Key Financial Performance (Standalone)

Income Statement Highlights (₹ crore):

  • Revenue from Operations (Q2): ₹962.48 crore (Q1: ₹1,116.30 crore; Q2 FY26: ₹1,153.11 crore)
  • Total Income (Q2): ₹964.86 crore (Q1: ₹1,118.46 crore; Q2 FY26: ₹1,158.60 crore)
  • Net Loss for Q2 (after tax): ₹(164.54) crore (Q1: ₹(177.05) crore; Q2 FY26: ₹(99.59) crore)
  • From continuing operations: ₹(149.03) crore
  • From discontinued operations: ₹(15.51) crore
  • Net Loss for H1 (after tax): ₹(341.59) crore (H1 FY26: ₹(268.16) crore)
  • Exceptional Items (Q2 & H1): ₹48.06 crore (net) related to the planned divestment of Indonesian coal mining subsidiaries.
  • Earnings Per Share (EPS) - Basic (Q2): ₹(0.21) per share (from continuing and discontinued operations).

Segment-wise Revenue (Standalone, Q2):

  • Sugar: ₹852.14 crore
  • Distillery: ₹109.56 crore
  • Power: ₹2.67 crore
  • Others: ₹0.74 crore

Segment-wise Results (Profit/Loss before tax and interest, Standalone, Q2):

  • Sugar: ₹(46.56) crore
  • Distillery: ₹(14.08) crore
  • Power: ₹(28.06) crore
  • Others: ₹(15.53) crore

Balance Sheet Highlights (Standalone, as of September 30, 2026):

  • Total Assets: ₹11,984.85 crore (March 31, 2026: ₹13,982.49 crore)
  • Property, Plant & Equipment: ₹5,898.88 crore
  • Inventories: ₹516.61 crore
  • Total Equity: ₹3,497.79 crore
  • Borrowings (Non-current + Current): ₹3,394.43 crore (₹3,025.22 crore + ₹369.21 crore)

Cash Flow (Standalone, H1):

  • Net cash from operating activities: ₹170.99 crore
  • Net cash used in investing activities: ₹(81.19) crore
  • Net cash used in financing activities: ₹(84.35) crore
  • Net increase in cash: ₹5.45 crore

Key Financial Performance (Consolidated)

Income Statement Highlights (₹ crore):

  • Revenue from Operations (Q2): ₹968.43 crore
  • Net Loss for Q2 attributable to owners: ₹(121.24) crore
  • Net Loss for H1 attributable to owners: ₹(305.89) crore

Material Updates and Notes

1. Exposure to Subsidiaries: The company has an aggregate exposure of ₹2,559.16 crore in its subsidiaries (investments, inter-corporate loans, accrued interest). As a prudent measure, interest income of ₹28.34 crore (Q2) and ₹56.37 crore (H1) on these loans has not been recognized and will be booked upon realization. This is an Emphasis of Matter in the auditor's review report.

2. Divestment of Indonesian Coal Mining Subsidiaries: The company, via its Singapore subsidiary, is divesting its stakes in PT Batu Bumi Persada and PT Jangkar Prima (Indonesia) as part of a lender-approved restructuring. A successful bidder has been selected for a total consideration of USD 6.26 million (~₹60.10 crore), to be realized within 120 days from the auction date. Pending this, the entities remain subsidiaries.

  • An exceptional item of ₹48.06 crore was recognized, reflecting the impairment of the equity investment in the Singapore sub, net of a provision reversal on a loan receivable.
  • The related assets (₹44.25 crore after impairment) and liabilities are classified as "held for sale."

3. Debt Repayment: During the period, ₹77.69 crore was paid towards Optionally Convertible Debentures (OCDs). This payment comprised ₹67.84 crore from the sale of treasury shares by the BHL Security Trust and ₹9.85 crore from asset sales. These payments will be appropriated against OCD repayments in inverse order of maturity.

4. Going Concern Assessment: The financial statements are prepared on a going concern basis. The assessment is based on:

  • Prevailing firm sugar prices expected to sustain.
  • An approved debt restructuring providing a moratorium on OCD repayments until March 31, 2031.
  • A sub judice claim of approximately ₹1,995 crore (including interest) under the Sugar Industry Promotion Policy, 2004. Any realization would support liquidity.

5. Subsidiaries: The consolidated results include Bajaj Aviation Private Ltd, Bajaj Power Generation Private Ltd, Phenil Sugars Ltd (99.70%), Bajaj Hindusthan (Singapore) Pte. Ltd., PT Batu Bumi Persada (99.00%), and PT Jangkar Prima (99.88%).