Quarterly Results-Financial Results for Sep 30, 2025
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Piccadily Sugar reported a sharp turnaround in Q2 FY26 with a net profit of Rs. 161.61 lakhs versus a loss of Rs. 120.27 lakhs in Q2 FY25. Revenue from operations for Q2 stood at Rs. 255.25 lakhs, a modest decline from Rs. 265.72 lakhs year-on-year. For H1 FY26, net profit was Rs. 151.86 lakhs against a loss of Rs. 179.92 lakhs in H1 FY25, while revenue rose about 10% to Rs. 343.87 lakhs (from Rs. 311.79 lakhs). Operating cash flow improved to Rs. 886.66 lakhs (vs Rs. 472.80 lakhs). The auditor (Jain & Associates) issued a clean review report with no qualifications. The company is in the process of implementing an ENA/Ethanol Plant, with capital work-in-progress rising to Rs. 5,154.87 lakhs (from Rs. 4,335.99 lakhs). Other equity remains negative at Rs. (1,045.93) lakhs, though improving from Rs. (1,197.79) lakhs.
The swing from losses to profitability and strong operating cash flow are positive signals, but the negative net worth and large ongoing capex on the ethanol plant are points of caution for investors.