Rs 1.44) Cr)

Segment Performance

Sugar Segment:

  • Reported a positive EBIT of Rs 36 Cr in Q2FY27 (Q2FY26: Loss of Rs 7 Cr) and Rs 45 Cr in H1FY27 (H1FY26: Loss of Rs 3 Cr). The turnaround was driven by improved sugar realisations.

Distillery Segment:

  • EBIT declined due to lower Ethanol production. This was attributed to reduced feedstock availability from higher C Heavy Molasses crushing in SS 2025-26 and an increase in the molasses levy obligation from 18% to 20% for B Heavy Molasses, which had an adverse profitability impact of approx. Rs 9.50 Cr in Q2FY27.

Power Segment:

  • EBIT is stated as not comparable YoY because Q2FY26 included a one-time income of approx. Rs 10 Cr from a power tariff differential pertaining to earlier years.

Strategic Updates and Capex

Dividend:

The Company paid a dividend of 100%, i.e., Rs 10 per equity share (face value Rs 10 each), for FY 2025-26 during the current quarter. It was recommended by the Board and approved by shareholders at the AGM.

New Sugar Refinery:

The Company plans to establish a sugar refinery at its Seohara unit to manufacture refined sugar for premium market segments and industrial/institutional customers. This is a strategic initiative to enhance product quality, improve market positioning, and achieve better realizations.

Operational Context and Market Environment

Crushing Season 2025-26 (SS 25-26):

Total sugarcane crushed was 481.67 lakh quintals across its four units:

  • Hargaon: 190.53 lakh qtl
  • Seohara: 158.47 lakh qtl
  • Hata: 72.85 lakh qtl
  • Rosa: 59.82 lakh qtl

Policy & Market Dashboard:

Key policy factors affecting the sector were detailed:

  • Cane FRP 2026-27: Rs 365/qtl at 10.25% recovery (increase of Rs 10).
  • UP SAP 2026-27: Not announced yet.
  • Sugar MSP: Under committee review; has been Rs 31/kg since 2019.
  • Exports: Restricted.
  • Imports: 1 MT duty-free quota extended to 31 Dec 2026.
  • Ethanol Feedstock Policy for ESY 2026-27: Cane juice/B-heavy molasses barred; only C-heavy molasses or grain allowed as per notification dated 22 Oct 2026.
  • Industry Production Forecast (ISMA): ~26 MMT for SS 2026-27 (SS 2025-26: ~27.95 MMT net of diversion).
  • Opening Stock (1 Oct 2026): ~3.66 MMT (one of the lowest in a decade).
  • Monsoon Impact: India's monsoon was deficient by 12.6% below normal (759.4 mm), the first deficient monsoon since 2015, worst in the south and west, but UP was relatively insulated (-6%).

Ethanol Business Update:

  • The OMC tender for ESY 2026-27 (Nov 2026–Oct 2027) was for ~11 bn liters with zero sugar diversion allowed.
  • Average ethanol blending achieved in ESY 2025-26 was 19.99%.
  • Company-specific allocation and supply to OMCs (Cr Ltrs, up to 31 Oct 2026):
  • Total allocated/ordered: 7.54
  • Total supplied: 7.00
  • Breakdown: Juice (Allocated: 1.71, Supplied: 1.69); B-Heavy (Allocated: 4.78, Supplied: 4.32); C-Heavy (Allocated: 1.05, Supplied: 0.99)

Stated Rationale and Impact

Financial Performance Drivers:

The improvement in profitability is attributed to higher sugar realisations and a lower cost of inventory sold. The decline in ethanol sales volume negatively impacted revenue and profitability. The quarter is an off-season period for UP sugar mills, with earnings driven by inventory sales.

Debt and Liquidity:

Working capital debt declined in Q2FY27 and is expected to rebuild from November 2026 with the commencement of the new sugar crushing season. Operation of the distillery on C-heavy molasses is expected to increase sugar availability, contributing to higher inventory levels.