Key Board Approvals and Updates

  • Audited Financial Results: The board approved the Audited Standalone and Consolidated Financial Results for Q4 and FY ended March 31, 2026, along with the Auditors' Report and a Statement on Impact of Audit Qualification, pursuant to Regulation 33(3)(d) of SEBI LODR Regulations, 2015.
  • Internal Auditor Re-appointment: Re-appointed M/s Thakur Vaidyanath Aiyar & Co., Chartered Accountants (Firm Regn. No. 000038N), as the Internal Auditors for FY 2026-27.
  • Management Change - Resignation: Noted the resignation of Mr. Anil Kumar Goel from the post of Company Secretary and Compliance Officer (KMP). The intimation for this was filed with the exchange on May 1, 2026.
  • Management Change - Appointment: Noted the appointment of Mr. Madhur Agarwal (Membership No. 72821) as Company Secretary and Compliance Officer. The intimation for this was filed with the exchange on May 1, 2026.
  • Materiality Framework: Authorized Key Managerial Personnel to determine the materiality of events/information.
  • Meeting Timing: The board meeting commenced at 4:00 PM and concluded at 4:10 PM.
  • Re-filing Reason: The financial results are being filed again due to a technical glitch and internet absence on May 29, 2026, to ensure proper transparency and record.

Standalone Financial Performance (FY Ended March 31, 2026)

  • Revenue from Operations: ₹53,716.06 Lakhs (Previous Year: ₹62,157.73 Lakhs)
  • Total Income: ₹53,738.80 Lakhs (Previous Year: ₹62,157.73 Lakhs)
  • Net Loss: ₹(6,280.89) Lakhs (Previous Year: ₹(1,178.61) Lakhs)
  • Earnings Per Share (EPS): ₹(13.18) Basic & Diluted (Previous Year: ₹(2.47))
  • Paid-up Equity Capital: ₹4,765.39 Lakhs (unchanged)
  • Other Equity: ₹(17,091.19) Lakhs (Previous Year: ₹(10,872.40) Lakhs)

Standalone Financial Performance (Q4 Ended March 31, 2026)

  • Revenue from Operations: ₹15,351.28 Lakhs (Q4 FY25: ₹20,345.21 Lakhs)
  • Total Income: ₹15,371.56 Lakhs (Q4 FY25: ₹20,383.83 Lakhs)
  • Net Profit/(Loss): ₹670.44 Lakhs Profit (Q4 FY25: ₹4,547.65 Lakhs Profit)
  • Earnings Per Share (EPS): ₹1.41 Basic & Diluted (Q4 FY25: ₹9.54)

Auditor's Report - Key Points (Standalone)

  • Opinion Type: Qualified Opinion.
  • Basis for Qualification: The company has not made provision for interest on late payment of cane dues.
  • For Sugar Season 2024-25: ₹63.34 Lakhs (Q4) and ₹2,642.76 Lakhs (FY).
  • For Sugar Season 2025-26: ₹775.55 Lakhs (Q4) and ₹901.02 Lakhs (FY).
  • Impact: If provisioned, Q4 profit would be lower by ₹838.89 Lakhs, and the FY loss would be higher by ₹3,543.78 Lakhs. EPS would be ₹(20.61) for FY26 vs. reported ₹(13.18).
  • Emphasis of Matter:

1. Interest on Cane Dues (Historical): Highlights a long-standing matter concerning interest on cane dues for years 2012-13 to 2014-15. The Hon'ble Supreme Court (order dated 23.04.2018) upheld the Allahabad High Court order (09.03.2017) which set aside the state government's interest waiver. The company has applied to the Cane Commissioner (UP) for a waiver and will account for it upon decision/payment. The matter is sub-judice.

2. Debt Assignment Settlement: The company settled a Debt Assignment Recoverable of ₹14,685.98 Lakhs with Modi Industries Limited for ₹14,177.39 Lakhs, resulting in a settlement loss of ₹508.59 Lakhs (included in Other Expenses). The company received ₹5,950.00 Lakhs by March '26 and the subsequent balance of ₹8,227.39 Lakhs, along with interest of ₹233.54 Lakhs.

Management Notes to Financials (Standalone)

  • Cane Dues Payment: In pursuance of the Hon'ble Allahabad High Court order dated 21-07-2025, the company has made full payment of cane dues for the crushing season 2024-25 after meetings with local authorities.
  • Labour Codes Impact: The company has remeasured employee benefit liabilities due to the notification of Labour Codes on November 21, 2025, and recognized the impact in the Statement of Profit and Loss for FY26.
  • Segment Reporting: The company operates a single activity, hence Ind AS 108 on Segment Reporting is not applicable.
  • Seasonality Warning: Results for any quarter may not be a true reflection of annual profitability due to the seasonal nature of the industry.

Consolidated Financial Performance (FY Ended March 31, 2026)

  • Net Profit Attributable to Owners: ₹18,655.54 Lakhs (Previous Year Restated: ₹48,009.72 Lakhs)
  • Total Comprehensive Income Attributable to Owners: ₹24,132.23 Lakhs (Previous Year Restated: ₹48,209.55 Lakhs)
  • Earnings Per Share (EPS): ₹39.15 Basic & Diluted (Previous Year Restated: ₹100.76)
  • Paid-up Equity Capital: ₹4,765.39 Lakhs (unchanged)
  • Other Equity: ₹11,971.90 Lakhs (Previous Year Restated: ₹9,558.67 Lakhs)

Consolidated Auditor's Report

  • Opinion Type: Qualified Opinion.
  • Basis for Qualification: Same as standalone regarding non-provision of interest on cane dues (₹3,543.78 Lakh impact on consolidated profit).
  • Emphasis of Matter: Includes the same points as the standalone report (Historical cane interest, Debt settlement) and an additional point regarding a subsidiary:
  • Subsidiary (SBEC Stockholding) - Change in Accounting Policy: The subsidiary retrospectively applied the equity method to its investment in a Joint Venture from FY25 onwards, as joint control was reassessed to exist. This led to restatements: Opening Retained Earnings as of April 1, 2024, increased by ₹13,286.91 Lakhs; Share of Profit for FY25 increased by ₹6,670.50 Lakhs; Share of OCI for FY25 increased by ₹45.93 Lakhs.

Statement on Impact of Audit Qualifications

  • Standalone Impact (Quantified):
  • Reported Net Loss: ₹(6,280.89) Lakhs -> Adjusted Net Loss: ₹(9,824.67) Lakhs
  • Reported EPS: ₹(13.18) -> Adjusted EPS: ₹(20.61)
  • Reported Total Liabilities: ₹73,438.22 Lakhs -> Adjusted Liabilities: ₹76,982.00 Lakhs
  • Reported Net Worth: ₹(12,321.79) Lakhs -> Adjusted Net Worth: ₹(15,865.57) Lakhs
  • Management's Reason for Non-provision: Pending a decision on the company's waiver application from the Cane Commissioner (UP).
  • Auditor's Comment: The auditor's qualified opinion remains unchanged despite management's reason.

Cash Flow Statements

  • Standalone (FY26): Net cash used in operating activities was ₹(4,782.09) Lakhs. Net cash from investing activities was ₹101.28 Lakhs. Net cash from financing activities was ₹4,768.00 Lakhs, leading to a net increase in cash of ₹87.19 Lakhs.
  • Consolidated (FY26): Net cash from operating activities was ₹7,007.72 Lakhs. Net cash used in investing activities was ₹(204.36) Lakhs. Net cash used in financing activities was ₹(6,858.27) Lakhs, leading to a net decrease in cash of ₹(54.71) Lakhs.

Key Financial Position Highlights (as of March 31, 2026)

  • Standalone Total Assets: ₹61,116.43 Lakhs (PY: ₹62,832.00 Lakhs)
  • Standalone Total Borrowings (Current + Non-Current): ₹27,340.56 Lakhs (PY: ₹18,409.73 Lakhs)
  • Consolidated Total Assets: ₹90,412.74 Lakhs (PY: ₹91,426.21 Lakhs)
  • Consolidated Total Borrowings (Current + Non-Current): ₹27,400.06 Lakhs (PY: ₹20,205.56 Lakhs)