Outcome of Board Meeting held on Thursday, November 13, 2025.
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The Ravalgaon Sugar Farm Limited reported unaudited financial results for the quarter and half year ended September 30, 2025, showing continued losses. Revenue from operations appears to have dropped sharply to near zero versus the year-ago period, while the company posted a loss before tax of Rs. 64.76 lakhs in Q2 FY26 and Rs. 115.55 lakhs for H1 FY26. Total expenses remained high at Rs. 116.04 lakhs for the half year, leading to a basic loss per share of Rs. 33.98. The statutory auditor, Patkar & Pendse, issued an unmodified limited review report but flagged an "Emphasis of Matters" section, drawing attention to three ongoing disputes: a gratuity claim of Rs. 28.23 lakhs plus interest of Rs. 33.87 lakhs from 21 former workers, a water usage charge dispute of about Rs. 23 lakhs with the Maharashtra Irrigation Department, and a Gram Panchayat tax demand of Rs. 231.91 lakhs against which the company has appealed. Operating cash flow remained negative at Rs. (142.42) lakhs in H1 FY26, though improved from the prior year.
Shareholders should note the company is loss-making with collapsing revenues, negative operating cash flow, and over Rs. 290 lakhs in disputed contingent liabilities that could materially affect future earnings if rulings go against the company. The auditor's emphasis-of-matter flag on multiple legal/regulatory disputes adds risk to an already weak operating profile, though borrowings are modest at Rs. 140 lakhs against equity of Rs. 1,393 lakhs.