Board Meeting Details
The Board of Directors meeting commenced at 3:15 PM and concluded at 4:50 PM on November 11, 2026.
Key Business Transacted
- Approved the Un-Audited Financial Results along with the Statement of Assets and Liabilities and Cash Flow Statement for the second quarter and half year ended September 30, 2026
- The limited review report was submitted by MOS & Associates LLP, the Statutory Auditors of the Company
- Noted the penalty imposed by BSE Limited for non-compliance under regulation 44 of SEBI LODR Regulations 2015 for the Postal Ballot held on August 19, 2026
- Advised to send a letter to BSE Limited requesting to condone the fine levied for the non-compliance
Financial Performance Highlights (₹ in lakhs)
Quarter Ended September 30, 2026:
- Revenue from operations: ₹1,595.98
- Total Income: ₹1,596.07
- Net Loss before tax: ₹(2,368.08)
- Net Loss after tax: ₹(2,368.08)
- Total Comprehensive Loss: ₹(2,377.33)
- Basic EPS: ₹(3.19)
- Diluted EPS: ₹(3.19)
Half-Year Ended September 30, 2026:
- Revenue from operations: ₹4,045.65
- Total Income: ₹4,052.33
- Net Loss before tax: ₹(4,277.17)
- Net Loss after tax: ₹(4,277.17)
- Total Comprehensive Loss: ₹(4,295.67)
- Basic EPS: ₹(5.76)
- Diluted EPS: ₹(5.76)
Segment-wise Performance (₹ in lakhs)
Quarter Ended September 30, 2026:
- Sugar Segment Revenue: ₹30.53 (Segment Loss: ₹1,389.00)
- Distillery Segment Revenue: ₹1,565.45 (Segment Loss: ₹202.82)
- Total Segment Loss: ₹1,591.82
Half-Year Ended September 30, 2026:
- Sugar Segment Revenue: ₹2,059.57 (Segment Loss: ₹2,616.47)
- Distillery Segment Revenue: ₹2,587.75 (Segment Loss: ₹223.73)
- Total Segment Loss: ₹2,840.20
Financial Position as at September 30, 2026 (₹ in lakhs)
- Total Assets: ₹46,009.16
- Total Equity: ₹4,005.84
- Total Liabilities: ₹42,003.32
- Equity Share Capital: ₹7,430.05 (Face Value ₹10 per share)
- Other Equity: ₹(3,424.21)
Cash Flow Statement for Half-Year Ended September 30, 2026 (₹ in lakhs)
- Net cash used in operating activities: ₹(1,256.50)
- Net cash used in investing activities: ₹(459.42)
- Net cash from financing activities: ₹1,712.32
- Net decrease in cash and cash equivalents: ₹(3.60)
- Cash and cash equivalents at end of period: ₹3.08
Significant Notes to Financial Results
Note 3: Contingent Liability - Electricity Duty
The Hon'ble High Court of Judicature at Hyderabad upheld the validity of levy of Electricity Duty @ 25 paisa per unit by the State Government on consumption of electricity by captive generating units. The Company filed a Special Leave Petition in the Supreme Court which was dismissed on September 27, 2016. The case before BIFR stands abated and no demand notices were received thereafter.
- The Company has treated the estimated duty amount aggregating ₹283.99 lakhs as a Contingent Liability
- No provision has been made in respect of the same
- Management estimates the impact of potential liability to be ₹170 lakhs based on Supreme Court's interim orders
- Auditors have made a modified conclusion in their limited review report about their inability to comment on the ultimate outcome of this matter
Note 4: Seasonality
Sugar Industry being seasonal, the performance of the Company for the current and previous quarters are not comparable.
Note 5: Regrouping
Previous period's figures have been regrouped/reclassified wherever considered necessary to correspond with current period's classification/disclosures.
Outstanding Default on Loans and Debt Securities
There is no default on loans and debt securities during the Quarter ended September 30, 2026.
- Total loans from banks/financial institutions outstanding: ₹27.27 crore
- Total unlisted debt securities outstanding: Nil
- Total financial indebtedness including short-term and long-term debt: ₹113.72 crore