Key Quantitative Figures

  • Revenue from Operations: ₹51,077.27 lakh (FY25: ₹54,568.89 lakh), decrease of 6.39%
  • Other Income: ₹1,680.02 lakh (FY25: ₹1,484.15 lakh)
  • Total Income: ₹52,757.29 lakh (FY25: ₹56,053.03 lakh)
  • Profit Before Tax: ₹6,052.76 lakh before exceptional items; ₹4,343.11 lakh after exceptional items (FY25: ₹5,261.44 lakh)
  • Exceptional Items: ₹1,709.65 lakh (₹1,704.06 lakh VAT settlement under OTS + ₹5.59 lakh labor code impact)
  • Tax Expense: ₹1,233.44 lakh (FY25: ₹1,423.77 lakh)
  • Net Profit: ₹3,109.66 lakh (FY25: ₹3,837.66 lakh), decrease of 19%
  • Total Comprehensive Income: ₹3,434.61 lakh (FY25: ₹4,319.07 lakh)
  • Sugarcane Crushed: 8,494,023 quintals (FY25: 10,428,636 quintals)
  • Sugar Produced: 807,510 quintals (FY25: 1,037,770 quintals)
  • Recovery Rate: 9.51% (FY25: 9.95%)
  • Power Generated: 90,660 MWH (FY25: 109,062 MWH)
  • Power Exported to Grid: 52,362 MWH (FY25: 68,017 MWH)
  • Capacity Utilization: 83.81% (FY25: 86.48%)
  • CSR Expenditure: ₹99.89 lakh (required: ₹89.47 lakh)
  • Total Assets: ₹63,267.39 lakh (FY25: ₹65,565.32 lakh)
  • Total Equity: ₹29,196.99 lakh (FY25: ₹25,766.58 lakh)
  • Earnings Per Share: ₹17.90 basic and diluted (FY25: ₹22.09)

Dates of Action

  • AGM Date: September 30, 2026 at 10:30 AM IST via Video Conferencing
  • Book Closure: September 24, 2026 to September 30, 2026 (both days inclusive)
  • Annual Report Sent: September 5, 2026 through electronic mode to registered members
  • Board Meetings: 7 meetings held during FY26 on May 30, August 14, August 30, November 14, December 26, February 12, and March 17, 2026
  • Auditor's Report Date: June 5, 2026

Parties Involved

  • Statutory Auditors: M/s SSVS & Co., Chartered Accountants (Firm Registration No. 021648C)
  • Cost Auditors: M/s Khushwinder Kumar & Co., Cost Accountants (Firm Registration No. 100123)
  • Secretarial Auditors: M/s Sanjay Grover & Associates, Practicing Company Secretaries (Firm Registration No. P2001DE052900)
  • Internal Auditors: M/s Davinder Pal Singh & Co., Chartered Accountants
  • RTA: MCS Share Transfer Agent Limited
  • Bankers: Punjab National Bank, State Bank of India
  • Regulators: BSE Limited, SEBI

Operational Performance

Sugar Segment

  • Revenue: ₹42,535.82 lakh from sugar sales
  • Installed Capacity: 9,000 TCD
  • Crushing period: 5 months
  • Molasses revenue: ₹3,957.67 lakh

Cogeneration Segment

  • Installed Capacity: 59.5 MW
  • Power generated: 90,660 MWH
  • Power consumed in-house: 38,298 MWH
  • Power exported: 52,362 MWH
  • Revenue: ₹2,461.57 lakh

New Business Diversification

  • Commenced petroleum retail distribution at ISL unit on G.T. Road, Mukerian
  • BPCL fuel vending unit operational
  • Petrol pump sales: ₹1,005.25 lakh

Capital Structure

  • Authorized Share Capital: ₹75 crore (6.8 crore equity shares of ₹10 each + 70 lakh preference shares of ₹10 each)
  • Paid-up Equity Capital: ₹17.38 crore (1,73,76,701 equity shares of ₹10 each)
  • No change in share capital during the year
  • No dividend declared for FY26

Board and Management Changes

Resignations

  • Mr. Ashish Singh Yadav (Non-Executive Independent Director) resigned effective May 20, 2025
  • Mr. Neeraj Bansal (Non-Executive Independent Director) completed term on October 12, 2025

Appointments

  • Mr. Anil Kumar Jain appointed as Non-Executive Independent Director effective October 1, 2025
  • Mr. Sudeep Saxena appointed as Non-Executive Independent Director effective January 31, 2026

Retirement by Rotation

  • Mrs. Geeta Sharma liable to retire at ensuing AGM, offered herself for re-appointment

Related Party Transactions

Material related party transactions approved by shareholders:

  • With Highlink Investment Private Limited: ₹7,712.26 lakh
  • With Indian Green Revolution Private Limited: ₹14,087.39 lakh
  • Total material RPT value: ₹21,799.65 lakh

All transactions were at arm's length and in ordinary course of business.

Auditor Qualifications and Management Response

Statutory Auditors (SSVS & Co.)

1. Audit Trail Facility: Activated from April 22, 2025 due to technical issues. Management confirmed no intentional suppression.

2. Stock Statement Differences: ₹4,506.60 lakh difference between book value (₹21,825.56 lakh) and bank statement value (₹26,332.16 lakh) due to different valuation methodologies for banking purposes.

Secretarial Auditors (Sanjay Grover & Associates)

1. BSE Fines: ₹70,800, ₹35,400, ₹35,400, and ₹17,700 for delayed submission of corporate governance reports and investor complaints

2. Delayed Filing: Integrated Filing-Finance for Q4 FY25 filed with one-day delay due to technical issues

Management paid all fines and implemented corrective measures.

Credit Rating

  • Long Term Bank Facilities: IVR BBB-/Stable (₹180.59 crore)
  • Short Term Bank Facilities: IVR A3 (₹19.41 crore)
  • FY26 rating under process

Forward-looking Statements

Chairman's Outlook highlighted:

  • Industry transformation toward energy and sustainability company
  • Focus on ethanol blending and agro-industrial integration
  • Modernization through steam reduction technology
  • Expansion into petroleum segment for additional revenue

Capital and Investments

  • Capital Work in Progress: ₹174.53 lakh (FY25: ₹214.23 lakh)
  • Investments: ₹1,097.61 lakh in Ranger Breweries Ltd, Yadu Resorts India Ltd, and Versatile Events Private Limited
  • Property, Plant and Equipment: ₹19,263.15 lakh net block

Liquidity and Borrowings

  • Short-term Borrowings: ₹17,402.18 lakh (FY25: ₹19,057.85 lakh)
  • Long-term Borrowings: ₹1,778.25 lakh (FY25: ₹2,133.21 lakh)
  • Cash and Cash Equivalents: ₹7,174.23 lakh (FY25: ₹13,814.50 lakh)
  • Current Ratio: 1.43 (FY25: 1.28)
  • Debt-Equity Ratio: 0.66 (FY25: 0.82)

Other Significant Disclosures

  • Vigil Mechanism/Whistle Blower Policy: Implemented and operational
  • CSR Committee: Reconstituted with Mrs. Geeta Sharma as Chairperson
  • No fraud reported by auditors
  • No material orders from regulators/courts impacting going concern
  • Inventory Valuation: At lower of cost or net realizable value
  • Tax Litigation: ₹1,100.59 lakh in disputed income tax matters under appeal