Bajaj Hindusthan Sugar Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
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Bajaj Hindusthan Sugar reported standalone revenue of ₹1,368.20 crore for Q3 FY26, down from ₹1,465.95 crore in Q3 FY25, a decline of about 6.7%. Nine-month revenue fell to ₹3,763.41 crore from ₹3,998.57 crore. The company swung to a standalone net profit of ₹15.06 crore in Q3 (vs a loss of ₹99.34 crore a year ago), but the nine-month loss widened to ₹253.10 crore from ₹217.09 crore. Segment-wise, Sugar continues to post losses while Distillery turned profitable with ₹5.28 crore and Power swung to a ₹27.43 crore profit in Q3. The auditor flagged two major concerns: a qualification on the non-recognition of ₹4,131.57 crore in accumulated YTM (redemption premium) on OCDs plus ₹60.56 crore in coupon interest, and a going-concern material uncertainty due to past losses, outstanding cane dues, and continued financial stress. If the YTM and coupon interest were recognised, the company would have reported a loss instead of profit in Q3 and net worth would be negative ₹195.57 crore standalone and negative ₹360.29 crore consolidated.
Despite the headline Q3 profit, the underlying picture remains weak: revenue is shrinking, nine-month losses are growing, and massive contingent OCD-related liabilities are hidden off the books. The auditor's going-concern qualification and emphasis-of-matter on subsidiary exposures (₹2,568.69 crore) signal meaningful financial risk for shareholders. Stock may face pressure until the debt resolution plan is approved and sugar operations stabilise.